Houston – October 11, 2026 -- Bristow Group (NYSE: VTOL) lifted second-quarter 2026 net income to $21.2 million, or $0.70 per diluted share, from $13.1 million, or $0.44, in the first quarter. Total revenues rose to $411.8 million from $388.7 million, and Adjusted EBITDA climbed to $79.8 million from $59.3 million.
The company completed its acquisition of Berry Aviation and affirmed its 2026 Adjusted EBITDA outlook of $295 million to $325 million. It also updated its segment guidance.
Berry Aviation adds special mission capacity for U.S. government customers
CEO Chris Bradshaw said the deal brings "differentiated special mission capabilities" and long-standing relationships with U.S. defense and government customers. He said Bristow can hold its guidance despite macro uncertainty and continued supply chain challenges, citing the geographic and customer diversity of its segments.
Offshore Energy Services revenue rises $7.3 million as operating income gains $10.3 million
European revenues grew $5.9 million on higher rates and fuel revenues, partly offset by lower utilization. Americas revenues rose $1.2 million on higher fuel prices, and Africa was flat.
Repairs and maintenance costs fell $7.8 million on higher vendor credits, and personnel costs dropped $6.3 million on seasonal variations in Norway. Fuel costs rose $6.5 million. Depreciation and amortization increased $4.0 million, driven by accelerated depreciation on a leased U.S. facility and capital spare parts for S76D medium helicopters.
Government Services swings to a $2.1 million operating loss on transition costs and penalties
Revenues rose $4.4 million. UKSAR contributed $1.6 million on the start of two UKSAR2G seasonal bases and annual rate escalations. Irish Coast Guard revenues rose $1.5 million on the full-quarter effect of the Waterford base, and U.S. revenues rose $1.0 million on higher utilization.
The segment posted an operating loss of $2.1 million against operating income of $0.9 million in the prior quarter. Operating expenses rose $6.1 million, including $3.3 million in higher personnel costs. Those included $1.8 million of previously deferred costs, $1.0 million of overtime and $0.5 million of one-time salary adjustments under a UK labor agreement.
Aircraft availability penalties totaled $3.6 million, and the company says continued supply chain challenges are hurting availability. Fuel expenses exceeded fuel revenues by $1.5 million because of contractual lags in rebilling fuel under UKSAR2G.
Other Services swings to $2.9 million operating income on $11.4 million revenue gain
The segment reported an operating loss of $1.3 million in the prior quarter. Seasonal utilization and higher fuel revenues drove the improvement, while operating expenses rose $7.7 million.
Corporate losses widen as asset-sale gains drop to $0.1 million
Corporate operating loss increased $6.6 million. Net gains on asset dispositions fell $7.5 million, from $7.6 million on two heavy helicopter sales in the prior quarter to $0.1 million. In the current quarter Bristow sold one AW139, one AS365 and one fixed-wing aircraft.
Other expense, net was $8.9 million, including $7.7 million of non-cash foreign exchange losses and $1.9 million of pension-related costs. Interest expense fell $1.6 million after the prior-quarter refinancing of the 6.875% Senior Secured Notes into 6.750% notes. Income tax expense dropped $3.4 million on higher tax credit utilization in Nigeria.
Capital spending rises to $67.4 million as asset-sale proceeds shrink
Purchases of property and equipment reached $67.4 million, including $6.8 million of maintenance capex, against $41.3 million, including $4.4 million of maintenance capex, in the prior quarter. Cash proceeds from asset sales fell to $5.1 million from $24.9 million.