- Full-year 2025 revenues surpassed guidance, growing 10% year-over-year to reach $9.55 billion. This strong performance was powered by an all-time high in Services revenues, up 13%, and 157 aircraft deliveries, an increase of 11 units year-over-year.
- Adjusted EBITDA(1) rose 15% year-over-year, reaching $1,559 million, with adjusted EBITDA margin(2) expanding 60 basis points to 16.3%. Reported EBIT up 26% year-over-year at $1,108 million for the full year, driving EBIT margin(3) to 11.6%, an improvement of 150 basis points.
- Adjusted net income(1) grew to $805 million, marking a 47% year-over-year increase, while reported net income(4) increased to $975 million, up 164%. Full-year performance translated to an adjusted EPS(2) of $7.72 and diluted EPS(4) of $9.41.
- Free cash flow(1) was up $840 million compared to 2024, reaching an impressive $1,072 million for the full-year. Reported cash flows from operating activities(4) were $1,225 million, up from $405 million versus 2024. Net additions to PP&E and intangible assets(3) totaled $153 million, compared with $173 million in 2024.
- Backlog(5) jumped to $17.5 billion as at December 31, 2025, up $3.1 billion from 2024. Unit book-to-bill(6) of 1.4 for the year highlights healthy demand across our portfolio.
- More than $400 million of debt was repaid, using cash from the balance sheet in 2025, driving solid progress on deleveraging. The adjusted net debt to adjusted EBITDA ratio(2) improved from 2.9x in 2024 to 1.9x at year-end. An additional $500 million of Senior Notes to be redeemed on February 15, 2026. Available liquidity(1) remained strong at $2.5 billion; cash and cash equivalents were $2.2 billion as at December 31, 2025.
- With the completion of its successful 5-year turnaround plan, which was first detailed in 2021, Bombardier’s 2026 guidance lays the groundwork for sustained top‑line growth, solid margins, and reliable free‑cash‑flow performance(7).
All amounts in this press release are in U.S. dollars, unless otherwise indicated.
Amounts in tables are in millions except per share amounts, unless otherwise indicated.
MONTREAL, Feb. 12, 2026 (GLOBE NEWSWIRE) -- Bombardier Inc. (TSX: BBD.B) 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 | ||
| 2025 Full-Year Results | 2026 Guidance(7) | |
| Aircraft deliveries (in units) | 157 | >157 |
| Revenues | $9.55 billion | >$10.0 billion |
| Adjusted EBITDA(1) | $1,559 million | >$1,625 million |
| Adjusted EBIT(1) | $1,095 million | n/a |
| EBIT | $1,108 million | n/a |
| Free cash flow(1) | $1,072 million | $600 million -$1,000 million |
| Cash flows from operating activities | $1,225 million | n/a |
| Net additions to PP&E and intangible assets(3) | $153 million | n/a |
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. |
SELECTED RESULTS
| For the fiscal years ended December 31 | 2025 | 2024 | Variance | |||||||||
| Revenues | $ | 9,551 | $ | 8,665 | 10 | % | ||||||
| Adjusted EBITDA(1) | $ | 1,559 | $ | 1,360 | 15 | % | ||||||
| Adjusted EBITDA margin(2) | 16.3 | % | 15.7 | % | 60 bps | |||||||
| Adjusted EBIT(1) | $ | 1,095 | $ | 915 | 20 | % | ||||||
| Adjusted EBIT margin(2) | 11.5 | % | 10.6 | % | 90 bps | |||||||
| EBIT | $ | 1,108 | $ | 878 | 26 | % | ||||||
| EBIT margin(3) | 11.6 | % | 10.1 | % | 150 bps | |||||||
| Net income (loss) from continuing operations | $ | 975 | $ | 370 | $ | 605 | ||||||
| Net income (loss) from discontinued operations(4) | $ | (47 | ) | $ | — | $ | (47 | ) | ||||
| Net income | $ | 928 | $ | 370 | $ | 558 | ||||||
| Diluted EPS from continuing operations (in dollars) | $ | 9.41 | $ | 3.40 | $ | 6.01 | ||||||
| Diluted EPS from discontinued operations (in dollars)(4) | $ | (0.48 | ) | $ | 0.00 | $ | (0.48 | ) | ||||
| $ | 8.95 | $ | 3.40 | $ | 5.55 | |||||||
| Adjusted net income(1) | $ | 805 | $ | 547 | $ | 258 | ||||||
| Adjusted EPS (in dollars)(2) | $ | 7.72 | $ | 5.16 | $ | 2.56 | ||||||
| Cash flows from operating activities(5) | $ | 1,225 | $ | 405 | $ | 820 | ||||||
| Net additions to PP&E and intangible assets(3) | $ | 153 | $ | 173 | $ | (20 | ) | |||||
| Free cash flow(1) | $ | 1,072 | $ | 232 | $ | 840 | ||||||
| As at December 31 | 2025 | 2024 | Variance | |||||||||
| Cash and cash equivalents | $ | 2,175 | $ | 1,653 | 32 | % | ||||||
| Available liquidity(1) | $ | 2,540 | $ | 2,082 | 22 | % | ||||||
| Order backlog (in billions of dollars)(6) | $ | 17.5 | $ | 14.4 | 22 | % | ||||||
bps: basis points
| (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 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) | Discontinued operations are related to the sale of the Transportation business. The expenses recorded in discontinued operations for fiscal year 2025 principally relate to change in estimates of a provision for professional fees. |
