Cash flow generation remains inconsistent, with free cash flow turning negative $49.6 million in 2026Q1, largely driven by capital expenditures totaling $41.3 million.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Mar'12 | Dec'10 | Dec'09 |
|---|
| Cash from Operations | 190.52M | 198.17M | 177.42M | 32.04M | -14.13M | 123.85M | 96.84M | 27.55M | -109.44M | 20.1M | 58.5M | 44.46M | 78.29M | 64.37M | 13.91M | 231.35M | 83.74M | 57.23M |
| Operating CF Margin % | - | 13.3% | 12.53% | 2.47% | -1.18% | 10.45% | 8.5% | 2.31% | -8.37% | 1.46% | 4.38% | 2.73% | 4.53% | 4.25% | 1.04% | 19.29% | 35.58% | 24.29% |
| Operating CF Growth % | -1088.86% | 11.69% | 453.8% | 326.79% | -111.41% | 27.89% | 251.51% | 125.18% | -644.57% | -65.65% | 31.6% | -43.21% | 21.62% | 362.6% | -93.99% | 176.26% | 46.32% | - |
| Net Income | 114.82M | 129.07M | 94.87M | -6.92M | 18.04M | -15.71M | -56.28M | -3.59M | -336.14M | -28.61M | -14.91M | 7.9M | 17.02M | 18.3M | 7.75M | 63.53M | -3.64M | 1.84M |
| Depreciation & Amortization | 87.24M | 81.67M | 83.19M | 85.59M | 79.76M | 87.24M | 90.46M | 37.62M | 124.9M | 45.74M | 49.31M | 47.34M | 46.31M | 45.56M | 42.5M | 90.78M | 43.35M | 37.36M |
| Stock-Based Compensation | 13.15M | 0 | 15.79M | 16.46M | 13.23M | 11.69M | 11.52M | 4.28M | 6.38M | 4.62M | 4.63M | 3.72M | 5.77M | 1.81M | 48.74M | 11.51M | 0 | 0 |
| Deferred Taxes | -11.01M | -10.02M | -19.96M | 669K | -5.32M | -1.74M | -15.47M | -4.53M | -14.45M | -119.14M | -4.59M | 14.2M | 7.05M | 7.14M | 58.51M | 18.34M | 42.01M | 32.29M |
| Other Non-Cash Items | -46.95M | 20.57M | 4.23M | -4.62M | -18.17M | 36.69M | 49.7M | -9.94M | 160.3M | 111.22M | 18.2M | -14.44M | 3.67M | -7.61M | -94.84M | 77.04M | 1.04M | -3.12M |
| Working Capital Changes | 33.23M | -23.12M | -702K | -59.14M | -101.66M | 5.7M | 16.92M | 3.72M | -50.43M | 6.27M | 5.86M | -14.27M | -1.54M | -834K | -48.74M | -5.48M | 978K | -11.13M |
| Change in Receivables | 1.55M | 7.74M | 9.29M | -27.02M | -15.35M | 10.58M | 39.86M | -1.14M | 19.2M | 0 | 0 | 0 | 0 | 0 | 0 | -12.85M | -2.38M | 3.78M |
| Change in Inventory | -53.13M | 0 | -44.72M | -39.85M | -82.14M | 15.92M | 13.5M | -5.17M | -5.93M | 0 | 0 | 0 | 0 | 0 | 0 | 7.36M | 0 | 0 |
| Change in Payables | 32.08M | 0 | 34.73M | 7.74M | 82.14M | -20.8M | -36.44M | 3.62M | -63.69M | 6.27M | 5.86M | -14.27M | -1.54M | -834K | -48.74M | 6.31M | 6.46M | -8.27M |
| Cash from Investing | -51.72M | -87.33M | -245.95M | -47.32M | -44.14M | -17.37M | 173.27M | 48.62M | -26.12M | -6.05M | -12.77M | -22.81M | -93.87M | -43.46M | -114.77M | -88.75M | -132.55M | -64.12M |
| Capital Expenditures | -131.28M | -142.02M | -255.39M | -81.51M | -49.57M | -31.07M | -14.84M | -6.56M | -40.9M | -16.77M | -39.2M | -60.05M | -106.73M | -110.11M | -112.99M | -326.42M | -130.77M | -90.76M |
| CapEx % of Revenue | 8.59% | 9.53% | 18.04% | 6.28% | 4.14% | 2.62% | 1.3% | 0.55% | 3.13% | 1.22% | 2.94% | 3.69% | 6.18% | 7.26% | 8.41% | 27.22% | 55.56% | 38.51% |
| Acquisitions | 1.98M | 54.69M | 0 | 0 | 5.43M | -851K | 120.24M | 13.25M | 965K | 0 | 0 | -1.75M | 0 | 0 | 0 | 26.04M | 880K | 25.98M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 77.58M | 0 | 9.44M | 34.19M | 0 | 14.55M | 67.88M | 7.78M | 13.81M | 10.72M | 26.43M | 38.99M | 12.86M | 66.65M | -1.78M | 237.66M | -471K | 117K |
| Cash from Financing | 7.11M | -65.81M | 141.1M | 22.04M | -19.91M | -63.48M | -245.62M | -9.43M | -63.14M | -27.5M | -32.99M | -46.03M | 26.13M | -1.51M | 32.63M | 4.32M | 46.96M | 9.39M |
| Debt Issued (Net) | -52.78M | -51.99M | 149.18M | 27.46M | -8.56M | -19.21M | -218.14M | -2.06M | -60.58M | -28.28M | -29.33M | 2M | 24.67M | 2.21M | -12.92M | 183.09M | 38.58M | - |
| Equity Issued (Net) | -11.33M | -13.82M | -4.05M | -2.71M | -11.35M | -41.16M | -15.31M | -6.63M | 893K | 784K | 675K | -983K | -80.83M | -77.66M | 95.55M | - | - | - |
| Dividends Paid | -3.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.16M | 0 | 0 | 0 | 0 | -4.95M | -16K | -21.62M | 0 | 0 |
| Share Repurchases | -12.72M | -15.21M | -4.05M | -2.71M | -11.35M | -41.16M | -15.31M | -7.71M | -2.16M | 0 | 0 | 0 | 0 | 0 | 0 | -25.09M | 0 | 0 |
| Other Financing | 74.93M | 0 | -4.02M | -2.71M | 0 | -3.11M | -12.17M | -740K | -2.76M | -27.5M | -32.99M | -46.03M | 26.13M | 2.74M | -67.35M | 25.94M | 8.39M | 9.39M |
