Bombardier weighs higher output and a possible new jet on $22.2 billion backlog

What Bombardier reported

Bombardier reported $2.37 billion in revenue for the three months to 30 September, 3% more than a year earlier. Its services arm brought in a record $701 million, up 19% and 29% of the total. Aircraft deliveries slipped to 33 from 34. That included 12 Challengers, one fewer than a year earlier, and 21 Globals, the same as last year.

A book-to-bill ratio of 1.7 means Bombardier took net orders for 1.7 aircraft for every one it delivered in the quarter. CEO Éric Martel has cited the backlog as the reason to consider building more, and said the supply chain will decide how fast output can rise.

Services now bring in 29% of revenue. Bombardier has spent years expanding its maintenance footprint worldwide, and the segment grew 19% on that build-out.

Profitability improved even as deliveries dipped. Adjusted EBITDA came to $382 million, up 7%, and the margin widened to 16.1% from 15.4%. Reported net income fell to $81 million from $85 million, a gap AeroTime attributes largely to a $94 million loss on certain financial instruments that Bombardier leaves out of adjusted earnings. Adjusted net income rose 41% to $182 million.

The backlog is the number that matters

The order book stood at $22.2 billion on 30 September, up from $21.8 billion at the end of June and $4.7 billion higher than at 31 December. Unit book-to-bill was 1.7 in the quarter and 2.1 across the first nine months, Air Data News reported, meaning more than two orders for every jet delivered so far this year. Most of the increase came earlier in the year, according to Biggo Finance.

Measured against the $17.5 billion backlog at the end of 2025, the $22.2 billion figure is a rise of about 27%. Biggo Finance put the gain at 34%, which does not match its own starting figure; Air Data News calculated 27%.

Bombardier is the second-largest business jet manufacturer by revenue behind Gulfstream, with a 20% market share according to S&P Global figures cited in coverage of the results. The Global 8000, first delivered last December, recorded a higher book-to-bill than the group average.

Cash flow guidance raised again

Bombardier lifted its 2026 free cash flow forecast to more than $1.3 billion from about $1 billion. It is the second increase this year: on 30 April the company raised an initial $600 million target to more than $1 billion.

Third-quarter free cash flow was $183 million, up 20%, taking the nine-month total to $771 million. Debt fell by $1.1 billion over the same period. Bombardier reaffirmed its other 2026 targets: more than 157 deliveries, revenue above $10 billion and adjusted EBITDA above $1.625 billion.

More aircraft, and maybe a new one

Martel told analysts on 5 November that Bombardier is giving "strong consideration" to raising rates. On a later call with reporters he named the Challenger 3500 as the clearest candidate, saying the company has "years and years" of backlog for it. About half the capital budget will go to product improvements, "which could include a new airplane," he said.

Capacity is being rearranged to make room. A Montreal facility due by the end of 2027 will take over interior completion work for the Global 5500 and Global 6500, freeing space for the Challenger 3500. The acquisition of MHI Canada Aerospace's Mississauga operations, expected to close by year-end, brings wing production for the Challenger 3500, Global 5500 and Global 6500 in-house. Bombardier is also discussing the future of the Short Brothers site in Belfast with Boeing, whose Short Brothers subsidiary has about 2,400 employees there and still supplies components for Bombardier aircraft. Any decision on a new aircraft will hinge on competitor moves, customer requirements and available technology, Martel said.

Bombardier sold its aerostructures business, including Belfast, Casablanca and Dallas, to Spirit AeroSystems in 2020, receiving US$275 million in cash at closing. Boeing bought Spirit in December 2025, and the Northern Ireland operation became Short Brothers, a Boeing company.

What happens next

Bombardier delivered 89 aircraft in the first nine months, four fewer than a year earlier, and needs at least 69 in the fourth quarter to beat the 157 handed over in 2025. That would exceed the 64 delivered in the same quarter last year. CFO Bart Demosky said teams are managing "an active Q4 delivery schedule".

Martel said the company is entering the final stretch of 2026 with "solid visibility on all remaining deliveries". He described demand as sturdy across North America, Europe and Asia, with the Middle East the only region showing a slowdown. A large share of that demand comes from private charter operators, a segment Bombardier began courting about three years ago.