Bird Construction (BDT) Q4 2025 earnings summary

Executive summary

• Achieved record backlog exceeding $11 billion at year-end 2025, up 45% year-over-year, providing strong visibility into 2026–2027 growth and margin accretion.

• Full-year revenue was $3.4 billion, stable year-over-year, with infrastructure growth offset by timing shifts in other segments.

• Adjusted EBITDA margin improved to 6.5% for the year, up 20 basis points, despite project delays and a one-time impairment.

• Strategic acquisitions (Jacob Bros., FRPD, NorCan) expanded capabilities and contributed to backlog and cross-selling opportunities.

• Strong cash flow and balance sheet support ongoing investments, M&A, and shareholder returns.

Financial highlights

• Q4 2025 revenue was $877 million, down year-over-year due to project delays; gross profit margin rose to 11.1%.

• Q4 adjusted EBITDA was $66.2 million (7.5% margin); adjusted earnings were $31.8 million or $0.57 per share.

• Q4 net loss of $14 million due to a $62.2 million impairment on a single customer, partially offset by a $7.6 million gain from FRPD acquisition.

• Full-year adjusted EBITDA was $222.1 million (6.5% margin); adjusted earnings were $107.7 million or $1.94 per share.

• Operating cash flow for the year was $113.1 million; free cash flow was $72 million.

Outlook and guidance

• 2026 expected to deliver double-digit revenue growth, with Q2 ramp-up and robust second-half performance.

• 54% of current backlog to be recognized in 2026; strong visibility into 2027 with revenue guidance of $4.6–5.1 billion.

• Margins embedded in backlog are at a decade high, supporting continued margin expansion through 2027.

• Strategic plan targets 8% adjusted EBITDA margin by 2027, with current performance within 150 basis points of this goal.

• Focus remains on resilient, margin-accretive sectors and nation-building investments in infrastructure, defence, and trade.