Q2 FY2026
Filed Aug 4, 2026Bristow Group Reports Second Quarter 2026 Results Completes the Acquisition of Berry Aviation
Total revenues, net income, Adjusted EBITDA and cash flow improved sequentially, while Government Services moved to an operating loss amid aircraft-availability penalties, fuel-recovery lags and transition costs. The company affirmed its 2026 Adjusted EBITDA outlook range.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenuesGAAP | $411.8 million | – | – |
| Operating incomeGAAP | 39,576 (in thousands) | – | – |
| Net income attributable to Bristow Group Inc.GAAP | $21.2 million | – | – |
| Basic earnings per common shareGAAP | $0.71 | – | – |
| Diluted earnings per common shareGAAP | $0.70 | – | – |
| Net cash provided by (used in) operating activitiesGAAP | 41,076 (in thousands) | – | – |
| Adjusted Operating Incomenon-GAAP | 71,894 (in thousands) | – | – |
| EBITDAnon-GAAP | 62,405 (in thousands) | – | – |
| Adjusted EBITDAnon-GAAP | $79.8 million | – | – |
| Free Cash Flownon-GAAP | 34,285 (in thousands) | – | – |
| Adjusted Free Cash Flownon-GAAP | 35,807 (in thousands) | – | – |
| Offshore Energy Services operating incomeGAAP | 46,053 (in thousands) | 28.9 % | – |
| Offshore Energy Services Adjusted Operating Incomenon-GAAP | 66,537 (in thousands) | 32.7 % | – |
| Offshore Energy Services operating income marginGAAP | 18 % | – | – |
| Offshore Energy Services Adjusted Operating Income marginnon-GAAP | 25 % | – | – |
| Government Services operating income (loss)GAAP | (2,145) (in thousands) | nm | – |
| Government Services Adjusted Operating Incomenon-GAAP | 7,209 (in thousands) | (24.2) % | – |
| Government Services operating income (loss) marginGAAP | (2) % | – | – |
| Government Services Adjusted Operating Income marginnon-GAAP | 6 % | – | – |
| Other Services operating income (loss)GAAP | 2,929 (in thousands) | nm | – |
| Other Services Adjusted Operating Incomenon-GAAP | 5,291 (in thousands) | nm | – |
| Other Services operating income (loss) marginGAAP | 8 % | – | – |
| Other Services Adjusted Operating Income marginnon-GAAP | 14 % | – | – |
| Corporate total expensesGAAP | 7,399 (in thousands) | 10.7 % | – |
| Corporate gains on disposal of assetsGAAP | 138 (in thousands) | (98.2) % | – |
| Corporate operating lossGAAP | (7,261) (in thousands) | nm | – |
| Interest incomeGAAP | 2,870 (in thousands) | (26.7) % | – |
| Interest expense, netGAAP | (12,228) (in thousands) | 11.5 % | – |
| Loss on extinguishment of debtGAAP | — | nm | – |
| Other, netGAAP | (8,930) (in thousands) | (66.8) % | – |
| Income tax expenseGAAP | (108) (in thousands) | 96.9 % | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Offshore Energy ServicesEurope revenues were higher primarily due to higher rates and higher fuel revenues, partially offset by lower utilization. Americas revenues were higher primarily due to higher fuel revenues driven by higher fuel prices, partially offset by lower utilization. | 261,618 (in thousands) | 2.9 % | – |
| Government ServicesHigher UKSAR revenues from two UKSAR2G seasonal bases and annual rate escalations, higher IRCG revenue from the full-quarter Waterford base impact, and higher U.S. utilization. | 112,234 (in thousands) | 4.0 % | – |
| Other ServicesHigher seasonal utilization and higher fuel revenues. | 37,903 (in thousands) | 43.0 % | – |
2026E outlook
- RevenueTotal Revenues $1,640 - $1,720 (in USD, millions)
- NoteOffshore Energy Services revenues $1,010 - $1,050 (in USD, millions)
- NoteGovernment Services revenues $475 - $495 (in USD, millions)
- NoteOther Services revenues $155 - $175 (in USD, millions)
- NoteOffshore Energy Services Adjusted Operating Income $235 - $245 (in USD, millions)
- NoteAdjusted EBITDA $295 - $325 million
What drove it
- Completed the acquisition of Berry Aviation, adding special mission capabilities and relationships with U.S. defense and government customers.
- Offshore Energy Services operating income benefited from higher revenues, lower operating expenses, higher earnings from unconsolidated affiliates and lower general and administrative expenses.
- Other Services returned to operating income on higher seasonal revenues and lower general and administrative expenses.
- Income tax expense was lower primarily due to higher tax credit utilization in Nigeria.
Concerns
- Government Services recorded an operating loss of (2,145) (in thousands), versus operating income of 943 (in thousands) in the Preceding Quarter.
- Government Services was adversely affected by total penalties related to aircraft availability of $3.6 million, fuel expenses in excess of fuel revenues of $1.5 million, and transition costs persisting beyond the commencement of operations at select bases.
- Continued supply chain challenges adversely impacted aircraft availability, and penalties remained elevated.
