Concrete Pumping (BBCP) Q4 2025 earnings summary

Executive summary

• Largest concrete pumping service provider in the U.S. and U.K., with a leading position in concrete waste management through Eco-Pan, serving diverse end markets and regions.

• Fiscal year 2025 revenue declined 7.7% year-over-year to $392.9 million, with net income dropping to $6.4 million from $16.2 million.

• Fourth quarter results showed resilience amid a challenging macroeconomic environment, with stable U.S. commercial volumes and growth in infrastructure offsetting residential softness.

• Eco-Pan waste management services delivered steady year-over-year growth, highlighting the benefits of a diversified platform.

• Operates a pure service model with limited commodity and construction risk, leveraging a broad fleet and technical expertise.

Financial highlights

• FY2025 revenue was $392.9 million, down 7.7% year-over-year; Q4 revenue was $108.8 million, down from $111.5 million.

• Adjusted EBITDA for FY25 was $97.0 million (24.7% margin), down from $112.1 million (26.3%); Q4 Adjusted EBITDA was $30.7 million (28.2% margin).

• Net income for FY25 was $6.4 million; diluted EPS: $0.09.

• Net debt at year-end was $380.6 million, with a leverage ratio of 3.9x; available liquidity stood at $359.5 million.

• Maintenance capex at 7% of revenue in FY2025; net cash from operations was $64.3 million.

Outlook and guidance

• FY26 revenue expected between $390 million and $410 million; Adjusted EBITDA between $90 million and $100 million; free cash flow at least $40 million.

• Assumes no meaningful recovery in construction markets; commercial volumes remain challenged.

• $22 million in capital equipment investments accelerated into FY26 due to upcoming U.S. emissions regulations.

• Positive infrastructure spending outlook; Eco-Pan expected to continue organic growth.