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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
NFI Group
NFI Group (NFI) investor relations material
NFI Group Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary6 Nov, 2026
Executive summary
Q3 revenue rose 14.5% to $1,007.4M; Adjusted EBITDA increased 34.3% to $108.7M, and Adjusted Net Earnings were $35.4M. LTM Adjusted EBITDA reached $420.1M.
Backlog totaled $12.5B; liquidity reached $661.1M and total leverage improved to 2.79x.
Financial highlights
Gross profit increased 231.1% to $149.9M, or 14.9% of revenue; the prior-year period included a battery recall provision.
Free Cash Flow was $41.2M versus $14.8M a year earlier; net cash used in operating activities was $48.0M versus $83.9M generated in Q3 2025.
Reported net earnings were $0.1M versus a $140.9M loss; Adjusted Net Earnings were $35.4M versus $12.1M, and adjusted EPS was $0.2970.
Deliveries totaled 1,113 equivalent units, essentially flat YoY; closing backlog comprised 7,164 firm units and 7,343 options.
Outlook and guidance
FY2026 revenue guidance remains $4.0B–$4.2B; Adjusted EBITDA guidance increased at the low end from $385M to $395M, with the high end unchanged at $415M. Cash capex guidance remains $55M–$65M.
Guidance reflects known U.S. and Canadian tariffs as of Nov. 5, 2026, but excludes potential future tariffs and trade measures.
Growth in revenue, gross profit, Adjusted EBITDA, Free Cash Flow and ROIC is expected, supported by backlog conversion, higher North American deliveries, aftermarket growth and improved international cost structure.
Q4 is expected to be one of the strongest quarters; delivery timing, customer acceptance, supply, product mix and tariff management remain variables.
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Latest events from NFI Group
- Q2 2026 delivered strong growth, record aftermarket results, and raised full-year guidance.NFI
Q2 2026 - Record results, board renewal, and facility expansions drive growth and innovation.NFIAGM 2026
- Record revenue and EBITDA growth, robust backlog, and strong 2026 outlook amid tariff risks.NFIQ4 2025
- Strong Q3 growth and liquidity offset by major battery recall; record Q4 EBITDA expected.NFIQ3 2025
- Adjusted EBITDA up 19.2% year-over-year; backlog and liquidity both saw significant gains.NFIQ2 2025
- Record backlog, margin gains, and ZEB growth highlight Q3 2024 despite supply chain risks.NFIQ3 2024
- Q2 2024 delivered strong revenue, positive earnings, and record ZEB and aftermarket growth.NFIQ2 2024
- Record backlog, strong ZEB growth, and margin gains drive robust Q1 2025 results.NFIQ1 2025
- Record backlog, profitability gains, and strong demand set the stage for 2025 growth.NFIQ4 2024
Next NFI Group earnings date
Q4 202611 Mar, 2027
NFI Group
Next NFI Group earnings date
Q4 202611 Mar, 2027
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Frequently asked questions
NFI Group Inc., manufactures and sells buses in North America, the United Kingdom, Europe, the Asia Pacific, and internationally. The company operates through two segments, Bus and Coach; and Motorcoach. It provides low floor transit buses and commuter coaches under the New Flyer brand; mid-sized transit buses under the ARBOC brand; heavy-duty transit buses under the MCI brand; and motorcoaches for charter and tour applications under the Prevost brand. NFI Group Inc.'s buses range from 18 to 60 feet in length.