What is Bridger Aerospace Group's operating income?

Bridger Aerospace Group's total operating income in 2025 was $15.40 million, based on the following breakdown: Total Gross Profit: $51.68 million Total Operating Expenses: $36.28 million

Bridger Aerospace Group (BAER) Financials

$0.54 -0.02 (-3.86%)

Closing price 04:00 PM Eastern

Extended Trading

$0.53 -0.01 (-1.95%)

As of 07:46 PM Eastern

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Annual Income Statements for Bridger Aerospace Group

This table shows Bridger Aerospace Group's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024	2025
Period end date	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-330	8.52	-41	-23
Consolidated Net Income / (Loss)	-42	-77	-16	4.14
Net Income / (Loss) Continuing Operations	-42	-77	-16	4.14
Total Pre-Tax Income	-42	-78	-16	3.93
Total Operating Income	-23	-57	5.32	15
Total Gross Profit	13	25	41	52
Total Revenue	46	67	99	123
Operating Revenue	46	67	99	123
Total Cost of Revenue	34	41	57	71
Operating Cost of Revenue	34	41	57	71
Total Operating Expenses	35	83	36	36
Selling, General & Admin Expense	35	83	36	36
Total Other Income / (Expense), net	-19	-20	-22	-11
Interest & Investment Income	-	-	-24	-23
Other Income / (Expense), net	0.52	3.21	2.07	12
Income Tax Expense	0.00	-0.30	-0.76	-0.22
Preferred Stock Dividends Declared	288	-86	25	27
Basic Earnings per Share	($8.20)	$0.19	($0.81)	($0.42)
Weighted Average Basic Shares Outstanding	40.29M	45.27M	50.52M	54.28M
Diluted Earnings per Share	($8.20)	($1.00)	($0.81)	($0.42)
Weighted Average Diluted Shares Outstanding	40.29M	77.53M	50.52M	54.28M
Weighted Average Basic & Diluted Shares Outstanding	-	53.16M	54.22M	55.92M

This table shows Bridger Aerospace Group's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	-37	-26	-16	21	-19	-22	-6.33	28	-22	-38	-7.61
Consolidated Net Income / (Loss)	-31	-20	-9.98	27	-13	-16	0.31	35	-15	-31	-0.50
Net Income / (Loss) Continuing Operations	-31	-20	-9.98	27	-13	-16	0.31	35	-15	-31	-0.50
Total Pre-Tax Income	-31	-20	-10	27	-13	-15	0.49	34	-15	-31	-0.50
Total Operating Income	-26	-15	-4.76	33	-7.48	-10	5.53	39	-19	-25	6.01
Total Gross Profit	-6.50	-3.70	3.15	42	0.18	-1.56	12	47	-5.56	-8.54	11
Total Revenue	1.11	5.51	13	65	16	16	31	68	8.55	8.51	30
Operating Revenue	1.11	5.51	13	65	16	16	31	68	8.55	8.51	30
Total Cost of Revenue	7.61	9.21	9.87	23	15	17	19	21	14	17	19
Operating Cost of Revenue	7.61	9.21	9.87	23	15	17	19	21	14	17	19
Total Operating Expenses	19	12	7.90	8.64	7.67	8.59	6.52	7.72	13	17	5.31
Selling, General & Admin Expense	19	12	7.90	8.64	7.67	8.59	6.52	7.72	13	17	5.31
Total Other Income / (Expense), net	-5.43	-4.76	-5.71	-5.52	-5.65	-5.14	-5.04	-5.35	4.05	-6.01	-6.52
Interest & Investment Income	-	-5.92	-5.85	-5.99	-5.95	-5.74	-5.74	-5.80	-5.99	-6.15	-6.61
Other Income / (Expense), net	0.61	1.16	0.14	0.47	0.29	0.60	0.70	0.45	10	0.14	0.09
Income Tax Expense	0.01	0.01	-0.48	0.00	-0.29	0.25	0.18	-0.84	0.19	0.03	-0.01
Preferred Stock Dividends Declared	6.05	6.19	6.20	6.48	6.48	6.56	6.64	6.94	6.94	7.03	7.11
Basic Earnings per Share	($0.87)	($0.55)	($0.33)	$0.39	($0.32)	($0.41)	($0.12)	$0.50	($0.39)	($0.69)	($0.13)
Weighted Average Basic Shares Outstanding	45.27M	47.60M	48.33M	52.93M	50.52M	53.81M	53.88M	54.64M	54.28M	55.29M	56.44M
Diluted Earnings per Share	($0.07)	($0.55)	($0.33)	$0.31	($0.24)	($0.41)	($0.12)	$0.37	($0.26)	($0.69)	($0.13)
Weighted Average Diluted Shares Outstanding	77.53M	47.60M	48.33M	87.96M	50.52M	53.81M	53.88M	92.11M	54.28M	55.29M	56.44M
Weighted Average Basic & Diluted Shares Outstanding	53.16M	53.16M	53.17M	54.05M	54.22M	54.72M	55.53M	55.54M	55.92M	57.64M	58.83M

