Bristow Q2 Revenue Beats, Berry Aviation Closes, Norway Exit Planned
VTOL sits 47% above its 52-week low of $33.01.
Summary
Bristow Group posted better-than-expected Q2 revenue of $411.8M, closed the Berry Aviation deal, and announced a Norway exit, but net income declined and operating cash flow weakened significantly.
Key Events · Earnings and Guidance · VTOL
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Q2 Revenue Beats, Net Income Falls
Revenue of $411.8M exceeded estimates, but net income dropped to $21.2M from $31.8M in Q2 2025, pressured by higher depreciation and foreign exchange losses.
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Berry Aviation Acquisition Completed
The $105M all-cash acquisition of Berry Aviation closed on July 13, 2026, expanding government services with special missions, ISR, and unmanned systems capabilities.
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Norway Offshore Energy Services Exit Planned
Bristow announced plans to sell its Norway offshore energy business as part of portfolio optimization; timing and structure remain subject to market conditions.
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Fleet Retirement Drives Accelerated Depreciation
A decision to retire S76D medium helicopters by early 2027 resulted in $13.6M of additional depreciation in H1 2026, with another $13.3M expected in H2 2026 and $4.4M in 2027.
Analysis · VTOL · Energy & Transportation
Bristow delivered Q2 revenue of $411.8M, topping consensus, but net income fell to $21.2M from $31.8M a year ago as higher depreciation and foreign exchange losses offset top-line growth. The company completed its $105M Berry Aviation acquisition, adding special mission capabilities, and announced plans to sell its Norway offshore energy business. A $13.6M accelerated depreciation charge from retiring S76D helicopters and a sharp drop in operating cash flow to $32.8M from $98.4M signal near-term earnings pressure, though liquidity remains solid at $371.6M.
At the time of this filing, VTOL was trading at $48.60 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $1.4B. The 52-week trading range was $33.01 to $50.38. This filing was assessed with neutral market sentiment and an importance score of 8 out of 10.