Bristow Group Stock Earnings Reports

Bristow Group Inc. reported Q1 2026 results that management says keep the company on track for a transformational year. Q1 revenues improved vs. Q4 2025 (+$11.4M) driven by Government Services and selected OES markets; adjusted EBITDA was modestly down vs. Q4 ($0.9M) due to higher repairs & maintenance and leased/equipment costs. Management affirmed full-year 2026 guidance: revenues $1.6B–$1.7B and adjusted EBITDA $295M–$325M (implying ~25% YoY EBITDA growth). Segment highlights: OES revenues up (U.S., Trinidad, Africa) but facing higher operating costs and a planned fleet transition that will add roughly $24M of incremental depreciation through early 2027 as S-76 mediums are retired; OES guidance: revenues $1.0B–$1.1B and adjusted operating income $225M–$235M. Government Services saw revenue and operating income increases driven by Irish Coast Guard contract transitions; guidance: revenues $440M–$460M and adjusted operating income $70M–$80M (about double 2025). Other Services declined seasonally (Australia); guidance unchanged ($130M–$150M revenues, $20M–$25M adjusted operating income). Liquidity remains solid: unrestricted cash $342M and total available liquidity ~$394M after a $500M senior secured notes issuance (6.75% coupon) that refinanced higher-coupon debt; company noted enhanced financial flexibility to pursue growth. Management highlighted three structural growth themes: rising defense spending, energy security supporting offshore demand, and participation in advanced air mobility (electrification) with low capital outlay. Working capital consumed cash in Q1 mainly from timing of receivables but collections have largely occurred and seasonal patterns are expected (Q2/Q3 stronger). Management noted tight global helicopter supply supporting pricing/ utilization tailwinds, while also emphasizing operational risks tied to fleet transitions and higher near-term maintenance costs.