This table details how cash moves in and out of Bridger Aerospace Group's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024	2025
Period end date	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	25	-5.52	16	-22
Net Cash From Operating Activities	-9.92	-27	9.36	17
Net Cash From Continuing Operating Activities	-9.92	-27	9.36	17
Net Income / (Loss) Continuing Operations	-42	-77	-16	4.14
Consolidated Net Income / (Loss)	-42	-77	-16	4.14
Depreciation Expense	9.09	11	17	15
Amortization Expense	0.60	0.97	0.94	1.10
Non-Cash Adjustments To Reconcile Net Income	11	52	11	0.92
Changes in Operating Assets and Liabilities, net	11	-13	-4.48	-4.89
Net Cash From Investing Activities	-90	27	2.06	-34
Net Cash From Continuing Investing Activities	-90	27	2.06	-34
Purchase of Property, Plant & Equipment	-26	-21	-5.24	-82
Sale of Property, Plant & Equipment	0.29	0.82	0.65	0.98
Divestitures	-	0.00	2.59	0.00
Sale and/or Maturity of Investments	5.50	55	4.06	0.00
Other Investing Activities, net	-9.81	-3.00	0.00	47
Net Cash From Financing Activities	125	-5.83	4.67	-4.32
Net Cash From Continuing Financing Activities	111	-5.83	4.67	-4.32
Repayment of Debt	-166	-2.20	-2.99	-225
Repurchase of Common Equity	-3.51	0.00	-1.01	0.00
Issuance of Debt	0.20	-	0.00	220
Issuance of Common Equity	-	0.00	9.34	0.00
Other Financing Activities, net	-7.58	-3.63	-0.67	0.22
Effect of Exchange Rate Changes	-	-0.04	0.06	0.33

This table details how cash moves in and out of Bridger Aerospace Group's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Change in Cash & Equivalents	5.27	-21	6.48	20	10	-21	-0.72	34	-33	-22	-1.76
Net Cash From Operating Activities	15	-23	-2.80	23	12	-18	1.44	41	-8.03	-21	-16
Net Cash From Continuing Operating Activities	15	-23	-2.80	23	12	-18	1.44	41	-8.03	-21	-16
Net Income / (Loss) Continuing Operations	-31	-20	-9.98	27	-13	-16	0.31	35	-15	-31	-0.50
Consolidated Net Income / (Loss)	-31	-20	-9.98	27	-13	-16	0.31	35	-15	-31	-0.50
Depreciation Expense	0.86	1.29	2.00	11	2.69	1.98	4.02	8.20	1.28	2.05	4.84
Amortization Expense	0.24	0.19	0.25	0.25	0.25	0.25	0.25	0.25	0.34	0.52	0.55
Non-Cash Adjustments To Reconcile Net Income	9.33	4.97	2.59	1.46	1.99	2.13	2.32	1.14	-4.67	7.99	-3.41
Changes in Operating Assets and Liabilities, net	35	-9.13	2.35	-18	20	-6.48	-5.46	-3.13	10	-0.38	-17
Net Cash From Investing Activities	-8.69	2.79	1.66	-1.37	-1.02	-2.64	-1.25	-6.63	-24	-5.99	-3.20
Net Cash From Continuing Investing Activities	-8.69	2.79	1.66	-1.37	-1.02	-2.64	-1.25	-6.63	-24	-5.99	-3.20
Purchase of Property, Plant & Equipment	-3.01	-1.27	-1.44	-1.37	-1.17	-3.59	-1.27	-6.63	-71	-5.99	-3.20
Net Cash From Financing Activities	-0.73	-0.90	7.61	-1.31	-0.73	-1.16	-0.85	-0.85	-1.46	4.76	17
Net Cash From Continuing Financing Activities	-0.73	-0.90	7.61	-1.31	-0.73	-1.16	-0.85	-0.85	-1.46	4.76	17
Repayment of Debt	-0.72	-0.73	-0.73	-0.74	-0.78	-0.81	-0.81	-0.82	-222	-0.71	-0.75
Issuance of Debt	-	-	-	-	-	0.00	-	-	-	6.00	18
Other Financing Activities, net	-0.01	-0.01	-0.47	-0.24	0.04	-0.35	-0.04	-0.03	0.64	-0.53	-0.06
Effect of Exchange Rate Changes	0.00	0.00	-	-	0.06	-0.03	-0.06	-	0.42	-0.04	-0.05

This table presents Bridger Aerospace Group's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024	2025
Period end date	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	306	273	291	330
Total Current Assets	107	45	64	40
Cash & Equivalents	30	23	39	31
Note & Lease Receivable	0.03	4.11	5.95	3.19
Inventories, net	1.76	0.49	0.86	1.65
Prepaid Expenses	1.84	2.65	3.92	3.99
Plant, Property, & Equipment, net	0.00	0.00	0.00	219
Total Noncurrent Assets	199	228	227	71
Goodwill	2.46	13	21	21
Intangible Assets	0.21	1.73	6.08	6.02
Other Noncurrent Operating Assets	196	213	200	44
Total Liabilities & Shareholders' Equity	306	273	291	330
Total Liabilities	231	247	237	266
Total Current Liabilities	24	25	23	17
Short-Term Debt	2.45	2.10	2.17	0.93
Accounts Payable	3.17	3.98	5.33	3.42
Accrued Expenses	19	17	14	9.79
Other Current Liabilities	0.02	2.15	1.84	2.38
Total Noncurrent Liabilities	206	221	214	249
Long-Term Debt	205	205	202	212
Other Noncurrent Operating Liabilities	0.80	17	11	37
Commitments & Contingencies	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	489	355	380	407
Total Equity & Noncontrolling Interests	-414	-328	-327	-343
Total Preferred & Common Equity	-414	-328	-327	-343
Total Common Equity	-414	-328	-327	-343
Common Stock	0.00	85	102	82
Retained Earnings	-415	-414	-429	-425
Accumulated Other Comprehensive Income / (Loss)	1.68	0.99	1.04	0.19

