Key Highlights

  • Net income was USD 27.7 million, or USD 0.93 per diluted share, in the third quarter of 2026, reported by Bristow Group (NYSE:VTOL) on November 3, 2026, against USD 21.2 million in the second quarter.
  • Revenue rose to USD 437.9 million from USD 411.8 million in the preceding quarter, while adjusted EBITDA increased to USD 89.6 million from USD 79.8 million.
  • The company repurchased 547,785 shares for USD 25.0 million at an average of USD 45.64 and declared a quarterly Dividend of USD 0.125 per share.
  • Full-year 2026 adjusted EBITDA guidance is USD 300 million to USD 320 million, with the company affirming the midpoint of its outlook.

Sequential Gains Led by Special Missions and Offshore Margins

Bristow Group (NYSE:VTOL), a provider of aviation services to government, offshore energy and other customers, reported third quarter 2026 results on November 3, 2026. All comparisons in the release are against the second quarter of 2026, not the prior year. Revenue grew USD 26.2 million, helped by the Acquisition of Berry Aviation, now Bristow Special Missions, which added USD 16.9 million to Government Services and USD 9.2 million to Other Services after closing in July. Offshore Energy Services revenue slipped 2.1% to USD 256.0 million, yet its adjusted operating Margin rose to 27% from 25% on lower operating costs. Operating Income across the group rose to USD 47.7 million from USD 39.6 million.

Why Aircraft Modification Delays Cap Government Margins

The chief executive pointed to persistent industry Supply chain challenges, most acutely delayed aircraft modification programs for new search and rescue contracts, which he said depress margins in Government Services. That segment still recorded an operating loss of USD 1.4 million, with adjusted operating income of USD 9.7 million on revenue of USD 130.0 million, a 7% adjusted margin. Management expects the supply issues to stabilize during 2027, a forecast and not a certainty. Net Income also absorbed a jump in income tax expense to USD 9.1 million from USD 0.1 million, because of higher pre-tax income and the absence of a Nigeria tax Credit used in the second quarter, and corporate general and administrative costs rose on acquisition professional fees.

Guidance Ranges, Liquidity and Shareholder Returns

The 2026 outlook calls for total revenue of USD 1,640 million to USD 1,700 million, adjusted EBITDA of USD 300 million to USD 320 million, about USD 45 million of cash interest and about USD 30 million of cash taxes. The midpoint of that EBITDA range is USD 310 million, simple arithmetic. The release says ranges were updated but the extract does not show the prior ranges. Liquidity was USD 287.3 million, including USD 233.4 million of cash, and borrowing under the revolving Facility is subject to conditions. USD 96.0 million remains on a USD 125.0 million buyback program. The dividend is payable on November 27, 2026 to holders of record on November 13, 2026, and a call is set for 10:00 a.m. ET on November 4, 2026.

Where Things Stand

Bristow Group (NYSE:VTOL) earned USD 27.7 million because acquisition revenue, stronger offshore margins and higher Operating Cash Flow outweighed the drag from delayed search and rescue aircraft modifications and a much higher tax charge. The delays are a real cost, leaving Government Services with a small reported operating loss, and management does not expect relief until 2027. Offshore conditions are described by the company as favorable, but that is management's view. The next signals are the November 4, 2026 call, fourth quarter contribution from Bristow Special Missions and any change to the supply chain timeline.