Bird Construction (BDT) Q1 2026 earnings summary

Executive summary

• Achieved 9.2% year-over-year revenue growth in Q1 2026, driven by strong organic growth in Buildings and Infrastructure, with Industrial revenue declining as expected.

• Net income increased 21.5% to $11.4 million (EPS $0.21), with adjusted earnings at $13.9 million (EPS $0.25).

• Combined backlog reached $11.0 billion, up 23.8% year-over-year, providing multi-year growth visibility and supporting 2027 targets.

• Announced strategic partnerships with Marten Falls First Nation (Piinahzii LP) for Ring of Fire infrastructure and Bell AI Fabric for AI data centers.

• Disciplined project selection and focus on accretive-margin sectors drive margin expansion.

Financial highlights

• Q1 2026 revenue was $783.4 million, up 9.2% year-over-year; gross profit was $72.3 million (9.2% margin).

• Adjusted EBITDA was $37.1 million (4.7% margin), up from $34.1 million last year.

• Net income reached $11.4 million; adjusted earnings were $13.9 million.

• Cash and equivalents at quarter-end were $195 million, with $341.5 million available under a credit facility.

• Operating cash flow before working capital changes was $39.7 million.

Outlook and guidance

• Double-digit revenue growth and margin accretion expected for full-year 2026 and 2027, with acceleration in Q2 and H2.

• Combined backlog and collaborative contract types provide strong visibility into future revenue and margin growth.

• Confident in achieving 2027 targets: $4.6–5.1 billion revenue, 8% EBITDA margin, and 33% payout ratio for dividends.

• Management expects revenue recognition from delayed industrial projects in the second half of 2026.

• Robust bidding environment across core sectors, supported by structural demand drivers.