WSP Global (WSP) Q3 2026 earnings summary

Executive summary

• Q3 net revenue rose 22.1% YoY, including 5.1% organic growth for a second consecutive quarter above 5%; results were within outlook ranges.

• Backlog reached a record CAD 20.27B, up 23.5% over 12 months and equivalent to 11.6 months of revenue.

• Adjusted EBITDA margin expanded 30 bps to 20.5%; management cited a broad investment cycle across energy, infrastructure and other sectors.

Financial highlights

• Q3 revenue rose 16.6% YoY to CAD 5.29B; net revenue increased 22.1% to CAD 4.23B, with 5.1% organic and 15.3% acquisition growth.

• Adjusted EBITDA increased 23.4% to CAD 864.6M; EBIT rose 27.0% to CAD 572.5M.

• Net earnings attributable to shareholders were CAD 333.7M, or CAD 2.48/share; adjusted net earnings were CAD 430.8M, or CAD 3.20/share.

• Nine-month revenue was CAD 15.24B, net revenue CAD 12.21B, EBIT CAD 1.37B and adjusted EBITDA CAD 2.30B.

• Nine-month operating cash flow was CAD 1.05B and free cash flow CAD 588.0M; prior-year operating cash flow included a CAD 195.0M receivables-factoring inflow.

Outlook and guidance

• FY2026 net revenue outlook was narrowed to CAD 16.3B–CAD 16.65B and adjusted EBITDA to CAD 3.11B–CAD 3.15B; other outlook assumptions were reiterated.

• Q4 2026 outlook is CAD 4.10B–CAD 4.45B net revenue and CAD 810M–CAD 850M adjusted EBITDA.

• The 19% adjusted EBITDA margin target for 2027 is expected to be reached in 2026, allowing selective investment in talent and capabilities.

• Segment assumptions include low-single-digit organic net revenue growth in the Americas and mid-to-high-single-digit growth in EMEIA; New Zealand public spending is expected to temper APAC activity.

• U.S. project conversion is expected to recover gradually, not linearly; leverage is expected to return to the 1.0x–2.0x target range by year-end.