North American Construction Group (NOA) Q3 2026 earnings summary

Executive summary

• Q3 combined revenue rose 12% YoY to $438.1M; adjusted EBITDA was $100.1M, while net loss was $24.2M.

• Strong oil sands demand and IMC supported revenue; Australian operating challenges and Fargo costs weighed on margins and earnings.

• FY26 revenue guidance rose to $1.7B–$1.8B, while adjusted EBITDA guidance narrowed to $370M–$400M; contractual backlog exceeded $3.2B.

Financial highlights

• Q3 combined gross profit was $51.6M versus $56.8M, with margin of 11.8% versus 14.5%; adjusted EBITDA margin was 22.8% versus 25.3%.

• Q3 adjusted net earnings were $6.6M versus $19.6M; adjusted EPS was $0.25 versus $0.66. Net loss was $24.2M versus net income of $17.3M.

• Nine-month reported revenue was $1.13B versus $978.7M; adjusted EBITDA was $293.0M versus $278.9M.

• Q3 cash from operations was $47.2M; free cash flow was an outflow of $28.3M versus an inflow of $45.7M a year earlier.

Outlook and guidance

• FY26 combined revenue guidance rose to $1.7B–$1.8B from $1.6B–$1.8B; adjusted EBITDA guidance fell to $370M–$400M from $380M–$420M.

• Q4 improvement is expected from IMC ramp-up, stronger Australian margins, higher oil sands utilization and Nuna fleet expansion; the $385M EBITDA midpoint depends on execution.

• Remaining-year priorities include Australian workforce and cost optimization, IMC fleet commissioning and improved oil sands fleet availability.

• Active bids totaled $3.8B, balanced between Australia and North America; awards were expected through late 2026 and early 2027.