- Revenues grew 3% year-over-year to $2.4 billion, including $701 million for the Services business. Aircraft deliveries totaled 33.
- Adjusted EBITDA(1) increased 7% year-over-year to $382 million. Adjusted EBITDA margin(2) was 16.1% compared to 15.4% a year ago. Reported EBIT was $266 million up 17% from the third quarter of 2025, with an EBIT margin(3) of 11.2%, a 140 basis-point increase from the prior-year period.
- Adjusted net income(1) increased 41% to $182 million. Reported net income(4) totaled $81 million, down by 5% compared to $85 million in the prior-year period. Adjusted EPS(2) was $1.72 and diluted EPS(4) was $0.73.
- Free cash flow(1) reached $183 million for the quarter, reflecting an improvement of 20% compared to third quarter of 2025. Cash flows from operating activities(4) totaled $259 million, a 36% increase from the prior-year period, while net additions to PP&E and intangible assets(3) were at $76 million.
- Backlog(5) as at September 30, 2026, reached $22.2 billion, reflecting a unit book-to-bill(6) of 1.7x for the quarter.
- Available liquidity(1) totaled approximately $2.4 billion; cash and cash equivalents were $1.6 billion as at September 30, 2026.
- The Corporation further raises 2026 free cash flow(1) guidance to greater than $1.3 billion, reaffirms guidance on other key metrics(7).
- The Corporation announces that it will host an Investor Day on February 18, 2027.
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, Nov. 05, 2026 (GLOBE NEWSWIRE) — Bombardier Inc. (TSX: BBD.B) today announced strong financial results for the third quarter of 2026, delivering higher revenues fueled by an all time high for the Services business, strong profitability stemming from continued execution, and continued strong free cash flow(1) generation. Given the momentum and results, the company is further raising 2026 guidance for free cash flow(1), while reaffirming all other guidance metrics(7).
“Bombardier’s robust third quarter results reflect a solid team effort that delivered higher profitability and yet another raising of free cash flow guidance, both of which are strong indicators of our foundational strength and resilience. We are entering the final stretch of 2026 with a healthy backlog, strong demand and solid visibility on all remaining deliveries,” said Éric Martel, President and Chief Executive Officer, Bombardier. “Surpassing $700 million in quarterly Services revenues for the first time reflects a team that is delivering on its mission to consistently and relentlessly place the customer at the heart of everything we do, through our growing service network, which was recently voted No. 1 yet again, as well as throughout our entire company culture.”
Revenue Growth Driven by Record Services Performance
Bombardier reported revenues of $2.4 billion in the third quarter, up 3% year-over-year, supported by 33 aircraft deliveries and record-setting Services revenue of $701 million. Services revenue increased 19% year-over-year, driven by continued network growth and a strong focus on customer experience, reflected in Bombardier’s No. 1 ranking in leading-industry product support surveys(8) for another year. The quarter also underscored growing momentum for Bombardier’s defense market. In addition to solid, in-quarter activity, the company’s longer-term pipeline stands to benefit from key developments for longtime partner Saab, including NATO selecting the GlobalEye solution as well as the Canadian government selecting the same platform for its defense needs.
Sustained demand drove a unit book-to-bill(6) of 1.7x for the quarter. Backlog(5) reached $22.2 billion as at September 30, 2026, increasing by $4.7 billion compared with year-end 2025.
Strong Cash Generation and Solid Profitability
Free cash flow(1) reached $183 million in the third quarter, a 20% increase year-over-year, reflecting strong demand across the business and sustained order momentum. Cash flows from operating activities(4) totaled $259 million, a 36% increase from the prior-year period, while net additions to PP&E and intangible assets(3) amounted to $76 million, demonstrating the company’s ability to generate strong cash flow while continuing to invest in future growth.
Bombardier continued to deliver solid profitability in the third quarter, with growth across key earnings metrics. Adjusted EBITDA(1) increased 7% year-over-year to $382 million, while adjusted EBITDA margin(2) expanded to 16.1%, up 70 basis points compared to 15.4% a year ago. Reported EBIT was $266 million, up 17% from the same quarter in 2025. Reported EBIT margin(3) increased by 140 basis points from the prior-year period, reflecting continued progress in the company’s earnings performance.
