Revenue grew 13.4% to $437.9M in 2026Q3 with operating margin widening to 10.9%, but gross margin readings were inconsistent across periods and EPS volatility outpaced the operating trend, warranting further investigation.
Bristow Group Inc. (VTOL) annual income statement — 17-year revenue, gross profit & net income history
| 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 |
|---|
| Sales/Revenue | 1.62B | 1.49B | 1.42B | 1.3B | 1.2B | 1.19B | 1.14B | 1.19B | 1.31B | 1.37B | 1.34B | 1.63B | 1.73B | 1.52B | 1.34B | 1.2B | 235.37M | 235.67M |
| Revenue Growth % | 8.4% | 5.3% | 9.1% | 8.29% | 1.09% | 4.05% | -4.34% | -8.97% | -4.77% | 2.85% | -18.05% | -5.64% | 13.89% | 12.82% | 12.07% | 409.52% | -0.13% | - |
| Cost of Goods Sold | 937.31M | 1.17B | 1.02B | 966.62M | 919.27M | 993.39M | 851.17M | 940.48M | 1.08B | 1.12B | 1.1B | 1.21B | 1.17B | 1.04B | 898.22M | 808.59M | 190.58M | 185.31M |
| COGS % of Revenue | - | 78.67% | 71.86% | 74.5% | 76.72% | 83.82% | 74.73% | 78.99% | 82.56% | 81.36% | 82.47% | 74.54% | 68.02% | 68.55% | 66.83% | 67.43% | 80.97% | 78.63% |
| Gross Profit | 678.33M | 317.96M | 398.28M | 330.81M | 278.88M | 191.81M | 287.85M | 250.17M | 228.16M | 256.08M | 234.05M | 414.83M | 552.23M | 476.85M | 445.8M | 390.64M | 44.78M | 50.35M |
| Gross Margin % | 41.99% | 21.33% | 28.14% | 25.5% | 23.28% | 16.18% | 25.27% | 21.01% | 17.44% | 18.64% | 17.53% | 25.46% | 31.98% | 31.45% | 33.17% | 32.57% | 19.03% | 21.37% |
| Gross Profit Growth % | - | -20.17% | 20.39% | 18.62% | 45.39% | -33.37% | 15.06% | 9.65% | -10.9% | 9.41% | -43.58% | -24.88% | 15.81% | 6.97% | 14.12% | 772.32% | -11.07% | - |
| Operating Expenses | 532.63M | 174.12M | 265.67M | 270.06M | 252.88M | 190.63M | 390.75M | 337.45M | 445.49M | 404.06M | 323.92M | 455.68M | 406.36M | 289.87M | 221.66M | 273.63M | 25.8M | 21.4M |
| OpEx % of Revenue | - | 11.68% | 18.77% | 20.82% | 21.11% | 16.08% | 34.31% | 28.34% | 34.06% | 29.42% | 24.26% | 27.96% | 23.53% | 19.12% | 16.49% | 22.82% | 10.96% | 9.08% |
| Selling, General & Admin | 181.72M | 174.12M | 198.01M | 204.62M | 175.63M | 159.06M | 149.43M | 154.65M | 185.98M | 174.18M | 182.97M | 210.51M | 247.97M | 196.91M | 161.39M | 133.03M | 25.8M | 21.4M |
| SG&A % of Revenue | - | 11.68% | 13.99% | 15.77% | 14.66% | 13.42% | 13.12% | 12.99% | 14.22% | 12.68% | 13.7% | 12.92% | 14.36% | 12.99% | 12.01% | 11.09% | 10.96% | 9.08% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 3M | 0 | 67.67M | 65.44M | 77.25M | 31.56M | 241.31M | 182.8M | 259.5M | 229.88M | 140.95M | 245.16M | 158.39M | 92.96M | 60.27M | 0 | 0 | 0 |
| Operating Income | 145.71M | 143.84M | 132.61M | 60.75M | 26M | 1.18M | -102.9M | -87.28M | -217.32M | -147.98M | -89.87M | -40.84M | 145.87M | 186.98M | 224.14M | 172.49M | 18.98M | 28.96M |
| Operating Margin % | 9.02% | 9.65% | 9.37% | 4.68% | 2.17% | 0.1% | -9.03% | -7.33% | -16.62% | -10.77% | -6.73% | -2.51% | 8.45% | 12.33% | 16.68% | 14.38% | 8.07% | 12.29% |
| Operating Income Growth % | - | 8.47% | 118.28% | 133.67% | 2097.72% | 101.15% | -17.89% | 59.84% | -46.86% | -64.66% | -120.03% | -128% | -21.98% | -16.58% | 29.95% | 808.58% | -34.44% | - |
| EBITDA | 258.11M | 225.51M | 215.8M | 146.34M | 105.75M | 88.42M | -12.43M | -49.66M | -92.43M | -102.25M | -40.56M | 67.27M | 249.77M | 282.38M | 320.43M | 263.26M | 62.34M | 66.32M |
| EBITDA Margin % | 15.98% | 15.13% | 15.25% | 11.28% | 8.83% | 7.46% | -1.09% | -4.17% | -7.07% | -7.44% | -3.04% | 4.13% | 14.46% | 18.62% | 23.84% | 21.95% | 26.48% | 28.14% |
| EBITDA Growth % | 7.54% | 4.5% | 47.47% | 38.37% | 19.61% | 811.22% | 74.97% | 46.27% | 9.61% | -152.11% | -160.29% | -73.07% | -11.55% | -11.87% | 21.71% | 322.33% | -6% | - |
