Bombardier delivered a major cash-flow turnaround during the second quarter of 2026, generating $228 million in free cash flow compared with cash usage of $164 million during the same period last year.
The $392 million year-over-year improvement was driven by stronger cash generation from operations. Cash flow from operating activities reached $338 million, reversing the $128 million of operating cash usage reported in the second quarter of 2025.
The turnaround occurred even as Bombardier increased investments in property, equipment and intangible assets. Net additions totaled $110 million, an increase of $74 million from the prior-year period, indicating that the improved free cash flow was not achieved by reducing investment.
Revenue increased 6% to $2.15 billion, supported by a record contribution from Bombardier’s Services business. Services revenue rose 14% to $674 million, while the company delivered 32 aircraft during the quarter.
Adjusted EBITDA increased 9% to $325 million, and the adjusted EBITDA margin expanded by 50 basis points to 15.1%. Reported EBIT increased 10% to $225 million, with the EBIT margin improving by 40 basis points to 10.5%.
Adjusted net income increased by $140 million to $257 million, while adjusted earnings per share reached $2.50. Reported net income remained relatively stable at $191 million, compared with $193 million in the prior-year quarter, and diluted earnings per share were $1.84.
Demand also remained strong, particularly for the Global 8000 aircraft. Bombardier reported a unit book-to-bill ratio of 1.5 times, meaning it received approximately 1.5 aircraft orders for each aircraft delivered during the quarter.
The company’s backlog reached $21.8 billion as of June 30, 2026, increasing by $4.3 billion from the end of 2025. The growing backlog included demand from both civil aviation and defense customers.
Bombardier also continued strengthening its balance sheet. The company reduced debt by more than $1.1 billion during the first half of 2026, bringing its adjusted net debt-to-adjusted EBITDA ratio to 1.6 times, near its target of approximately 1.5 times.
Bombardier ended the quarter with approximately $1.9 billion in available liquidity and $1.5 billion in cash and cash equivalents. Following refinancing and repayment activity, the company has no debt maturities before November 2030.
The company also entered into a new $750 million five-year secured revolving credit facility after the quarter ended. The new facility replaces its previous $450 million revolving credit facility and provides additional financial flexibility.
KEY QUOTES:
“Our impressive quarter demonstrates the power of a team executing its plan at the top of their game with the right strategy. Our profitability growth, record services revenue and robust free cash flow are all rooted in the quality of our team and their collective commitment to our customers.”
“The Global 8000 aircraft continues to perform at the top of its category in the skies and in the order books, reinforcing our leadership in business aviation. As our Defense business continues to expand in parallel, we remain focused on delivering convenience and care to our customers no matter what platforms they fly around the world. Their continued confidence in our products, services and people is reflected in our expanding backlog, giving us a solid foundation for sustained growth.”
Éric Martel, President and CEO of Bombardier
