Bristow Group Inc. provides vertical flight solutions to offshore energy companies and government agencies in the United Kingdom, Norway, the United States, ...
Bristow Group Inc. is an aviation services company focused on vertical flight solutions rather than aircraft manufacturing. Its business supports customers that require reliable transportation, emergency response, specialized aviation capabilities, and operational support in locations where conventional transportation may be difficult or impractical. The company serves offshore energy operators, national ...Bristow Group Inc. is an aviation services company focused on vertical flight solutions rather than aircraft manufacturing. Its business supports customers that require reliable transportation, emergency response, specialized aviation capabilities, and operational support in locations where conventional transportation may be difficult or impractical. The company serves offshore energy operators, national and regional governments, and other commercial customers across the United Kingdom, Norway, the United States, Nigeria, and additional international markets.
Bristow reports three principal operating areas: Offshore Energy Services, Government Services, and Other Services. Offshore Energy Services includes helicopter transportation for personnel traveling to offshore oil and gas platforms and other energy infrastructure. Government Services includes long-term and specialized contracts such as search and rescue, medevac, maritime response, and other public-sector aviation missions. Other Services includes ad hoc helicopter activity, fixed-wing transportation, charter and regular passenger services, unmanned systems, aircraft leasing, aircraft parts sales, training, maintenance, logistics, and the provision of flight and maintenance crews.
The company’s operating model is asset- and service-intensive. Costs typically include aircraft ownership or leasing, fuel, maintenance, spare parts, insurance, flight and maintenance personnel, training, bases, hangars, compliance, and safety-related infrastructure. Aircraft availability and utilization are important economic drivers, while maintenance cycles and fleet modernization can create substantial capital expenditure requirements. The company also provides dry leases of aircraft to third-party operators, which can diversify revenue but may expose the business to aircraft residual-value, utilization, and counterparty risks.
Bristow has a long operating heritage. The supplied company profile reports a 1948 founding date, reflecting the Era lineage, while Bristow Helicopters was established by Alan Bristow in 1955. The current NYSE-listed Bristow Group structure was formed in 2020 when Era Group combined with the reorganized legacy Bristow business. Christopher S. Bradshaw serves as President and Chief Executive Officer.
Based on the supplied data, Bristow has approximately 3,447 full-time employees and falls within the 2,001-5,000 employee category. Its reported trailing figures include approximately $1.35 billion in market capitalization, a 42.3% gross margin, a 16.1% EBITDA margin, a 6.7% net profit margin, and a 2.26 current ratio. Capital intensity remains notable: trailing capital expenditures were reported at roughly 13.3% of revenue, and free cash flow was negative on the supplied trailing measure. The company’s priorities include maintaining safety and operational reliability, expanding government and search-and-rescue contracts, improving fleet utilization, managing leverage and capital spending, and developing sustainable aviation capabilities and newer vertical-flight technologies.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$1.5B
+5.3%
+5.9%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$129.1M
+36.2%
+61.4%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
+21.3%
-24.2%
-72.1%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
+9.7%
+3.0%
+40.8%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
+8.7%
+29.3%
+52.4%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$56.1M
+172.0%
+47.0%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
+3.8%
+168.4%
+49.9%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
86.2%
-19.7%
-5.7%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
1.90x
+0.0%
+4.9%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Operator: Good day, everyone, and welcome to Bristow Group's Second Quarter of 2026 Earnings Call. Today's call is being recorded. [Operator Instructions] At this time, I would like to turn the call over to Red Tilahun, Senior Manager of Investor Relations and Financial Reporting.
Redeate Tilahun: Thank you, Amy. Good morning, everyone, and welcome to Bristow Group's Second Quarter of 2026 Earnings Call. I am joined on the call today with our President and Chief Executive Officer, Chris Bradshaw; and Senior Vice President and Chief Financial Officer, Jennifer Whalen. Before we begin, I'd like to take this opportunity to remind everyone that during the course of this call, management may make forward-looking statements that are subject to risks and uncertainties that are described in more detail on Slide 3 of our investor presentation. You may access the investor presentation on our website. We will also reference certain non-GAAP financial measures such as EBITDA and free cash flow. A reconciliation of such measures to GAAP is included in the earnings release and the investor presentation. I will now turn the call over to our President and CEO. Chris?
Christopher Bradshaw: Thank you, Red. I'll begin with a brief note on safety, which remains Bristow's #1 core value and highest operational priority. The company has delivered on our goal of 0 air accidents year-to-date 2026. With regard to occupational safety, we are pleased that the number of lost workdays is down from this time last year, and we are on track to achieve our third consecutive year of fewer lost workdays. I would like to thank everyone on the Bristow team for their continued commitment to place safety first every day. We closed on the acquisition of Berry Aviation on July 13, and we are excited to welcome the Berry team to Bristow. Headquartered in San Marcos, Texas, Berry Aviation operates a fleet of more than 20 aircraft, primarily providing military and defense aviation services across multiple countries. Through its government services offering, Berry provides a broad range of services such as special missions, ISR operations, MRO services, training and mission support and unmanned aerial systems design and development capabilities. Berry's other services consist of on-demand cargo logistics for blue-chip end customers and aftermarket supply chain aviation solutions. Berry has extensive experience supporting all branches of the U.S. military and a record of excellence in completing missions that demand precision, safety and strict compliance. Bristow and Berry share a cultural emphasis on safety, reliability and rapid response in complex environments. And through this transaction, customers will benefit from Bristow's scale, operational expertise and global platform. We now have a presence on 6 continents across 20 different countries. Berry's specialized capabilities across a range of mission-critical operations and strong customer relationships are complementary to our …
