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- **Record Financial Performance**: 2025 revenue ($1.48B) and EBITDA ($221M/15%) set new highs, driven by EV growth (901 units) and disciplined pricing.
- **EV Momentum**: 2026 guidance of 750-1,000 EVs reflects strong state funding and EPA program traction, despite federal uncertainty.
- **Profitability Resilience**: 15%+ EBITDA margin maintained through tariff mitigation, with Q4 gross margin at 21%.
- **New Growth Frontiers**: Commercial chassis project targets 1,000+ units by 2029, complementing core school bus business.
- **Liquidity Strength**: $229M cash and $371M liquidity support expansion plans, with $153M free cash flow in 2025.

**【CEO Summary Section】**
- Blue Bird achieved record fiscal 2025 results, including $1.48 billion in revenue and $221 million in adjusted EBITDA (15% margin), surpassing prior year records.
- Despite tariff-related pricing uncertainty, the company maintained disciplined pricing strategies, with bus selling prices up $8,300 YoY.
- EV sales reached 901 units (9.6% of total volume), supported by EPA funding and state programs. Backlog increased to nearly 4,000 units post-Q4, including 850 EVs.
- Long-term manufacturing investments in automation and new factory development aim to enhance competitiveness and reduce costs.
- Management emphasized navigating tariff volatility to achieve margin-neutral outcomes, with pricing stability extended through June 2026.

**【CFO Financial Commentary】**
- Q4 2025: $409 million revenue (17% YoY growth), $68 million adjusted EBITDA (16.6% margin), and $60 million free cash flow.
- Full year 2025: $1.48 billion revenue, $221 million adjusted EBITDA (15% margin), and $153 million free cash flow (70% of EBITDA).
- Gross margin improved to 20.5% YoY, driven by pricing, operational efficiency, and tariff mitigation.
- Fiscal 2026 guidance: $1.45-1.55 billion revenue, $210-230 million adjusted EBITDA (14.5%-15% margin), with EV sales targeting 750 units (potential upside to 1,000).
- Free cash flow expected at $10-30 million, constrained by $100 million capex for new plant expansion.

**【Q&A Key Highlights】**
- **EV Demand & State Programs**: CFO confirmed 2026 EV guidance of 750 units (850+ backlog) is achievable without relying on EPA Rounds 4-5. State subsidies and mandates are key drivers, with New Jersey's $37 million program illustrative of growing state-level support.
- **Commercial Chassis Progress**: 100 units expected in 2026, with prototypes in testing phase and positive customer feedback. Long-term target: 1,000+ units annually by 2029.
- **Tariff Management**: Pricing stability extended to June 2026; CFO noted 15%+ EBITDA margin achievable despite tariff risks.
- **Competitive Dynamics**: No significant share shifts observed; Blue Bird maintains 56% alt-power market share vs. <1% for peers.
- **Backlog Sustainability**: Q1 2026 order intake aligns with historical trends, suggesting normalization post-tariff volatility.


Blue Bird Corporation (BLBD) Q4 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

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Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

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Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

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Net Interest Expense

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Net Income from Continuing Operations

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Net Income

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Net Income Attributable to Owners of the Company

Preferred Stock Dividends

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Other Comprehensive Income

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Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

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Diluted EPS from Discontinued Operations

BLBD

BLBD fundamentals

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