This table presents Bridger Aerospace Group's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026	6/30/2026
Total Assets	252	282	307	276	279	311	314	324
Total Current Assets	25	39	74	46	54	88	19	32
Cash & Equivalents	6.78	8.53	33	22	17	55	9.00	7.24
Note & Lease Receivable	4.93	13	27	10	18	18	6.84	21
Inventories, net	0.48	0.74	0.80	0.87	1.06	1.04	1.24	1.07
Prepaid Expenses	3.74	2.94	3.66	3.69	3.32	5.05	2.15	3.64
Plant, Property, & Equipment, net	196	0.00	185	185	0.00	180	222	221
Total Noncurrent Assets	31	243	48	45	225	43	73	71
Goodwill	13	25	25	21	21	21	21	21
Intangible Assets	2.02	6.37	6.22	6.05	6.06	6.00	5.91	5.93
Other Noncurrent Operating Assets	16	212	17	18	199	16	46	44
Total Liabilities & Shareholders' Equity	252	282	307	276	279	311	314	324
Total Liabilities	240	242	238	236	237	233	280	290
Total Current Liabilities	20	25	22	21	25	22	21	19
Short-Term Debt	2.03	2.07	2.12	2.22	2.50	2.55	2.92	2.80
Accounts Payable	3.93	4.52	3.72	6.95	6.71	6.47	5.82	5.01
Accrued Expenses	12	16	14	9.77	13	11	9.65	7.88
Other Current Liabilities	2.15	2.15	2.33	2.26	2.27	2.27	2.95	3.03
Total Noncurrent Liabilities	220	218	216	215	212	211	259	271
Long-Term Debt	204	204	203	202	201	200	216	233
Other Noncurrent Operating Liabilities	16	14	13	13	11	10	43	38
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	361	367	374	387	393	400	414	421
Total Equity & Noncontrolling Interests	-349	-328	-304	-347	-351	-322	-380	-387
Total Preferred & Common Equity	-349	-328	-304	-347	-351	-322	-380	-387
Total Common Equity	-349	-328	-304	-347	-351	-322	-380	-387
Common Stock	84	115	111	97	93	87	77	71
Retained Earnings	-434	-444	-416	-445	-444	-410	-456	-457
Accumulated Other Comprehensive Income / (Loss)	1.13	1.11	0.75	0.82	0.63	0.56	-1.07	-1.40

This table displays calculated financial ratios and metrics derived from Bridger Aerospace Group's official financial filings.

