Bombardier’s adjusted EPS came in slightly above estimates. But record services revenue and a second increase to its 2026 free cash flow outlook made the quarter more notable than the small earnings beat alone.
Bombardier Inc. (TSX: BBD.B) reported third-quarter 2026 results after markets closed on November 4. Adjusted EPS was US$1.72, compared with the calendar estimate of US$1.68, a 2.38% beat. Revenue rose 3% year over year to US$2.4 billion, while services revenue reached a quarterly record of US$701 million. The company also raised its 2026 free cash flow outlook to more than US$1.3 billion.
Recent earnings trend
Bombardier Inc Series B
BBD-B.TO
BBD-B.TO
Bombardier Inc Series B
WealthAwesomeMarket cap
$58.98B
P/E
24.2x
52W high
$377.77
52W low
$200.50
1W change
-3.06%
Beta
2.15
Analyst Price Targets
Based on analyst covering BBD-B · as of Nov 9, 2026
Wall Street analysts forecast BBD-B stock price to rise 15.2% over the next 12 months.
Consensus
BullishBased on avg. target vs last close (formal rating unavailable for Canadian listings)
Avg. Target
C$365.31
+15.2% Upside
Previously C$356.32 on Nov 6, 2026
Current Price
C$317.02
Last close
Targets are snapshotted when they change. Unchanged figures keep their original date. Not financial advice.
Wealth Awesome Price Forecast
WA ModelStatistical 90-day price range based on BBD-B's historical volatility
30-Day Vol
47.0%
Annualized
90-Day Vol
43.8%
Annualized
Trend (90d)
-34.3%
Annualized drift
90d Mean
C$280.50
Expected price
| Horizon | Expected | 68% Range (1σ) |
|---|---|---|
| 30 trading days | C$304.35 | C$258.76 – C$357.97 |
| 60 trading days | C$292.18 | C$232.26 – C$367.56 |
| 90 trading days | C$280.50 | C$211.77 – C$371.54 |
Methodology: Range is calculated using 30-day realized volatility via geometric Brownian motion (log-normal model). 68% band = ±1σ, 95% band = ±2σ. This is a statistical model, not a prediction. Past volatility does not guarantee future results. Not financial advice.
Analyst coverage: 10 analyst(s) cover this name; upcoming EPS consensus is available.
Beat estimates in 4 of the last 4 comparable quarter(s).
| Fiscal period | Report date | Actual EPS | Estimate | Surprise |
|---|---|---|---|---|
| 2026-12-31 | 2027-02-11 | — | 4.1500 | — |
| 2026-09-30 | 2026-11-04 | 1.7200 | 1.6800 | +2.4% |
| 2026-06-30 | 2026-07-29 | 2.5000 | 1.3300 | +88.0% |
| 2026-03-31 | 2026-04-30 | 1.8100 | 0.7700 | +135.1% |
| 2025-12-31 | 2026-02-12 | 4.8000 | 3.4000 | +41.2% |
| 2025-09-30 | 2025-11-06 | 1.2100 | 1.4100 | -14.2% |
Investor takeaway: The EPS beat was modest, but several operating measures improved. Services revenue grew 19%, adjusted EBITDA margin rose to 16.1%, and backlog reached US$22.2 billion. Bombardier raised its free cash flow outlook for the second time this year. Investors should also consider supply-chain pressures, flat aircraft deliveries and the difference between adjusted and reported earnings. For more company details, visit the Bombardier stock page.
US$701 million in quarterly services revenue
Services revenue rose 19% from a year earlier, setting a quarterly record and topping US$700 million for the first time. The growth helped lift adjusted EBITDA margin to 16.1% from 15.4%. Supply-chain issues and higher selling, general and administrative expenses (SG&A) remained challenges.
