Blue Bird Corporation
blue-bird.comWhat Do They Do?
Builds and sells alternative-powered school buses to school systems, fleet operators and government buyers, alongside diesel buses and replacement parts.
10-K for FY2025, filed Nov 24, 20251.Alternative Power Initiatives — We believe Blue Bird is the clear leader in alternative powered school buses (defined as buses that do…View ↗
Electric — Blue Bird is the first major school bus manufacturer to market, and we believe is presently the clear leader in, electric bus…View ↗
2.Diesel — Blue Bird works closely with Cummins on diesel engines, which continue to be the power source for the majority of buses sold in…View ↗
Our buses are sold through an extensive network of 44 U.S. and Canadian dealer locations that, in their territories, are exclusive to our…View ↗
In fiscal 2025, we sold approximately 92.6% of our vehicles through our U.S. and Canadian dealer network, currently consisting of 44 dealer…View ↗
Parts are key for routine maintenance, replacement of parts that are damaged in service, and replacement of parts that suffer from wear and…View ↗
How Do They Make Money?
Customers buy buses and parts through one-time sales; bus sales are generally tied to delivery, or to a completed bus ready for pickup after it has been paid for and title transferred. Extended-warranty income is spread over the contract term.
10-K for FY2025, filed Nov 24, 2025
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10-K for FY2025, filed Nov 24, 2025
FY2025 revenue by product or service ↗
$1.5B
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10-K for FY2025, filed Nov 24, 2025
$1.5B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Diesel buses
Sold outright
10-K for FY2025, filed Nov 24, 2025 |
35%
FY2022: 35%
|
Diesel buses, FY2025
$523.4M Sources
|
Sold outright |
|
Alternative fuel buses
Sold outright
10-K for FY2025, filed Nov 24, 2025 |
54%
FY2022: 51%
|
Alternative fuel buses, FY2025
$798.4M Sources
|
Sold outright |
|
Other
|
3.9%
FY2022: 5.2%
|
Other, FY2025
$58.1M Sources
|
|
|
Parts
Sold outright
|
6.8%
FY2022: 9.3%
|
Parts, FY2025
$100.2M Sources
|
Sold outright |
Who Are Their Customers?
School systems and smaller school-bus contractors generally buy through dealers; large fleet operators and government buyers can buy directly. Dealers and some large fleets also buy replacement parts.
10-K for FY2025, filed Nov 24, 2025In fiscal 2025, we sold approximately 92.6% of our vehicles through our U.S. and Canadian dealer network, currently consisting of 44 dealer…View ↗
Fleet Operators. We also sell school buses directly to large national fleets that span multiple states and such sales are managed…View ↗
U.S. Government; Other Specialty Sales. We also sell buses through our U.S. GSA contract, an expedited procurement procedure designed to…View ↗
We manage our business in two operating segments, both of which are reportable segments: (i) the Bus segment, which includes the…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 9 cents of every revenue dollar as net income in FY2025 and turned 10 cents into free cash flow.
10-K for FY2025, filed Nov 24, 2025
$167.2MView ↗
10-K for FY2025, filed Nov 24, 2025
$127.7MView ↗
10-K for FY2025, filed Nov 24, 2025
$153.3MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q3 FY2026, filed Aug 5, 2026
$185.3MView ↗
- ▲ +408%
- vs $36.5M in Q3 FY2025
10-Q for Q3 FY2026, filed Aug 5, 2026
Open tableView ↗
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Aug 5, 2026
Agreed with Ford to design and sell commercial stripped chassis
Blue Bird also agreed to acquire Detroit Chassis assets; production of the next-generation chassis is planned to begin early in 2028.
Sources
8-K, filed Aug 5, 2026
The collaboration between Ford and Blue Bird is expected to build on the complementary strengths of both organizations and support the…View ↗
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Aug 5, 2026
Raised full-year adjusted EBITDA guidance
New guidance sets net revenue at ~$1.75 Billion and adjusted EBITDA at ~$247 million.
Sources
8-K, filed Aug 5, 2026
The updated 2026 Guidance is Net Revenue at ~$1.75 Billion and Adj. EBITDA to ~$247 million. Additionally, we are raising our long-term…View ↗
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Apr 2, 2026
Acquired the remaining Micro Bird stake, taking full ownership
Blue Bird fully owns Micro Bird, bringing its operations under one brand and team.
Sources
8-K, filed Apr 2, 2026
On April 1, 2026, Blue Bird completed its acquisition of the remaining 50% of its Micro Bird joint venture enterprise pursuant to the…View ↗
Growing. Revenue grew 2.2x in 4 years, from $684M in FY2021 to $1.5B in FY2025, about 21% a year.
Commercial bus production
The earlier report describes Micro Bird's smaller school buses; the latest report adds small and mid-size commercial buses produced at its new facility.
10-K for FY2022, filed Dec 12, 2022 10-K for FY2025, filed Nov 24, 2025The Blue Bird Micro Bird by Girardin Type A bus is produced through Micro Bird Holdings, Inc., an unconsolidated Canadian joint venture…View ↗
In September 2025, Micro Bird opened a facility in Plattsburgh, New York, and began producing small and mid-size commercial buses. Similar…View ↗
Who Do They Compete With?
Competes with Thomas Built Bus and IC Bus
10-K for FY2025, filed Nov 24, 2025The U.S. and Canadian school bus industry is highly competitive. Our two principal competitors are Thomas Built Bus and IC Bus. Thomas…View ↗
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