Financial profile · Q3 FY2026

Scaling aerospace operations with improving margins and working-capital-sensitive cash flow

Bombardier’s multi-year pattern is one of expanding sales and operating leverage, with operating profit rising as the business scales. Cash generation remains sensitive to customer advances, inventory and other working-capital timing, while financing costs can make common net earnings more volatile than operating results.

What is developing

The latest results maintain the pattern of improving operating profitability and positive free cash flow. However, the trailing cash-flow increase reflects substantial working-capital inflows, so it does not by itself establish a lasting change in underlying cash conversion.

What matters next

Whether operating cash flow remains aligned with earnings as customer advances and inventory levels change.

USD
Metric FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
16.3B 16.2B 16.2B 7.5B 6.5B 6.1B 6.9B 8B 8.7B 9.6B
(14.6B) (14.2B) (14B) (6.4B) (6B) (5.2B) (5.7B) (6.4B) (6.9B) (7.6B)
1.7B 2B 2.3B 1B 516m 924m 1.3B 1.6B 1.8B 1.9B
(1.4B) (1.4B) (1.4B) (716m) (740m) (693m) (755m) (820m) (839m) (777m)
(1.1B) (1.2B) (1.2B) (557m) (420m) (355m) (395m) (447m) (478m) (506m)
R&D
(141m) (153m) (147m) (24m) (18m) (17m) (31m) (43m) (29m) 69m
(146m) (87m) (70m) (132m) (302m) (321m) (329m) (330m) (332m) (340m)
8m 2m 0 (3m) 0 (1m) 0 — — —
305m 563m 905m 325m (224m) 231m 502m 811m 946m 1.1B
(326m) (303m) (248m) (388m) (846m) (283m) (702m) (235m) (396m) (119m)
375m 365m 353m 665m 731m 599m 495m 435m 447m 408m
(580m) (431m) (41m) (1B) 1.1B (195m) 37m (72m) (195m) (107m)
(206m) (275m) (221m) (224m) (177m) (124m) (83m) (103m) (99m) (73m)
(807m) (446m) 395m (1.3B) (121m) (371m) (246m) 401m 256m 835m
(174m) (79m) (77m) (251m) (49m) 122m 118m 89m 114m 140m
(981m) (525m) 318m (1.5B) (170m) (249m) (128m) 490m 370m 975m
(41m) 31m (86m) (190m) (300m) (29m) 0 — — —
(1.1B) (521m) 236m (1.8B) (886m) 5B (177m) 414m 339m 899m
(0.48) (0.24) 0.09 (0.76) (0.36) 52.04 (1.87) 4.23 3.39 8.94