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Stantec (STN) investor relations material
Stantec Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary14 Nov, 2025
Executive summary
Net revenue reached $1.7 billion (CAD 1.7 billion), up 11.8%–12% year-over-year, with strong organic (5.6%) and acquisition (5.2%) growth across all regions and business units, supported by global trends in water, transportation, energy transition, and mission-critical sectors.
Adjusted EBITDA rose 17.8% to $323.4 million, achieving a record 19% margin, and adjusted EPS increased 17.7% to $1.53.
Backlog grew 14.9% to $8.4 billion, representing about 13 months of work and reflecting robust demand and project wins.
Strong cash flow from operations, up 76.6% to $315.9 million in Q3, with year-to-date operating cash flows at $551 million.
Financial highlights
Gross revenue for Q3 was $2.1 billion, net revenue $1.7 billion, up 11.8% from Q3 2024.
Project margin was 54.4% of net revenue, with adjusted net income up 17.7% to $174.1 million (10.2% of net revenue).
DSO improved to 73 days, down four days from year-end 2024.
Net debt-to-adjusted EBITDA at 1.5x, within the target range of 1.0x–2.0x.
Year-to-date net revenue up 10.6% to $4.9 billion; adjusted EBITDA up 17.2% to $860.1 million.
Outlook and guidance
Net revenue growth for 2025 expected at 10%–12%, with adjusted EBITDA margin guidance raised to 17.2%–17.5%.
Adjusted EPS growth for the year projected at 18.5%–21.5%; adjusted ROIC expected above 12.5%.
Adjusted net income margin expected above 8.8%; effective tax rate expected between 23.5% and 24.5%.
Guidance reflects recent acquisitions and does not assume further M&A or share-based compensation revaluation.
Positive momentum anticipated into 2026, with strong demand drivers across all regions and sectors.
Elaborate on US public sector procurement delays.
Sustainability of higher EBITDA margin drivers?
How does Page acquisition advance strategic plan?
Key drivers for North American Water business growth
How will the $7.5B 2026 revenue target be met
Reconcile flat US backlog with 2026 growth outlook
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Frequently asked questions
Stantec Inc provides engineering, architecture, and environmental consulting services. The company supports infrastructure, buildings, energy, and water projects from planning through design and project management. It serves public and private clients across North America and globally. The company is headquartered in Edmonton, Canada, and its shares are listed on the TSX.
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