Overview
- Bombardier reported 2025 revenue of about $9.6 billion, adjusted EBITDA of $1.56 billion with a 16.3% margin, and free cash flow of roughly $1.07 billion.
- Net leverage fell to 1.9x at year-end 2025 as ratings moved to Ba3 at Moody’s and BB- at S&P.
- Deliveries reached 157 jets and backlog rose 22% to $17.5 billion, with services at $2.3 billion and defense above $1 billion now making up roughly 35% of revenue.
- The 2026 outlook targets revenue above $10 billion, adjusted EBITDA above $1.625 billion, free cash flow of $600 million to $1 billion, and deliveries exceeding 157 aircraft.
- Management highlighted about 500 remaining parts shortages and an unresolved issue with one engine OEM, prioritized debt reduction over shareholder returns, and noted reported U.S. threats to certification and tariffs as potential risks.