Bombardier 2025 Review: Turnaround Completed, Time To Go On The Offensive

Bombardier has completed its turnaround, with 2025 revenue up 10% to $9.5 billion and adjusted EBITDA up 15% to $1.559 billion. The company has a strong backlog of $17.5 billion and is expected to generate over $800 million in free cash flow in 2026. With a declining debt load and a focus on M&A in services and defense, Bombardier is well-positioned for future growth. The author is bullish on the stock, expecting a 15% IRR.