Bristow Group VTOL Q3 2026: EPS Misses by 22% as SAR Delays Bite
As seen on the 24/7 Wall St. homepage on November 3, 2026.
Earnings landed well short of expectations even as revenue hit consensus, with an operating loss of $1.43 million in Government Services as aircraft modification delays drag on search-and-rescue contracts. Management kept the full-year adjusted EBITDA midpoint intact and says supply chain pressure stabilizes in 2027, so keep an eye on the margin recovery timeline on tomorrow's call.
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Bristow Group reported Q3 2026 GAAP diluted EPS of $0.93, missing the $1.19 consensus estimate, with special items including acquisition-related costs tied to the July purchase of Berry Aviation weighing on the quarter.
Revenue of $437.92 million came in line with estimates, but the Government Services segment posted an operating loss as OEM supply chain delays held up aircraft modification programs tied to new search-and-rescue contracts. CEO Chris Bradshaw said these delays are depressing current margins.
The newly integrated BSM unit contributed across the Government and Other Services segments in its first full quarter under Bristow's ownership, and Bradshaw expects its growth to accelerate in Q4 2026 and through full-year 2027. Offshore Energy Services continued to perform on tight helicopter supply and offshore project final investment decisions on pace to exceed $110 billion in 2026.
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Despite the EPS shortfall, management held its full-year 2026 Adjusted EBITDA guidance midpoint and kept buying back stock, with $96.0 million left on its authorization. A quarterly cash dividend of $0.125 per share was declared, payable November 27 to holders of record on November 13.
Government Services margins hinge on how quickly supply chain conditions improve, and Bradshaw expects those pressures to stabilize during 2027 without giving a quarterly timeline. The earnings call on November 4 at 10:00 AM ET is the next chance for management to detail that recovery path and BSM integration progress.
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