Bombardier is reporting strong fourth quarter and full-year 2025 financial results, exceeding its targets and marking the company's fifth consecutive year of sustained growth. The company also released its 2026 guidance, highlighting its priorities and signalling 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,” says 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 organisation 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.”

Bombardier recorded revenues of $9.55 billion for 2025, exceeding targets with a 10 per cent 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, marking a 13 per cent increase year-over-year. Bombardier continued to ramp-up its production with 157 aircraft deliveries in 2025, which represents an increase of 11 units on 2024.

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

Bombardier upheld its profitable growth trajectory in 2025. Adjusted EBITDA for the full-year 2025 was $1,559 million, representing 15 per cent 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 came in at $1,095 million, a 20 per cent improvement compared with the $915 million recorded in 2024. Reported EBIT increased 26 per cent year‑over‑year, reaching $1,108 million for the full year.

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

Free cash flow (FCF) generation for the full-year 2025 was $1,072 million, up $840 million on 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 was $1,225 million, up from $405 million compared to 2024. Net additions to PP&E and intangible assets totalled $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 improved from 2.9 times in 2024 to 1.9 times at year-end, outperforming its target of 2.0 to 2.5 times. The company aims to continue improving this metric towards approximately 1.5 times over time.

“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 operationalise 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,” adds Martel.

Aircraft deliveries in 2026 are expected to be greater than 157 aircraft, while revenues are expected to be greater than $10.0 billion, an increase of more than $0.4 billion on 2025 as a result of higher aircraft deliveries, improved pricing and continued growth in its Services business. Adjusted EBITDA 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 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 are expected to be approximately $300 million.