| D&A (Non-Cash Add-back) | 112.41M | 81.67M | 83.19M | 85.59M | 79.76M | 87.24M | 90.46M | 37.62M | 124.9M | 45.74M | 49.31M | 108.11M | 103.89M | 95.4M | 96.28M | 90.78M | 43.35M | 37.36M |
| EBIT | 157M | 191.15M | 146.89M | 70.57M | 47.09M | 37.1M | 68.59M | -1.95M | -80.45M | -40.95M | -54.93M | 100.35M | 207.49M | 192.66M | 195.17M | 172.49M | 13.73M | 25.55M |
| Net Interest Income | -39.37M | -30.56M | -28.68M | -32.77M | -38.74M | -41.36M | -49.97M | 150.14M | -110.08M | 77.06M | 49.92M | 34.13M | 29.35M | 43.22M | 41.66M | -24.05M | -21.42M | -20.29M |
| Interest Income | 9.03M | 9.35M | 8.9M | 8.65M | 2.2M | 161K | 1.29M | 150.14M | 3.42M | 77.06M | 49.92M | 34.13M | 29.35M | 43.22M | 41.66M | 738K | 109K | 52K |
| Interest Expense | 48.4M | 39.92M | 37.58M | 41.42M | 40.94M | 41.52M | 51.26M | 0 | 113.5M | 0 | 0 | 0 | 0 | 0 | 0 | 24.79M | 21.53M | 20.34M |
| Other Income/Expense | -49.23M | 7.39M | -30.55M | -42.74M | -6.04M | -5.6M | 46.26M | -660.54M | -118.97M | -80.02M | -53.46M | -38.39M | -34.4M | 58.01M | -57.47M | -93.04M | -26.92M | -24.24M |
| Pretax Income | 96.48M | 151.24M | 102.06M | 18.01M | 19.96M | -4.42M | -56.64M | -747.83M | -336.3M | -228M | -143.33M | -79.23M | 111.47M | 244.99M | 166.68M | 79.44M | -7.8M | 5.21M |
| Pretax Margin % | 5.97% | 10.15% | 7.21% | 1.39% | 1.67% | -0.37% | -4.97% | -62.81% | -25.71% | -16.6% | -10.73% | -4.86% | 6.45% | 16.16% | 12.4% | 6.62% | -3.32% | 2.21% |
| Income Tax | 15.79M | 21.81M | 7.19M | 24.93M | 10.75M | 11.29M | -355K | -50.7M | -161K | -30.89M | 32.59M | -2.08M | 22.77M | 57.21M | 35M | 14.2M | -4.3M | 2.88M |
| Effective Tax Rate % | 16.36% | 14.42% | 7.05% | 138.42% | 53.87% | -255.58% | 0.63% | 6.78% | 0.05% | 13.55% | -22.74% | 2.63% | 20.42% | 23.35% | 21% | 17.88% | 55.12% | 55.35% |
| Net Income | 80.41M | 129.07M | 94.8M | -6.78M | 9.21M | -15.79M | -56.09M | -697.19M | -336.85M | -194.68M | -169.56M | -72.44M | 84.3M | 186.74M | 130.1M | 63.53M | -3.64M | 1.84M |
| Net Margin % | 4.98% | 8.66% | 6.7% | -0.52% | 0.77% | -1.33% | -4.92% | -58.56% | -25.75% | -14.17% | -12.7% | -4.45% | 4.88% | 12.32% | 9.68% | 5.3% | -1.55% | 0.78% |
| Net Income Growth % | -43.55% | 36.16% | 1498.19% | -173.58% | 158.36% | 71.85% | 91.95% | -106.97% | -73.02% | -14.82% | -134.07% | -185.93% | -54.86% | 43.53% | 104.79% | 1845.81% | -297.88% | - |
| Net Income (Continuing) | 80.69M | 129.43M | 94.87M | -6.92M | 9.21M | -15.71M | -56.28M | -697.13M | -336.14M | -197.11M | -175.92M | -77.15M | 88.71M | 187.78M | 131.68M | 0 | -3.64M | 1.84M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -57K | -82K | -435K | -508K | -368K | -447K | 1.03M | -269K | 7.15M | 3.77M | 4.22M | 4.8M | -290K | -194K | 207K | 8.72M | 0 | 0 |
| EPS (Diluted) | 2.69 | 4.32 | 3.21 | -0.24 | 0.32 | -0.55 | 2.32 | -0.17 | -9.42 | -5.52 | -0.39 | -2.12 | 0.84 | 0.88 | -0.03 | 0.54 | -0.45 | 0.23 |
| EPS Growth % | -43.93% | 34.58% | 1437.5% | -175% | 158.18% | -123.71% | 1464.71% | 98.2% | -70.65% | -1315.38% | 81.6% | -352.38% | -4.55% | 3033.33% | -105.56% | 220% | -295.65% | - |
| EPS (Basic) | - | 4.47 | 3.32 | -0.24 | 0.33 | -0.55 | -3.12 | -0.17 | -9.42 | -5.52 | -0.39 | 0.42 | 0.84 | 2.64 | -0.03 | 0.54 | -0.45 | 0.23 |
| Diluted Shares Outstanding | 29.85M | 29.96M | 29.55M | 28.14M | 28.57M | 28.53M | 31.68M | 33.37M | 35.74M | 35.29M | 35.04M | 34.89M | 35.57M | 36.7M | 36.49M | 36.77M | 8.17M | 8.17M |
| Basic Shares Outstanding | 29.41M | 29.09M | 28.52M | 28.14M | 28.07M | 28.53M | 24.6M | 33.37M | 35.74M | 35.27M | 35.03M | 34.88M | 35.53M | 36.69M | 36.44M | 36.72M | 8.17M | 8.17M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying VTOL stock.
