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Bristow Group Inc.

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Bristow Group Inc. • NYSE
$37.51 ▲ 0.51% (+0.19)
Market Cap $1.08 B
52w High $42.89
52w Low $25.11
Dividend Yield 0%
P/E 7.85
Volume 66.73K
Outstanding Shares 28.92M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $386.289M ▲ $58.479M ▼ $51.544M ▲ 13.343% ▲ $1.79 ▲ $70.609M ▲
Q2-2025 $376.429M ▲ $61.447M ▼ $31.748M ▲ 8.434% ▲ $1.1 ▲ $57.15M ▲
Q1-2025 $350.53M ▼ $66.631M ▼ $27.359M ▼ 7.805% ▼ $0.95 ▼ $53.651M ▲
Q4-2024 $377.215M ▲ $84.677M ▲ $31.793M ▲ 8.428% ▲ $1.11 ▲ $52.605M ▼
Q3-2024 $356.426M $60.521M $28.242M 7.924% $0.99 $54.766M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $250.705M ▼ $2.27B ▼ $1.234B ▼ $1.036B ▲
Q2-2025 $251.771M ▲ $2.288B ▲ $1.304B ▲ $984.37M ▲
Q1-2025 $191.127M ▼ $2.172B ▲ $1.241B ▲ $931.716M ▲
Q4-2024 $247.503M ▲ $2.125B ▲ $1.234B ▲ $891.707M ▼
Q3-2024 $200.349M $2.088B $1.19B $899.17M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $51.591M ▲ $23.057M ▼ $-589K ▲ $-28.18M ▼ $-5.149M ▼ $-6.159M ▼
Q2-2025 $31.779M ▲ $99.039M ▲ $-7.565M ▲ $-26.091M ▼ $61.925M ▲ $67.422M ▲
Q1-2025 $27.381M ▼ $-603K ▼ $-52.023M ▲ $-1.695M ▼ $-57.352M ▼ $-52.663M ▼
Q4-2024 $31.768M ▲ $51.054M ▼ $-78.512M ▼ $77.841M ▲ $42.7M ▲ $-32.436M ▼
Q3-2024 $28.279M $66.022M $-56.935M $19.645M $26.746M $9.035M

Revenue by Products

Product Q2-2024Q4-2024Q1-2025Q2-2025
Government Services
Government Services
 $80.00M ▲$170.00M ▲$0 ▼$90.00M ▲
Other Operating Segment
Other Operating Segment
 $0 ▲$0 ▲$0 ▲$30.00M ▲
Oil and Gas Service
Oil and Gas Service
 $240.00M ▲$0 ▼$240.00M ▲$0 ▼
Service Other
Service Other
 $0 ▲$110.00M ▲$20.00M ▼$0 ▼
Service
Service
 $350.00M ▲$730.00M ▲$0 ▼$0 ▲
Fixed Wing Services
Fixed Wing Services
 $30.00M ▲$0 ▼$0 ▲$0 ▲
Reimbursable
Reimbursable
 $10.00M ▲$0 ▼$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Bristow’s income statement shows a business that has moved from choppy, low-margin results toward more stable and improving profitability. Revenue has been growing steadily over the past several years, and both operating profit and cash-style earnings have trended upward from near break-even to clearly positive territory. Net income, however, has been somewhat volatile from year to year, which hints at exposure to contract timing, energy cycles, and one-off items. Overall, the direction is positive, but the profit profile is still not completely smooth or mature.

Balance Sheet

Balance Sheet The balance sheet looks relatively solid for an asset-heavy aviation services business. Total assets have been climbing again after a flat period, suggesting renewal and expansion of the fleet and capabilities. Debt has been creeping higher, but equity has also grown, so leverage appears manageable rather than aggressive. Liquidity is adequate but not abundant, meaning the company has some financial flexibility, though not a large cash cushion by the standards of a cyclical, capital-intensive industry.

Cash Flow

Cash Flow Operating cash flow has improved meaningfully, moving from weak and inconsistent to more robust in the most recent year, which supports the view that the core business is strengthening. Free cash flow, however, has turned negative because the company is spending heavily on capital investments, likely linked to fleet, technology, and future growth initiatives. This pattern is typical of a company in a reinvestment phase: healthier operations, but more cash being plowed back into the business. The main risk is that these investments take time to pay off, leaving less room to maneuver if market conditions worsen.

Competitive Edge

Competitive Edge Bristow holds a strong competitive position as a global specialist in vertical flight, especially for offshore energy transport and search-and-rescue missions. Its scale, long operating history, and deep safety track record create meaningful barriers to entry, particularly in harsh environments like the North Sea. Long-term contracts with major energy companies and governments provide visibility and help anchor its market share. The main vulnerabilities are dependence on energy-related activity, regulatory complexity, and the high fixed costs inherent in maintaining a large, advanced fleet.

Innovation and R&D

Innovation and R&D The company stands out for its focus on safety technology, digital tools, and next-generation aircraft. It operates a modern fleet with sophisticated monitoring systems and has been an early adopter of advanced maintenance and operations software, which can improve reliability and cost efficiency. Bristow is also positioning itself at the front of advanced air mobility by partnering with multiple eVTOL and related aircraft developers and by planning for tiltrotor and drone-based services. This forward-leaning approach could open new revenue streams over time, but it also introduces execution risk and dependence on unproven technologies and regulatory frameworks.

Summary

Bristow today looks like a niche aviation services leader that is gradually converting a historically volatile, thin-margin business into a more profitable and strategically positioned platform. The income statement and cash generation from operations are moving in the right direction, while the balance sheet remains reasonably sound despite rising investment and debt. The company’s core strengths lie in its safety reputation, global footprint, and entrenched relationships in offshore energy and government rescue services. At the same time, management is making a deliberate, capital-intensive bet on future technologies and new markets such as advanced air mobility. The opportunity is meaningful, but it comes with the usual risks of cyclicality, high fixed costs, and uncertainty around the payoff from large, long-dated investments.

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