TIC Solutions (TIC) Q4 2025 earnings summary

Executive summary

• Announced CEO transition: Ben Heraud to succeed Tal Pizzey as CEO effective March 31, 2026, with Tal remaining as advisor and board member.

• Completed integration of Acuren and NV5, rebranding as TIC Solutions and achieving $2.1 billion in combined revenue for 2025.

• FY2025 adjusted EBITDA reached $312 million (14.8% margin) on a combined basis; as-reported adjusted EBITDA was $234 million (15.3% margin).

• Net loss for FY2025 was $93.3 million, with a loss per share of $0.60; Q4 net loss was $47.2 million.

• Focused on accelerating organic growth, cross-segment collaboration, and margin expansion through operational improvements.

Financial highlights

• 2025 combined revenue grew 4.4% constant currency (3.6% reported) to $2.1 billion; as-reported revenue was $1.53 billion, up 39% year-over-year.

• Full-year adjusted EBITDA was $312 million (14.8% margin); as-reported adjusted EBITDA was $234 million (15.3% margin); Q4 adjusted EBITDA was $76.4 million (15.0% margin).

• Adjusted gross profit for 2025 was $794 million (37.6% margin) on a combined basis; as-reported adjusted gross profit was $517.6 million (33.8% margin).

• Year-end liquidity was $551 million, with $440 million in cash and $1.6 billion in term loan debt; total net debt at year-end was $1.17 billion.

• Completed $250 million private placement and authorized a $200 million share repurchase program.

Outlook and guidance

• 2026 revenue guidance: $2.15–$2.25 billion; adjusted EBITDA: $330–$355 million, implying ~4% revenue growth at midpoint.

• Growth in CE and Geo expected to outpace I&M; partial realization of $25 million cost synergies in 2026.

• Q1 2026 revenue expected at $470–$485 million; adjusted EBITDA $55–$60 million.

• CapEx for 2026 projected at $60–$70 million; net interest expense $95–$105 million.

• Plans to accelerate tuck-in and strategic acquisitions, supported by strong cash flow.