Bristow Group Inc. reported fourth‑quarter 2025 net income of $18.4 million, or $0.61 per diluted share, a decline from $51.5 million, or $1.72 per diluted share, in the third quarter. The drop reflects lower seasonal flight hours and reduced revenue in the Other Services and Offshore Energy Services segments, as noted by CFO Jennifer Whalen: "Total revenues and adjusted EBITDA were $9 million and $7 million lower in Q4 compared to Q3, respectively. Primarily due to lower seasonal activity in our other services and Offshore Energy Services segment."
Bristow’s full‑year 2025 net income rose to $129.1 million, or $4.32 per diluted share, up from $94.8 million, or $3.21 per diluted share, in 2024. Total revenue for the year reached $1.5 billion, a 7% increase over the $1.4 billion reported in 2024. The growth was driven by a 15% rise in Government Services revenue, driven by new and renewed contracts, and a 10% increase in Offshore Energy Services revenue, supported by improved contract terms and the launch of advanced air mobility projects.
Operating income for Q4 2025 was $32.1 million, down from $50.5 million in Q3, while full‑year operating income climbed to $158.8 million from $132.6 million. Adjusted operating income for the quarter was $54.8 million and for the year $228.7 million. The decline in quarterly operating income reflects lower revenue in the Other Services segment and the impact of supply‑chain delays on the UK SAR2G contract, which CFO Whalen said had "some aircraft delivery delays, which has complicated the timeline". The year‑to‑year increase in operating income is attributable to higher margins in Government Services and the stabilization of Offshore Energy Services after the initial seasonal dip.
Bristow initiated a quarterly dividend of $0.125 per share, payable on March 26, 2026. The dividend launch signals management’s confidence in the company’s cash‑flow generation and its commitment to returning value to shareholders.
Management reaffirmed its 2026 outlook, projecting revenue of $1.6 billion to $1.7 billion and adjusted EBITDA of $295 million to $325 million, a 25% year‑over‑year increase. President and CEO Chris Bradshaw said, "With the continued growth and diversification of our Government Services business, Bristow has evolved into a scaled, multi‑mission aviation services provider with leading market positions in our core markets." He added, "As reflected in our affirmed financial outlook, we expect Adjusted Operating Income in our Government Services business to double in 2026, and the high‑quality, infrastructure‑like cash flows from these contracts provide a durable cash flow foundation for the Company." He also noted, "In addition, we expect Adjusted Operating Income in our Offshore Energy Services business to increase by approximately 15% in 2026, primarily due to improved terms on contract renewals, and we expect increased activity in this segment in the latter part of 2026 and further building in 2027, as new deepwater projects commence."
The market reacted positively, with the stock trading up 3.15% in after‑hours trading. Investors focused on Bristow’s strategic achievements, strong balance sheet, and growth trajectory. The company’s ability to refinance senior notes, extend credit facilities, and initiate a dividend program reinforced confidence in its post‑bankruptcy performance.
Headwinds for the company include seasonal activity declines, supply‑chain constraints affecting aircraft deliveries, foreign‑exchange volatility, and oil‑price fluctuations. Tailwinds are driven by contract renewals, the expansion of Government Services, and the launch of advanced air mobility projects, all of which support the company’s long‑term growth prospects.
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