Metric	2022	2023	2024	2025
Period end date	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	0.00	0.00	54,047,815.00	55,543,104.00
DEI Adjusted Shares Outstanding	0.00	0.00	54,047,815.00	55,543,104.00
DEI Earnings Per Adjusted Shares Outstanding	0.00	0.00	-0.76	-0.41
Growth Metrics	-	-	-	-
Revenue Growth	0.00%	43.80%	47.83%	24.56%
EBITDA Growth	0.00%	-240.21%	161.04%	69.73%
EBIT Growth	0.00%	-145.59%	113.60%	268.15%
NOPAT Growth	0.00%	-154.11%	109.25%	336.35%
Net Income Growth	0.00%	-83.64%	79.88%	126.59%
EPS Growth	0.00%	87.80%	19.00%	48.15%
Operating Cash Flow Growth	0.00%	-170.30%	134.90%	78.86%
Free Cash Flow Firm Growth	0.00%	0.00%	88.73%	-348.73%
Invested Capital Growth	0.00%	5.27%	4.79%	20.27%
Revenue Q/Q Growth	0.00%	0.00%	17.21%	-5.42%
EBITDA Q/Q Growth	0.00%	0.00%	340.97%	-6.62%
EBIT Q/Q Growth	0.00%	0.00%	169.01%	-6.14%
NOPAT Q/Q Growth	0.00%	0.00%	140.65%	-46.21%
Net Income Q/Q Growth	0.00%	0.00%	54.03%	-35.75%
EPS Q/Q Growth	0.00%	0.00%	-26.56%	-5.00%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	-21.05%	-54.72%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	-155.48%
Invested Capital Q/Q Growth	0.00%	0.00%	-11.60%	13.90%
Profitability Metrics	-	-	-	-
Gross Margin	26.95%	38.03%	41.72%	42.08%
EBITDA Margin	-26.76%	-63.31%	26.14%	35.62%
Operating Margin	-48.78%	-86.19%	5.39%	12.54%
EBIT Margin	-47.65%	-81.38%	7.49%	22.13%
Profit (Net Income) Margin	-90.81%	-115.97%	-15.79%	3.37%
Tax Burden Percent	100.00%	99.61%	95.33%	105.48%
Interest Burden Percent	190.57%	143.05%	-221.11%	14.44%
Effective Tax Rate	0.00%	0.00%	0.00%	-5.48%
Return on Invested Capital (ROIC)	-8.52%	-21.10%	1.86%	7.19%
ROIC Less NNEP Spread (ROIC-NNEP)	-32.31%	-47.68%	-10.19%	-0.07%
Return on Net Nonoperating Assets (RNNOA)	-47.35%	-130.10%	-40.58%	-0.18%
Return on Equity (ROE)	-55.87%	-151.19%	-38.72%	7.01%
Cash Return on Invested Capital (CROIC)	0.00%	-26.23%	-2.82%	-11.21%
Operating Return on Assets (OROA)	-7.22%	-18.74%	2.62%	8.75%
Return on Assets (ROA)	-13.77%	-26.70%	-5.52%	1.33%
Return on Common Equity (ROCE)	306.48%	1,095.60%	315.22%	-39.70%
Return on Equity Simple (ROE_SIMPLE)	10.18%	23.59%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-16	-40	3.72	16
NOPAT Margin	-34.14%	-60.33%	3.78%	13.22%
Net Nonoperating Expense Percent (NNEP)	23.79%	26.58%	12.04%	7.26%
Return On Investment Capital (ROIC_SIMPLE)	-	33.20%	-3.05%	-12.56%
Cost of Revenue to Revenue	73.05%	61.97%	58.28%	57.92%
SG&A Expenses to Revenue	75.73%	124.22%	36.32%	29.54%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	75.73%	124.22%	36.32%	29.54%
Earnings before Interest and Taxes (EBIT)	-22	-54	7.39	27
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-12	-42	26	44
Valuation Ratios	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.00	0.00	1.17	0.83
Price to Earnings (P/E)	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	3.15	2.80
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	6.56	5.62
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	25.09	15.79
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	87.59	25.41
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	173.76	42.53
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	69.15	41.29
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-
Debt to Equity	2.76	7.67	3.83	3.30
Long-Term Debt to Equity	2.73	7.60	3.79	3.28
Financial Leverage	1.47	2.73	3.98	2.82
Leverage Ratio	4.06	5.66	7.02	5.26
Compound Leverage Factor	7.73	8.10	-15.52	0.76
Debt to Total Capital	73.39%	88.47%	79.28%	76.74%
Short-Term Debt to Total Capital	0.86%	0.90%	0.84%	0.33%
Long-Term Debt to Total Capital	72.52%	87.57%	78.44%	76.40%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	172.61%	151.89%	147.29%	146.51%
Common Equity to Total Capital	-145.99%	-140.36%	-126.57%	-123.25%
Debt to EBITDA	-16.75	-4.89	7.94	4.88
Net Debt to EBITDA	-8.90	-4.00	5.88	4.16
Long-Term Debt to EBITDA	-16.55	-4.84	7.85	4.85
Debt to NOPAT	-13.13	-5.14	54.97	13.13
Net Debt to NOPAT	-6.98	-4.19	40.71	11.20
Long-Term Debt to NOPAT	-12.97	-5.08	54.39	13.07
Altman Z-Score	0.00	0.00	-1.19	-0.84
Noncontrolling Interest Sharing Ratio	648.57%	824.64%	914.11%	666.51%
Liquidity Ratios	-	-	-	-
Current Ratio	4.40	1.78	2.73	2.43
Quick Ratio	3.50	1.11	1.94	2.09
Cash Flow Metrics	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-50	-5.64	-25
Operating Cash Flow to CapEx	-39.21%	-132.39%	203.77%	20.58%
Free Cash Flow to Firm to Interest Expense	0.00	-2.16	0.00	0.00
Operating Cash Flow to Interest Expense	-0.50	-1.15	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	-1.76	-2.03	0.00	0.00
Efficiency Ratios	-	-	-	-
Asset Turnover	0.15	0.23	0.35	0.40
Accounts Receivable Turnover	0.00	0.00	0.00	0.00
Inventory Turnover	19.24	36.76	85.46	56.67
Fixed Asset Turnover	0.00	0.00	0.00	0.00
Accounts Payable Turnover	10.69	11.57	12.35	16.27
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	18.97	9.93	4.27	6.44
Days Payable Outstanding (DPO)	34.15	31.56	29.56	22.44
Cash Conversion Cycle (CCC)	-15.18	-21.63	-25.28	-16.00
Capital & Investment Metrics	-	-	-	-
Invested Capital	186	196	205	247
Invested Capital Turnover	0.25	0.35	0.49	0.54
Increase / (Decrease) in Invested Capital	0.00	9.79	9.36	42
Enterprise Value (EV)	0.00	0.00	647	691
Market Capitalization	0.00	0.00	115	102
Book Value per Share	($10.27)	($7.24)	($6.04)	($6.17)
Tangible Book Value per Share	($10.33)	($7.57)	($6.54)	($6.65)
Total Capital	283	234	258	278
Total Debt	208	207	205	213
Total Long-Term Debt	205	205	202	212
Net Debt	110	169	152	182
Capital Expenditures (CapEx)	25	20	4.59	81
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-12	-16	-10	-6.76
Debt-free Net Working Capital (DFNWC)	85	22	43	25
Net Working Capital (NWC)	83	20	40	24
Net Nonoperating Expense (NNE)	26	37	19	12
Net Nonoperating Obligations (NNO)	110	169	152	182
Total Depreciation and Amortization (D&A)	9.69	12	18	17
Debt-free, Cash-free Net Working Capital to Revenue	-26.81%	-24.06%	-10.64%	-5.50%
Debt-free Net Working Capital to Revenue	183.25%	32.82%	43.19%	20.05%
Net Working Capital to Revenue	177.97%	29.68%	40.99%	19.29%
Earnings Adjustments	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	($0.81)	($0.42)
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	50.52M	54.28M
Adjusted Diluted Earnings per Share	$0.00	$0.00	($0.81)	($0.42)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	50.52M	54.28M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	54.22M	55.92M
Normalized Net Operating Profit after Tax (NOPAT)	-16	-40	3.72	11
Normalized NOPAT Margin	-34.14%	-60.33%	3.78%	8.78%
Pre Tax Income Margin	-90.81%	-116.42%	-16.56%	3.20%
Debt Service Ratios	-	-	-	-
EBIT to Interest Expense	-1.10	-2.34	0.00	0.00
NOPAT to Interest Expense	-0.79	-1.73	0.00	0.00
EBIT Less CapEx to Interest Expense	-2.37	-3.21	0.00	0.00
NOPAT Less CapEx to Interest Expense	-2.05	-2.61	0.00	0.00
Payout Ratios	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	-8.33%	0.00%	-6.46%	0.00%

