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Bridger Aerospace Group Holdings (BAER) earnings and revenue breakdown

Latest: Q2 2026 · 10-Q filed Aug 6, 2026 · Bridger Aerospace Group Holdings (BAER) Q2 2026 earnings results →

Q2 2026 Revenue down 1% year over year to $30.5M · 2¢ of every $1 of revenue lost · operating margin -1.6%

Bridger Aerospace Group Holdings made $30.5M in Q2 2026 (-0.8% Y/Y). Operating margin -1.6%, net loss $498K. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 6, 2026.

Revenue$30.5M
Year over year-0.8%
Operating margin-1.6%
Net earnings−$498K
Operating cash flow−$15.7M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $30.5M in Q2 2026, down 1% year over year and up 258% from the previous quarter.

Gross margin was 37.1%, down 2.1 points from Q2 2025. Operating costs exceeded revenue by $503K, an operating margin of -1.6%. Operating expenses grew 81% against a revenue fall of 1%. The quarter ended with a net loss of $498K, narrower than the previous quarter's $31.3M loss.

Operating cash flow was −$15.7M. Non-cash charges added back $4.8M of depreciation and amortization. Working capital and other items used $20.0M. Capital expenditures of $2.8M exceeded it, leaving free cash flow of −$18.5M.

Quarterly history

Bridger Aerospace Group Holdings revenue by quarterBridger Aerospace Group Holdings revenue by quarter$15.6MQ4 2024$15.6MQ1 2025$30.8MQ2 2025$67.9MQ3 2025$8.5MQ4 2025$8.5MQ1 2026$30.5MQ2 2026
Bridger Aerospace Group Holdings net earnings by quarterBridger Aerospace Group Holdings net earnings by quarter−$12.8MQ4 2024−$15.5MQ1 2025$308KQ2 2025$34.5MQ3 2025−$15.1MQ4 2025−$31.3MQ1 2026−$498KQ2 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q2 202610-QAug 6, 2026$30.5M-0.8%-1.6%−$498K−$15.7M
Q1 202610-QMay 8, 2026$8.5M-46%-367.4%−$31.3M−$21.1M
Q4 202510-KMar 6, 2026$8.5M-45%-175.0%−$15.1M−$8.0M
Q3 202510-QNov 7, 2025$67.9M+5%57.5%$34.5M$41.0M
Q2 202510-QAug 8, 2025$30.8M+136%18.0%$308K$1.4M
Q1 202510-QMay 9, 2025$15.6M+184%-64.9%−$15.5M−$17.7M
Q4 202410-KMar 14, 2025$15.6M14×-48.0%−$12.8M$9.2M