- Other expense, net of $8.9 million was primarily due to non-cash foreign exchange losses of $7.7 million and pension-related costs of $1.9 million.
- Corporate gains on disposal of assets declined to 138 (in thousands) from 7,639 (in thousands).
What to watch
- Execution of UKSAR2G and IRCG contract transitions, including personnel, training, travel, base and facilities costs.
- Aircraft availability penalties and continued supply chain challenges in Government Services.
- Fuel-cost recovery timing under UKSAR2G.
- Delivery of the affirmed 2026 Adjusted EBITDA outlook range of $295 - $325 million.
- Contribution from the Berry Aviation acquisition to the Government Services offering.
Balance sheet and cash flow
- Net cash provided by (used in) operating activities was 41,076 (in thousands), compared to (8,250) (in thousands) in the Preceding Quarter.
- Free Cash Flow was 34,285 (in thousands), compared to (12,609) (in thousands) in the Preceding Quarter.
- Adjusted Free Cash Flow was 35,807 (in thousands), compared to (11,766) (in thousands) in the Preceding Quarter.
- Interest expense, net was (12,228) (in thousands), compared to (13,816) (in thousands) in the Preceding Quarter.
- Loss on extinguishment of debt was —, compared to (2,849) (in thousands) in the Preceding Quarter.
Analysis
Bristow reported a stronger sequential quarter at the consolidated level. Total revenues were $411.8 million, compared to $388.7 million in the Preceding Quarter, while net income attributable to the Company increased to $21.2 million from $13.1 million. Diluted earnings per common share were $0.70, compared to $0.44. Adjusted EBITDA increased to $79.8 million from $59.3 million, and Adjusted Operating Income increased to 71,894 (in thousands) from 52,853 (in thousands).
Offshore Energy Services remained the largest contributor, with revenues of 261,618 (in thousands), up 2.9 %. Operating income increased to 46,053 (in thousands) from 35,720 (in thousands), and Adjusted Operating Income increased to 66,537 (in thousands) from 50,156 (in thousands). Europe benefited from higher rates and higher fuel revenues, while lower repairs and maintenance costs and lower personnel costs supported operating income. Higher fuel costs, freight, reimbursable expenses, lease costs, training costs and depreciation partially offset these benefits.
Government Services revenue increased 4.0 % to 112,234 (in thousands), but the segment shifted to an operating loss of (2,145) (in thousands) from operating income of 943 (in thousands). Adjusted Operating Income declined to 7,209 (in thousands) from 9,510 (in thousands). The segment absorbed higher personnel, fuel, depreciation, professional-services and transition costs. Management identified aircraft-availability penalties of $3.6 million, fuel expenses in excess of fuel revenues of $1.5 million and persistent transition costs as adverse factors. Other Services improved materially with revenue growth of 43.0 % and operating income of 2,929 (in thousands), compared to an operating loss of (1,345) (in thousands).
Cash generation improved sequentially, with net cash provided by operating activities of 41,076 (in thousands), Free Cash Flow of 34,285 (in thousands) and Adjusted Free Cash Flow of 35,807 (in thousands). Corporate results faced a sharp decline in gains on asset disposals, while other expense included non-cash foreign exchange losses and pension-related costs. The company completed the Berry Aviation acquisition and affirmed its 2026 Adjusted EBITDA outlook range of $295 - $325 million.
The updated 2026 revenue outlook is $1,640 - $1,720 (in USD, millions), including $1,010 - $1,050 for Offshore Energy Services, $475 - $495 for Government Services and $155 - $175 for Other Services. The reported outlook also includes Offshore Energy Services Adjusted Operating Income of $235 - $245 (in USD, millions). The principal operating focus is whether Government Services can reduce availability penalties, recover fuel costs under contractual mechanisms and complete UK and Ireland transitions while the acquired Berry Aviation capabilities expand the segment’s offering.
Management, verbatim
We completed the acquisition of Berry Aviation last month, adding differentiated special mission capabilities and long-standing relationships with U.S. defense and government customers, further strengthening Bristow’s Government Services offerings.
Chris Bradshaw, President and CEO of Bristow Group
We are pleased to affirm Bristow’s Adjusted EBITDA guidance range for 2026, despite macro uncertainties and continued supply chain challenges. The conviction in this outlook is a testament to the complementary nature of Bristow’s business segments and the benefits provided by the significant geographic and customer diversity in our business model.
Chris Bradshaw, President and CEO of Bristow Group
Not in the filing
stated, not guessed- Prior-year comparative figures and year-over-year changes for reported metrics.
- Gross profit and gross margin.
- Cash balance, debt balance and liquidity figures.
- Share repurchases, dividends and other capital-return figures.
- Prior outlook was not provided, so comparison with prior guidance is unavailable.
- The filing text is truncated during the 2026 Adjusted Operating Income guidance table. Government Services Adjusted Operating Income guidance, Other Services Adjusted Operating Income guidance, total Adjusted Operating Income guidance, and any additional forward guidance in the omitted portion are unavailable.
- A reported tax rate.
- Full details of the non-GAAP reconciliations referenced in the filing.
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.