The strong earnings performance also translated to the bottom line. Adjusted net income(1) increased 41% to $182 million, while reported net income(4) totaled $81 million, 5% lower from the same quarter last year. Adjusted EPS(2) rose to $1.72 from $1.21 a year ago, while diluted EPS(4) was $0.73, compared with $0.77 in the third quarter of 2025.
Continuing to Build a Stronger Balance Sheet
Bombardier ended the quarter with approximately $2.4 billion of available liquidity(1), including $1.6 billion of cash and cash equivalents as at September 30, 2026. The strong financial performance since the start of the year, combined with reducing debt by $1.1 billion year-to-date, enabled the company to achieve its target adjusted net debt to adjusted EBITDA ratio(2) of 1.5x at quarter end.
2026 Guidance Update(7)
| 2025 results | 2026 Guidance provided in our Q1-2026 Quarterly Report(9) |
2026 Guidance update(7) | |
| Aircraft deliveries (in units) | 157 | > 157 | > 157 |
| Revenues | $9.55 billion | > $10.0 billion | > $10.0 billion |
| Adjusted EBITDA(1) | $1,559 million | > $1,625 million | > $1,625 million |
| EBIT | $1,108 million | n/a | n/a |
| Free cash flow(1) | $1,072 million | > $1.0 billion | > $1.3 billion |
| Cash flows from operating activities | $1,225 million | n/a | n/a |
| Net additions to PP&E and intangible assets(3) | $153 million | n/a | n/a |
Following a strong performance year-to-date and confidence in the business outlook, Bombardier is raising its 2026 free cash flow(1) guidance for a second time this year. Free cash flow(1) is now expected to be greater than $1.3 billion for the full year. Guidance for all other key financial metrics remains unchanged from the updated guidance issued on April 30, 2026. Net additions to PP&E and intangible assets(3) are expected to be approximately $300 million.
Bombardier will host an in-person Investor Day on February 18, 2027, where it will provide an update on its strategic priorities and outlook for the coming years. Further details on event timing and location will be communicated in the coming weeks.
| (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 interim financial report for the quarter ended September 30, 2026 (“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 the Forward-looking statements- Assumptions section of the MD&A for details of some of the material assumptions on which the 2026 Guidance is based. |
| (8) | Bombardier ranked #1 in AIN’s 2024, 2025 and 2026 Product Support Survey and Professional Pilot Magazine’s 2025 and 2026 Corporate Aircraft Manufacturers Product Support Survey. |
| (9) | Refer to the Management Discussion & Analysis of the Corporation’s financial report for the fiscal year ended December 31, 2025 (“2025 Financial Report”) and the Management Discussion & Analysis of the Corporation’s interim financial report for the quarter ended March 31, 2026 for further details. |
SELECTED RESULTS
| Results of the quarter | |||||||||||||
| Three-month periods ended September 30 | 2026 | 2025 | Variance | ||||||||||
| Revenues | $ | 2,373 | $ | 2,307 | 3 | % | |||||||
| Adjusted EBITDA(1) | $ | 382 | $ | 356 | 7 | % | |||||||
| Adjusted EBITDA margin(2) | 16.1 | % | 15.4 | % | 70 bps | ||||||||
| Adjusted EBIT(1) | $ | 267 | $ | 227 | 18 | % | |||||||
| Adjusted EBIT margin(2) | 11.3 | % | 9.8 | % | 150 bps | ||||||||
| EBIT | $ | 266 | $ | 227 | 17 | % | |||||||
| EBIT margin(3) | 11.2 | % | 9.8 | % | 140 bps | ||||||||
| Net income(4) | $ | 81 | $ | 85 | $ | (4 | ) | ||||||
| Diluted EPS (in dollars)(4) | $ | 0.73 | $ | 0.77 | $ | (0.04 | ) | ||||||
| Adjusted net income(1) | $ | 182 | $ | 129 | $ | 53 | |||||||
| Adjusted EPS (in dollars)(2) | $ | 1.72 | $ | 1.21 | $ | 0.51 | |||||||
| Cash flows from operating activities(4) | $ | 259 | $ | 190 | $ | 69 | |||||||
| Net additions to PP&E and intangible assets(3) | $ | (76 | ) | $ | (38 | ) | $ | (38 | ) | ||||
| Free cash flow(1) | $ | 183 | $ | 152 | $ | 31 | |||||||
| As at | September 30, 2026 | December 31, 2025 | Variance | ||||||||||
| Cash and cash equivalents | $ | 1,615 | $ | 2,175 | (26 | )% | |||||||
| Available liquidity(1) | $ | 2,365 | $ | 2,540 | (7 | )% | |||||||
| Order backlog (in billions of dollars)(5) | $ | 22.2 | $ | 17.5 | 27 | % | |||||||
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 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 section 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. |
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 approximately 5,300 aircraft, supported by a vast network of Bombardier team members worldwide and 10 service centres 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 trademark of Bombardier Inc. or its subsidiaries.