Bull case
Record services revenue, a quarterly book-to-bill ratio of 1.7 times and a growing US$22.2-billion backlog point to solid demand and recurring aftermarket work. Adjusted EBITDA rose 7% to US$382 million, and its margin increased by 70 basis points from a year earlier. Free cash flow reached US$183 million for the quarter, and management raised its full-year target to more than US$1.3 billion. The balance sheet also improved, with net leverage at 1.5 times and about US$2.4 billion in available liquidity.
Bear case
The EPS beat was just 2.38%, and adjusted results don’t show the full picture. Reported net income fell 5% year over year to US$81 million, while diluted EPS slipped to US$0.73 from US$0.77. Bombardier delivered 33 aircraft, one fewer than a year earlier. Supply-chain constraints continue to weigh on margins by about 150 basis points, and management expects conditions to improve gradually. Higher capital spending and geopolitical uncertainty also pose risks to execution and cash flow.
Analysis
Bombardier reported adjusted EPS of US$1.72 for the quarter ended September 30, compared with the calendar estimate of US$1.68. That’s a 2.38% surprise, and an increase from US$1.21 a year earlier. Reported diluted EPS, a separate measure, was US$0.73, down from US$0.77 in Q3 2025. Reported net income fell 5% to US$81 million, while adjusted net income rose 41% to US$182 million.
Revenue increased 3% to US$2.4 billion. Services stood out, bringing in a record US$701 million, up 19% year over year. Bombardier delivered 33 aircraft, one fewer than in the same quarter last year. Adjusted EBITDA rose 7% to US$382 million, and its margin grew to 16.1% from 15.4%. Reported EBIT increased 17% to US$266 million, with its margin up 140 basis points.
Demand indicators were strong. The quarterly unit book-to-bill ratio was 1.7 times, and backlog reached US$22.2 billion at September 30, up US$4.7 billion from the end of 2025. Free cash flow rose 20% year over year to US$183 million. For the first nine months of the year, it totalled US$771 million, compared with cash usage of US$316 million over the same period in 2025. Bombardier raised its 2026 free cash flow outlook for the second time, to more than US$1.3 billion, and kept its other key guidance unchanged.
The earnings trend table and chart show how results have changed from quarter to quarter. In the supplied history, the latest result extends a run of four consecutive comparable-quarter EPS beats. Investors can follow Bombardier’s results and financial details on the BBD.B stock page.
Analysis
The clearest positive was the growth in services. A larger installed fleet and expanding service network can bring repeat business beyond new aircraft deliveries. The record revenue suggests services are becoming a larger part of Bombardier’s business. The company also said its product support network again ranked No. 1 in leading-industry surveys.
Cash generation and backlog support the outlook, but execution risks remain. Available liquidity was about US$2.4 billion, including US$1.6 billion in cash. Net leverage improved to 1.5 times, meeting the company’s stated long-term target. However, management said supply-chain constraints remain an industry-wide issue, with an estimated 150-basis-point impact and only gradual improvement expected. Higher SG&A also offset some gains from services and lower research and development expenses.
For Canadian investors, figures are in U.S. dollars unless noted otherwise. The supplied market data lists BBD.B’s last close at C$317.02, market capitalization at about C$58.98 billion and P/E ratio at 24.2. These share-price and valuation figures are separate from Bombardier’s U.S.-dollar earnings report.
Analysis
Analyst price targets: The supplied analyst data shows an average target of C$365.31, compared with the last close of C$317.02. That implies 15.2% upside. The consensus label is Bullish, based on the average target relative to the last close. A formal rating isn’t available for this Canadian listing. See the analyst ratings section for details.
Wealth Awesome price forecast: The statistical 90-day model gives a mean forecast of C$280.50. Its 68% range is C$211.77 to C$371.54, and its 95% range is C$159.88 to C$492.13. The model’s mean forecasts for 30, 60 and 90 days are C$304.35, C$292.18 and C$280.50. It reports annualized drift of -34.3% and 30-day volatility of 47.0%. This is a statistical model, not financial advice or a price target. Review the price prediction section alongside your own research.
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