Bombardier (BDRBF) Q3 2026 Earnings Report
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BDRBF Q3 2026 EPS Results
- Actual EPS
- $1.72
- Consensus EPS
- $1.61
- Beat/Miss
- Beat by +$0.11
- One Year Ago EPS
- $1.21
BDRBF Q3 2026 Revenue Results
- Actual Revenue
- $2.40B
- Expected Revenue
- $2.38B
- Beat/Miss
- Beat by +$18.96M
- YoY Revenue Growth
- +5.41%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 11/05/2026
- Time
- Before Open
- Conference Call
- Thursday, November 5, 2026
BDRBF Upcoming Earnings
Bombardier's next earnings date is estimated for February 11, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
BDRBF Q3 2026 Earnings Call
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Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive. Bombardier reported higher revenue, EBITDA, margins, record services revenue, substantially improved free cash flow, a record backlog, strong order activity, improved liquidity and leverage, and a second increase to full-year free cash flow guidance. Management also highlighted broad demand, defense momentum, capacity investments, and multiple growth opportunities. The main challenges were ongoing supply chain pressure, potential delays in production ramp-up, short-term MHI integration costs, geopolitical uncertainty, and softer Middle East demand, but these were outweighed by the company's reported operating performance and outlook.
Company Guidance
Bombardier raised its full-year 2026 free cash flow guidance for the second time to greater than $1.3 billion, up from greater than $1 billion, and remains on track to deliver its guidance across all other metrics, including adjusted EBITDA guidance of greater than 16.25; 2026 CapEx is planned to be closer to $300 million, Q4 is expected to deliver strong margins and strong free cash flow generation, and aircraft mix, including higher defense content and continued services growth, is expected to support revenues and earnings. The new Montreal facility remains on track to open by the end of 2027 and support future production growth, starting with incremental deliveries in 2028, while a decision on the location in Canada for GlobalEye modification is still targeted for sometime in Q1.
- Strong Third-Quarter Financial PerformanceTotal revenue reached $2.4 billion, up 3% year-over-year, while adjusted EBITDA rose 7% year-over-year to $382 million. Adjusted EBITDA margin increased 70 basis points to 16.1%, primarily reflecting services growth and lower R&D expenses.
- Record Services Revenue and Industry-Leading SupportQuarterly services revenue exceeded $700 million for the first time, reaching a record $701 million, up 19% year-over-year. Growth reflected high aircraft utilization, continued fleet growth, and the ramp-up of the expanded global service network. Bombardier again ranked number one in leading industry product-support surveys against all competitors.
- Robust Backlog and Order MomentumQuarterly unit book-to-bill was 1.7x, while year-to-date book-to-bill was 2.1x. Backlog reached $22.2 billion, up 27% from year-end 2025 and 34% year-over-year, supported by multi-year demand across all aircraft types.
- Strong Free Cash Flow Generation and Raised GuidanceThird-quarter free cash flow reached $183 million, up $31 million or 20% year-over-year. Nine-month free cash flow was $771 million versus cash usage of $316 million in the prior-year period, an improvement of almost $1.1 billion. Bombardier raised full-year free cash flow guidance for the second time to greater than $1.3 billion, up from greater than $1 billion.
- Healthy Balance Sheet and Improved Credit PositionBombardier ended the quarter with approximately $2.4 billion of available liquidity, including $1.6 billion of cash and a $750 million committed revolver, up from $450 million in the prior quarter. Net leverage improved to 1.5x, reaching the new long-term target. Moody's upgraded the credit rating from Ba3 to Ba2 in August while maintaining a positive outlook, and no debt matures before November 2030.
- Defense Business Momentum and Strategic WinsBombardier reported solid defense activity and a growing long-term pipeline. NATO selected the GlobalEye solution supplied by longtime partner Saab, and the Canadian government subsequently down-selected the same platform for its defense needs. PEGASUS in Germany and HADES in the U.S. were also cited as projects opening new mission-type opportunities.
- U.S. Expansion and Service Network GrowthBombardier announced $270 million of infrastructure investment over time and the hiring of hundreds of people to expand manufacturing and service capabilities in the United States, including Kansas, Texas, and Indiana. The company also cited the new Fort Wayne service center, the acquisition of Velocity Maintenance Solutions, and a line-maintenance station in Sydney, Australia.