This table displays calculated financial ratios and metrics derived from Bridger Aerospace Group's official financial filings.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
DEI Shares Outstanding	0.00	98,000,461.00	100,172,063.00	53,165,227.00	54,047,815.00	54,218,024.00	54,722,646.00	55,527,652.00	55,543,104.00	55,923,319.00	57,637,641.00
DEI Adjusted Shares Outstanding	0.00	98,000,461.00	100,172,063.00	53,165,227.00	54,047,815.00	54,218,024.00	54,722,646.00	55,527,652.00	55,543,104.00	55,923,319.00	57,637,641.00
DEI Earnings Per Adjusted Shares Outstanding	0.00	-0.27	-0.16	0.39	-0.36	-0.41	-0.12	0.50	-0.40	-0.69	-0.13
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	1,408.77%	12.04%	20.31%	1,306.59%	184.11%	136.29%	5.24%	-45.16%	-45.60%	-0.84%
EBITDA Growth	0.00%	65.47%	76.37%	57.35%	82.44%	42.21%	544.18%	6.38%	-73.08%	-208.05%	9.52%
EBIT Growth	0.00%	63.41%	65.80%	44.03%	71.56%	32.49%	235.05%	18.44%	-24.75%	-163.04%	-1.98%
NOPAT Growth	0.00%	61.83%	66.23%	42.91%	71.09%	33.69%	204.37%	21.72%	-153.99%	-148.90%	21.16%
Net Income Growth	0.00%	55.05%	47.53%	56.37%	58.75%	22.65%	103.09%	26.23%	-17.94%	-101.47%	-261.69%
EPS Growth	0.00%	8.33%	40.00%	40.91%	-242.86%	25.45%	63.64%	19.35%	-8.33%	-68.29%	-8.33%
Operating Cash Flow Growth	0.00%	37.90%	83.35%	90.10%	-16.99%	22.43%	151.54%	80.32%	-165.87%	-19.60%	-1,189.87%
Free Cash Flow Firm Growth	0.00%	0.00%	0.00%	0.00%	0.00%	92.25%	104.78%	127.85%	-275.71%	-201.44%	-505.36%
Invested Capital Growth	0.00%	0.00%	0.00%	0.00%	4.79%	4.65%	-3.29%	-6.65%	20.27%	15.16%	22.28%
Revenue Q/Q Growth	-97.93%	397.02%	136.32%	395.67%	-75.84%	0.39%	96.54%	120.76%	-87.41%	-0.41%	258.25%
EBITDA Q/Q Growth	-184.44%	47.61%	81.35%	2,006.73%	-109.42%	-72.42%	243.37%	356.64%	-115.33%	-206.87%	150.97%
EBIT Q/Q Growth	-209.21%	44.02%	67.41%	822.95%	-121.57%	-32.87%	165.19%	534.03%	-122.71%	-180.17%	124.29%
NOPAT Q/Q Growth	-178.79%	40.86%	68.94%	1,087.38%	-115.94%	-35.65%	148.89%	1,051.47%	-133.26%	-32.94%	123.80%
Net Income Q/Q Growth	-278.06%	35.49%	50.31%	373.98%	-146.97%	-20.97%	101.98%	11,107.47%	-143.89%	-106.64%	98.41%
EPS Q/Q Growth	-131.82%	-685.71%	40.00%	193.94%	-177.42%	-70.83%	70.73%	408.33%	-170.27%	-165.38%	81.16%
Operating Cash Flow Q/Q Growth	22.83%	-255.02%	87.72%	912.73%	-46.36%	-244.85%	108.16%	2,743.58%	-119.59%	-163.01%	25.63%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	-5.87%	11.79%	92.66%	-13.17%	165.25%	414.13%	-198.97%	9.20%	12.26%
Invested Capital Q/Q Growth	0.00%	3.46%	9.83%	4.31%	-11.60%	3.33%	1.50%	0.68%	13.90%	-1.06%	7.77%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	-586.82%	-67.17%	24.18%	64.34%	1.18%	-9.98%	39.19%	68.87%	-65.05%	-100.28%	37.13%
EBITDA Margin	-2,182.22%	-230.03%	-18.16%	69.85%	-27.24%	-46.79%	34.13%	70.60%	-85.98%	-264.94%	37.70%
Operating Margin	-2,336.19%	-277.99%	-36.54%	50.95%	-48.01%	-64.88%	17.97%	57.49%	-222.37%	-296.83%	19.72%
EBIT Margin	-2,281.23%	-256.95%	-35.43%	51.68%	-46.13%	-61.05%	20.25%	58.16%	-104.93%	-295.18%	20.02%
Profit (Net Income) Margin	-2,810.38%	-364.75%	-76.69%	42.39%	-82.42%	-99.31%	1.00%	50.85%	-177.24%	-367.76%	-1.63%
Tax Burden Percent	100.04%	100.07%	95.38%	100.00%	97.78%	101.64%	62.86%	102.49%	101.28%	100.09%	99.01%
Interest Burden Percent	123.15%	141.86%	226.96%	82.03%	182.74%	160.04%	7.87%	85.30%	166.78%	124.48%	-8.24%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	37.14%	-2.49%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-557.52%	-138.13%	-16.85%	36.96%	-16.54%	-23.84%	6.53%	34.13%	-84.67%	-105.47%	6.67%
ROIC Less NNEP Spread (ROIC-NNEP)	-565.24%	-147.99%	-24.12%	30.18%	-21.29%	-28.49%	4.75%	30.49%	-85.78%	-112.60%	4.32%
Return on Net Nonoperating Assets (RNNOA)	-3,541.54%	-2,275.70%	-112.59%	70.74%	-84.82%	-199.70%	20.73%	62.35%	-242.12%	-585.35%	22.61%
Return on Equity (ROE)	-4,099.06%	-2,413.83%	-129.44%	107.70%	-101.36%	-223.54%	27.26%	96.48%	-326.79%	-690.82%	29.28%
Cash Return on Invested Capital (CROIC)	-25.57%	0.00%	0.00%	0.00%	-2.82%	-1.01%	9.99%	20.35%	-11.21%	-14.01%	-19.82%
Operating Return on Assets (OROA)	-525.24%	-73.14%	-9.21%	14.15%	-16.12%	-25.15%	9.14%	24.43%	-41.50%	-115.77%	7.66%
Return on Assets (ROA)	-647.08%	-103.82%	-19.94%	11.61%	-28.81%	-40.91%	0.45%	21.36%	-70.10%	-144.24%	-0.63%
Return on Common Equity (ROCE)	29,703.42%	68,087.08%	1,082.39%	-472.66%	825.18%	3,007.62%	-226.81%	-410.58%	1,851.31%	6,833.94%	-281.80%
Return on Equity Simple (ROE_SIMPLE)	0.00%	15.13%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-18	-11	-3.33	33	-5.24	-7.11	3.47	40	-13	-18	4.21
NOPAT Margin	-1,635.33%	-194.59%	-25.58%	50.95%	-33.61%	-45.42%	11.30%	58.93%	-155.66%	-207.78%	13.80%
Net Nonoperating Expense Percent (NNEP)	7.72%	9.86%	7.27%	6.79%	4.75%	4.65%	1.78%	3.64%	1.11%	7.12%	2.35%
Return On Investment Capital (ROIC_SIMPLE)	14.95%	7.52%	2.72%	-33.14%	4.29%	4.96%	-2.36%	-33.49%	10.29%	10.96%	-2.78%
Cost of Revenue to Revenue	686.82%	167.17%	75.82%	35.66%	98.82%	109.98%	60.81%	31.13%	165.05%	200.28%	62.87%
SG&A Expenses to Revenue	1,749.37%	210.82%	60.72%	13.40%	49.19%	54.90%	21.22%	11.38%	157.32%	196.55%	17.41%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	1,749.37%	210.82%	60.72%	13.40%	49.19%	54.90%	21.22%	11.38%	157.32%	196.55%	17.41%
Earnings before Interest and Taxes (EBIT)	-25	-14	-4.61	33	-7.19	-9.55	6.23	39	-8.97	-25	6.10
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-24	-13	-2.36	45	-4.25	-7.32	10	48	-7.35	-23	11
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.00	3.13	2.40	1.40	1.17	0.56	0.84	0.79	0.83	0.96	0.96
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	3.83	3.27	2.82	3.15	2.93	3.12	2.96	2.80	3.01	2.89
Enterprise Value to Revenue (EV/Rev)	0.00	10.80	9.91	7.78	6.56	5.71	5.31	4.94	5.62	6.35	6.59
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	111.92	25.09	19.93	15.27	13.69	15.79	25.76	25.77
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	87.59	51.78	29.43	22.15	25.41	63.27	66.20
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	173.76	84.61	46.22	21.25	42.53	3,683.36	1,409.49
