Bombardier has registered strong results for the first quarter of 2025, marked by double-digit gains across many key metrics, including total revenues, earnings and free cash flow. The OEM also provided its 2025 guidance, setting objectives that align with its long-term strategy and its continued growth trajectory on profitability and free cash flow generation.

“Bombardier's strong start to the year demonstrates our great flexibility as well as the rock-solid fundamentals we have built our business on. I am tremendously proud of our team who remained focused on executing at the highest level to deliver double-digit gains year-over-year on revenues, adjusted EBITDA, adjusted EBIT and free cash flow,” says Éric Martel, president and chief executive officer, Bombardier. “Over the last five years, we took proactive and necessary steps to address our balance sheet and our revenue streams, as well as supply chain pressure. The foundations we have laid allow us today not only to face uncertainty with calm and confidence, but also to consider the opportunities that may arise from it. Bombardier today is well positioned to carry forward our momentum.”​

Bombardier reported revenues of $1.5 billion for the first quarter of 2025, an impressive increase of 19 per cent year-over-year. This significant jump was driven in part by the delivery of 23 aircraft, three more than in the same quarter last year, and by a healthy delivery mix. The company's Services business continued its steady growth, reaching revenues of $495 million, up $18 million from the first quarter of 2024. Despite global economic uncertainty, order activity remained stable, allowing the company to maintain a competitive advantage within the industry. This resulted in a backlog of $14.2 billion for both manufacturing and Services as at March 31, 2025, and a unit book-to-bill of 0.9.

Bombardier also reported an increase in profitability across key metrics for the first quarter of 2025. Aligned with the company's objective to generate sustainable and profitable growth, adjusted net income for the first quarter of 2025 came in at $68 million, up 55 per cent from the same quarter in 2024. Adjusted EPS for the quarter rose to $0.61, a significant uptick from the $0.36 recorded for the first quarter of 2024.

The company generated an adjusted EBITDA of $248 million in the first three months of the year, representing 21 per cent growth year-over-year, and an adjusted EBITDA margin of 16.3 per cent, up by 30 basis points year-over-year. Adjusted EBIT reached $177 million, a 25 per cent year-over-year increase, leading to an adjusted EBIT margin of 11.6 per cent, up by 50 basis points year-over-year.

Bombardier's free cash flow usage of $304 million demonstrated a 21 per cent improvement year-over-year as the company stabilises its production rates after four years of significant growth. First quarter free cash flow usage reflects the year's planned production sequence and required build in inventory.

Bombardier also announced today its goals for 2025 with guidance that continues to build on strong growth across its key metrics and aligns with its long-term strategy.

“As the world navigates through economic uncertainty, Bombardier has been diligent in its planning, developing multiple scenarios over the past few months,” continues Martel. “We have come a long way by focusing on what we control and have everything in place to guide for a strong year in 2025 with an increase in revenues and free cash flow. Our targets reflect a disciplined approach to the economic environment, while positioning the company for success.” ​

Bombardier anticipates delivering more than 150 aircraft in 2025. This delivery cadence, along with improved revenue mix including a contribution from Defense, higher pricing and continued growth in Services, will contribute to anticipated revenues of more than $9.25 billion. Bombardier also aims to further improve profitability, with an adjusted EBITDA exceeding $1.55 billion. This growth is expected to be driven by margin conversion on increased revenues, margin expansion from improved revenue mix, and net favourable pricing over inflation, partly offset by higher supplier-related costs. Adjusted EBIT is expected to surpass $1.00 billion. In terms of free cash flow, the company expects to generate between $500 million and $800 million, with the low end of the range reflecting a weaker demand environment for the first half of 2025, tied to global economic uncertainty. Net additions to PP&E and intangible assets are expected to be between $200 million and $300 million.