Bristow Group Inc.VTOL
Bristow Group Inc. Segments Disclosure
SEGMENT AND GEOGRAPHIC AREA INFORMATION
The Company has three reportable segments: Offshore Energy Services, Government Services and Other Services. The Offshore Energy Services segment provides aviation services to, from and between offshore energy installations globally. The Government Services segment provides SAR and support helicopter services to government agencies globally. The Other Services segment is primarily comprised of fixed wing services, dry-leasing of aircraft to third-party operators and part sales. Corporate includes unallocated overhead costs that are not directly associated with the Company’s reportable segments and gains (losses) on disposal of assets. The Company’s Chief Executive Officer, who is the Chief Operating Decision Maker (“CODM”), uses segment operating income, in addition to other measures, to assess segment performance and allocate resources.
Financial information by segment for the years ended December 31, 2025, 2024, and 2023 is summarized below (in thousands):
| Offshore Energy Services | Government Services | Other Services | Corporate | Consolidated | |||||||||||||||||||||||||
| Year Ended December 31, 2025 | |||||||||||||||||||||||||||||
| Revenues | $ | 990,480 | $ | 379,437 | $ | 120,595 | $ | — | $ | 1,490,512 | |||||||||||||||||||
| Less: | |||||||||||||||||||||||||||||
| Personnel | 240,584 | 112,312 | 26,103 | — | 378,999 | ||||||||||||||||||||||||
| Repairs and maintenance | 177,751 | 46,407 | 12,773 | — | 236,931 | ||||||||||||||||||||||||
| Insurance | 15,019 | 8,485 | 1,396 | — | 24,900 | ||||||||||||||||||||||||
| Fuel | 51,798 | 10,175 | 19,462 | — | 81,435 | ||||||||||||||||||||||||
| Leased-in equipment | 61,468 | 38,538 | 6,601 | — | 106,607 | ||||||||||||||||||||||||
| Other segment costs | 160,451 | 85,861 | 27,095 | — | 273,407 | ||||||||||||||||||||||||
| Total operating expenses | 707,071 | 301,778 | 93,430 | — | 1,102,279 | ||||||||||||||||||||||||
| General and administrative expenses | 93,059 | 41,354 | 7,030 | 32,678 | 174,121 | ||||||||||||||||||||||||
| Depreciation and amortization expense | 27,946 | 31,227 | 10,321 | 775 | 70,269 | ||||||||||||||||||||||||
| Total costs and expenses | 828,076 | 374,359 | 110,781 | 33,453 | 1,346,669 | ||||||||||||||||||||||||
| Gains on disposal of assets | — | — | — | 11,785 | 11,785 | ||||||||||||||||||||||||
| Earnings from unconsolidated affiliates | 3,178 | — | — | — | 3,178 | ||||||||||||||||||||||||
| Operating income (loss) | $ | 165,582 | $ | 5,078 | $ | 9,814 | $ | (21,668) | $ | 158,806 | |||||||||||||||||||
| Offshore Energy Services | Government Services | Other | Corporate | Consolidated | |||||||||||||||||||||||||
| Year Ended December 31, 2024 | |||||||||||||||||||||||||||||
| Revenues | $ | 966,064 | $ | 329,654 | $ | 119,773 | $ | — | $ | 1,415,491 | |||||||||||||||||||
| Less: | |||||||||||||||||||||||||||||
| Personnel | 218,811 | 97,256 | 24,493 | — | 340,560 | ||||||||||||||||||||||||
| Repairs and maintenance | 211,791 | 48,893 | 12,600 | — | 273,284 | ||||||||||||||||||||||||
| Insurance | 16,464 | 7,296 | 1,147 | — | 24,907 | ||||||||||||||||||||||||
| Fuel | 58,318 | 9,072 | 19,556 | — | 86,946 | ||||||||||||||||||||||||
| Leased-in equipment | 60,515 | 37,995 | 5,030 | — | 103,540 | ||||||||||||||||||||||||
| Other segment costs | 144,741 | 43,392 | 24,748 | — | 212,881 | ||||||||||||||||||||||||
| Total operating expenses | 710,640 | 243,904 | 87,574 | — | 1,042,118 | ||||||||||||||||||||||||
| General and administrative expenses | 98,972 | 36,986 | 7,082 | 32,510 | 175,550 | ||||||||||||||||||||||||
| Depreciation and amortization expense | 28,404 | 27,694 | 11,370 | 819 | 68,287 | ||||||||||||||||||||||||
| Total costs and expenses | 838,016 | 308,584 | 106,026 | 33,329 | 1,285,955 | ||||||||||||||||||||||||
