WSP Global (WSP) Q1 2026 earnings summary

Executive summary

• Net revenue grew 10.8% year-over-year to $3.71 billion, with 5% organic growth, driven by both organic and acquisition contributions.

• Adjusted EBITDA increased 16.5% to $622.2 million, with margin up 80 bps to 16.8%.

• Adjusted net earnings rose 29.9% to $297.7 million ($2.21/share), exceeding expectations.

• Record backlog reached nearly $20 billion, up 19% year-over-year, following the TRC acquisition.

• Integration of TRC and POWER Engineers progressing well, driving growth in power and energy.

Financial highlights

• Revenues increased 4% to $4.55 billion; net revenues rose 11% to $3.71 billion year-over-year.

• Adjusted EBITDA margin reached 16.8%, up 80 bps year-over-year.

• EBIT increased 5% to $302.7 million, mainly due to higher adjusted EBITDA.

• Free cash flow was negative $29 million in Q1 2026, but trailing twelve months free cash flow was $1.6 billion.

• DSO improved to 67 days from 70 days a year ago.

Outlook and guidance

• 2026 net revenues expected between $16.0 billion and $17.0 billion; Q2 2026 target $4.1–$4.3 billion.

• 2026 adjusted EBITDA guidance raised/reiterated at $3.05–$3.18 billion; Q2 2026 target $770–$810 million.

• Targeting adjusted EBITDA margin of 19–20% by 2027, with potential to achieve in 2026.

• Leverage ratio expected to return to 1.0x–2.0x by year-end.

• Guidance excludes future acquisitions or disposals.