Free cash flow turned negative at -$75.8M in 2026Q2 due to CapEx of $108.7M (26.4% of revenue), while cumulative FCF over ten quarters is -$107.4M, highlighting persistent cash generation challenges.
Bristow Group Inc. (VTOL) cash flow statement — 17-year operating, investing & financing cash flows
| 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 | 124.31M | 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 % | -1349.91% | 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 | 104.23M | 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 | 124.61M | 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 | 12.41M | 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 | -21.71M | -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 | 16.21M | 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 | -124.57M | -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 | -59.74M | 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 | -41.64M | 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 | -23.76M | 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 | -122.8M | -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 | -208.33M | -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 | 13.32% | 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 | 26.88M | 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 | 58.65M | 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 | 89.75M | -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) | 139.06M | -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) | -26.35M | -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 | -11.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.16M | 0 | 0 | 0 | 0 | -4.95M | -16K | -21.62M | 0 | 0 |
| Share Repurchases | -28.78M | -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 | -11.85M | 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 | 109.79M | 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 | -84.03M | 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 % | -5.37% | 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 % | -872.3% | 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 | -2.80 | 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) | -0.81x | 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 | 54.51M | 46.8M | 43.27M | 39.48M | 0 | 32.03M | 32.31M | 0 | - | - | - | - | - | - | - | - | - | - |
| Taxes Paid | 22.03M | 26.72M | 20.78M | 19.28M | 0 | 11.95M | 15.11M | 0 | - | - | - | - | - | - | - | - | - | - |
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.
Key Metrics
Top Statement Risk
CapEx intensity and working capital swings
Metrics are mathematically derived from official filings.
Earnings Quality Masked by Working Capital
Operating cash flow averaged 1.55x net income in 2026Q2, but working capital swings of -$71.5M in that quarter suggest earnings quality is heavily influenced by timing, per recent SEC filings.
The OCF/NI ratio of 1.55 in 2026Q2 appears strong, yet it is driven by a $71.5M working capital outflow, which may indicate aggressive collection or inventory build-up. In contrast, 2026Q1 saw negative OCF despite positive net income, underscoring the volatility in cash conversion. Investors should monitor whether these swings reflect operational needs or earnings management.
FCF Volatility Undermines Growth Narrative
Free cash flow swung from -$75.8M in 2026Q2 to +$47.5M in 2025Q4, with FCF margins ranging from -18.4% to +17.9%, as reported in financial statements, indicating no stable trajectory.
The erratic FCF pattern suggests that reported net income does not translate consistently into cash generation. The 2026Q2 FCF deficit of -$75.8M is largely due to a $108.7M CapEx outlay, which may signal expansion but also strains liquidity. Given the prior income statement showed stable revenue growth, this cash flow volatility could be a red flag for earnings sustainability.
Heavy CapEx Intensity Pressures Cash Flow
CapEx reached 26.4% of revenue in 2026Q2, up from 7.7% in 2025Q4, per quarterly data, suggesting a significant shift toward growth spending that may not yield immediate returns.
The jump in capital intensity from single digits to over a quarter of revenue in 2026Q2 appears to be a deliberate investment phase, but it has driven FCF deeply negative. If this spending is maintenance-related, it could indicate aging assets; if growth-oriented, investors should expect higher future cash flows. The lack of peer data makes it difficult to benchmark, but the magnitude warrants close monitoring.
Working Capital Swings Drive Cash Flow Instability
Working capital changes ranged from +$34.1M in 2025Q2 to -$71.5M in 2026Q2, as per reported figures, creating significant quarter-to-quarter cash flow noise.
The large swings in working capital appear to be the primary driver of OCF volatility, with negative changes in four of the last five quarters. This may indicate inefficiencies in receivables collection or inventory management, but could also reflect project timing. Given the prior income statement showed stable revenue, these swings suggest that cash flow is not tracking operational performance, which could signal underlying issues.
Capital Returns Modest Amid Heavy Investment
Dividends and buybacks totaled $18.4M in 2026Q2, up from zero dividends in prior quarters, while acquisitions added $24.9M in 2026Q1, based on cash flow data, indicating a shift toward shareholder returns.
The initiation of dividends in 2026Q2, coupled with consistent buybacks, suggests management confidence in cash generation, but this comes at a time when FCF is negative. The $24.9M acquisition in 2026Q1 further strains cash, yet the company continues to return capital. This may indicate a strategic pivot, but investors should question the sustainability given the negative FCF.
Cumulative Earnings Outpace Cash Generation
Over the last ten quarters, cumulative net income of $257.1M exceeds cumulative operating cash flow of $399.1M, but after CapEx, cumulative FCF is -$107.4M, as per financial statements, highlighting a persistent gap.
While cumulative OCF is positive, the heavy CapEx has resulted in negative cumulative FCF, meaning the company has not generated enough cash to fund its investments. This divergence between earnings and cash suggests that reported profits may not be fully realized in cash, possibly due to accruals or non-cash items. The trend warrants close attention as it may indicate a need for external financing.
What the Cash Flow Statement Obscures
Stock-based compensation of $8.0M in 2026Q2 and acquisition outflows of $24.9M in 2026Q1 are non-operating items that may distort true cash generation, as per cash flow data.
The cash flow statement separates SBC and acquisitions, but these items can mask underlying operational cash flow. SBC is a non-cash expense that reduces net income but not OCF, potentially inflating conversion ratios. Acquisitions, while not in OCF, consume cash and may indicate a growth strategy that is not yet reflected in FCF. Investors should adjust for these to assess the sustainability of cash generation.