Media Contacts
General media contact webform
| For investor inquiries, please contact Bombardier’s Investor Relations team at investors@bombardier.com. |
Mark Masluch Senior Director, Communications Bombardier +1 514 855-7167 |
The Management’s Discussion and Analysis and the Interim 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 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)(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 | ||||||||||||||||
| Three-month periods ended September 30 |
Nine-month periods ended September 30 |
|||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| EBIT | $ | 266 | $ | 227 | $ | 658 | $ | 609 | ||||||||
| Impairment and program termination (reversals) | 1 | — | 1 | — | ||||||||||||
| Adjusted EBIT | $ | 267 | $ | 227 | $ | 659 | $ | 609 | ||||||||
| Total revenues | $ | 2,373 | $ | 2,307 | $ | 6,122 | $ | 5,857 | ||||||||
| Adjusted EBIT margin | 11.3 | % | 9.8 | % | 10.8 | % | 10.4 | % | ||||||||
| Reconciliation of adjusted EBITDA to EBIT and computation of adjusted EBITDA margin | ||||||||||||||||
| Three-month periods ended September 30 |
Nine-month periods ended September 30 |
|||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| EBIT | $ | 266 | $ | 227 | $ | 658 | $ | 609 | ||||||||
| Amortization | 115 | 129 | 294 | 292 | ||||||||||||
| Impairment and program termination (reversals) | 1 | — | 1 | — | ||||||||||||
| Adjusted EBITDA | $ | 382 | $ | 356 | $ | 953 | $ | 901 | ||||||||
| Total revenues | $ | 2,373 | $ | 2,307 | $ | 6,122 | $ | 5,857 | ||||||||
| Adjusted EBITDA margin | 16.1 | % | 15.4 | % | 15.6 | % | 15.4 | % | ||||||||
| Reconciliation of adjusted net income to net income and computation of adjusted EPS | ||||||||||||
| Three-month periods ended September 30 | ||||||||||||
| 2026 | 2025 | |||||||||||
| (per share) | (per share) | |||||||||||
| Net income from continuing operations | $ | 81 | $ | 85 | ||||||||
| Adjustments to EBIT related to: | ||||||||||||
| Impairment and program termination (reversals) | 1 | 0.01 | — | 0.00 | ||||||||
| Adjustments to net financing expense related to: | ||||||||||||
| Net loss on certain financial instruments | 94 | 0.93 | 38 | 0.38 | ||||||||
| Accretion on net retirement benefit obligations | 6 | 0.05 | 6 | 0.06 | ||||||||
| Adjusted net income | 182 | 129 | ||||||||||
| Preferred share dividends, including taxes | (7 | ) | (8 | ) | ||||||||
| Adjusted net income attributable to common equity holders of Bombardier Inc. |
$ | 175 | $ | 121 | ||||||||
| Weighted-average diluted number of common shares (in thousands) | 100,316 | 100,335 | ||||||||||
| Adjusted EPS (in dollars) | $ | 1.72 | $ | 1.21 | ||||||||
| Reconciliation of adjusted EPS to diluted EPS (in dollars) | ||||||
| Three-month periods ended September 30 | ||||||
| 2026 | 2025 | |||||
| Diluted EPS from continuing operations | $ | 0.73 | $ | 0.77 | ||
| Impact of adjustments to EBIT related to: | ||||||
| Impairment and program termination (reversals) | 0.01 | 0.00 | ||||
| Adjustments to net financing expense related to: | ||||||
| Net loss on certain financial instruments | 0.93 | 0.38 | ||||
| Accretion on net retirement benefit obligations | 0.05 | 0.06 | ||||
| Adjusted EPS | $ | 1.72 | $ | 1.21 | ||
| Reconciliation of adjusted net income to net income and computation of adjusted EPS | ||||||||||||||
| Nine-month periods ended September 30 |
||||||||||||||
| 2026 | 2025 | |||||||||||||
| (per share) |
(per share) | |||||||||||||
| Net income from continuing operations | $ | 325 | $ | 322 | ||||||||||
| Adjustments to EBIT related to: | ||||||||||||||
| Impairment and program termination (reversals) | 1 | 0.01 | — | 0.00 | ||||||||||
| Adjustments to net financing expense related to: | ||||||||||||||
| Net loss (gain) on certain financial instruments | 121 | 1.21 | (94 | ) | (0.94 | ) | ||||||||
| Accretion on net retirement benefit obligations | 16 | 0.16 | 20 | 0.20 | ||||||||||