| (5) | Only from continuing operations. |
| (6) | Represents order backlog for both manufacturing and Services. |
About Bombardier
At Bombardier (BBD-B.TO), we design, build, modify and maintain the world’s best-performing aircraft for the world’s most discerning people and businesses, governments and militaries. That means not simply exceeding standards, but understanding customers well enough to anticipate their unspoken needs.
For them, we are committed to pioneering the future of aviation—innovating to make flying more reliable, efficient and sustainable. And we are passionate about delivering unrivaled craftsmanship and care, giving our customers greater confidence and the elevated experience they deserve and expect. Because people who shape the world will always need the most productive and responsible ways to move through it.
Bombardier customers operate a fleet of more than 5,200 aircraft, supported by a vast network of Bombardier team members worldwide and 10 service facilities across six countries. Bombardier’s performance-leading jets are proudly manufactured in aerostructure, assembly and completion facilities in Canada, the United States and Mexico. In 2024, Bombardier was honoured with the prestigious “Red Dot: Best of the Best” award for Brands and Communication Design.
For Information
For corporate news and information, including Bombardier’s Sustainability report, as well as the company’s initiative to cover all its flight operations with a Sustainable Aviation Fuel (SAF) blend utilizing the Book-and-Claim system visit bombardier.com.
Learn more about Bombardier’s industry-leading products and customer service network at bombardier.com. Follow us on X @Bombardier.
Bombardier is a registered trademark of Bombardier Inc. or its subsidiaries.
Media Contacts
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| Francis Richer de La Flèche Vice President, Financial Planning and Investor Relations Bombardier +1 514 240-9649 | Mark Masluch Senior Director, Communications Bombardier +1 514 855-7167 |
The Management’s Discussion and Analysis and the Consolidated Financial Statements are available at ir.bombardier.com.
CAUTION REGARDING NON-GAAP AND OTHER FINANCIAL MEASURES
This press release is based on reported earnings in accordance with IFRS and on the following non-GAAP and other financial measures:
| Non-GAAP and Other Financial Measures | ||
| Non-GAAP Financial Measures | ||
| Adjusted EBIT | EBIT excluding certain items which do not reflect the Corporation’s core performance or where their separate presentation will assist users of the consolidated financial statements in understanding the Corporation’s results for the period. Such items include restructuring charges (reversals), loss (gain) related to disposal of business, impairment and program termination (reversals), certain one-time pension related items included in other expense (income) such as loss (gain) on pension annuity purchases, and non-commercial legal claims. | |
| Adjusted EBITDA | Adjusted EBIT plus amortization charges on PP&E and intangible assets. | |
| Adjusted net income (loss) | Net income (loss) from continuing operations excluding restructuring charges (reversals), loss (gain) related to disposal of business, impairment and program termination (reversals), certain one-time pension related items included in other expense (income) such as loss (gain) on pension annuity purchases, non-commercial legal claims, certain net gains and losses arising from changes in measurement of provisions and of financial instruments carried at FVTP&L, accretion on net retirement benefit obligations, losses (gains) on repayment of long-term debt, changes in discount rates of provisions and the related tax impacts of these items. | |
| Free cash flow (usage) | Cash flows from operating activities - continuing operations less net additions to PP&E and intangible assets. | |
| Available liquidity | Cash and cash equivalents, plus undrawn amounts under credit facilities. | |
| Non-GAAP Financial Ratios | ||
| Adjusted EPS | EPS calculated based on adjusted net income attributable to common equity holders of Bombardier Inc., using the treasury stock method, giving effect to the exercise of all dilutive elements. | |
| Adjusted EBIT margin | Adjusted EBIT, as a percentage of total revenues. | |
| Adjusted EBITDA margin | Adjusted EBITDA, as a percentage of total revenues. | |
| Adjusted net debt to adjusted EBITDA ratio | Adjusted net debt divided by adjusted EBITDA. | |
| Supplementary Financial Measures | ||
| EBIT margin | EBIT, as a percentage of total revenues. | |
| Net additions to PP&E and intangible assets | Additions to PP&E and intangible assets less proceeds from disposals of PP&E and intangible assets. | |