For fiscal year 2025, Bristow Group Inc. (VTOL) reported total revenue of $1.49B. This represents a 532.5% increase compared to $235.7M in 2009.
Bristow Group Inc. (VTOL) is profitable, generating $129.1M in net income for the fiscal year ending 2025 with a net profit margin of 8.7%.
Bristow Group Inc. (VTOL) reported an operating income of $143.8M, resulting in an operating profit margin of 9.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Bristow Group Inc. (VTOL) generated $318.0M in gross profit for the year, representing a gross profit margin of 21.3%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Margin volatility and EPS swings
Metrics are mathematically derived from official filings.
Revenue Recovering After Mid-2024 Softness
Based on the reported quarterly income statements, VTOL revenue grew 13.4% year over year to $437.9M in 2026Q3, following 9.4% growth in the prior quarter and a 0.0% flat reading in 2025Q4, suggesting a choppy but recovering top-line trajectory.
The sequence of growth rates, from mid-single-digit gains in 2025 to a double-digit acceleration in 2026Q2 and Q3, suggests demand has firmed after a soft patch. Investors should monitor whether this rebound reflects durable contract volume or timing effects, since the single flat quarter in late 2025 illustrates how uneven the trend has been. Without segment-level detail in the supplied data, the driver mix between volume and pricing cannot be confirmed.
Gross Margin Reported Inconsistently Across Periods
As reported in the income statements, VTOL gross margin ranged from 20.0% in 2025Q4 to 31.2% in 2024Q2, with the 2026Q1 figure of 94.8% appearing anomalous against a cost of revenue of only $20.1M.
The gross margin band of roughly 26% to 29% in most quarters suggests a reasonably stable underlying cost structure, yet the 2025Q4 dip to 20.0% indicates meaningful sensitivity to cost timing or mix. The 2026Q1 reading is not economically plausible as an operating figure and likely reflects a data classification or reporting issue that warrants further investigation before any margin conclusion is drawn.
Operating Leverage Visible Only Intermittently
Based on reported figures, VTOL operating margin expanded to 10.9% in 2026Q3 from 6.8% in 2026Q1, while SG&A held near $43M to $51M per quarter across the period.
SG&A has been relatively flat in absolute terms, so the margin improvement in the most recent quarters appears driven more by gross profit growth than by overhead discipline. The 2024Q4 SG&A spike to $67.6M against roughly $42M to $51M in surrounding quarters suggests one-time or seasonal items that depressed operating income in that period. Operating leverage therefore looks conditional rather than structural based on the supplied data.
EPS Volatility Outpaces Operating Trends
According to the reported figures, VTOL diluted EPS fell 45.9% year over year in 2026Q3 despite revenue growth of 13.4%, while 2025Q3 EPS of $1.72 sat far above surrounding quarters near $0.44 to $1.07.
The disconnect between revenue growth and EPS movement suggests that net income is being influenced by non-operating items, tax effects, or share count changes that are not visible in the operating lines provided. The 2025Q3 spike in net income to $51.5M, which exceeded operating income of $50.5M, implies a meaningful non-operating contribution that inflates the quarter. Investors should treat reported EPS as a noisy signal until the drivers of these gaps are reconciled.
Recovery Narrative Rests on Thin Evidence
The strongest challenge to VTOL is that two consecutive quarters of double-digit growth may not establish a trend, given that the reported series includes a flat 2025Q4 and an unexplained 2026Q1 gross margin figure.
A skeptical analyst would argue that the 2026Q2 and 2026Q3 growth rates of 9.4% and 13.4% could reverse as easily as they emerged, particularly since operating margin in 2026Q2 was 9.6%, below the 11.3% reported in 2025Q2. Net margin compression to 6.3% in the latest quarter despite higher revenue further suggests that growth is not translating proportionally into shareholder earnings. Until the margin and EPS anomalies are explained, the bullish read on recent growth remains an inference rather than a confirmed inflection.