Short answer
Bristow Group Inc. (VTOL) filed its fiscal 2025 10-K annual report with the SEC on Feb 26, 2026. It reported revenue of $1.5B (+5.3% year over year) and net income of $129M.
- Top risk flagged: Regulatory risk from U.S. Title 49 requiring President, 2/3 Board, and certain officers to be U.S. citizens, potentially impacting leadership and compliance
FY2025 key financial metrics · XBRL
- Revenue
- $1.5B
- +5.3% YoY
- Net income
- $129M
- +36.2% YoY
- Operating margin
- 10.7%
- +1.3 pp YoY
- EPS (diluted)
- $4.32
- +34.6% YoY
- ROE
- 12.2%
- +1.5 pp YoY
- Operating cash flow
- $198M
- +11.8% YoY
Source: XBRL data from the Bristow Group Inc. (VTOL) FY2025 10-K on SEC EDGAR. USD.
Bristow Group Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: global provider of innovative, sustainable vertical flight solutions for offshore energy and government aviation services
- New contracts: UKSAR2G 10-year SAR contract started transition late 2024; Irish Coast Guard 10-year SAR contract commenced late 2024
- Strategic shift: Increased emphasis on unmanned aerial systems (UAS) and sustainable aviation fuels (SAF) integration under new SAR contracts
- Fleet size: 214 total aircraft including 196 helicopters, with 9 aircraft under construction and 19 on option as of Dec 31, 2025
- Noteworthy: First vertical lift operator to obtain ISO 14001 environmental certification in the UK; active operational SAF-powered flights in North Sea
Management Discussion & Analysis
- Revenue $1,491M in 2025, up 5.3% YoY; Offshore Energy $990M (+2.5%), Government Services $379M (+15.1%), Other $121M (+0.7%)
- Operating margin Offshore Energy 17% vs 14%, Government Services 1% vs 6%, Other Services 8% vs 11%; total operating income $159M up 19.8% YoY
- Best segment Offshore Energy: $991M revenue and $166M operating income (25.3% YoY operating income growth); worst Government Services: $379M revenue up 15.1%, but operating income down 75.9% to $5.1M
- Cash $286M unrestricted as of Dec 31, 2025; total liquidity $347M including $61M ABL credit facility availability; initiated $0.125/share quarterly dividend starting March 2026
- 2026 outlook: Offshore Energy contracts renewal at higher rates; Government Services contract transitions in Ireland/UK to conclude with positive financial impact; supply chain risks remain key uncertainty
Risk Factors
- Regulatory risk from U.S. Title 49 requiring President, 2/3 Board, and certain officers to be U.S. citizens, potentially impacting leadership and compliance
- Geopolitical risk from political and social unrest in Nigeria, accounting for 13% of 2025 revenues, with potential adverse effects on operations and local content compliance
- Supply chain risk from significant delays in S92 helicopter parts delivery, comprising 29% of fleet, causing aircraft grounding and lost business opportunities
- Competitive risk from failure to timely implement AI, machine learning, and other technological advances, risking revenue decline versus industry innovation
- Financial risk from highly concentrated customer base with 66% revenues from offshore energy, exposing credit risk to sector downturns and customer defaults
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