Non-GAAP and other financial measures are measures mainly derived from the consolidated financial statements but are not standardized financial measures under the financial reporting framework used to prepare our financial statements. Therefore, these might not be comparable to similar non-GAAP and other financial measures used by other issuers. The exclusion of certain items from non-GAAP or other financial measures does not imply that these items are necessarily non-recurring.
Adjusted EBIT
Adjusted EBIT is defined as the EBIT excluding certain items which do not reflect the Corporations core performance or where their separate presentation will assist users of the consolidated financial statements in understanding the Corporation’s results for the period. Such items include restructuring charges (reversals)(1), loss (gain) related to disposal of business(2), impairment and program termination (reversals)(3), certain one-time pension related items included in other expense (income) such as loss (gain) on pension annuity purchases, and non-commercial legal claims. Management uses adjusted EBIT for purposes of evaluating underlying business performance. Management believes presentation of this non-GAAP operating earnings measure in addition to IFRS measures provides users of our Financial Report with enhanced understanding of our results and related trends and increases the transparency and clarity of the core results of our business. For these reasons, a significant number of users of the MD&A analyze our results based on this financial measure. Management believes this measure helps users of the MD&A to better analyze results, enabling better comparability of our results from one period to another and with peers.
Adjusted EBITDA
Adjusted EBITDA is defined as the EBIT excluding restructuring charges (reversals)(1), loss (gain) related to disposal of business(2), impairment and program termination (reversals)(3), certain one-time pension related items included in other expense (income) such as loss (gain) on pension annuity purchases, non-commercial legal claims, and amortization charges on PP&E and intangible assets. Management uses adjusted EBITDA for purposes of evaluating underlying business performance. Management believes this non-GAAP operating earnings measure in addition to IFRS measures provides users of our Financial Report with enhanced understanding of our results and related trends and increases the transparency and clarity of the core results of our business, since it excludes the effects of items that are usually associated with investing or financing activities and items that do not reflect our core performance or where their exclusion will assist users in understanding our results for the period. For these reasons, a significant number of users of the MD&A analyze our results based on this financial measure. Management believes this measure helps users of the MD&A to better analyze results, enabling better comparability of our results from one period to another and with peers.
Adjusted net income (loss)
Adjusted net income (loss) is defined as the net income (loss) from continuing operations adjusted for certain specific items that are significant but are not, based on management’s judgment, reflective of the Corporation’s underlying operations. These include adjustments related to restructuring charges (reversals)(1), loss (gain) related to disposal of business(2), impairment and program termination (reversals)(3), certain one-time pension related items included in other expense (income) such as loss (gain) on pension annuity purchases, non-commercial legal claims, certain net gains and losses arising from changes in measurement of provisions and of financial instruments carried at FVTP&L, accretion on net retirement benefit obligations, losses (gains) on repayment of long-term debt, changes in discount rates of provisions and the related tax impacts of these items. Management uses adjusted net income (loss) for purposes of evaluating underlying business performance. Management believes this non-GAAP earnings measure in addition to IFRS measures provides users of our Financial Report with enhanced understanding of our results and related trends and increase the transparency and clarity of the core results of our business. Adjusted net income (loss) excludes items that do not reflect our core performance or where their exclusion will assist users in understanding our results for the period. For these reasons, a significant number of users of the MD&A analyze our results based on this financial measure. Management believes this measure helps users of the MD&A to better analyze results, enabling better comparability of our results from one period to another and with peers.