| Losses on disposal of assets | — | — | — | (1,045) | (1,045) | ||||||||||||||||||||||||
| Earnings from unconsolidated affiliates | 4,117 | — | — | — | 4,117 | ||||||||||||||||||||||||
| Operating income (loss) | $ | 132,165 | $ | 21,070 | $ | 13,747 | $ | (34,374) | $ | — | $ | 132,608 | |||||||||||||||||
| Offshore Energy Services | Government Services | Other | Corporate | Consolidated | |||||||||||||||||||||||||
| Year Ended December 31, 2023 | |||||||||||||||||||||||||||||
| Revenues | $ | 852,956 | $ | 337,280 | $ | 107,193 | $ | — | $ | 1,297,429 | |||||||||||||||||||
| Less: | |||||||||||||||||||||||||||||
| Personnel | 210,138 | 90,498 | 23,045 | — | 323,681 | ||||||||||||||||||||||||
| Repairs and maintenance | 191,699 | 49,859 | 12,358 | — | 253,916 | ||||||||||||||||||||||||
| Insurance | 14,893 | 7,898 | 994 | — | 23,785 | ||||||||||||||||||||||||
| Fuel | 63,823 | 10,446 | 17,230 | — | 91,499 | ||||||||||||||||||||||||
| Leased-in equipment | 56,971 | 38,033 | 4,092 | — | 99,096 | ||||||||||||||||||||||||
| Other segment costs | 139,529 | 41,765 | 17,132 | — | 198,426 | ||||||||||||||||||||||||
| Total operating expenses | 677,053 | 238,499 | 74,851 | — | 990,403 | ||||||||||||||||||||||||
| General and administrative expenses | 104,471 | 40,070 | 7,176 | 30,028 | 181,745 | ||||||||||||||||||||||||
| Merger and integration costs | 2,201 | — | — | — | 2,201 | ||||||||||||||||||||||||
| Depreciation and amortization expense | 30,783 | 29,101 | 9,768 | 954 | 70,606 | ||||||||||||||||||||||||
| Total costs and expenses | 814,508 | 307,670 | 91,795 | 30,982 | 1,244,955 | ||||||||||||||||||||||||
| Gains on disposal of assets | — | — | — | 1,112 | 1,112 | ||||||||||||||||||||||||
| Earnings from unconsolidated affiliates | 7,165 | — | — | — | 7,165 | ||||||||||||||||||||||||
| Operating income (loss) | $ | 45,613 | $ | 29,610 | $ | 15,398 | $ | (29,870) | $ | 60,751 | |||||||||||||||||||
Reconciliation of consolidated income (loss) before taxes for the periods reflected below were as follows:
| Year Ended | |||||||||||||||||
| December 31, 2025 | December 31, 2024 | December 31, 2023 | |||||||||||||||
| Operating income (loss) | |||||||||||||||||
| Offshore Energy Services | $ | 165,582 | $ | 132,165 | $ | 45,613 | |||||||||||
| Government Services | 5,078 | 21,070 | 29,610 | ||||||||||||||
| Other Services | 9,814 | 13,747 | 15,398 | ||||||||||||||
| Corporate | (21,668) | (34,374) | (29,870) | ||||||||||||||
| Total operating income | 158,806 | 132,608 | 60,751 | ||||||||||||||
| Interest income | 9,354 | 8,901 | 8,646 | ||||||||||||||
| Interest expense, net | (39,918) | (37,581) | (41,417) | ||||||||||||||
| Other, net | 22,994 | (1,865) | (9,968) | ||||||||||||||
| Total other income (expense), net | (7,570) | (30,545) | (42,739) | ||||||||||||||
| Income before income taxes | $ | 151,236 | $ | 102,063 | $ | 18,012 | |||||||||||
Total depreciation and amortization expense by segment for the periods reflected below were as follows:
| Offshore Energy Services | Government Services | Other | Corporate | Consolidated | |||||||||||||||||||||||||
| Year Ended December 31, 2025 | |||||||||||||||||||||||||||||
| Depreciation and amortization expense | $ | 27,946 | $ | 31,227 | $ | 10,321 | $ | 775 | $ | 70,269 | |||||||||||||||||||
| PBH amortization | 9,249 | 1,907 | 241 | — | 11,397 | ||||||||||||||||||||||||
| Total depreciation and amortization expense | $ | 37,195 | $ | 33,134 | $ | 10,562 | $ | 775 | $ | 81,666 | |||||||||||||||||||
| Year Ended December 31, 2024 | |||||||||||||||||||||||||||||
| Depreciation and amortization expense | $ | 28,404 | $ | 27,694 | $ | 11,370 | $ | 819 | $ | 68,287 | |||||||||||||||||||
| PBH amortization | 12,230 | 2,002 | 669 | — | 14,901 | ||||||||||||||||||||||||
| Total depreciation and amortization expense | $ | 40,634 | $ | 29,696 | $ | 12,039 | $ | 819 | $ | 83,188 | |||||||||||||||||||
| Year Ended December 31, 2023 | |||||||||||||||||||||||||||||
