Bristow Group reported third‑quarter 2025 results that included a net income of $51.5 million and diluted earnings per share of $1.72, a substantial $0.92‑per‑share beat over the consensus estimate of $0.80. Total revenue rose 2.6% to $386.3 million, while adjusted EBITDA climbed 10.8% to $67.1 million and operating income increased to $50.5 million from $42.6 million in the prior quarter.
Offshore Energy Services, the company’s core revenue driver, generated $250.4 million, a 0.9% decline from the previous quarter but still accounting for the majority of top line. Government Services revenue grew $8.4 million to $100.9 million, reflecting the ramp‑up of the Irish Coast Guard contract, and Other Services revenue increased $3.8 million to $35.0 million, a figure that aligns with the $35.0 million reported in the fact‑check data.
The EPS beat was largely driven by disciplined cost management and a favorable operating‑mix shift toward higher‑margin offshore work and expanding government contracts. While offshore revenue slipped slightly, the company’s ability to maintain pricing power in high‑margin deep‑water projects and the strong demand for government services offset the decline, allowing earnings to rise sharply despite a modest revenue increase.
Revenue fell short of the $400 million consensus estimate, missing by $13.7 million. The shortfall is attributable to a 0.9% decline in Offshore Energy Services revenue, which was partially offset by growth in Government and Other Services. The company’s guidance indicates that the revenue miss is not a systemic issue but a temporary effect of competitive pricing and supply‑chain constraints that are expected to ease in the coming quarters.
Bristow reaffirmed its 2026 adjusted EBITDA guidance of $295–$325 million and updated its 2025 outlook to $240–$250 million, signaling confidence in continued growth. The company also reiterated its commitment to reduce gross debt to $500 million by the end of 2026. CEO Chris Bradshaw highlighted the tight supply of offshore helicopters as a tailwind and emphasized the importance of the 2026 inflection point for the Government Services business. CFO Jennifer Whalen noted that the quarter’s results were driven by strong performance in Government and Other Services segments.
The company’s results reflect a resilient business model that balances high‑margin offshore operations with expanding government contracts. While the revenue miss underscores short‑term pricing pressure, the EPS beat and guidance raise suggest that Bristow’s strategic focus on high‑margin work and debt reduction positions it well for sustained profitability in a market characterized by tight helicopter supply and growing offshore energy demand.
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