Earnings

Bombardier Second Quarter Performance Places Corporation on Track for Full-Year Guidance while Backlog Grows Significantly

By The Northwire Desk — AI Analysis Jul 31, 2025 · 06:30 BBD · 162.64

BBD · Price

Bombardier Inc. reported second-quarter 2025 financial results, placing the company on track to meet full-year guidance despite an 8% year-over-year decline in total revenues.
The quarter was characterized by a significant surge in orders, with the backlog jumping to $16.1 billion and a unit book-to-bill ratio of 2.3, driven by a large-scale order of 50 firm aircraft and 70 options from a new customer.
The company announced credit rating upgrades from S&P (to BB-) and Moody’s (outlook to positive), alongside the refinancing of $500 million in Senior Notes due 2027.

Revenues: Total revenues were $2.028 billion (down 8% YoY); Services revenue was $590 million (up 16% YoY).
Profitability:
- Adjusted EBITDA: $297 million (down 11% YoY).
- Reported EBIT: $205 million (up 7% YoY).
- Net Income: $193 million (up $174 million YoY).
- Adjusted Net Income: $117 million (up $6 million YoY).
- Diluted EPS: $1.87.
- Adjusted EPS: $1.11.
Orders and Backlog:
- Unit Book-to-Bill: 2.3.
- Backlog: $16.1 billion (up $1.9 billion from previous quarter), marking the highest single-quarter business jet unit order volume in over a decade.
- Major Order: 50 firm aircraft and 70 options from a new customer, plus a maintenance services partnership.
Deliveries: 36 aircraft delivered in Q2 (Challenger and Global); 59 aircraft delivered in H1 2025 (consistent YoY).
Cash Flow:
- Free Cash Flow Usage: $164 million (vs. $68 million usage in Q2 2024), primarily due to planned inventory build for higher H2 output.
- Cash Flow from Operating Activities: $(128) million.
- Net Additions to PP&E and Intangible Assets: $(36) million.
Balance Sheet & Liquidity:
- Cash and Cash Equivalents: $811 million.
- Available Liquidity: $1.2 billion.
Debt & Ratings:
- Refinanced $500 million of Senior Notes due 2027; new notes due in 2033.
- S&P Global Ratings upgraded credit rating to BB- with a stable outlook.
- Moody’s Ratings upgraded outlook to positive from stable.

“The Bombardier team has performed at a very high level in the first half of the year, setting our company on the path to meet 2025 guidance and confidently step into the future with a large, diversified backlog, an expanding service infrastructure, new Defense opportunities and the world’s fastest business jet, the Global 8000, crowning a second-to-none portfolio.” — Éric Martel, President and Chief Executive Officer, Bombardier.

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