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	673.01	55.22	69.15	42.91	35.92	17.36	41.29	55.37	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	30.75	14.06	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	7.67	16.68	5.24	2.96	3.83	5.18	4.80	2.60	3.30	6.40	6.88
Long-Term Debt to Equity	7.60	16.51	5.19	2.93	3.79	5.13	4.74	2.57	3.28	6.32	6.80
Financial Leverage	6.27	15.38	4.67	2.34	3.98	7.01	4.36	2.04	2.82	5.20	5.23
Leverage Ratio	5.66	20.42	7.18	4.43	7.02	10.21	6.87	4.20	5.26	8.02	7.87
Compound Leverage Factor	6.97	28.97	16.30	3.64	12.82	16.34	0.54	3.58	8.77	9.99	-0.65
Debt to Total Capital	88.47%	94.34%	83.98%	74.74%	79.28%	83.83%	82.76%	72.26%	76.74%	86.49%	87.30%
Short-Term Debt to Total Capital	0.90%	0.93%	0.85%	0.77%	0.84%	0.91%	1.02%	0.91%	0.33%	1.15%	1.03%
Long-Term Debt to Total Capital	87.57%	93.41%	83.14%	73.96%	78.44%	82.91%	81.75%	71.35%	76.40%	85.34%	86.27%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	151.89%	165.23%	149.96%	136.13%	147.29%	158.86%	159.97%	142.53%	146.51%	163.76%	155.96%
Common Equity to Total Capital	-140.36%	-159.57%	-133.94%	-110.87%	-126.57%	-142.69%	-142.73%	-114.78%	-123.25%	-150.25%	-143.27%
Debt to EBITDA	-4.89	-11.32	-19.45	35.10	7.94	6.56	4.63	4.33	4.88	7.67	7.99
Net Debt to EBITDA	-4.00	-10.44	-17.31	27.81	5.88	5.54	3.93	2.96	4.16	7.36	7.74
Long-Term Debt to EBITDA	-4.84	-11.21	-19.25	34.73	7.85	6.49	4.57	4.28	4.85	7.57	7.90
Debt to NOPAT	-5.14	-9.01	-12.57	-22.40	54.97	27.83	14.01	6.72	13.13	1,096.83	437.07
Net Debt to NOPAT	-4.19	-8.31	-11.20	-17.75	40.71	23.52	11.88	4.59	11.20	1,051.71	423.65
Long-Term Debt to NOPAT	-5.08	-8.92	-12.45	-22.17	54.39	27.53	13.83	6.64	13.07	1,082.19	431.89
Altman Z-Score	0.00	-1.72	-1.50	-0.76	-1.35	-1.71	-1.31	-0.49	-1.20	-1.70	-1.28
Noncontrolling Interest Sharing Ratio	824.64%	2,920.71%	936.20%	538.85%	914.11%	1,445.44%	931.98%	525.57%	666.51%	1,089.25%	1,062.45%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.78	1.26	1.56	3.42	2.73	2.19	2.17	3.95	2.43	0.90	1.73
Quick Ratio	1.11	0.58	0.85	2.79	1.94	1.54	1.43	3.26	2.09	0.74	1.48
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-213	-226	-199	-15	-17	11	55	-55	-50	-44
Operating Cash Flow to CapEx	487.48%	-1,793.70%	-300.65%	1,661.11%	1,190.33%	-668.03%	115.56%	618.32%	-11.34%	-352.83%	-490.17%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	2.43	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	1.93	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.23	0.28	0.26	0.27	0.35	0.41	0.45	0.42	0.40	0.39	0.38
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	36.76	90.96	57.49	62.18	85.46	97.36	82.47	78.65	56.67	67.35	67.07
Fixed Asset Turnover	0.00	0.37	0.00	0.45	0.00	0.57	0.00	0.71	0.00	0.57	0.00
Accounts Payable Turnover	11.57	11.01	9.45	13.35	12.35	12.03	13.24	14.21	16.27	11.12	12.20
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	9.93	4.01	6.35	5.87	4.27	3.75	4.43	4.64	6.44	5.42	5.44
Days Payable Outstanding (DPO)	31.56	33.15	38.64	27.35	29.56	30.33	27.56	25.69	22.44	32.82	29.92
Cash Conversion Cycle (CCC)	-21.63	-29.13	-32.30	-21.48	-25.28	-26.58	-23.13	-21.05	-16.00	-27.40	-24.48
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	196	202	222	232	205	212	215	216	247	244	263
Invested Capital Turnover	0.34	0.71	0.66	0.73	0.49	0.53	0.58	0.58	0.54	0.51	0.48
Increase / (Decrease) in Invested Capital	0.00	202	222	232	9.36	9.42	-7.31	-15	42	32	48
Enterprise Value (EV)	0.00	776	726	654	647	620	672	642	691	735	761
Market Capitalization	0.00	225	176	118	115	61	106	103	102	111	111
Book Value per Share	($7.24)	($7.78)	($6.98)	($5.72)	($6.04)	($6.41)	($6.41)	($5.81)	($6.17)	($6.80)	($6.72)
Tangible Book Value per Share	($7.57)	($8.11)	($7.64)	($6.31)	($6.54)	($6.90)	($6.91)	($6.29)	($6.65)	($7.28)	($7.18)
Total Capital	234	219	245	275	258	243	246	281	278	253	270
Total Debt	207	206	206	205	205	204	204	203	213	219	236
Total Long-Term Debt	205	204	204	203	202	202	201	200	212	216	233
Net Debt	169	190	183	163	152	172	173	139	182	210	229
Capital Expenditures (CapEx)	3.01	1.27	0.93	1.37	1.02	2.64	1.25	6.63	71	5.99	3.20
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-16	-8.90	-6.48	12	-10	-4.18	0.56	4.02	-6.76	-8.20	9.30
Debt-free Net Working Capital (DFNWC)	22	7.17	16	55	43	27	31	68	25	0.80	17
Net Working Capital (NWC)	20	5.14	14	53	40	25	29	66	24	-2.12	14
Net Nonoperating Expense (NNE)	13	9.37	6.65	5.52	7.61	8.43	3.17	5.48	1.84	14	4.71
Net Nonoperating Obligations (NNO)	169	190	183	163	152	172	173	139	182	210	229
Total Depreciation and Amortization (D&A)	1.10	1.48	2.25	12	2.94	2.23	4.27	8.45	1.62	2.57	5.39
Debt-free, Cash-free Net Working Capital to Revenue	-24.06%	-12.38%	-8.85%	14.38%	-10.64%	-3.84%	0.44%	3.10%	-5.50%	-7.09%	8.05%
Debt-free Net Working Capital to Revenue	32.82%	9.97%	21.93%	65.00%	43.19%	25.21%	24.85%	52.67%	20.05%	0.69%	14.32%
Net Working Capital to Revenue	29.68%	7.15%	19.10%	62.48%	40.99%	23.16%	22.87%	50.70%	19.29%	-1.83%	11.90%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.87)	$0.00	($0.33)	$0.39	($0.32)	($0.41)	($0.12)	$0.50	($0.39)	($0.69)	($0.13)
Adjusted Weighted Average Basic Shares Outstanding	45.27M	0.00	48.33M	52.93M	50.52M	53.81M	53.88M	54.64M	54.28M	55.29M	56.44M
Adjusted Diluted Earnings per Share	($0.07)	$0.00	($0.33)	$0.31	($0.24)	($0.41)	($0.12)	$0.37	($0.26)	($0.69)	($0.13)
Adjusted Weighted Average Diluted Shares Outstanding	77.53M	0.00	48.33M	87.96M	50.52M	53.81M	53.88M	92.11M	54.28M	55.29M	56.44M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	53.16M	0.00	53.17M	54.05M	54.22M	54.72M	55.53M	55.54M	55.92M	57.64M	58.83M
Normalized Net Operating Profit after Tax (NOPAT)	-18	-11	-3.33	23	-5.24	-7.11	3.47	27	-13	-18	4.21
Normalized NOPAT Margin	-1,635.33%	-194.59%	-25.58%	35.66%	-33.61%	-45.42%	11.30%	40.25%	-155.66%	-207.78%	13.80%
Pre Tax Income Margin	-2,809.30%	-364.50%	-80.41%	42.39%	-84.29%	-97.71%	1.59%	49.61%	-175.00%	-367.43%	-1.65%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-4.18	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	-3.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	-4.68	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	-3.50	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	-0.61%	-1.54%	-2.97%	-6.46%	0.00%	-45.54%	0.00%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

