Earnings
Bombardier Exceeds All 2025 Guidance Metrics, Successfully Completes its Turnaround Plan, and Sets 2026 Guidance for Strong Year Ahead

BBD · Price
Executive Summary
- Bombardier reported FY 2025 revenue of $9.55 bn (+10% YoY) and adjusted EBITDA of $1.559 bn (+15% YoY), beating its own guidance.
- Adjusted net income rose 47% to $805 m; diluted EPS jumped 164% to $9.41, while adjusted EPS reached $7.72.
- The company announced FY 2026 outlook: revenue >$10.0 bn, aircraft deliveries >157 units, adjusted EBITDA >$1.625 bn and free cash flow between $600 m‑$1.0 bn; debt reduction continued with $400 m+ repayments and redemption of $500 m senior notes in Feb 2026.
Key Details
- Revenue: $9.55 bn (10% YoY increase); Services revenue $2.3 bn (+13%).
- Aircraft Deliveries 2025: 157 units (+11 vs. 2024).
- Backlog: $17.5 bn as of 31‑Dec‑2025 (up $3.1 bn, +22% YoY).
- Adjusted EBITDA: $1,559 m; margin 16.3% (up 60 bps).
- Adjusted EBIT: $1,095 m; margin 11.5% (up 90 bps).
- Reported EBIT: $1,108 m; margin 11.6% (up 150 bps).
- Adjusted Net Income: $805 m (+47% YoY).
- Diluted EPS (continuing): $9.41 (up 164%).
- Free Cash Flow: $1,072 m (+$840 m YoY).
- Operating Cash Flow: $1,225 m (vs. $405 m in 2024).
- Capital Expenditures: Net additions to PP&E & intangibles $153 m (down $20 m YoY).
- Debt Repayment: >$400 m repaid in FY 2025; additional $500 m senior notes redemption scheduled 15‑Feb‑2026.
- Liquidity: Cash & equivalents $2.175 bn; available liquidity $2.540 bn.
- Leverage Improvement: Adjusted net debt/adjusted EBITDA fell to 1.9× (down from 2.9×).
FY 2026 Guidance Highlights
| Metric | FY 2025 Actual | FY 2026 Guidance |
|---|---|---|
| Aircraft deliveries | 157 units | >157 units |
| Revenue | $9.55 bn | >$10.0 bn |
| Adjusted EBITDA | $1,559 m | >$1,625 m |
| Free cash flow | $1,072 m | $600‑$1,000 m |
| Net additions to PP&E & intangibles | $153 m | ≈$300 m |
Notable Quotes
“Bombardier’s 2025 results validate the unwavering dedication of our team… We have transformed the business, reinforced our competitive position, and established a clear and disciplined track record for growth – and the future looks bright.” – Éric Martel, President & CEO
All amounts are in U.S. dollars unless noted otherwise.
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Jun 26, 2026 · 17:03