Charts

Bridger Aerospace Group Holdings: revenue growth, year over year and quarter over quarterBridger Aerospace Group Holdings: revenue growth, year over year and quarter over quarterY/YQ/Q+400%Q4 2024+184%+0%Q1 2025+136%+97%Q2 2025+5%+121%Q3 2025-45%-87%Q4 2025-46%0%Q1 2026-1%+258%Q2 2026
Latest (Q2 2026): Y/Y -1%, Q/Q +258%.
Bridger Aerospace Group Holdings: where the cash came from (+) and went (−), TTM to Q2 2026Bridger Aerospace Group Holdings: where the cash came from (+) and went (−), TTM to Q2 2026Capital spending−$85.2MOther investing$45.4MCash drawn (+) / kept (−)$23.6MNet borrowing (+) / repaid (−)$23.5MOperating cash flow−$3.9MOther financing−$3.8MExchange rates$334KAsset & business sales$3K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Bridger Aerospace Group Holdings: profit against cash, quarter by quarterBridger Aerospace Group Holdings: profit against cash, quarter by quarterNet incomeOperating cash flow$27.3M$200KQ3 2024−$12.8M$12.2MQ4 2024−$15.5M−$17.7MQ1 2025$308K$1.4MQ2 2025$34.5M$41.0MQ3 2025−$15.1M−$8.0MQ4 2025−$31.3M−$21.1MQ1 2026−$498K−$15.7MQ2 2026
Latest (Q2 2026): Net income −$498K, Operating cash flow −$15.7M.
Bridger Aerospace Group Holdings: diluted shares by fiscal year (split-adjusted)Bridger Aerospace Group Holdings: diluted shares by fiscal year (split-adjusted)81MFY202278MFY202351MFY202454MFY2025
-32.6% since FY2022: buybacks shrank the count; earlier years scaled for the 2-for-1 split before FY2023.
Bridger Aerospace Group Holdings: long-term debt falling due (FY2025)Bridger Aerospace Group Holdings: long-term debt falling due (FY2025)$2.8M2026$4.4M2027$2.2M2028$2.2M2029$211M2030
Cash $31.4M, short-term investments —, long-term debt $222M at 2025-12-31.
Bridger Aerospace Group Holdings in its industry: growth against margin (87 companies, SIC 7389)Bridger Aerospace Group Holdings in its industry: growth against margin (87 companies, SIC 7389)revenue growth, year over year →↑ operating marginmedian +8%median 7%ACNUBERVMELIMAPYPLFISVDASHAMTMFISGPNEBAYCNXCLYFTBRCPAYFOURRBAMMSTNETAKAMCARTWUCSGPADVMSCIWEXZGCBZETSYFICOTICEXLSCNDTRELYALITMBGLQNSTMAXPAYHQYPAYOPRTHCTEVXMTRFLYWGETYANDGNUTXACVAXBPSEZLIMXILQDTPHRRMNIRPAYRGPSCORJANLCASSAMWLSGRPDHXPAYSOPRXNOTEHGBLPOWWRSSSDVLTPAYDQMCIINVUTGLASFHCJMBOLBXHLDFTFTDBMMCNFNSRCOGBUXWASTBCRDBAER (-1%, -2%)
Services-Business Services, NEC; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Bridger Aerospace Group Holdings

Bridger provides aerial wildfire surveillance, relief and suppression, and aerial firefighting services using next-generation technology and environmentally friendly and sustainable firefighting methods primarily throughout the United States, as well as airframe modification and integration solutions for governmental and commercial customers. Our mission is to deploy the most advanced technologies in aviation to protect lives, property, critical infrastructure, and the environment, delivering these capabilities where they are needed most, from wildfire response to defense and beyond. Through innovation and the use of advanced technology and software, focusing on aerial firefighting, disaster response, government applications and public safety, Bridger aims to set the global standard in aviation services.

In its own words, from its 10-K, filed Mar 6, 2026.

Bridger Aerospace Group Holdings against its Services-Business Services, NEC peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -0.8% against the peers' median +10%. Operating margin: -1.6% against the peers' median 9.8%.

CompanyQuarterRevenueY/YOp. margin
BAER Bridger Aerospace Group HoldingsQ2 2026$30.5M-0.8%-1.6%
ACN AccentureQ4 FY26$18.7B+6%15.3%
UBER Uber TechnologiesQ3 2026$14.8B+10%9.8%
V VisaQ4 FY26$12.1B+13%59.8%
MELI MercadoLibreQ3 2026$10.8B+45%6.3%
MA MastercardQ3 2026$9.8B+14%59.8%
PYPL PayPal HoldingsQ3 2026$8.6B+2%16.3%
FISV FiservQ3 2026$5.2B-1%-105.7%
DASH DoorDashQ3 2026$4.6B+34%9.6%

Source: Bridger Aerospace Group Holdings 10-Q on SEC EDGAR · CIK 1941536 · Services-Business Services, NEC

13F: who owns BAER and who is buying

Largest holders of BAER (13F)Largest holders of BAER (13F)Blackstone$18.5MFirst Manhattan Co. LLC.$11.6MCerity Partners LLC$4.7MVanguard Group$2.4MVanguard Capital Management LLC$2.3MMarshall Wace, LLP$1.7MGeode Capital Management, LLC$627KMill Creek Capital Advisors, LLC$586KPathstone Holdings, LLC$569KBlackRock$560K
Funds' net buying of BAER by quarter (13F)Funds' net buying of BAER by quarter (13F)$532K2024-09−$631K2024-12$829K2025-03$2.9M2025-06$2.3M2025-09$5.1M2025-12$2.3M2026-03$3.0M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on BAER

History

Every quarter: Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results · Q4 2024 results

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