Bristow Group Inc. (VTOL) · Nov 3, 2026 · Earnings

Bristow earnings miss as government delays weigh on margins

Miss — Diluted EPS $0.93 vs ~$1.15 consensus

Bristow’s Q3 earnings missed revenue and EPS expectations, while Berry Aviation lifted growth and 2026 Adjusted EBITDA guidance stayed intact.

Bristow is a diversified aviation-services operator balancing a large offshore-energy franchise with a growing government-services platform and newer special-missions work. Offshore Energy Services still represents the core business, while the Berry Aviation acquisition is being folded into Government Services and Other Services. The prior quarter had already established the acquisition and a 2026 Adjusted EBITDA outlook of $295–$325 million, so the strategic direction was known before this filing.

The headline result was below the market’s earnings bar. Diluted EPS was $0.93 versus a published consensus of roughly $1.15, while revenue was $437.9 million versus approximately $443.3 million expected. That makes this a clear earnings miss, even though revenue was only modestly short.

	Q3 2026	Q2 2026	Consensus
Revenue (Financial Highlights)	$437.9M (-)	$411.8M	~$443.3M
Diluted EPS (Financial Highlights)	$0.93 (-)	$0.70	~$1.15
Adjusted EBITDA (Financial Highlights)	$89.6M (+12.2%)	$79.8M
Operating cash flow (Financial Highlights)	$61.2M (+48.9%)	$41.1M

The underlying operating quarter improved, but the improvement was acquisition-assisted. Adjusted EBITDA rose by $9.7 million sequentially and the margin expanded to 20% from 19%, while operating cash flow increased to $61.2 million. The main growth contribution came from Bristow Special Missions, which added $16.9 million of Government Services revenue and $9.2 million of Other Services revenue.

The core offshore business showed margin resilience, not broad-based volume strength. Offshore Energy Services revenue fell $5.6 million, driven mainly by lower European utilization, but operating income increased $3.2 million as lower operating costs, depreciation and corporate expenses more than offset the revenue decline. That is healthy cost execution, but it does not yet demonstrate that the business is accelerating across all regions.

Government Services remains the unresolved execution issue. The segment’s revenue grew sharply with BSM, but it still posted a $1.4 million operating loss. Management attributed the pressure to delayed aircraft modifications for new search-and-rescue contracts, with supply-chain problems depressing current margins. The filing says management expects stabilization during 2027, meaning the recovery is a future expectation rather than a Q3 result. 〔0〕

Guidance was effectively reaffirmed, but the range narrowed. The 2026 Adjusted EBITDA outlook moved from $295–$325 million to $300–$320 million, keeping the midpoint at $310 million while removing both the low and high ends. That is not a raised outlook; it signals confidence in the existing midpoint while acknowledging a tighter range around execution. Compared with the prior quarter’s guidance, Offshore Energy Services and Government Services ranges were also reset, with Government Services now guided lower than the earlier $55–$65 million Adjusted Operating Income range.

Bottom line: Bristow’s business improved operationally, but Q3 earnings missed expectations and the strongest growth was tied to the recently acquired BSM rather than a clean acceleration in the legacy platform. The story is still intact, but the government-contract ramp remains dependent on supply-chain normalization in 2027.

What to watch next

Q3 earnings call, November 4

Original filing on SEC EDGAR

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

Community sentiment · 612 votes

58% bullish

Bull 58%Neu 27%Bear 15%

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Bristow earnings miss as government delays weigh on margins

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