HOUSTON – November 03, 2026 -- Bristow Group Inc. (NYSE: VTOL) reported third-quarter 2026 net income of $27.7 million, or $0.93 per diluted share, up from $21.2 million, or $0.70 per share, in the preceding quarter. Total revenues rose to $437.9 million from $411.8 million, and Adjusted EBITDA increased to $89.6 million from $79.8 million. The company affirmed the midpoint of its 2026 Adjusted EBITDA guidance.
Supply chain delays depress margins on search and rescue contracts
CEO Chris Bradshaw said persistent industry supply chain problems are delaying aircraft modification programs for Bristow's new search and rescue contracts. The knock-on effects are weighing on margins in Government Services. Bradshaw expects the issues to stabilize during 2027, allowing a return to historically strong margins on these long-term government contracts.
Berry Aviation acquisition adds $16.9 million to Government Services revenue
Government Services revenues rose $17.8 million sequentially. Bristow Special Mission Inc. (BSM), formerly Berry Aviation, contributed $16.9 million after the acquisition closed in July. UK search and rescue revenues gained $1.6 million on lower penalties and higher fuel revenues. Irish Coast Guard revenues fell $0.7 million on higher penalties tied to aircraft availability.
The segment's operating loss narrowed by $0.7 million. Operating expenses rose $13.0 million, general and administrative expenses $2.4 million and depreciation $1.7 million, largely from BSM.
Offshore Energy Services revenue falls $5.6 million while operating income climbs $3.2 million
European revenues dropped $10.9 million on lower utilization, partly offset by lower penalties and higher rates. Americas revenues rose $6.0 million on higher utilization and rates. Africa revenues slipped $0.7 million on higher penalties.
Operating expenses fell $8.3 million, depreciation and amortization $1.6 million and general and administrative expenses $1.1 million. Earnings from unconsolidated affiliates were $2.3 million lower on dividend timing. Leased-in equipment costs rose $1.6 million with the introduction of new H160 medium helicopters in Africa.
Bradshaw said positive offshore energy fundamentals and tight supply of relevant offshore helicopters create "more favorable industry conditions than we've seen in more than a dozen years."
Other Services operating income jumps $6.9 million on BSM and Australia
Other Services revenues increased $14.0 million, including $9.2 million from BSM and $4.8 million from higher activity in Australia. Operating expenses rose $4.7 million and general and administrative expenses $1.9 million.
Corporate costs rise on acquisition fees; tax expense up $9.0 million
The corporate operating loss widened by $2.7 million. General and administrative expenses rose $4.4 million on professional fees tied to the BSM acquisition, partly offset by $1.8 million higher net gains on asset dispositions. Bristow sold one AW189 heavy helicopter in a sale lease-back, plus two AW139 medium helicopters and other assets, for net gains of $1.9 million. Income tax expense climbed $9.0 million on higher pre-tax income and the absence of a Nigeria tax credit used in the prior quarter.
Bristow repurchases $25.0 million of shares and declares $0.125 dividend
The company bought back 547,785 shares for $25.0 million and declared a quarterly cash dividend of $0.125 per share. Over the first nine months of 2026, Bristow paid more than $11 million in dividends and repurchased more than $36 million of stock.
Purchases of property and equipment fell to $20.8 million, including $5.1 million of maintenance capital expenditures, from $67.4 million in the preceding quarter. Cash proceeds from asset sales rose to $19.2 million from $5.1 million. Unrestricted cash stood at $233.4 million as of September 30, 2026.