WSP Global has reported higher third-quarter revenue and earnings, with its order backlog reaching a record C$20.3 billion. The engineering and infrastructure firm announced the results on 4 November and discussed them with analysts on a call on 5 November.

Net revenue rose 22.1% from a year earlier to C$4.23 billion, including organic growth of 5.1%, the second quarter in a row above 5%. Total revenue increased 16.6% to C$5.29 billion. Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) climbed to C$864.6 million from C$700.4 million, and the adjusted EBITDA margin widened to 20.5% from 20.2%.

Net earnings attributable to shareholders rose to C$333.7 million, or C$2.48 per share, from C$284.5 million, or C$2.18 per share, a year earlier. Adjusted net earnings reached C$430.8 million, or C$3.20 per share.

Record backlog worth 11.6 months of revenue

The backlog reached C$20.3 billion at 25 September, up 23.5% over 12 months and equal to 11.6 months of revenue. Organic backlog growth over the period was 5.0%. The company's backlog in the United States stood at about C$11 billion.

Chief executive Alexandre L'Heureux said the results showed the strength of the firm's diversified platform. "We are pleased with our strong third-quarter results as organic growth and margin expansion, together with our record backlog, continue to demonstrate the strength of our diversified platform," he said.

US projects taking longer to start

The strong headline numbers came with a caution on the United States, WSP's largest market. Management said federal funding reviews and delays in authorisations were slowing the move from awarded work to active projects, particularly in parts of transport, infrastructure and environmental work.

"Our view of the U.S. opportunity has not changed. Our view of the timing has," L'Heureux told analysts. He said the pace of improvement would depend on funding authorisations, task-order releases, project mobilisation and staff utilisation.

Even so, the Americas backlog is improving. Organic backlog growth in the region rose through the year, from negative 1.4% in the first quarter to 2.1% in the second and 4.9% in the third. For 2026 as a whole, WSP now expects only low-single-digit organic net revenue growth in the Americas.

Power, Canada and the UK lead growth

The power and energy business of TRC Companies, which WSP bought in February 2026, delivered double-digit net revenue growth in the first nine months of the year, and the company said the integration was progressing as planned. WSP was recently selected as a delivery partner for American Electric Power's Western Regulated Transmission portfolio, although very little of that work has yet been added to reported backlog.

Canada posted organic growth of 10.2% in the quarter, helped by transport, infrastructure, energy, mining, defence and data centres. The EMEIA region, covering Europe, the Middle East, India and Africa, recorded organic growth of 10.5%, with the UK delivering its fifth consecutive quarter of double-digit organic growth, supported by transport, power and energy, and data centres. Asia-Pacific recorded a second consecutive quarter of organic growth, but margins fell there, which management put down mainly to regional mix, foreign exchange hedging effects and weaker public spending in New Zealand.

Outlook narrowed for the rest of 2026

WSP narrowed its full-year outlook, raising the bottom of its ranges. It now expects 2026 net revenue of C$16.3 billion to C$16.65 billion and adjusted EBITDA of C$3.11 billion to C$3.15 billion. For the fourth quarter it forecast net revenue of C$4.1 billion to C$4.45 billion and adjusted EBITDA of C$810 million to C$850 million. The company did not provide guidance for 2027 and said it would issue a formal outlook with its year-end results.

Third-quarter free cash flow rose to C$333.2 million from C$314.9 million a year earlier. The leverage ratio stood at 2.2 times, slightly above the company's target range of 1.0 to 2.0 times, and management said it expected to return to that range by the end of the year. The board declared a quarterly dividend of C$0.375 per share, payable on or about 15 January 2027 to shareholders of record at the close of business on 31 December 2026.

Frequently asked questions

How much did WSP earn in the third quarter of 2026? Net earnings attributable to shareholders were C$333.7 million, or C$2.48 per share, up from C$284.5 million, or C$2.18 per share, a year earlier.

How large is WSP's order backlog? The backlog reached a record C$20.3 billion at 25 September 2026, up 23.5% over 12 months and equal to about 11.6 months of revenue.