Revenue growth reached 10.9% in 2026Q1, though operating margins remain constrained in the high single digits, peaking at only 13.1% in 2025Q3.
| 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 | 1.53B | 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 % | 5.87% | 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 | 871.69M | 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 | 657M | 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 % | 42.98% | 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 | 505.4M | 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 | 187.2M | 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 | 159.75M | 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 % | 10.45% | 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 | 244.31M | 214.11M | 200.9M | 131.36M | 95.57M | 88.42M | -12.43M | 27.32M | -92.43M | -23.94M | 18.48M | 67.27M | 249.77M | 282.38M | 320.43M | 263.26M | 62.34M | 66.32M |
| EBITDA Margin % | 15.98% | 14.37% | 14.19% | 10.12% | 7.98% | 7.46% | -1.09% | 2.29% | -7.07% | -1.74% | 1.38% | 4.13% | 14.46% | 18.62% | 23.84% | 21.95% | 26.48% | 28.14% |
| EBITDA Growth % | 15.8% | 6.58% | 52.94% | 37.44% | 8.09% | 811.22% | -145.5% | 129.56% | -286.06% | -229.57% | -72.53% | -73.07% | -11.55% | -11.87% | 21.71% | 322.33% | -6% | - |
| D&A (Non-Cash Add-back) | 84.56M | 70.27M | 68.29M | 70.61M | 69.57M | 87.24M | 90.46M | 114.61M | 124.9M | 124.04M | 108.35M | 108.11M | 103.89M | 95.4M | 96.28M | 90.78M | 43.35M | 37.36M |
| EBIT | 117.86M | 143.84M | 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 | -23.19M | -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 | 11.15M | 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 | 16.61M | 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 | -11.4M | 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 | 130.25M | 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 % | 8.52% | 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 | 8.12M | 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 % | 6.23% | 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 | 114.82M | 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 % | 7.51% | 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 % | -0.63% | 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) | 115.15M | 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 | -123K | -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) | 3.82 | 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 % | -1.54% | 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 | 30.06M | 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 | 29.25M | 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 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Operational Margin Volatility
According to quarterly financial disclosures, VTOL achieved a 10.9% revenue growth rate in 2026Q1, yet the inconsistent quarterly performance suggests that top-line expansion remains heavily tethered to the volatile offshore energy sector rather than a sustained, predictable trajectory of long-term contract-driven growth across all global segments.
The revenue fluctuations observed over the last ten quarters indicate that the company struggles to maintain consistent momentum, likely due to the timing of offshore project deployments. Investors should monitor whether the recent uptick in revenue represents a structural shift in demand or merely a temporary recovery in flight hour utilization.
As reported in recent income statements, VTOL experienced significant gross margin volatility, with a notable outlier in 2026Q1 at 94.8% contrasting sharply against the more typical 20-30% range, suggesting that accounting adjustments or non-recurring items may be distorting the underlying profitability of the core aviation services business.
The extreme variance in gross margins warrants further investigation into the company's cost recognition policies for heavy maintenance visits. Such instability makes it difficult to assess the true pricing power of the firm against its specialized offshore aviation peers.
Based on the provided income statement data, VTOL's operating income has failed to scale consistently with revenue, as evidenced by operating margins hovering in the high single digits, which indicates that the company's high fixed-cost structure for aircraft maintenance and specialized labor limits potential margin expansion during growth periods.
The inability to significantly improve operating margins despite revenue growth suggests that the business model is capital-intensive and lacks the scalability of less asset-heavy service providers. Management appears to be struggling to optimize overhead costs, which may continue to weigh on profitability if fleet utilization does not improve.
Analysis of the company's recent filings reveals that stock-based compensation, which reached $3.9 million in 2026Q1, consistently dilutes the quality of reported net income, suggesting that shareholders should be cautious of the gap between GAAP earnings and the actual cash-generating capacity of the underlying aviation operations.
The recurring nature of stock-based compensation expenses indicates a potential misalignment between management incentives and shareholder value creation. Investors should scrutinize the impact of these non-cash charges on the overall earnings trajectory, as they appear to be a persistent drag on the bottom line.
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.