WSP Global (WSP) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenues reached $5.4B, up 19.9% year-over-year, with net revenues at $4.3B, up 22.9%, and adjusted EBITDA rising 28.8% to $815M, with margin expanding 90bps to 19.1%.

• Achieved record backlog of $20.1B, up 23.2% year-over-year, with organic backlog growth of 5.7% over the last 12 months.

• All reportable segments contributed to organic net revenue growth, with notable strength in power, energy, and data center markets.

• Integration of TRC Companies is progressing well, supporting growth in strategic end markets and delivering double-digit net revenue growth in Power & Energy.

• Management reiterated increased confidence in the 2026 outlook, supported by strong leading indicators and a robust pipeline.

Financial highlights

• Revenues increased 20% to $5,404.4M; net revenues up 23% to $4,272.3M compared to Q2 2025.

• Adjusted EBITDA grew to $815M, up 29% from Q2 2025, with margin expanding to 19.1%.

• Adjusted net earnings reached $388.6M ($2.88 per share), a 23% increase year-over-year.

• Free cash flow for the trailing 12 months was $1.4B, representing 1.5x net earnings attributable to shareholders.

• EBIT for the quarter was $491.7M, up 23.9% year-over-year.

Outlook and guidance

• 2026 net revenue guidance raised to $16.2–$17.0B and adjusted EBITDA to $3.10–$3.18B.

• Q3 2026 net revenue expected at $4.15–$4.35B and adjusted EBITDA at $850–$890M.

• Targeting adjusted EBITDA margin of 19–20% by 2027, with potential to reach this range as early as 2026.

• Acquisition, integration, and reorganization costs for 2026 expected at $285–$305M.

• Quarterly dividend of $0.375 per share declared, payable October 15, 2026.