- Production Capacity Investments Remain on TrackConstruction of the new Montreal facility remains on track to open by the end of 2027 and is intended to provide additional capacity for higher future production, with incremental Challenger 3500 deliveries starting in 2028. Full-year 2026 CapEx is planned to be closer to $300 million.
- Vertical Integration Through MHI Canada Aerospace AcquisitionBombardier expects the acquisition of MHI Canada Aerospace to close later in 2026, bringing wing production for the Challenger 3500, Global 5500, Global 6500, and Global 8000 further under its control. Management said the transaction should strengthen vertical integration, operational resilience, delivery performance, and longer-term cost management.
- Positive Aircraft Demand and Delivery VisibilityBombardier delivered 33 aircraft in the quarter, one fewer than in the same period last year, and said deliveries were in line with expectations. Management expects fourth-quarter deliveries to follow the same profile as in 2025 and said it has the parts, people, processes, and visibility needed to pursue its year-end goal.
- Expected Fourth-Quarter Margin StrengthManagement expects strong fourth-quarter margins, supported by a significant number of Global aircraft deliveries, particularly Global 8000 aircraft. Bombardier reiterated full-year adjusted EBITDA margin guidance of greater than 16.25%, compared with 15.58% last year.
- Potential for Higher Production RatesManagement said strong backlog, strong demand, a solid pricing environment, and low pre-owned aircraft inventory provide serious potential to increase production rates. Bombardier is assessing supplier capability, workforce, space, and efficiency before making decisions and expects to provide more detail at its Investor Day.
- Broad-Based Regional DemandDemand was described as solid across North America and Europe, with Asia performing well. Canada benefited from the abandonment of the luxury tax, which management said created good momentum in the domestic business aviation market.
- Services Growth Supported by Higher Aircraft UtilizationFlight hours were described as 45% higher than before COVID on Challenger aircraft and 77% higher on Global aircraft. Flight hours on both platforms were another 7% higher this year, supporting the expectation for further services growth as the installed base expands and more aircraft reach major maintenance events.
- Growing Fleet-Operator and Defense MixBombardier expects more future deliveries to go to fleet operators and Bombardier Defense. Fleet operators currently account for about 20% of aircraft deliveries, and management said the company has replenished its fleet-operator backlog for the next 10 years. Fleet operators typically fly five to six times more than regular customers, supporting services consumption.
- Disciplined Capital Allocation and Product Investment OptionalityManagement said capital allocation will focus on high-return investments while preserving flexibility to strengthen the balance sheet, pursue accretive M&A, and return cash to shareholders over time. Approximately half of potential capital allocation over the next five to six years could go toward improving products and remaining competitive, potentially including a new aircraft, although no decision has been made.
- GlobalEye and BAE Collaboration OpportunitiesBombardier is discussing with Saab the possibility of performing GlobalEye modifications in Canada and expects to decide on a Canadian location sometime in the first quarter. The company also described its MOU with BAE as an opportunity to provide engineering, manufacturing, component, part, or technology support, while stating it has no ambition to undertake a full fighter program.
- Helicopter Transaction ProgressingManagement said momentum remains in a significant helicopter-company transaction and that it remains comfortable an announcement confirming progress could be made in the near future.
BDRBF Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 11, 2027 | 2026 (Q4) | 4.28- | 4.8 | ― | ― |
| Nov 05, 2026 | 2026 (Q3) | 1.611.72 | 1.21 | 42.15% (+0.51) | |
| Jul 30, 2026 | 2026 (Q2) | 1.322.50 | 1.11 | 125.23% (+1.39) | |
| Apr 30, 2026 | 2026 (Q1) | 0.771.81 | 0.61 | 196.72% (+1.20) | |
| Feb 12, 2026 | 2025 (Q4) | 3.404.80 | 3.01 | 59.47% (+1.79) | |
| Nov 06, 2025 | 2025 (Q3) | 1.411.21 | 0.74 | 63.51% (+0.47) | |
| Jul 31, 2025 | 2025 (Q2) | 1.061.11 | 1.04 | 6.73% (+0.07) | |
| May 01, 2025 | 2025 (Q1) | 0.670.61 | 0.36 | 69.44% (+0.25) | |
| Feb 06, 2025 | 2024 (Q4) | 2.123.01 | 1.37 | 119.71% (+1.64) | |
| Nov 07, 2024 | 2024 (Q3) | 0.740.74 | 0.73 | 1.37% (+0.01) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat Missed