Bridger Aerospace Group’s second-quarter 2026 results show a sharp seasonal recovery in revenue and operating profitability, but the company continues to face significant cash burn, debt dependence and negative common equity. The company generated $30.5 million of revenue in Q2 2026, up substantially from $8.5 million in Q1 2026 and broadly in line with the $30.8 million reported in Q2 2025. However, results remain highly seasonal, with Q3 2025 revenue reaching $67.9 million compared with $8.5 million in Q4 2025.

Revenue rebounded strongly from the first quarter. Q2 2026 revenue increased approximately 258% sequentially to $30.5 million, reflecting the company’s seasonal operating pattern.
Operating profitability improved significantly. Gross profit was $11.3 million in Q2 2026, compared with a gross loss of $8.5 million in Q1. Operating income also improved from a $25.3 million loss to $6.0 million of income.
Q2 2026 margins were positive despite higher costs. Gross margin was approximately 37%, while operating margin was approximately 20%. This compares with negative margins in Q1 2026 and Q1 2025.
Property and equipment investment has expanded the asset base. Net property, plant and equipment increased from $179.7 million in Q3 2025 to $220.7 million in Q2 2026, supporting the company’s aircraft and operating capacity, although the investment has required substantial cash.
Results remain highly seasonal. The company has produced much stronger revenue and operating cash flow in third-quarter periods, while first- and fourth-quarter results have generally been weak. Investors should avoid annualizing Q2 results without accounting for this pattern.
Receivables are a significant component of liquidity. Note and lease receivables increased to $20.5 million in Q2 2026 from $6.8 million in Q1. These balances provide potential liquidity, but they are less immediately available than cash.
Operating cash flow remained deeply negative. Q2 2026 operating cash flow was negative $15.7 million, following negative cash flow of $21.1 million in Q1. This compares with positive operating cash flow of $1.4 million in Q2 2025 and $41.0 million in Q3 2025.
Cash declined despite new borrowing. Cash and equivalents fell from $9.0 million at the end of Q1 2026 to $7.2 million at the end of Q2. The company issued $18.0 million of debt during the quarter, but still reported a $1.8 million decline in cash after operating and investing outflows.
Leverage remains elevated. Short- and long-term debt totaled approximately $236.0 million at June 30, 2026, including $233.1 million of long-term debt. Long-term debt increased from $215.9 million at the end of Q1, indicating continued reliance on financing to support operations.
Common shareholders continued to absorb losses. Consolidated net loss improved to $498,000 in Q2 2026 from a $31.3 million loss in Q1, but $7.1 million of preferred dividends resulted in a $7.6 million net loss attributable to common shareholders, or a loss of $0.13 per share.
The balance sheet shows substantial negative common equity. Common equity was negative $387.1 million in Q2 2026, compared with negative $380.1 million in Q1. Retained earnings were negative $456.9 million, highlighting the cumulative impact of prior losses.