| (1) | Includes severance charges or related reversal, as well as curtailment losses (gains), if any. |
| (2) | Includes changes in provisions related to past divestitures. |
| (3) | Includes impairment or reversal of impairment of PP&E and intangible assets, as well as provisions related to program termination or their related reversal, if any. |
Free cash flow (usage)
Free cash flow (usage) is defined as cash flows from operating activities - continuing operations less net additions to PP&E and intangible assets. Management believes that this non-GAAP cash flow measure provides investors with an important perspective on the Corporation’s generation of cash available for shareholders, debt repayment, and acquisitions after making the capital investments required to support ongoing business operations and long-term value creation. This non-GAAP cash flow measure does not represent the residual cash flow available for discretionary expenditures as it excludes certain mandatory expenditures such as repayment of maturing debt. Management uses free cash flow (usage) as a measure to assess both business performance and overall liquidity generation.
Available liquidity
Available liquidity is defined as cash and cash equivalents plus undrawn amounts under credit facilities. Management believes that this non-GAAP financial measure provides investors with an important perspective on the Corporation’s ability to meet expected liquidity requirements, including the support of product development initiatives and to ensure financial flexibility. This measure does not have any standardized meaning prescribed by IFRS and therefore, may not be comparable to similar measures presented by other companies.
Adjusted EPS
Adjusted EPS is defined as the adjusted net income (loss) attributable to common equity holders of Bombardier Inc., divided by the weighted-average diluted number of common shares for the period. Management uses adjusted EPS for purposes of evaluating underlying business performance. Management believes this non-GAAP financial ratio in addition to IFRS measures provides users of our Financial Report with enhanced understanding of our results and related trends and increases the transparency and clarity of the core results of our business. Adjusted EPS excludes items that do not reflect our core performance or where their exclusion will assist users in understanding our results for the period. For these reasons, a significant number of users of the MD&A analyze our results based on this financial measure. Management believes this measure helps users of the MD&A to better analyze results, enabling better comparability of our results from one period to another and with peers.
Adjusted EBIT margin
Adjusted EBIT margin is defined as the adjusted EBIT expressed as a percentage of total revenues. Management uses adjusted EBIT margin for purposes of evaluating underlying business performance. Management believes this non-GAAP financial ratio in addition to IFRS measures provides users of our Financial Report with enhanced understanding of our results and related trends and increases the transparency and clarity of the core results of our business. Adjusted EBIT margin excludes items that do not reflect our core performance or where their exclusion will assist users in understanding our results for the period. For these reasons, a significant number of users of the MD&A analyze our results based on this financial measure. Management believes this measure helps users of the MD&A to better analyze results, enabling better comparability of our results from one period to another and with peers.
Adjusted EBITDA margin
Adjusted EBITDA margin is defined as the adjusted EBITDA expressed as a percentage of total revenues. Management uses adjusted EBITDA margin for purposes of evaluating underlying business performance. Management believes this non-GAAP financial ratio in addition to IFRS measures provides users of our Financial Report with enhanced understanding of our results and related trends and increases the transparency and clarity of the core results of our business. Adjusted EBITDA margin excludes items that do not reflect our core performance or where their exclusion will assist users in understanding our results for the period. For these reasons, a significant number of users of the MD&A analyze our results based on this financial measure. Management believes this measure helps users of the MD&A to better analyze results, enabling better comparability of our results from one period to another and with peers.
Adjusted net debt to adjusted EBITDA ratio
Management uses adjusted net debt to adjusted EBITDA ratio as a useful credit measure for purposes of measuring the Corporation’s ability to service its debt and other long-term obligations. This non-GAAP financial ratio does not have any standardized meaning prescribed by IFRS and therefore, may not be comparable to similar measures presented by other companies.
