Bristow Affirms 2026 Adjusted EBITDA Midpoint After Berry Close

The Tip Desk · November 10, 2026 · 3 min read

Third-quarter revenue was $437.9 million and adjusted EBITDA was $89.6 million as the company reaffirmed a $310 million full-year adjusted EBITDA midpoint and narrowed the range to $300 million to $320 million.

Bristow Group Inc. (VTOL) reported third-quarter revenue of $437.9 million, up from $411.8 million in the second quarter, and net income attributable to the company of $27.7 million, or $0.93 a share, versus $21.2 million, or $0.70 a share.

Adjusted EBITDA was $89.6 million. The global aviation-services company reaffirmed the $310 million midpoint of its 2026 adjusted EBITDA outlook and updated the range to $300 million to $320 million from $295 million to $325 million. President and CEO Chris Bradshaw said the business was performing well despite persistent industry supply-chain challenges, with the most acute effects in delayed aircraft modification programs for new search-and-rescue contracts that are depressing current margins in Government Services. He said the company expects those supply-chain issues to stabilize during 2027.

Government Services revenue rose to $130.0 million from $112.2 million, primarily from Berry Aviation, now Bristow Special Mission Inc., which contributed $16.9 million of revenue after the July close. The segment still posted an operating loss of $1.4 million, narrower than a $2.1 million loss in the second quarter. Adjusted operating income was $9.7 million. UK search-and-rescue revenue was $1.6 million higher on lower penalties and increased fuel revenues. Irish Coast Guard revenue was $0.7 million lower on higher penalties related to aircraft availability. Bradshaw said Bristow Special Missions has contributed strong results since the acquisition and that the company expects that growth to accelerate in the fourth quarter and in full-year 2027.

Other Services revenue was $51.9 million, up from $37.9 million, primarily from $9.2 million of BSM revenue and $4.8 million of increased activity in Australia. Operating income in the segment was $9.9 million, versus $2.9 million. Corporate expenses rose, with general and administrative costs of $11.6 million, up from $7.1 million, primarily due to professional services fees related to the BSM acquisition. Corporate operating loss was $10.0 million.

Offshore Energy Services revenue declined to $256.0 million from $261.6 million, reversing the second quarter’s $7.3 million sequential increase. Europe revenue fell $10.9 million primarily due to lower utilization, partially offset by lower penalties and increased rates. Americas revenue rose $6.0 million on higher utilization and rates. Africa revenue fell $0.7 million on higher penalties. Offshore operating income was $49.2 million, with a 19% operating margin versus 18%. Adjusted operating income was $68.5 million. The company said operating income rose primarily due to $8.3 million lower operating expenses, $1.6 million lower depreciation and amortization and $1.1 million lower general and administrative expenses, offsetting the lower revenue and $2.3 million lower earnings from unconsolidated affiliates. Bradshaw said offshore energy services continued to demonstrate robust profitability and that positive offshore fundamentals and tight supply of relevant helicopters combine for more favorable industry conditions than the company has seen in more than a dozen years.

Net cash provided by operating activities was $61.2 million, versus $41.1 million in the second quarter, which the company attributed primarily to higher earnings and a decrease in working-capital uses. The company repurchased 547,785 shares for $25.0 million at an average $45.64 a share and declared a $0.125 a share quarterly cash dividend. As of September 30, 2026, it had $233.4 million of unrestricted cash and $53.9 million of remaining availability under its asset-based revolving credit facility, for total liquidity of $287.3 million. Through the first nine months of 2026, Bristow said it had paid cash dividends of more than $11 million and repurchased more than $36 million of common shares.