Bristow (VTOL) financial statements
Bristow reported revenue of $1.5B in fiscal 2025, up 23.0% a year over 9 years.
Net income was $129M and the operating margin 10.7%, against -59.0% in 2017.
Free cash flow was $56M, and the company returned $15M in net buybacks.
The diluted share count rose 188% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Bristow's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2019 | 2021 | 2022 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $231M | $222M | $1.4B | $226M | $1.2B | $1.2B | $1.2B | $1.3B | $1.4B | $1.5B |
| Selling, general and admin | $42M | $45M | $182M | $38M | $153M | $159M | — | $182M | $176M | $174M |
| Operating income | -$136M | $28M | -$217M | -$3M | -$103M | $1M | $26M | $61M | $133M | $159M |
| Interest expense | $17M | $15M | $114M | $14M | $51M | $42M | — | $41M | $38M | $40M |
| Pre-tax income | -$153M | $14M | -$336M | -$15M | -$57M | -$4M | — | $18M | $102M | $151M |
| Income tax | -$123M | $3M | -$161,000 | -$731,000 | -$355,000 | $11M | $11M | $25M | $7M | $22M |
| Net income | -$28M | $14M | -$337M | -$4M | -$56M | -$16M | $9M | -$7M | $95M | $129M |
| EPS (diluted) | -$2.72 | $1.28 | -$9.42 | -$0.34 | $2.32 | -$0.55 | $0.32 | -$0.24 | $3.21 | $4.32 |
| Diluted shares | 10M | 11M | 36M | 11M | 32M | 29M | 28M | 28M | 30M | 30M |
| Operating margin | -59.0% | 12.7% | -15.9% | -1.5% | -8.7% | 0.1% | 2.1% | 4.7% | 9.4% | 10.7% |
| Net margin | -12.2% | 6.3% | -24.6% | -1.6% | -4.8% | -1.3% | 0.8% | -0.5% | 6.7% | 8.7% |
Balance sheet
Fiscal years, from Bristow's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2019 | 2021 | 2022 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $14M | $51M | $50M | $117M | $228M | $264M | $160M | $180M | $248M | $286M |
| Receivables | $34M | $33M | $35M | — | — | — | $183M | $208M | — | — |
| Inventory | $21M | $21M | $21M | $20M | $92M | $82M | $82M | $100M | $115M | $133M |
| Total current assets | $83M | $116M | $120M | $196M | $586M | $580M | $493M | $564M | $619M | $694M |
| Property, plant and equipment | $674M | $599M | $591M | $557M | $1.0B | $943M | $915M | $928M | $1.1B | $1.2B |
| Goodwill | — | — | $18M | — | $0 | — | — | — | — | — |
| Total assets | $792M | $765M | $766M | $765M | $2.0B | $1.8B | $1.8B | $1.9B | $2.1B | $2.3B |
| Total current liabilities | $32M | $29M | $32M | $51M | $305M | $288M | $286M | $310M | $326M | $365M |
| Long-term debt | $202M | $160M | $160M | $142M | $528M | $513M | $500M | $535M | $671M | $644M |
| Total liabilities | $343M | $298M | $304M | $305M | $1.1B | $989M | $1.0B | $1.1B | $1.2B | $1.3B |
| Shareholders' equity | $446M | $463M | $812M | $150M | $898M | $836M | $787M | $824M | $892M | $1.1B |
| Net debt | $191M | $112M | $112M | $43M | $315M | $262M | $351M | $368M | $442M | $385M |
Cash flow
Fiscal years, from Bristow's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2019 | 2021 | 2022 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $20M | $54M | -$109M | $28M | $97M | $124M | -$8M | $32M | $177M | $198M |
| Capital spending | $17M | $9M | $41M | $7M | $15M | $31M | — | $82M | $255M | $142M |
| Free cash flow | $3M | $45M | -$150M | $21M | $82M | $93M | — | -$49M | -$78M | $56M |
| Stock-based compensation | $5M | $3M | $6M | $4M | $12M | $12M | — | $16M | $16M | $17M |
| Share buybacks (net) | -$52,000 | $0 | $0 | -$8M | -$11M | -$41M | — | -$3M | -$4M | -$15M |
| Net borrowing | — | — | -$61M | — | -$218M | -$19M | — | $27M | $149M | -$52M |
| Free cash flow margin | 1.4% | 20.4% | -11.0% | 9.3% | 7.0% | 7.8% | — | -3.8% | -5.5% | 3.8% |
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Open VTOL in InvestinglyQuestions
What was Bristow's revenue in 2025?
$1.5B in fiscal 2025, from its 10-K filing.
How much free cash flow does Bristow generate?
$56M in fiscal 2025 (operating cash flow minus capital spending).
From Bristow's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.