| Reconciliation of adjusted EBIT to EBIT and computation of adjusted EBIT margin | |||||||||||||||
| Fourth quarters ended December 31 | Fiscal years ended December 31 | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| EBIT | $ | 499 | $ | 342 | $ | 1,108 | $ | 878 | |||||||
| Restructuring charges (reversals)(1) | (13 | ) | 4 | (13 | ) | 3 | |||||||||
| Loss (gain) related to disposal of business(2) | (1 | ) | — | (1 | ) | — | |||||||||
| Impairment and program termination (reversals)(3) | 1 | 3 | 1 | 2 | |||||||||||
| Non-commercial legal claims | — | — | — | 25 | |||||||||||
| Pension related items(4) | — | 7 | — | 7 | |||||||||||
| Adjusted EBIT | $ | 486 | $ | 356 | $ | 1,095 | $ | 915 | |||||||
| Total revenues | $ | 3,694 | $ | 3,108 | $ | 9,551 | $ | 8,665 | |||||||
| Adjusted EBIT margin | 13.2 | % | 11.5 | % | 11.5 | % | 10.6 | % | |||||||
| Reconciliation of adjusted EBITDA to EBIT and computation of adjusted EBITDA margin | |||||||||||||||
| Fourth quarters ended December 31 | Fiscal years ended December 31 | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| EBIT | $ | 499 | $ | 342 | $ | 1,108 | $ | 878 | |||||||
| Amortization | 172 | 157 | 464 | 445 | |||||||||||
| Restructuring charges (reversals)(1) | (13 | ) | 4 | (13 | ) | 3 | |||||||||
| Loss (gain) related to disposal of business(2) | (1 | ) | — | (1 | ) | — | |||||||||
| Impairment and program termination (reversals)(3) | 1 | 3 | 1 | 2 | |||||||||||
| Non-commercial legal claims | — | — | — | 25 | |||||||||||
| Pension related items(4) | — | 7 | — | 7 | |||||||||||
| Adjusted EBITDA | $ | 658 | $ | 513 | $ | 1,559 | $ | 1,360 | |||||||
| Total revenues | $ | 3,694 | $ | 3,108 | $ | 9,551 | $ | 8,665 | |||||||
| Adjusted EBITDA margin | 17.8 | % | 16.5 | % | 16.3 | % | 15.7 | % | |||||||
| Reconciliation of adjusted net income to net income and computation of adjusted EPS | |||||||||||||
| Fourth quarters ended December 31 | |||||||||||||
| 2025 | 2024 | ||||||||||||
| (per share) | (per share) | ||||||||||||
| Net income from continuing operations | $ | 653 | $ | 124 | |||||||||
| Adjustments to EBIT related to: | |||||||||||||
| Restructuring charges (reversals)(1) | (13 | ) | (0.13 | ) | 4 | 0.04 | |||||||
| Loss (gain) related to disposal of business(2) | (1 | ) | (0.01 | ) | — | 0.00 | |||||||
| Impairment and program termination (reversals)(3) | 1 | 0.01 | 3 | 0.03 | |||||||||
| Pension related items(4) | — | 0.00 | 7 | 0.07 | |||||||||
| Adjustments to net financing expense related to: | |||||||||||||
| Net loss (gain) on certain financial instruments | (171 | ) | (1.70 | ) | 165 | 1.64 | |||||||
| Accretion on net retirement benefit obligations | 7 | 0.07 | 8 | 0.07 | |||||||||
| Losses on repayments of long-term debt | 15 | 0.15 | — | 0.00 | |||||||||
| Adjusted net income | 491 | 311 | |||||||||||
| Preferred share dividends, including taxes | (7 | ) | (8 | ) | |||||||||
| Adjusted net income attributable to common equity holders of Bombardier Inc. | $ | 484 | $ | 303 | |||||||||
| Weighted-average diluted number of common shares (in thousands) | 100,695 | 100,548 | |||||||||||
| Adjusted EPS (in dollars) | $ | 4.80 | $ | 3.01 | |||||||||
| (1) | Includes severance charges or related reversal, as well as curtailment losses (gains), if any. |
| (2) | Includes changes in provisions related to past divestitures. |
| (3) | Includes impairment or reversal of impairment of PP&E and intangible assets, as well as provisions related to program termination or their related reversal, if any. |
| (4) | Includes the loss related to the purchase of pension annuities. See Note 22 - Retirement benefits, to our Consolidated financial statements, for more information. |
| Reconciliation of adjusted EPS to diluted EPS (in dollars) | |||||||
| Fourth quarters ended December 31 | |||||||
| 2025 | 2024 | ||||||
| Diluted EPS from continuing operations | $ | 6.41 | $ | 1.16 | |||
| Impact of adjustments to EBIT related to: | |||||||
| Restructuring charges (reversals)(1) | (0.13 | ) | 0.04 | ||||
| Loss (gain) related to disposal of business(2) | (0.01 | ) | 0.00 | ||||
| Impairment and program termination (reversals)(3) | 0.01 | 0.03 | |||||
| Pension related items(4) | 0.00 | 0.07 | |||||
