Bombardier Second Quarter Performance Places Corporation on Track for Full-Year Guidance while Backlog Grows Significantly
Second quarter revenues totaled $2.0 billion, including $590 million Services contribution, reflecting an 8% decline and 16% increase respectively year-over-year; Corporation delivered 36 aircraft for the quarter.
Adjusted EBITDA(1) totaled $297 million and reported EBIT was $205 million for the quarter, down 11% and up 7% year-over-year respectively.
Net income(2) and adjusted net income(1) were $193 million and $117 million, respectively, up $174 million and $6 million compared to the second quarter of 2024. Diluted EPS(2) reached $1.87, while adjusted EPS(3) was at $1.11.
Free cash flow usage(1) came in at $164 million, compared to $68 million free cash flow usage(1) for the same quarter of 2024, due primarily to planned inventory build for higher second half output; cash flow usage from operating activities(2) and net additions to PP&E and intangible assets(4) were at $128 million and $36 million respectively.
Unit book-to-bill(5) reached 2.3; backlog(6) jumped to $16.1 billion as at June 30, 2025. This marks Bombardier’s highest single-quarter business jet unit order volume in more than a decade.
Available liquidity(1) at $1.2 billion; cash and cash equivalents were $811 million as at June 30, 2025.
Second quarter showcases a credit rating upgrade from S&P Global Ratings to BB- with a stable outlook, an outlook upgrade to positive from Moody’s Ratings and a refinancing of $500 million of Senior Notes due 2027.
Bombardier Inc. (TSX: BBD.B) today announced its financial results for the second quarter of 2025, placing the company on track to meet full-year guidance(7). The second quarter saw a sharp increase in orders, boosted by solid Bombardier Defense activity and a large-scale order for 50 firm aircraft and 70 options from a new customer. Services revenues also increased by an impressive 16% year-over-year, and the company’s service network and offerings continued to expand.
“The Bombardier team has performed at a very high level in the first half of the year, setting our company on the path to meet 2025 guidance and confidently step into the future with a large, diversified backlog, an expanding service infrastructure, new Defense opportunities and the world’s fastest business jet, the Global 8000, crowning a second-to-none portfolio,” said Éric Martel, President and Chief Executive Officer, Bombardier. “Demand for our products and services remains strong in traditional business jet markets, and continues to garner new opportunities in defense markets. Our diversified growth mindset took center stage at the Paris Airshow where Bombardier Defense deepened existing ties, forged new ones and secured strategic orders. We have the right ingredients in place to succeed in the near-term and the right foundations to sustainably grow our business long-term.”
Services Continues Expansion, Aircraft Deliveries in First-Half of 2025 Equal Year-Over-Year
The company's Services business maintained impressive revenue momentum reporting 16% growth year-over-year and reaching $590 million for the quarter. The company continues to recruit technicians worldwide to maximize its footprint, while adding conveniently located services for customers. As announced earlier this year, expansion plans are on track for a new maintenance facility located in Abu Dhabi as well as a large paint facility in the United Kingdom, located at the company’s London Biggin Hill Service Centre(8).
The service network is well equipped to serve the growing fleet, to which Bombardier added 36 Challenger and Global aircraft in the second quarter, with the quarter-specific delivery mix leaning toward Challenger jets based on planned schedule. First-half deliveries totaled 59 aircraft, consistent year-over-year, placing the company on a steady pace to meet year-end guidance(7).
The company generated $2.0 billion in total revenues during the second quarter, with adjusted EBITDA(1) and reported EBIT reaching $297 million and $205 million respectively. Net income(2) came in at $193 million. Adjusted net income(1) reached $117 million, compared to $111 million recorded year-over-year. Diluted EPS(2) was $1.87, a $1.75 increase compared to the same quarter last year, while adjusted EPS(3) was at $1.11.
The company ended the quarter with free cash flow usage(1) of $164 million, largely resulting from inventory build to meet higher expected aircraft deliveries in the second half of the year. Cash flow usage from operating activities(2) and net additions to PP&E and intangible assets(4) were at $128 million and $36 million respectively.
A Significant Backlog Jump
The backlog(6) reached a total value of $16.1 billion as at June 30, 2025, an impressive growth of $1.9 billion compared to the previous quarter, representing Bombardier’s highest single-quarter business jet unit order volume in more than a decade. This impressive result was fueled by a large-scale order of 50 firm aircraft combined with a maintenance services partnership for a first-time customer at the end of June 2025. Growing demand in multiple key regions across traditional business jet sales and defense aircraft also contributed to the 2.3 unit book-to-bill(5) as at June 30, 2025.
Solid Liquidity and Improved Debt Position
The company maintained sound financial management with available liquidity(1) at $1.2 billion; cash and cash equivalents were $811 million as at June 30, 2025. Debt management and financial discipline remain priorities and, as part of this focus, Bombardier refinanced $500 million of its Senior Notes due in 2027, with the new Senior Notes now due in 2033. The company’s proactive debt management contributed to a credit rating upgrade from S&P Global Ratings to BB-, with a stable outlook. Moody’s Ratings also reviewed Bombardier’s outlook, upgrading it from stable to positive.
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 Interim Financial Report for the quarter ended June 30, 2025 ("MD&A") for definitions of these metrics and reconciliations to the most comparable IFRS measures.(2) Only from continuing operations.
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.
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.
Defined as net new aircraft orders in units over aircraft deliveries in units.
Represents order backlog for both manufacturing and Services.
Forward-looking statement. See the forward-looking statements disclaimer in this press release and the Forward-looking statements -Assumptions section in the MD&A of the Corporation’s Financial Report for the quarter ended March 31, 2025 for further details.
Forward-looking statement. See the forward-looking statements disclaimer in this press release.
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 5,100 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