MONTREAL, Quebec — February 25, 2026 — Leads & Copy —
WSP Global Inc. (TSX: WSP) has released its financial results for the fourth quarter and year ended December 31, 2025, showcasing record-level achievements in several key metrics.
In 2025, WSP’s net revenues and adjusted EBITDA either reached or exceeded the high end of management’s revised outlook ranges. The company reported a backlog of $17 billion, free cash flow of $1.7 billion (1.8 times net earnings attributable to shareholders), DSO at 63 days, and $5.2 billion in capital committed to completed and announced acquisitions.
For the fourth quarter of 2025:
- Revenues reached $4.85 billion, up 4.1% from 2024.
- Net revenues totaled $3.67 billion, an 8.2% increase.
- Net revenue organic growth was approximately 5.9%, excluding impacts from lower demand for emergency response services in the U.S. and revisions to estimated contract revenues in Canada.
- Adjusted EBITDA grew to $694.1 million, a 9.4% increase.
- Adjusted EBITDA margin stood at 18.9%, compared to 18.7% in the fourth quarter of 2024.
- EBIT reached $397.0 million, up $51.6 million or 14.9%.
- Adjusted net earnings reached $346.7 million, or $2.65 per share, up 13.6% and 13.2%, respectively.
- Net earnings attributable to shareholders reached $256.3 million, or $1.96 per share, up 53.6% and 53.1%, respectively.
- Cash inflows from operating activities were $984.0 million, and free cash flow reached $826.7 million.
The company declared a quarterly dividend of $0.375 per share, or $50.6 million, paid on January 15, 2026.
For fiscal year 2025:
- Revenues increased by 13.1% to $18.29 billion.
- Net revenues increased by 14.7% to $13.96 billion, reaching the high end of the revised outlook.
- Backlog reached a record $17.1 billion, representing 11.0 months of revenues, up 9.9% in the year.
- Adjusted EBITDA grew to $2.561 billion, up 17.2%, exceeding the high end of the revised outlook.
- Adjusted EBITDA margin increased 39 basis points to 18.3%.
- EBIT stood at $1.53 billion, up 20.8%.
- Adjusted net earnings were $1.25 billion, or $9.58 per share, an increase of $236.3 million or $1.53 per share.
- Net earnings attributable to shareholders reached $964.3 million, or $7.38 per share, up $282.9 million, or $1.98 per share.
- DSO stood at a record low of 63 days.
- Cash inflows from operating activities increased to $2.25 billion.
- Free cash flow reached a record high of $1.71 billion.
- Net debt to adjusted EBITDA ratio stood at 0.9x, slightly below management’s target range.
The company declared a full-year dividend of $1.50 per share, or $197.4 million.
Alexandre L’Heureux, President and CEO of WSP, expressed pride in the company’s strong performance, noting the disciplined delivery, productivity improvements, and strong cash flow generation.
Looking ahead to 2026, WSP anticipates:
- Net revenues between $16.0 billion and $17.0 billion.
- Net revenue organic growth between 4.0% and 7.0%.
- Adjusted EBITDA between $3.0 billion and $3.18 billion.
- DSO between 63 days and 70 days.
The 2026 target ranges include anticipated contribution from the TRC acquisition closed on February 24, 2026.
The Board of Directors of WSP declared a dividend of $0.375 per share, payable on or about April 15, 2026, to shareholders of record at the close of business on December 31, 2025.
WSP will hold a conference call and webcast on February 26, 2026, to discuss these results.
Source: WSP Global Inc.