| Adjustments to net financing expense related to: | |||||||
| Net loss (gain) on certain financial instruments | (1.70 | ) | 1.64 | ||||
| Accretion on net retirement benefit obligations | 0.07 | 0.07 | |||||
| Losses on repayments of long-term debt | 0.15 | 0.00 | |||||
| Adjusted EPS | $ | 4.80 | $ | 3.01 | |||
| Reconciliation of adjusted net income to net income and computation of adjusted EPS | |||||||||||||
| Fiscal years ended December 31 | |||||||||||||
| 2025 | 2024 | ||||||||||||
| (per share) | (per share) | ||||||||||||
| Net income from continuing operations | $ | 975 | $ | 370 | |||||||||
| Adjustments to EBIT related to: | |||||||||||||
| Restructuring charges (reversals)(1) | (13 | ) | (0.13 | ) | 3 | 0.03 | |||||||
| Loss (gain) related to disposal of business(2) | (1 | ) | (0.01 | ) | — | 0.00 | |||||||
| Impairment and program termination (reversals)(3) | 1 | 0.01 | 2 | 0.02 | |||||||||
| Non-commercial legal claims | — | 0.00 | 25 | 0.25 | |||||||||
| Pension related items(4) | — | 0.00 | 7 | 0.07 | |||||||||
| Adjustments to net financing expense related to: | |||||||||||||
| Net gain on certain financial instruments | (265 | ) | (2.64 | ) | (21 | ) | (0.21 | ) | |||||
| Accretion on net retirement benefit obligations | 27 | 0.27 | 34 | 0.33 | |||||||||
| Losses on repayments of long-term debt | 81 | 0.81 | 127 | 1.27 | |||||||||
| Adjusted net income | 805 | 547 | |||||||||||
| Preferred share dividends, including taxes | (29 | ) | (31 | ) | |||||||||
| Adjusted net income attributable to common equity holders of Bombardier Inc. | $ | 776 | $ | 516 | |||||||||
| Weighted-average diluted number of common shares (in thousands) | 100,491 | 99,966 | |||||||||||
| Adjusted EPS (in dollars) | $ | 7.72 | $ | 5.16 | |||||||||
| (1) | Includes severance charges or related reversal, as well as curtailment losses (gains), if any. |
| (2) | Includes changes in provisions related to past divestitures. |
| (3) | Includes impairment or reversal of impairment of PP&E and intangible assets, as well as provisions related to program termination or their related reversal, if any. |
| (4) | Includes the loss related to the purchase of pension annuities. See Note 22 - Retirement benefits, to our Consolidated financial statements, for more information. |
| Reconciliation of adjusted EPS to diluted EPS (in dollars) | |||||||
| Fiscal years ended December 31 | |||||||
| 2025 | 2024 | ||||||
| Diluted EPS from continuing operations | $ | 9.41 | $ | 3.40 | |||
| Impact of adjustments to EBIT related to: | |||||||
| Restructuring charges (reversals)(1) | (0.13 | ) | 0.03 | ||||
| Loss (gain) related to disposal of business(2) | (0.01 | ) | 0.00 | ||||
| Impairment and program termination (reversals)(3) | 0.01 | 0.02 | |||||
| Non-commercial legal claims | 0.00 | 0.25 | |||||
| Pension related items(4) | 0.00 | 0.07 | |||||
| Adjustments to net financing expense related to: | |||||||
| Net gain on certain financial instruments | (2.64 | ) | (0.21 | ) | |||
| Accretion on net retirement benefit obligations | 0.27 | 0.33 | |||||
| Losses on repayments of long-term debt | 0.81 | 1.27 | |||||
| Adjusted EPS | $ | 7.72 | $ | 5.16 | |||
| Reconciliation of free cash flow (usage) to cash flows from operating activities | |||||||||||||||
| Fourth quarters ended December 31 | Fiscal years ended December 31 | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Cash flows from operating activities - continuing operations | $ | 1,434 | $ | 860 | $ | 1,225 | $ | 405 | |||||||
| Net additions to PP&E and intangible assets | (46 | ) | (46 | ) | (153 | ) | (173 | ) | |||||||
| Free cash flow | $ | 1,388 | $ | 814 | $ | 1,072 | $ | 232 | |||||||
| Reconciliation of available liquidity to cash and cash equivalents | |||||||
| As at | December 31, 2025 | December 31, 2024 | |||||
| Cash and cash equivalents | $ | 2,175 | $ | 1,653 | |||
| Undrawn amounts under available revolving credit facility(5) | 365 | 429 | |||||
| Available liquidity | $ | 2,540 | $ | 2,082 | |||
| Reconciliation of adjusted net debt to long-term debt and computation of adjusted net debt to adjusted EBITDA ratio | |||||||
| Fiscal years ended December 31 | |||||||
| 2025 | 2024 | ||||||
| Long-term debt(6) | $ | 5,154 | $ | 5,545 | |||
| Less: Cash and cash equivalents | 2,175 | 1,653 | |||||
