Bristow Group Reports $388.7 Million Revenue, Net Income Declines 52% in Latest Quarter

Bristow Group Inc. reported a total revenue of $388.7 million for the three months ended March 31, 2026, marking a 10.9% increase from $350.5 million in the same period last year. The company's net income attributable to Bristow Group Inc. was $13.1 million, a decline of 52.0% compared to $27.4 million in the prior year. This resulted in earnings per share of $0.45, down from $0.95 in the previous year. The decrease in profitability was attributed to higher operating expenses, including a significant increase in depreciation and amortization expenses due to the accelerated depreciation of certain aircraft.

Total operating expenses rose to $362.2 million from $317.1 million year-over-year, driven by increased personnel costs, repairs and maintenance, and depreciation. Notably, personnel expenses increased to $103.6 million from $87.3 million, while depreciation and amortization expenses surged to $24.4 million from $16.8 million. The company also reported a loss on extinguishment of debt amounting to $2.8 million, following the refinancing of its senior notes. Despite these challenges, Bristow's operating income increased slightly to $34.7 million from $33.5 million, reflecting improved performance in its Offshore Energy Services and Government Services segments.

In terms of strategic developments, Bristow Group finalized plans to retire its S76D medium helicopters, transitioning to newer models as part of its fleet management strategy. This decision is expected to result in approximately $20 million of additional depreciation expense over the remainder of 2026 and into 2027. The company also reported a significant increase in its cash position, with cash and cash equivalents rising to $342.1 million from $286.2 million at the end of 2025, bolstered by a $500 million issuance of 6.750% Senior Notes.

Operationally, Bristow's Offshore Energy Services segment generated $254.3 million in revenue, up from $239.8 million, primarily due to increased rates and higher utilization in the Americas. The Government Services segment also saw revenue growth, reaching $107.9 million compared to $85.9 million, driven by the transition of contracts in Ireland. However, the Other Services segment experienced a decline in revenue to $26.5 million from $24.8 million, attributed to lower seasonal utilization in Australia.

Looking ahead, Bristow Group remains focused on enhancing its operational efficiency and expanding its service offerings. The company plans to continue investing in its fleet and pursuing growth opportunities in advanced air mobility. Management expressed confidence in the company's ability to navigate market challenges and maintain a strong liquidity position, with total liquidity of $393.6 million as of March 31, 2026. The company also initiated a quarterly cash dividend program, reflecting its commitment to returning value to shareholders while managing its capital effectively.