WSP Global (WSP) Q2 2026 earnings summary

Executive summary

• Achieved record Q2 2026 with net revenue up 22.9% to $4.27B and adjusted EBITDA up 28.8% to $815M, driven by strong organic growth and recent acquisitions.

• Backlog reached a record $20.1B, up 23.2% year-over-year, with organic backlog growth of 5.7% over the last 12 months.

• All reportable segments contributed to organic net revenue growth, with notable strength in power, energy, and data center markets.

• Integration of TRC Companies is progressing well, supporting growth in strategic end markets and delivering double-digit net revenue growth in Power & Energy.

• Management reiterated increased confidence in the 2026 outlook, supported by strong leading indicators and a robust pipeline.

Financial highlights

• Q2 2026 revenues reached $5.40B, up 19.9% year-over-year; net revenues were $4.27B, up 22.9%.

• Adjusted EBITDA rose to $815M, up 28.8% year-over-year, with margin expanding 90bps to 19.1%.

• Adjusted net earnings were $388.6M ($2.88 per share), up 23% year-over-year; net earnings attributable to shareholders declined to $246.1M due to higher acquisition and integration costs.

• Free cash flow for the trailing 12 months was $1.40B, representing 1.5x net earnings attributable to shareholders.

• EBIT for the quarter was $491.7M, up 23.9% year-over-year.

Outlook and guidance

• 2026 net revenue target range raised to $16.2–$17.0B; adjusted EBITDA target range increased to $3.10–$3.18B.

• Q3 2026 net revenue guidance: $4.15–$4.35B; adjusted EBITDA: $850–$890M.

• Targeting adjusted EBITDA margin of 19–20% by 2027, with potential to reach this as early as 2026.

• Acquisition, integration, and reorganization costs for 2026 expected at $285–$305M, mainly due to non-cash impacts and ongoing M&A.

• Quarterly dividend of $0.375 per share declared, payable October 15, 2026.