Bombardier raised its full-year 2026 free cash flow guidance on April 30, 2026, after posting its strongest first quarter in nearly two decades, with the Canadian business jet maker pointing to a record-setting backlog and demand for the Global 8000 as the engines of the quarter.
The Montreal-based manufacturer now expects free cash flow above $1.0 billion for the year, up from a previously communicated range of $600 million to $1.0 billion issued on February 12, 2026. All other 2026 guidance metrics, including aircraft deliveries above 157 units and revenues above $10 billion, were reaffirmed.
Backlog climbs to $20.3 billion
Order backlog reached $20.3 billion at the end of March 2026, a $2.8 billion increase from year-end 2025 and a 43% rise year-over-year. The unit book-to-bill ratio came in at 3.6x for the quarter, well above the 1:1 mark that signals stable demand. Bombardier attributed the order momentum to fleet operators and to its Global 8000, the Mach 0.95 ultra-long-range jet that entered service in December 2025 and remains the fastest civil aircraft since Concorde.
The first quarter built on a string of major fleet announcements that have reshaped Bombardier’s order book. Vista placed a $1.18 billion firm order for 40 Challenger 3500s in February 2026, with options for a further 120, while US fractional operator BOND raised its Bombardier commitment to roughly $5 billion in April 2026 by upgrading 24 purchase options to the Global 8000.
Services revenues climb 25%
Revenues for the quarter totaled $1.6 billion, up 5% year-over-year, with the Services segment accounting for $617 million of the total, a 25% jump compared with the same period in 2025. The aftermarket business has become a structural pillar of the group’s strategy under chief executive Éric Martel, who completed Bombardier’s five-year turnaround plan in February 2026 and has continued to push deeper into maintenance, parts and modifications, including a $300 million Smart Parts agreement signed with Vista on April 20, 2026.
Aircraft deliveries reached 24 in the quarter, one more than in the first quarter of 2025. The delivery profile remains skewed toward the back end of the year, in line with Bombardier’s typical cadence.
Reported profitability told a more mixed story. Adjusted EBITDA dipped 1% to $246 million and the adjusted EBITDA margin contracted 90 basis points to 15.4%. Adjusted earnings per share, however, jumped to $1.81 from $0.61 a year earlier, a 178% increase. Reported net income reached $53 million, up 20% year-over-year.
Free cash flow swing of $664 million
Free cash flow for the quarter came in at $360 million, a $664 million swing from the $304 million usage recorded in the first quarter of 2025. Cash flows from operating activities totaled $393 million, against an outflow of $271 million a year earlier, while net additions to property, plant and equipment held steady at $33 million.
“We delivered our highest first-quarter free cash flow in nearly two decades,” Martel said in a statement accompanying the results, attributing the performance to sustained demand for Bombardier’s product portfolio and continued traction across services and the Defense segment.
The financial momentum comes against a backdrop of unresolved trade tensions with the United States. President Donald Trump has repeatedly threatened tariffs on Canadian-built aircraft and a possible decertification of Bombardier Global jets, citing Transport Canada’s handling of US-built business jet certifications. Bombardier’s aircraft currently qualify for exemption under the United States-Mexico-Canada Agreement, but the issue continues to weigh on the sector’s outlook for the remainder of 2026.