| Adjusted net debt | $ | 2,979 | $ | 3,892 | |||
| Adjusted EBITDA | $ | 1,559 | $ | 1,360 | |||
| Adjusted net debt to adjusted EBITDA ratio | 1.9 | 2.9 | |||||
| (1) | Includes severance charges or related reversal, as well as curtailment losses (gains), if any. |
| (2) | Includes changes in provisions related to past divestitures. |
| (3) | Includes impairment or reversal of impairment of PP&E and intangible assets, as well as provisions related to program termination or their related reversal, if any. |
| (4) | Includes the loss related to the purchase of pension annuities. See Note 22 - Retirement benefits, to our Consolidated financial statements, for more information. |
| (5) | A committed secured revolving credit facility of $450 million is available for cash drawings for the ongoing working capital needs of the Corporation and for issuance of performance letters of credit. This facility was undrawn as at December 31, 2025 and the availability as at such date was $365 million based on the collateral, which may vary from time to time. |
| (6) | Includes current portion of long-term debt. |
FORWARD-LOOKING STATEMENTS DISCLAIMER
This press release includes forward-looking statements intended to assist investors in understanding our objectives, strategies, and future prospects, which may involve, but are not limited to: statements with respect to our objectives, anticipations and outlook or guidance in respect of various financial and global metrics and sources of contribution thereto, targets, goals, priorities, market and strategies, financial position, financial performance, market position, capabilities, competitive strengths, credit ratings, beliefs, prospects, plans, expectations, anticipations, estimates and intentions; general economic and business outlook, prospects and trends of our industry; customer value; expected demand for products and services; growth strategies including, potential revenues and year-over-year growth generated therefrom; product development, including projected design, characteristics, capacity or performance; expected or scheduled entry-into-service of products and services, orders, deliveries, testing, lead times, certifications and execution of orders in general; competitive position; expectations regarding revenue and backlog mix; the expected impact of the legislative and regulatory environment and legal proceedings; strength of capital profile and balance sheet, creditworthiness, credit ratings, available liquidities and capital resources, expected financial requirements, capital allocation and deployment of excess liquidity and ongoing review of strategic and financial alternatives; the introduction and anticipated results of productivity enhancements and profitability initiatives, operational efficiencies optimizing the use of our manufacturing and services facilities, cost reduction and potential future restructuring initiatives, and anticipated costs, intended benefits and timing thereof; the ability to continue business growth and cash generation; expectations, objectives and strategies regarding debt repayment, refinancing of maturities and interest cost reduction; compliance with restrictive debt covenants; expectations regarding the declaration and payment of dividends on our preferred shares; intentions and objectives for our programs, assets and operations; expectations regarding the availability of government assistance programs; the impact of new, or exacerbation of existing global health, geopolitical or military events, or international trade disputes or renegotiation of existing trade arrangements, on the foregoing and the effectiveness of our plans and measures in response thereto; and expectations regarding the strength of markets, economic downturns or recession, and inflationary and supply chain pressures.
In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based on information available to us as of the date of this press release. While we believe that information provides a reasonable basis for these statements, that information may be limited or incomplete. Our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of all relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely on these statements.
