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Willdan Group (WLDN) investor relations material
Willdan Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Delivered record Q3 2025 results with net revenue up 26% year-over-year and organic growth at 20%, driven by strong execution, broad-based demand, and recent acquisitions.
Margins expanded, with gross margin improving to 36.9% in Q3 2025, and operating margin rising to 8.2%, reflecting operational leverage and favorable revenue mix.
Net income for Q3 2025 was $13.7 million, up 86.8% year-over-year; adjusted EBITDA reached $23.1 million, up 52.5%.
Full-year 2025 financial targets were raised for net revenue, adjusted EBITDA, and adjusted EPS, supported by robust project pipeline and strategic acquisitions.
Well positioned in dynamic, growing markets with strong demand from utilities, data centers, and governments.
Financial highlights
Q3 2025 contract revenue was $182 million, up 15% year-over-year; net revenue reached $95 million, up 26%.
Gross profit for Q3 2025 was $67.1 million, up 30% year-over-year; operating income increased 71.3% to $14.9 million.
Adjusted EBITDA for Q3 2025 was $23.1 million (24% margin), up 53% year-over-year; adjusted EPS was $1.21, up 66%.
For the nine months ended October 3, 2025: contract revenue $508 million (+20%), net revenue $275 million (+27%), adjusted EBITDA $59.5 million (+52%).
Free cash flow for nine months was $34 million; trailing 12-month free cash flow $65 million ($4.34 per share).
Outlook and guidance
Raised FY2025 net revenue guidance to $360–$365 million, adjusted EBITDA to $77–$78 million, and adjusted diluted EPS to $4.10–$4.20.
Guidance assumes 15.2 million diluted shares and a 10% effective tax rate benefit.
Expects to exceed 20% adjusted EBITDA margin for 2025.
Large contract opportunities in New York and data center-driven electricity demand expected to drive 2026 growth.
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