Overall, the latest quarter demonstrates that Bridger Aerospace can generate positive operating earnings during stronger seasonal periods. Nevertheless, the improvement has not yet translated into consistent free cash flow or profitability for common shareholders. The most important trends to monitor are whether third-quarter seasonal revenue can produce sustained positive operating cash flow, whether debt growth moderates, and whether the company can reduce its accumulated deficit and dependence on external financing.

10/14/26 08:46 PM ETAI Generated. May Contain Errors.

Bridger Aerospace Group Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Bridger Aerospace Group's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Bridger Aerospace Group's net income appears to be on an upward trend, with a most recent value of $4.14 million in 2025, compared with -$42.13 million in 2022. The previous period was -$15.57 million in 2024. View Bridger Aerospace Group's forecast to see where analysts expect Bridger Aerospace Group to go next.

Bridger Aerospace Group's total operating income in 2025 was $15.40 million, based on the following breakdown:

Total Gross Profit: $51.68 million
Total Operating Expenses: $36.28 million

Over the last 3 years, Bridger Aerospace Group's total revenue changed from $46.39 million in 2022 to $122.83 million in 2025, a change of 164.8%.

In the past 9 quarters, Bridger Aerospace Group's cash and equivalents has ranged from $6.78 million in Q1 2024 to $55.12 million in Q3 2025, and is currently $7.24 million as of their latest financial filing in Q2 2026.

Bridger Aerospace Group had total debt of $213.31 million at the end of 2025, a 4.2% increase from 2024, and a 2.6% increase since 2022.

Over the last 3 years, Bridger Aerospace Group's book value per share changed from -10.27 in 2022 to -6.17 in 2025, a change of 39.9%.

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Financial statements for NASDAQ:BAER last updated on 8/7/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Bridger Aerospace Group (BAER) Financials

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Bridger Aerospace Group (BAER) Financials

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