Bristow posts 2025 revenue up at $1.5bn
Bristow has posted 2025 total revenues of $1.5bn, boosted partly by the growth of its Government Services business, compared with $1.4bn during the previous year.
Net income reached $129.1m compared with $94.8m in 2024. Adjusted EBITDA was $245.6m in-line with the estimate for 2025 and its EBITDA guidance at the midpoint of last year.
Chris Bradshaw, president and CEO of Bristow Group said: “With the continued growth and diversification of our Government Services business, Bristow has evolved into a scaled, multi-mission aviation services provider with leading market positions in our core markets.”
Bradshaw predicted adjusted operating income from Bristow’s Government Services business will double this year. “The high-quality, infrastructure-like cash flows from these contracts provide a durable cash flow foundation for the company,” he said in the company’s results statement.
Bristow expected adjusted operating income in its Offshore Energy Services business to grow by about 15% in 2026. This will be due mainly to improved terms on contract renewals and a predicted rise in activity in the second half of this year and continuing into 2027, as new deep water projects start.
Overall, Bristow’s total adjusted EBITDA will increase by about 25% in 2026 compared with the previous year and will accompanied by strong cash flow conversion. The business generated about $187m of adjusted free cash flow last year, while its 2026 outlook reflects an adjusted free cash flow generation of more than $200m.
“Bristow’s positive financial outlook, robust balance sheet, and strong liquidity position support the initiation of the Company’s cash dividend programme, confirmed by today’s announcement of a $0.125 per share dividend payable on March 26, 2026,” said Bradshaw.
Returning to 2025 revenues, returns from Offshore Energy Services climbed $24.4m last year with revenues in Africa $21.7m higher due mainly to higher utilisation and additional aircraft capacity. Revenues in the Americas were $19.2m higher thanks to higher utilisation in the US and Brazil. This was partially offset by the absence of a one-time benefit in the prior year related to the transition from cash basis recognition to an accrual basis of accounting in Canada and lower utilisation in Trinidad.
Revenues in Europe were $16.5m lower primarily due to lower utilisation, partially offset by higher reimbursable revenues, higher rates and favourable foreign exchange rate impacts.
Revenues from Bristow’s Government Services were $49.8m higher in 2025 due to the start of the Irish Coast Guard (IRCG) contract and higher UKSAR (search and rescue) revenues primarily due to favourable foreign exchange rate impacts and the start of fixed wing services.
Other Services revenue were $0.8mn higher in 2025 thanks to higher activity in Australia and the UK. This was partially offset by lower revenues due to the conclusion of certain dry-lease contracts.
Meanwhile, earlier this week Bristow revealed the promotion of Anne Rappold to the role of chief legal officer and corporate secretary, with immediate effect.
Bristow 2025 results – at a glance
- Total revenues: $1.5bn versus $1.4bn in 2024
- Net income: $129.1m versus $94.8m in 2024
- Adjusted EBITDA: $245.6m in-line with the estimate for 2025 outlook EBITDA guidance midpoint
- Operating cash flow: $198.4m versus $177.4m in 2024
- Adjusted free cash flow of $186.7m versus $160.9m in 2024.
