Engineering and infrastructure firm WSP Global Inc. (TSX: WSP) reported third-quarter 2026 financial results, posting revenues of $5.29 billion and a record order backlog of $20.3 billion as organic growth and recent acquisitions bolstered operations across core global markets, wsp.com reported.
Revenues Reach $4.23 Billion with Expanded Adjusted EBITDA
- Net revenues for the quarter reached $4.23 billion, a 22.1% increase year-over-year that landed within management’s anticipated outlook range.
- Adjusted EBITDA expanded to $864.6 million, pushing the margin up by 30 basis points to 20.5% compared to the third quarter of 2025.
- The company’s leverage ratio stood at 2.2 at the close of the period.
Acquisitions Drive 22.1% Net Revenue Growth
For the period ended September 25, 2026, total revenues grew 16.6% to $5.29 billion from $4.53 billion in the third quarter of 2025. Net revenues advanced 22.1% to reach $4.23 billion, within management’s quarterly outlook range. Net revenue organic growth registered at 5.1%, driven primarily by strong activity in the UK and Canada, while acquisition growth added 15.3% to the top line.
That acquisition growth stemmed largely from the integration of TRC Companies, finalized in February 2026, and Ricardo plc, acquired in October 2025. According to company disclosures, TRC’s Power & Energy sector achieved double-digit net revenue growth over the first nine months of the fiscal year compared to its pre-acquisition baseline. Meanwhile, the Americas market experienced a more measured pace of project conversion.
| Financial Metric (in millions) | Q3 2026 | Q3 2025 | YoY Change |
|---|---|---|---|
| Revenues | $5,285.8 | $4,533.7 | +16.6% |
| Net Revenues | $4,227.0 | $3,463.1 | +22.1% |
| Adjusted EBITDA | $864.6 | $700.4 | +23.4% |
| Net Earnings Attributable to Shareholders | $333.7 | $284.5 |
Adjusted EBITDA Rises to $864.6 Million
Adjusted EBITDA for the third quarter rose 23.4% to $864.6 million, up from $700.4 million a year earlier, supported by strong performance and margins in the US and Canadian operations. The adjusted EBITDA margin for the quarter increased by 30 basis points to 20.5%, while the nine-month margin climbed 70 basis points to reach 18.9%.
Earnings before net financing expense and income taxes (EBIT) increased to $572.5 million. This bottom-line expansion absorbed higher acquisition and integration costs, alongside elevated net financing expenses. Net earnings attributable to shareholders rose to $333.7 million, or $2.48 per basic share, compared to $284.5 million, or $2.18 per share, in the third quarter of 2025.
Net debt stood at $6.70 billion as of September 25, 2026, pushing the debt-to-capital ratio to 2.2. Days sales outstanding edged upward to 73 days, compared to 71 days at the end of the third quarter of 2025.
Order Backlog Expands to Record $20.3 Billion
The firm’s order backlog expanded to a record $20.3 billion, representing a 23.5% increase over twelve months and equal to roughly 11.6 months of trailing revenues. Organic backlog growth over the period held at 5.0%, with the Americas region posting sequential quarterly improvements to reach 4.9% organic growth.
Reflecting these nine-month figures, WSP reiterated its previously revised 2026 financial guidance. Management’s full-year targets position net revenues between $16.3 billion and $16.65 billion, with adjusted EBITDA projected between $3.11 billion and $3.15 billion.
Disclaimer: The information provided in this article is for educational and informational purposes only and does not constitute financial advice.
