Badger Infrastructure Solutions (BDGI) Q4 2025 earnings summary

Executive summary

• Achieved record annual revenue of $831.7 million in 2025, up 12% year-over-year, driven by strong demand in core end markets and increased fleet utilization, with Q4 revenue of $213.5 million, up 14% from Q4 2024.

• Adjusted EBITDA grew 13% to $198.2 million for the year, with margin rising to 23.8% from 23.6% in 2024, and Q4 Adjusted EBITDA at $44.9 million, up 2% year-over-year.

• Adjusted net earnings per share rose 21% to $2.04 for 2025.

• Ended 2025 with 1,723 hydrovacs, a 5% increase, expanding the competitive moat across North America.

• Launched and expanded the Make Safety Personal campaign, contributing to improved safety results.

Financial highlights

• Revenue per truck per month (RPT) reached $41,672 in 2025, up 5% year-over-year from $39,529 in 2024.

• Net earnings for 2025 were $59.2 million, up from $47.9 million in 2024.

• Adjusted earnings per share for Q4 was $11.6 million, down from $12.7 million in the prior year.

• G&A expenses were $10.9 million (5% of revenue), down from $11.3 million (6% of revenue) in Q4 2024.

• Capital expenditures totaled $118.3 million in 2025, up from $98.0 million in 2024.

Outlook and guidance

• Expects extraordinary demand in 2026, with plans to build 270–310 new hydrovac units, refurbish 30–50, and retire 130–150, targeting 7–10% net fleet growth.

• Capital spending guidance for 2026 is $198–$230 million, including $15–$25 million for two new U.S. service lines.

• Revenue and adjusted EBITDA from new service lines not expected to be material in 2026 but are strategic for long-term growth.

• Operational Excellence program rollout continues through 2027.

• Board approved a 4% increase to the quarterly cash dividend, effective Q1 2026.