| Depreciation and amortization expense | $ | 30,783 | $ | 29,101 | $ | 9,768 | $ | 954 | $ | 70,606 | |||||||||||||||||||
| PBH amortization | 12,377 | 1,940 | 663 | — | 14,980 | ||||||||||||||||||||||||
| Total depreciation and amortization expense | $ | 43,160 | $ | 31,041 | $ | 10,431 | $ | 954 | $ | 85,586 | |||||||||||||||||||
Capital expenditures by segment for the periods reflected below were as follows:
| Year Ended | |||||||||||||||||
| December 31, 2025 | December 31, 2024 | December 31, 2023 | |||||||||||||||
| Offshore Energy Services | $ | 44,710 | $ | 57,501 | $ | 22,260 | |||||||||||
| Government Services | 87,905 | 189,311 | 50,119 | ||||||||||||||
| Other Services | 9,406 | 8,581 | 9,128 | ||||||||||||||
| Total capital expenditures | $ | 142,021 | $ | 255,393 | $ | 81,507 | |||||||||||
Segment assets consisting of property and equipment (excluding construction in progress), net of accumulated depreciation and ROU assets, are reflected below as of the periods indicated:
| December 31, 2025 | December 31, 2024 | December 31, 2023 | |||||||||||||||
| Offshore Energy Services | $ | 567,284 | $ | 596,687 | $ | 624,192 | |||||||||||
| Government Services | 620,820 | 433,721 | 427,317 | ||||||||||||||
| Other Services | 59,585 | 62,746 | 60,805 | ||||||||||||||
| Total segment assets | $ | 1,247,689 | $ | 1,093,154 | $ | 1,112,314 | |||||||||||
| Corporate | 2,058 | 3,156 | 4,071 | ||||||||||||||
| Construction-in-progress | 144,587 | 244,181 | 99,320 | ||||||||||||||
| Total long-lived assets | $ | 1,394,334 | $ | 1,340,491 | $ | 1,215,705 | |||||||||||
Major Customers
The percentage of the Company’s revenues derived from the following major customers for the periods reflected in the table below were as follows:
| Year Ended | |||||||||||||||||
| December 31, 2025 | December 31, 2024 | December 31, 2023 | |||||||||||||||
| Customer A | 18.9 | % | 16.7 | % | 18.5 | % | |||||||||||
| Customer B | 12.4 | % | 11.3 | % | 8.8 | % | |||||||||||
| Customer C | 5.1 | % | 5.3 | % | 5.6 | % | |||||||||||
| Total percentage of revenues | 36.4 | % | 33.3 | % | 32.9 | % | |||||||||||
During the years ended December 31, 2025, 2024 and 2023 revenues from Customer A were earned from Government Services, and revenues from Customer B and Customer C were earned from Offshore Energy Services.
Geographic Area Information
The Company attributes revenues to various countries based on the location where services are actually performed. Long-lived assets consist primarily of helicopters and fixed wing aircraft and are attributed to various countries based on the physical location of the asset at the end of the periods reflected in the table below. Information by geographic area were as follows (in thousands):
| Year Ended | |||||||||||||||||
| December 31, 2025 | December 31, 2024 | December 31, 2023 | |||||||||||||||
| Revenues: | |||||||||||||||||
| UK | $ | 412,022 | $ | 394,659 | $ | 436,419 | |||||||||||
| Norway | 276,302 | 270,862 | 240,793 | ||||||||||||||
| U.S. | 246,560 | 226,932 | 216,588 | ||||||||||||||
| Nigeria | 191,698 | 170,006 | 122,637 | ||||||||||||||
| Other | 363,930 | 353,032 | 280,992 | ||||||||||||||
| Total revenues | $ | 1,490,512 | $ | 1,415,491 | $ | 1,297,429 | |||||||||||
| December 31, 2025 | December 31, 2024 | ||||||||||||||||
| Long-lived assets: | |||||||||||||||||
| UK | $ | 892,830 | $ | 687,315 | |||||||||||||
| Norway | 131,332 | 156,698 | |||||||||||||||
| U.S. | 170,152 | 169,946 | |||||||||||||||
| Other | 200,020 | 326,532 | |||||||||||||||
| Total long-lived assets | $ | 1,394,334 | $ | 1,340,491 | |||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Mar 6, 2024 | |
| 2022 | May 31, 2022 | |
| 2021 | May 27, 2021 | |
| 2019 | Mar 6, 2020 | |
| 2018 | Mar 8, 2019 | |
| 2017 | Mar 9, 2018 | |
| 2016 | Mar 9, 2017 | |
| 2015 | Feb 26, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.