Bell delivered 32 commercial helicopters in the second quarter, matching deliveries from the same period last year. Meanwhile, the company’s revenues surged 28% to $1 billion, driven by the rapidly expanding MV-75 military program, formerly known as Future Long Range Assault Aircraft.
The rotorcraft manufacturer’s revenue increase of $222 million from second-quarter 2024 was driven by higher military revenues of $149 million, primarily due to higher volume from the U.S. Army’s MV-75 program. Commercial revenues also climbed by $73 million, primarily due to the mix of aircraft sold, according to David Rosenberg, CFO of parent company Textron Inc.
However, segment profit of $80 million was down $2 million from the same quarter last year, primarily reflecting higher research and development costs that were partially offset by higher volume and mix. Bell’s backlog at the end of the second quarter was $6.9 billion.
MV-75 Program Gains Momentum
During the quarter, the U.S. Army’s decision to accelerate the MV-75 tiltrotor program provided the most significant development for Bell. “On the military side, the U.S. Army announced its intention to accelerate the MV-75 program and also announced that the 101st Airborne will be the first division to operate the MV-75,” Textron Inc. chairman and CEO Scott Donnelly said during Thursday’s earnings call.
Bell delivered two MV-75 virtual prototypes to the army during the quarter. “These simulators will be used to support the training and development of tactics, techniques, and procedures, leveraging the tiltrotor’s significant performance benefits in advance of fielding aircraft,” Donnelly explained.
When asked about the production timeline, Donnelly indicated that the acceleration could pull forward the transition from engineering and manufacturing development (EMD) to low-rate initial production (LRIP) by approximately 18 months. “We’re now pulling that forward, and the intent is to basically be able to smoothly transition from that last EMD aircraft into the first of the LRIP,” he said.
Deliveries Show Mixed Results
Bell’s commercial helicopter deliveries remained flat at 32 units but showed some shifts in product mix. The quarter’s deliveries included seventeen 505s, down from 19 in the second quarter of 2024, eight 407s compared to nine last year, four 429s versus three in 2024, and three 412s, up from one in the previous year.
Military deliveries totaled three aircraft in the quarter, consisting of three V-22s, a significant decline compared to the 11 V-22s and two H-1s delivered in the second quarter of 2024.
“During the quarter, Bell received an order for 12 Bell 412 EPXs from the Tunisian Air Force. The delivery is expected to begin in early 2027,” Donnelly announced.
Bell made progress on next-generation aircraft development beyond the MV-75 program. “Bell was recently down-selected as the sole company for the next phase of DARPA’s Speed and Runway Independent Technologies X-plane program,” Donnelly reported. “During this next phase, Bell will design, construct, and perform ground testing of an X-plane demonstrator.”
On the commercial side, research and development spending is “largely focused around the 525 and completing that program. On the military side, it’s really focused around the R&D programs that we need to execute to support the development of the high-speed VTOL program.”
Regarding the long-awaited Bell 525 certification, Donnelly remained cautious about providing specific timelines. “It’s hard for us to comment. Obviously, that’s very much an FAA process at this stage of the game. I like to think we’re in the last stages here,” he said, noting ongoing documentation exchanges with the FAA.
Electric Aviation
Textron’s eAviation segment, which includes electric and hybrid aircraft development, continued flight testing of the Nuuva V300 during the quarter. “At eAviation, the Nuuva V300, a long-range, large-capacity hybrid electric VTOL unmanned aircraft, continued its flight test program and made its debut at the Paris Air Show in June,” Donnelly reported.
However, when asked about the certification timeline for commercial applications, Donnelly was realistic about the challenges ahead. “Right now, on a commercial basis, I see no pathway to how you certify these kinds of aircraft, so I certainly wouldn’t expect something that could happen anywhere near this year or next year.”
Despite certification challenges, the program is generating military interest. “I do think we see some interest [in] some military applications, given the range and the payload capability of this craft compared to others; I think we could have a real advantage there,” Donnelly noted.
The eAviation segment reported revenues of $8 million in the second quarter of 2025, compared to $9 million in last year’s second quarter, with a segment loss of $16 million versus $18 million in the second quarter of 2024.