WSP Global (WSP) Q4 2025 earnings summary

Executive summary

• Achieved record net revenues and adjusted EBITDA at or above the high end of revised outlook ranges for 2025, with strong execution, strategic acquisitions (TRC, Ricardo), and margin improvements driven by organic growth and robust cash flow generation.

• Q4 2025 revenues reached $4.85B, up 4.1% year-over-year, with net revenues at $3.67B, up 8.2% from Q4 2024.

• Net revenue organic growth for Q4 was 5.9% (excluding lower U.S. emergency response and Canadian project revisions); Power Engineers delivered mid-teens organic growth.

• Backlog reached a record $17.1 billion, representing 11 months of revenues, and free cash flow hit $1.71 billion, nearly doubling from 2024 and representing 1.8x net earnings.

• Entered 2026 with optimism, supported by a healthy backlog, strong proposal activity, and growing pipeline.

Financial highlights

• Full-year 2025 revenues increased 13.1% to $18.29 billion; net revenues up 14.7% to $13.96 billion.

• Adjusted EBITDA for Q4 2025 was $694.1 million (+9.4% YoY); full-year Adjusted EBITDA reached $2.5 billion (+17% YoY), with a margin of 18.3%, up 39–40 bps.

• Adjusted net earnings for Q4 2025 were $346.7 million ($2.65/share, +14% YoY); full-year adjusted net earnings were $1.25 billion ($9.58/share, +23% YoY).

• Cash inflow from operations was $2.25 billion (+62.5% YoY); net debt to adjusted EBITDA at 0.9x, pro forma 2.3x post-TRC acquisition.

• Backlog hit a record $17.1 billion, up 9.9% year-over-year.

Outlook and guidance

• 2026 net revenue guidance: $16–17 billion, representing over 18% growth at midpoint; organic net revenue growth expected between 4% and 7%.

• 2026 Adjusted EBITDA guidance: $3–3.18 billion, 21% growth at midpoint; margin improvement of 40 bps targeted.

• Q1 2026 net revenue guidance: $3.575–3.775 billion; Adjusted EBITDA: $590–630 million.

• Canada and Americas expected to deliver mid to high single-digit organic growth; EMEA mid-single digit; APAC stable or improving.

• Assumptions include stable market conditions, successful integration of TRC acquisition, and no major adverse events.