VTOL Bristow Group Inc.

Overview and Growth

Fiscal 2025 results for Bristow Group Inc. combined $1.49B of revenue with net income of $129.07M and an operating cash inflow of $198.41M. At $1.49B, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. Revenue was 5.3% above fiscal 2024 revenue of $1.42B, marking a year-over-year increase. Diluted earnings per share were $4.32, translating the period’s attributable earnings into the amount reported for each diluted share. Against diluted EPS of $3.21 in fiscal 2024, the current result was 34.6% higher. Revenue equaled 0.64x of total assets, indicating how much reported top-line activity the company produced relative to its period-end asset base.

Profitability

Operating income was $158.81M, the earnings remaining from reported operations after the company’s recognized operating cost structure. Operating margin measured 10.7%, showing the portion of revenue preserved after the full set of operating costs. The bottom-line result was net income of $129.07M, after the operating, financing, tax, and other items recognized for the period. The final earnings result represented 8.7% of revenue, connecting the absolute net income figure with the company’s top-line scale. Pretax income was $151.24M, isolating the reported earnings outcome before the income-tax provision recognized for the fiscal year. Pretax income represented 10.1% of revenue, placing earnings before tax in the context of the company’s operating scale. The reported income-tax provision was $21.81M, the amount recognized between pretax income and the final net-income result. Relative to pretax income, the tax provision measured 14.4%, quantifying the portion of pre-tax earnings paid in income tax. Return on period-end equity was 12.2%, relating annual net income to the equity capital on the balance sheet. Net income represented 5.6% of period-end assets, placing the company’s bottom-line result against the total resource base employed.

Liquidity and Capital Structure

The company held $2.31B of assets against $1.25B of liabilities and $1.06B of equity, revealing how the asset base was financed. The near-term balance sheet paired $694.29M of current assets with $365.23M of current liabilities at the reporting date. Current assets covered current liabilities by 1.9x, leaving a positive buffer for near-term obligations. Reported cash and equivalents were $286.21M, separating immediately recognizable cash resources from the rest of the current-asset base. The cash balance equaled 78.4% of current liabilities, showing how much near-term coverage came from cash alone. Borrowings totaled $671.45M, adding a fixed financing obligation alongside the company’s equity capital. The debt-to-equity relationship was 0.63x, showing how much debt the company carried for each unit of book equity. The debt-to-assets relationship was 29.1%, comparing borrowing with the total asset balance. Liabilities represented 54.2% of total assets, quantifying the liability-funded share of the company’s resource base. Cash and equivalents equaled 12.4% of total assets, showing the liquid cash component within the company’s broader resource base. The asset base changed 8.8% from $2.13B in fiscal 2024, leaving current total assets higher year over year.

Cash Flow and Earnings Quality

Operating activities produced a cash inflow of $198.41M, giving the cash-flow counterpart to the accrual-based profit measures reported for the year. Against net income, operating cash flow measured 1.54x, showing the relationship between accrual earnings and operating cash. Capital expenditures used $142.02M, identifying the reported investment outflow deducted from operating cash flow in the free-cash-flow calculation. Capital expenditures represented 71.6% of operating cash flow, leaving the remainder available as free cash flow. Free cash flow came to $56.38M, leaving a positive amount after capital expenditures. The free-cash-flow margin was 3.8%, measuring cash remaining after capital spending against revenue. The free-cash-flow-to-assets relationship was 2.4%, comparing post-investment cash with the balance-sheet asset base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.