Forward-looking statements can generally be identified by the use of forward-looking terminology such as “may”, “will”, “shall”, “can”, “expect”, “estimate”, “intend”, “anticipate”, “plan”, “foresee”, “believe”, “continue”, “maintain” or “align”, the negative of these terms, variations of them or similar terminology. Forward-looking statements are presented for the purpose of assisting investors and others in understanding certain key elements of our current objectives, strategic priorities, expectations, guidance, outlook and plans, and in obtaining a better understanding of our business and anticipated operating environment. Readers are cautioned that such information may not be appropriate for other purposes.
By their nature, forward-looking statements require management to make assumptions and are subject to important known and unknown risks and uncertainties, which may cause our actual results in future periods to differ materially from forecast results set forth in forward-looking statements. While management considers these assumptions to be reasonable and appropriate based on information currently available, there is risk that they may not be accurate. The assumptions underlying the forward-looking statements made in this press release include the following: alignment of production rates to market demand, including the supply base supporting our product development and production rates in a commercially acceptable and timely manner; deployment and execution of growth strategies, including our Services, Pre-owned and Defense businesses; and mitigation of international trade disputes and protection measures (including tariffs) and changes to existing trade agreements. For additional information about these and other assumptions underlying the forward-looking statements made in this press release, refer to the Forward-looking statements - Assumptions section hereinafter. Given the impact of the changing circumstances surrounding new or continuing global health, geopolitical and military events, and new or threatened international protectionist trade policies or measures, as well as the related response from the Corporation, governments (federal, provincial and municipal, both domestic, foreign and multinational inter-governmental organizations), regulatory authorities, businesses, suppliers, customers, counterparties and third-party service providers, there is an inherently higher degree of uncertainty associated with the Corporation’s assumptions.
Certain factors that could cause actual results to differ materially from those anticipated in the forward-looking statements include, but are not limited to: operational risks (such as risks related to business development and growth; order backlog; deployment and execution of our strategy, including cost reductions and working capital improvements and manufacturing and productivity enhancement initiatives; developing new products and services, including technological innovation and disruption; the certification of products and services; pressures meeting aircraft delivery schedules and cash flows and capital expenditures, including due to seasonality and cyclicality; doing business with partners; product performance warranty and casualty claim losses; environmental, health and safety concerns and regulations; dependence on a limited number of contracts, customers and suppliers; supply chain risks; human resources risks including the departure of senior executives, the global availability of a skilled workforce, and the failure to attract and retain quality employees; reliance on information systems (including technology vulnerabilities, cybersecurity threats and privacy breaches); reliance on and protection of intellectual property rights; reputation risks; scrutiny and perception gaps regarding sustainability and corporate social responsibility matters; adequacy of insurance coverage; acquisitions; risk management; and tax matters); financing risks (such as risks related to liquidity and access to capital markets; substantial debt and interest payment requirements, including execution of debt management and interest cost reduction strategies; restrictive and financial debt covenants; retirement benefit plan risk; exposure to credit risk; and availability of government support); risks related to regulatory and legal proceedings, as well as changes in laws and regulations; risks associated with general economic conditions and disruptions, both regionally and globally, that may impact our sales and operations; business environment risks (such as risks associated with the financial condition of business aircraft customers; trade policy; governmental disruptions; increased competition; political instability and geopolitical tensions; financial and economic sanctions and trade control limitations; global climate change; and force majeure events); market risks (such as foreign currency fluctuations and changing interest rates, including our ability to hedge exposures thereto; increases in commodity prices; and inflation); and other unforeseen adverse events. For more details, see the Risks and uncertainties section in Other in the MD&A of the Corporation's financial report for the fiscal year ended December 31, 2025. Any one or more of the foregoing factors may be exacerbated by new or continuing global health, geopolitical or military events, or new or exacerbated international trade disputes or renegotiation of existing trade arrangements, which may have a significantly more severe impact on the Corporation’s business, results of operations and financial condition than in the absence of such events.
Readers are cautioned that the foregoing list of factors that may affect future growth, results and performance is not exhaustive and undue reliance should not be placed on forward-looking statements. Other risks and uncertainties not presently known to us or that we presently believe are not material could also cause actual results or events to differ materially from those expressed or implied in our forward-looking statements. The forward-looking statements set forth herein reflect management’s expectations as at the date of this report and are subject to change after such date. Unless otherwise required by applicable securities laws, we expressly disclaim any intention, and assume no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement. Any financial outlook provided herein is for the purpose of assisting investors in understanding management’s objectives and may not be appropriate for other purposes.