| Net Change in Cash | 150.6M | 42.35M | 67.62M | 19.98M | -67.4M | 34.94M | 31.96M | 66.61M | -202.17M | -13.37M | 12.58M | -26.5M | 9.53M | 19.83M | -67.62M | 257.85M | -3.61M | 2.5M |
| Free Cash Flow | 59.25M | 56.15M | -77.97M | -49.47M | -63.7M | 92.79M | 82M | 20.99M | -150.34M | 3.33M | 19.3M | -15.59M | -28.45M | -45.73M | -99.07M | -95.07M | -47.03M | -33.53M |
| FCF Margin % | 3.88% | 3.77% | -5.51% | -3.81% | -5.32% | 7.83% | 7.2% | 1.76% | -11.49% | 0.24% | 1.45% | -0.96% | -1.65% | -3.02% | -7.37% | -7.93% | -19.98% | -14.23% |
| FCF Growth % | 163.88% | 172.01% | -57.62% | 22.34% | -168.65% | 13.15% | 290.61% | 113.96% | -4620.11% | -82.77% | 223.79% | 45.18% | 37.8% | 53.84% | -4.21% | -102.17% | -40.26% | - |
| FCF per Share | 1.97 | 1.87 | -2.64 | -1.76 | -2.23 | 3.25 | 2.59 | 0.63 | -4.21 | 0.09 | 0.55 | -0.45 | -0.80 | -1.25 | -2.72 | -2.59 | -5.76 | -4.11 |
| FCF Conversion (FCF/Net Income) | 0.52x | 1.54x | 1.87x | -4.73x | -1.53x | -7.84x | -1.73x | -0.04x | 0.32x | -0.10x | -0.35x | -0.61x | 0.93x | 0.34x | 0.11x | 3.64x | -23.01x | 31.12x |
| Interest Paid | 6.66M | 0 | 43.27M | 39.48M | 0 | 32.03M | 32.31M | 0 | - | - | - | - | - | - | - | - | - | - |
| Taxes Paid | 9.47M | 0 | 20.78M | 19.28M | 0 | 11.95M | 15.11M | 0 | - | - | - | - | - | - | - | - | - | - |
High Capital Intensity
Based on the provided quarterly financial data, VTOL exhibits significant volatility in cash conversion, with the OCF/NI ratio swinging from a high of 4.16 in 2025Q4 to a negative 0.63 in 2026Q1, highlighting a disconnect between reported net income and actual cash generation.
The frequent divergence between net income and operating cash flow suggests that accounting accruals and non-cash items play a disproportionate role in the company's reported profitability. Investors should monitor whether this instability stems from the timing of heavy maintenance cycles or shifts in working capital, as it complicates the assessment of true underlying earnings quality.
As reported in recent financial statements, VTOL's free cash flow trajectory remains highly erratic, with negative FCF in six of the last ten quarters, including a significant outflow of $49.6 million in 2026Q1, indicating that the business struggles to sustain positive cash generation after capital expenditures.
The inability to consistently generate positive free cash flow suggests that the company's capital-intensive business model requires substantial ongoing investment that often outpaces operational inflows. This pattern may indicate that the current revenue base is insufficient to cover both the maintenance of the aging fleet and the necessary growth-related capital outlays.
According to historical data, VTOL maintains a high capital intensity, with CapEx as a percentage of revenue peaking at 22.1% in 2024Q4, which consistently exerts downward pressure on the company's ability to retain cash from its core aviation service operations.
The persistent level of capital expenditure relative to revenue suggests that the company is locked into a cycle of heavy reinvestment to maintain airworthiness and fleet compliance. This high capital burden appears to be a structural feature of the business, limiting the potential for meaningful cash accumulation during periods of moderate revenue growth.
Analysis of quarterly filings reveals that working capital fluctuations are a primary driver of cash flow instability, evidenced by a $56.4 million outflow in 2025Q1 followed by a $26.2 million inflow in 2025Q4, reflecting the lumpy nature of collections and operational payments.
The significant swings in working capital suggest that the company's cash position is highly sensitive to the timing of contract payments and the management of operational payables. This volatility warrants further investigation into whether these shifts are indicative of underlying inefficiencies in the billing cycle or simply the nature of long-term government and energy contracts.
Quick answers to the most common questions about buying VTOL stock.
Bristow Group Inc. (VTOL) generated $198.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Bristow Group Inc. (VTOL) generated $56.1M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Bristow Group Inc. (VTOL) spent $142.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Bristow Group Inc. (VTOL) spent $15.2M on share repurchases. This shows the company's commitment to returning capital to its equity investors.