North American Construction Group (NOA) Q2 2026 earnings summary

Executive summary

• Achieved record combined revenue of $456.1 million in Q2 2026, up 23% year-over-year, driven by the IMC acquisition and strong Australian growth.

• Adjusted EBITDA rose 17% to $93.5 million, with margin improvement and adjusted net earnings up to $8.5 million from $0.8 million year-over-year.

• Net income declined 9% to $9.4 million due to higher G&A and acquisition costs, despite improved gross profit.

• Free cash flow improved to $23.0 million, a $23.4 million increase year-over-year.

• Focused on operational execution, fleet optimization, and integration of recent acquisitions to drive second-half performance.

Financial highlights

• Combined revenue: $456.1 million (+23% YoY); adjusted EBITDA: $93.5 million (+17% YoY); adjusted EBITDA margin: 20.5% (down from 21.6%).

• Adjusted net earnings: $8.5 million (vs. $0.8 million YoY); adjusted EPS: $0.32 (vs. $0.02 YoY).

• Net income: $9.4 million (down from $10.3 million YoY); basic EPS: $0.35 (flat YoY).

• Free cash flow: $23.0 million (vs. outflow of $0.4 million YoY); cash provided by operating activities: $90.9 million.

• Net debt increased to $1.09 billion from $878 million at year-end 2025.

Outlook and guidance

• 2026 combined revenue guidance raised to $1.6–$1.8 billion (midpoint $1.7B, up from $1.6B).

• Adjusted EBITDA guidance unchanged at $380–$420 million; free cash flow guidance $110–$130 million.

• Strong backlog of $3.8 billion supports outlook; $1.32 billion expected to be realized in 2026.

• Focus on executing work in hand, improving fleet utilization, and converting earnings to free cash flow.

• Growth drivers include scaling as a Tier 1 contractor in Australia and expanding mining and infrastructure services in North America.