WSP Global (WSP) Q4 2025 earnings summary

Executive summary

• Achieved record net revenues and adjusted EBITDA at or above the high end of revised outlook ranges for 2025, with strong execution, strategic acquisitions (TRC, Ricardo), and successful integration driving performance.

• Q4 2025 revenues reached $4.85B, up 4.1% year-over-year, with net revenues at $3.67B, up 8.2% from Q4 2024.

• Net earnings attributable to shareholders surged 53.6% to $256.3M in Q4 2025; full-year net earnings were $964.3M, up 41.5%.

• Free cash flow for 2025 reached $1.71B, nearly doubling from 2024 and representing 1.8x net earnings.

• Entered 2026 with optimism, supported by a record $17.1B backlog, strong pipeline, and positive market trends.

Financial highlights

• Full-year 2025 revenues increased 13.1% to $18.29B; net revenues up 14.7% to $13.96B.

• Adjusted EBITDA for Q4 was $694.1M (+9.4% YoY); full-year Adjusted EBITDA reached $2.5B (+17% YoY), with a margin of 18.3%.

• Adjusted net earnings for Q4 were $346.7M (up 13.6% YoY); full-year adjusted net earnings were $1.25B (up 23.3% YoY).

• Cash inflow from operations was $2.25B (+$865M YoY); DSO at a record low of 63 days.

• Backlog hit a record $17.1B, representing 11.0 months of revenues, up 9.9% year-over-year.

Outlook and guidance

• 2026 net revenues expected between $16.0B and $17.0B, with organic growth of 4.0% to 7.0%.

• 2026 Adjusted EBITDA guidance: $3.0B to $3.18B, 21% growth at midpoint; margin improvement of 40 bps targeted.

• Q1 2026 net revenues projected at $3.575–$3.775B; Adjusted EBITDA at $590–$630M.

• Guidance includes contributions from TRC and Ricardo acquisitions; excludes future M&A.

• Assumptions include stable market conditions and successful integration of TRC acquisition.