Bombardier Inc. today announced strong fourth quarter and full-year 2025 financial results, exceeding targets and marking the company's fifth consecutive year of sustained growth. The company also released its 2026 guidance⁽⁷⁾, highlighting its priorities and signaling a strong year ahead.

"Bombardier's 2025 results validate the unwavering dedication of our team, allowing us to deliver on our commitments for the fifth consecutive year. We fulfilled the strategic path we set in 2021 and have completed our turnaround plan with poise, discipline and consistent execution. Our customer-centric mindset powered strong performance across the business – driving meaningful progress in product development, the expansion of our services portfolio, strengthening our Defense offering, and advancing our deleveraging plan," said Éric Martel, President and Chief Executive Officer, Bombardier. "I am incredibly proud of the entire Bombardier team – their commitment, focus and passion across every part of the organization have been instrumental in strengthening our foundation for both immediate and long-term success. We have transformed the business, reinforced our competitive position, and established a clear and disciplined track record for growth – and the future looks bright."

Revenues Surpass Targets, Driven by Higher Deliveries and a Strong Services Performance

Bombardier recorded revenues of $9.55 billion for 2025, exceeding targets with a 10% increase year-over-year, driven by a solid delivery mix, and record-high Services and Defense revenues. The company's Services business continued its upward growth trajectory with $2.3 billion in revenues, a 13% increase year-over-year. Bombardier continued to ramp-up its production with 157 aircraft deliveries in 2025, an increase of 11 units versus 2024.

Solid Order Activity Supports Growing Backlog

Backlog⁽⁵⁾ for 2025 increased by $3.1 billion, reaching $17.5 billion as at December 31, 2025, an uptick of 22% year-over-year. The company also reported a full-year unit book-to-bill of 1.4⁽⁶⁾, reflecting steady and strong demand across its portfolio of aircraft.

Profitability Gains Bolster Deleveraging Progress

Bombardier upheld its profitable growth trajectory in 2025. Adjusted EBITDA⁽¹⁾ for full-year 2025 was $1,559 million, representing 15% year-over-year growth, driven by strong incremental revenue conversion in Services, improved Defense performance, and lower R&D expenses, partly offset by supplier disruption costs. Adjusted EBIT⁽¹⁾ came in at $1,095 million, a 20% improvement compared with the $915 million recorded in 2024. Reported EBIT increased 26% year over year, reaching $1,108 million for the full year.

Adjusted net income⁽¹⁾ rose significantly in 2025, reaching $805 million, a 47% year-over-year increase when compared with 2024, while reported net income⁽⁴⁾ increased to $975 million, up 164% year-over-year. Full-year 2025 adjusted EPS⁽²⁾ came in at $7.72, compared with $5.16 in 2024, while diluted EPS⁽⁴⁾ rose to $9.41 from $3.40 in 2024.

Free cash flow (FCF)⁽¹⁾ generation for full-year 2025 was $1,072 million, up $840 million versus 2024. The increase reflects higher customer advances associated with new orders and aircraft deliveries, partially offset by inventory investments, and other working capital requirements. Reported cash flow from operating activities⁽⁴⁾ were $1,225 million, up from $405 million compared to 2024. Net additions to PP&E and intangible assets(3) totaled $153 million for full-year 2025, compared with $173 million in 2024.

Bombardier continued to make strong progress in debt repayment, reducing its debt by over $400 million in 2025. In December 2025, the Corporation also announced a partial repayment of $500 million of Senior Notes due 2028, which will be paid using cash from its balance sheet. The redemption date is February 15th, 2026. The adjusted net debt to adjusted EBITDA ratio⁽²⁾ improved from 2.9x in 2024 to 1.9x at year-end, outperforming its target of 2.0x to 2.5x. The company aims to continue improving this metric towards approximately 1.5x over time.

2026 Guidance⁽⁷⁾

"Our 2026 guidance reflects both the sustained momentum we have built over the past five years and the confidence we have in our execution going forward. Our ability to operationalize and deliver on our ambition will not waiver as we continue to focus on growth, profitability and sustainable cash flow generation, all while delivering a customer experience that sets a new benchmark for excellence in our industry," added Martel.

Guidance and Results

n/a: not applicable

Aircraft deliveries in 2026 are expected to be greater than 157 aircraft. Revenues are expected to be greater than $10.0 billion, an increase of more than $0.4 billion versus 2025 as a result of higher aircraft deliveries, improved pricing, and continued growth in our Services business. Adjusted EBITDA(1) is expected to be greater than $1,625 million in 2026. The growth from 2025 is driven by margin conversion on increased revenues and a partial recovery of the supply chain disruption, partially offset by some incremental strategic investments and higher R&D expense. Free cash flow(1) in 2026 is expected to range between $600 million and $1,000 million, reflecting normal variability in key cash flow items. Net additions to PP&E and intangible assets(3) are expected to be approximately $300 million.

⁽¹⁾ Non-GAAP financial measure. A non-GAAP financial measure is not a standardized financial measure under the financial reporting framework used to prepare our financial statements and might not be comparable to similar financial measures used by other issuers. Refer to the section entitled Caution regarding non-GAAP and other financial measures of this press release and to the Non-GAAP and other financial measures section in the Management Discussion & Analysis of the Corporation's financial report for the fiscal year ended December 31, 2025 ("MD&A") for definitions of these metrics and reconciliations to the most comparable IFRS measures.

⁽²⁾ Non-GAAP financial ratio. A non-GAAP financial ratio is not a standardized financial measure under the financial reporting framework used to prepare our financial statements and might not be comparable to similar financial measures used by other issuers. Refer to the section entitled Caution regarding non-GAAP and other financial measures of this press release and to the Non-GAAP and other financial measures section in the MD&A for definitions of these metrics and reconciliations to the most comparable IFRS measures.

⁽³⁾ Supplementary financial measure. Refer to the section entitled Caution regarding non-GAAP and other financial measures of this press release and to the Non-GAAP and other financial measures section in the MD&A for definitions of these metrics.

⁽⁴⁾ Only from continuing operations.

⁽⁵⁾ Represents order backlog for both manufacturing and Services.

⁽⁶⁾ Defined as net new aircraft orders in units over aircraft deliveries in units.

⁽⁷⁾ Forward-looking statement. See the forward-looking statements disclaimer in this press release and see the Forward-looking statements- Disclaimer section on which the 2026 Guidance is based in the MD&A for further details.

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