WSP Global (WSP) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenues reached $4.53B, up 13.8% year-over-year, with net revenues at $3.46B, up 15.6% from Q3 2024.

• Adjusted EBITDA grew 19.6% to $700.4M, with margin improving by 70bps to 20.2%.

• Net earnings attributable to shareholders rose 39.7% to $284.5M, and adjusted net earnings increased 31.8% to $368.8M.

• Free cash flow for the nine-month period was $887.4M, up from $242.0M year-over-year; cash inflows from operating activities totaled $1.26B.

• Celebrated the one-year anniversary of the POWER Engineers acquisition, which delivered mid-teens net revenue organic growth; completed the acquisition of Ricardo plc, enhancing global consultancy capabilities.

Financial highlights

• Revenues increased 14% to $4,533.7M, and net revenues rose 16% to $3,463.1M compared to Q3 2024.

• Adjusted EBITDA margin improved to 20.2% from 19.5% in Q3 2024.

• Net earnings per share attributable to shareholders increased 34% to $2.18, and adjusted net earnings per share rose 26% to $2.82.

• DSO improved to 71 days, a historical low for Q3.

• Backlog increased 10.6% year-over-year to $16.4B, representing 10.9 months of revenues.

Outlook and guidance

• 2025 net revenues are expected between $13.8B and $14.0B, with adjusted EBITDA between $2.54B and $2.56B.

• Anticipates closing 2025 with mid-single-digit organic net revenue growth on a constant currency basis.

• Ricardo’s contribution will be partial in Q4 2025 due to timing of acquisition.

• Dividend of $0.375 per share declared, payable January 15, 2026.

• U.S. government shutdown and prior-year hurricane response create uncertainty for Q4 2025 comparisons in the Americas.