Key Highlights

  • Bristow Group (NYSE:VTOL) put out third quarter 2026 Net Income of USD 27.7 million, or USD 0.93 a diluted share, on November 3, 2026; the second quarter had produced USD 21.2 million.
  • Sales moved up sequentially to USD 437.9 million, and adjusted EBITDA advanced to USD 89.6 million, having been USD 79.8 million in the prior quarter.
  • Buybacks totaled 547,785 shares, costing USD 25.0 million at an average of USD 45.64 each, and the board declared a USD 0.125 quarterly dividend.
  • Full-year 2026 adjusted EBITDA guidance stands at USD 300 million to USD 320 million, and management affirmed the midpoint.

Quarter-on-Quarter Growth From Acquisitions and Better Offshore Margins

Bristow Group (NYSE:VTOL), which supplies aviation services to government, offshore energy and other clients, issued its third quarter 2026 report on November 3, 2026. The release benchmarks every figure against the second quarter of 2026, not the year-earlier period. Berry Aviation, acquired in July and now branded Bristow Special Missions, added USD 16.9 million to Government Services, while Other Services picked up USD 9.2 million. Offshore Energy Services Revenue eased 2.1%, landing at USD 256.0 million, but its adjusted operating Margin improved to 27%, up from 25%, helped by lower operating costs. Group Operating Income rose to USD 47.7 million, up from USD 39.6 million.

Late Aircraft Modifications Squeeze the Government Unit

The CEO pointed to lingering Supply chain frictions, above all delays in modifying aircraft for newly won search and rescue contracts, which he said holds back Government Services margins. That unit nonetheless recorded an operating loss of USD 1.4 million, although adjusted operating income landed at USD 9.7 million on USD 130.0 million of revenue, a 7% adjusted margin. Leadership expects supply problems to ease through 2027, but that remains a projection. Tax expense rose from USD 0.1 million to USD 9.1 million, since pre-tax income grew and a Nigeria Credit that had helped the second quarter did not repeat. Corporate G&A also grew because of professional fees tied to acquisitions.

Guidance Ranges, Liquidity and Shareholder Returns

The company forecasts 2026 total revenue between USD 1,640 million and USD 1,700 million, adjusted EBITDA between USD 300 million and USD 320 million, cash interest near USD 45 million and cash taxes of roughly USD 30 million. The EBITDA midpoint works out to USD 310 million by simple arithmetic. Management says the ranges were revised, but the extract does not show the earlier numbers. Liquidity stood at USD 287.3 million, of which USD 233.4 million was cash, and revolver access depends on conditions. USD 96.0 million is left of a USD 125.0 million repurchase authorization. The Dividend pays out November 27, 2026 to holders of record as of November 13, 2026, and the call starts at 10:00 a.m. ET on November 4, 2026.

Where Things Stand

Largely yes: Bristow Group (NYSE:VTOL) kept USD 27.7 million of profit because acquired revenue and stronger offshore margins outweighed late search and rescue aircraft modifications and a bigger tax charge. Those delays are a genuine cost, leaving Government Services in an operating deficit, and management sees no relief before 2027. Management calls offshore conditions favorable, though that assessment is its own. Investors can judge whether the offshore gain lasts by checking if the 27% margin holds against the prior quarter's 25%. The next signals are the November 4 call, the fourth quarter contribution from Bristow Special Missions and any update to the supply chain timetable.