Bristow posts higher Q2 revenue & affirms 2026 outlook
The company logged 31,375 flight hours during the quarter – flat on a sequential basis compared to first quarter of the year.
Bristow Group reported total revenues of $412m for the second quarter of 2026, up from $389m in the first quarter. The mission-critical aviation services provider also affirmed its full-year outlook and completed its previously announced acquisition of Berry Aviation Inc.
The Houston-based operator, which provides helicopter, fixed-wing and unmanned aviation services to offshore energy companies and government customers, saw its net income improve by 61% quarter-over-quarter to $21.2m at the end of the quarter.
Commenting on the results, analysts Savanthi Syth and Carter Eades at Raymond James said: “Bristow’s 2Q26 EBITDA beat our forecast, with strong OES (Offshore Energy Services) results offsetting disappointing GS (Government Services) earnings where penalties related to aircraft availability (adversely impacted by supply chain challenges) continue to impact profitability along with some lag in fuel pass-through.”
Offshore Energy Services revenues increased by $7.3m during the quarter to $262m. Within the segment, revenues from Europe and Americas grew while Africa’s stayed consistent compared to the prior quarter. The segment’s operating income rose $16.4m to $67m driven by higher revenues and lower operating expenses.
Government Services revenues rose to $112m. Revenues from the company’s two leading contracts with the UK Search and Rescue (UKSAR) and the Irish Coast Guard (IRCG) rose during the period. The segment’s operating income fell to $7m from $10m the previous quarter. Bristow said the segment’s operating margin was affected by $3.6m in penalties related to aircraft availability.
Revenues from Other Services rose to $38m from $27m on higher seasonal utilisation and higher fuel revenues.
The company logged 31,375 flight hours during the quarter – flat on a sequential basis compared to first quarter of the year.
Adjusted EBITDA for the quarter was $79.8m, up $20m from $59.27m in the first quarter of the year.
The operator reaffirmed its 2026 outlook eyeing total revenue of $1,640–$1,720m and adjusted EBITDA of $295-325m.
At the end of the quarter, the company held $312.3m of unrestricted cash and total liquidity of $371.6m. The company reported unfunded capital commitments of $58.8m, primarily related to aircraft purchases
The company has a total outstanding debt of $765m with maturities for the instruments beginning from January 2031 onwards.
Berry Aviation acquisition
After the quarter end, Bristow completed acquisition of Berry Aviation on July 13th, 2026, for $105m in an all-cash transaction. The company expects the acquisition to strengthen its Government Services offering.
Berry Aviation, headquartered in San Marcos, Texas, has operated for more than 40 years providing aviation solutions to the US Department of War and defence contractors.
With the acquisition of Berry Aviation, Bristow’s fleet size has increased to 240 aircraft. The combined fleet comprises 202 helicopters, 27 fixed-wing turboprop aircraft (versus five for Bristow alone), eight fixed-wing jets and three UAS – a total of 38 fixed-wing/UAS aircraft, up from 16. The fleet count excludes Berry Aviation-designed UAS platforms.
During the second quarter, Bristow returned one leased heavy helicopter, a Sikorsky S-92 and three retired mediums – an AW139, an S76D and AS365. During the quarter it added two heavy helicopters – both AW189s and both owned and four leased H160s mediums.
The company declared a quarterly cash dividend of $0.125 per share of common stock ($0.50 per share annualised).
Bristow also has a $125m share repurchase programme in place, of which $121m remained available as of June 30th, 2026.
