NFI Group (NFI) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 14.5% to $1,007.4M; Adjusted EBITDA increased 34.3% to $108.7M, and Adjusted Net Earnings were $35.4M. LTM Adjusted EBITDA reached $420.1M.

• Backlog totaled $12.5B; liquidity reached $661.1M and total leverage improved to 2.79x.

Financial highlights

• Gross profit increased 231.1% to $149.9M, or 14.9% of revenue; the prior-year period included a battery recall provision.

• Free Cash Flow was $41.2M versus $14.8M a year earlier; net cash used in operating activities was $48.0M versus $83.9M generated in Q3 2025.

• Reported net earnings were $0.1M versus a $140.9M loss; Adjusted Net Earnings were $35.4M versus $12.1M, and adjusted EPS was $0.2970.

• Deliveries totaled 1,113 equivalent units, essentially flat YoY; closing backlog comprised 7,164 firm units and 7,343 options.

Outlook and guidance

• FY2026 revenue guidance remains $4.0B–$4.2B; Adjusted EBITDA guidance increased at the low end from $385M to $395M, with the high end unchanged at $415M. Cash capex guidance remains $55M–$65M.

• Guidance reflects known U.S. and Canadian tariffs as of Nov. 5, 2026, but excludes potential future tariffs and trade measures.

• Growth in revenue, gross profit, Adjusted EBITDA, Free Cash Flow and ROIC is expected, supported by backlog conversion, higher North American deliveries, aftermarket growth and improved international cost structure.

• Q4 is expected to be one of the strongest quarters; delivery timing, customer acceptance, supply, product mix and tariff management remain variables.