Bird Construction (BDT) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 36.7% YoY to $1,300.9M and Adjusted EBITDA increased 58.8% to $106.3M, with an 8.2% margin; almost 90% of revenue growth was organic.

• Combined Backlog and Pending Backlog reached a record $13.0B, supporting visibility and confidence in 2027 Strategic Plan goals.

• 2027 revenue outlook was raised to $4.9B–$5.1B; the Adjusted EBITDA Margin target remains 8.0%.

Financial highlights

• Q3 Gross Profit rose 50.1% to $153.0M, with Gross Profit Percentage increasing to 11.8% from 10.7%.

• Q3 net income increased 61.2% to $51.1M, or $0.92 per share; Adjusted Earnings rose 77.0% to $62.6M, or $1.13 per share.

• 9M revenue increased 24.1% to $3,127.5M; Gross Profit rose 29.1% to $335.1M and Adjusted EBITDA rose 39.4% to $217.3M.

• 9M net income was $92.8M, or $1.67 per share; Adjusted Earnings were $115.2M, or $2.08 per share, up 51.8%.

• 9M operating cash flow was $122.8M, versus $76.8M used in 9M 2025.

Outlook and guidance

• FY2026 revenue growth is expected to approach 25%, supported by broad-based organic growth across Industrial, Buildings and Infrastructure.

• 2027 revenue outlook increased to $4.9B–$5.1B, the upper range of the Strategic Plan target, supported by year-to-date results and Backlog visibility.

• Adjusted EBITDA Margin is expected to strengthen through 2026 toward the 8.0% 2027 target; further margin expansion is expected beyond 2027.

• Management cited work in hand and broad growth pathways; a major new project win is not required to deliver the 2027 revenue target.