| Losses on repayments of long-term debt | 166 | 1.65 | 66 | 0.66 | ||||||||||
| Changes in discount rates of provisions | (1 | ) | (0.01 | ) | — | 0.00 | ||||||||
| Adjusted net income | 628 | 314 | ||||||||||||
| Preferred share dividends, including taxes | (21 | ) | (22 | ) | ||||||||||
| Adjusted net income attributable to common equity holders of Bombardier Inc. |
$ | 607 | $ | 292 | ||||||||||
| Weighted-average diluted number of common shares (in thousands) | 100,303 | 100,030 | ||||||||||||
| Adjusted EPS (in dollars) | $ | 6.04 | $ | 2.92 | ||||||||||
| Reconciliation of adjusted EPS to diluted EPS (in dollars) | ||||||||
| Nine-month periods ended September 30 |
||||||||
| 2026 | 2025 | |||||||
| Diluted EPS from continuing operations | $ | 3.02 | $ | 3.00 | ||||
| Impact of adjustments to EBIT related to: | ||||||||
| Impairment and program termination (reversals) | 0.01 | 0.00 | ||||||
| Adjustments to net financing expense related to: | ||||||||
| Net loss (gain) on certain financial instruments | 1.21 | (0.94 | ) | |||||
| Accretion on net retirement benefit obligations | 0.16 | 0.20 | ||||||
| Losses on repayments of long-term debt | 1.65 | 0.66 | ||||||
| Changes in discount rates of provisions | (0.01 | ) | 0.00 | |||||
| Adjusted EPS | $ | 6.04 | $ | 2.92 | ||||
| Reconciliation of free cash flow (usage) to cash flows from operating activities | ||||||||||||||||
| Three-month periods ended September 30 |
Nine-month periods ended September 30 |
|||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Cash flows from operating activities – continuing operations | $ | 259 | $ | 190 | $ | 990 | $ | (209 | ) | |||||||
| Net additions to PP&E and intangible assets | (76 | ) | (38 | ) | (219 | ) | (107 | ) | ||||||||
| Free cash flow (usage) | $ | 183 | $ | 152 | $ | 771 | $ | (316 | ) | |||||||
| Reconciliation of available liquidity to cash and cash equivalents | ||||||
| As at | September 30, 2026 | December 31, 2025 | ||||
| Cash and cash equivalents | $ | 1,615 | $ | 2,175 | ||
| Undrawn amounts under available revolving credit facility(1) | 750 | 365 | ||||
| Available liquidity | $ | 2,365 | $ | 2,540 | ||
| (1) | A committed secured revolving credit facility of $750 million maturing in 2031 is available for cash drawings to support the Corporation’s ongoing working capital needs and other general corporate purposes, and for the issuance of performance letters of credit. This facility was undrawn as at September 30, 2026 for both cash borrowings and letters of credit. As at December 31, 2025, the committed secured revolving facility was $450 million and as at such date the availability was $365 million, based on the collateral. |
| Reconciliation of adjusted net debt to long-term debt and computation of adjusted net debt to adjusted EBITDA ratio | ||||||
| Four-quarter trailing periods ended | ||||||
| September 30, 2026 | December 31, 2025 | |||||
| Long-term debt(1) | $ | 4,052 | $ | 5,154 | ||
| Less: Cash and cash equivalents | 1,615 | 2,175 | ||||
| Adjusted net debt | $ | 2,437 | $ | 2,979 | ||
| Adjusted EBITDA | $ | 1,611 | $ | 1,559 | ||
| Adjusted net debt to adjusted EBITDA ratio | 1.5 | 1.9 | ||||
| (1) Includes current portion of long-term debt. |
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FORWARD-LOOKING STATEMENTS DISCLAIMER
This press release contains 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), 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 in the MD&A. 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 on 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, refer to the Risks and uncertainties section in Other in this MD&A and in the 2025 Financial Report. 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 press release 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.
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