For 1987, there were two distinct Firebord models, along with a pair of new option packages. The S/E was dropped from the line, leaving the Firebird and Trans Am as the two remaining models.

A new option package for the base coupe was the Formula package. The Formula package could be had two different ways. Checking the W61 box got the buyer the basic Formula package, while the W63 package netted the buyer all the Formula goodies, plus an array of power options. Formulas all came with a domed hood, body color "aero-wing" spoiler, and "Formula" stickers on the doors. The 165hp LG4 305 4 barrel V8 was standard, as was the WS6 suspension package, which included P245/50/VR16 Goodyear Eagle GTs.

The other new option package for '87 was the legendary Trans Am GTA. This was Pontiac's attempt to make a true GT car out of the Firebird. A monochromatic paint scheme, WS6 suspension package, B2L 210hp 350 TPI V8 and limited-slip rear end were all standard, along with a host of luxury items.

Standard, base coupe: LB8 2.8 litre MPFI V6, 135hp

Optional, base coupe, standard Formula and Trans Am: LG4 305 4 barrel V8, 155hp in base and Formula, 165hp in T/A

Optional, Formula and Trans Am: LB9 305 TPI V8, 205hp

Optional, Formula, Trans Am, standard GTA: B2L 350 TPI V8, 210hp (11,380 produced)