--- title: "Stantec Q4 Earnings Call Highlights" type: "News" locale: "zh-CN" url: "https://longbridge.com/zh-CN/news/277331066.md" description: "Stantec (NYSE:STN) reported record annual results for 2025 during its earnings call, with net revenue of $6.5 billion, an 11% increase from 2024. The company achieved a 17.9% adjusted EBITDA margin, surpassing its strategic target a year early. Fourth-quarter net revenue grew 10.9% to $1.6 billion, driven by organic and acquisition growth. Stantec's backlog reached a record CAD 8.6 billion, and the board approved an 8.9% dividend increase. For 2026, management anticipates net revenue growth of 8.5% to 11.5% and continued margin expansion." datetime: "2026-03-01T01:05:42.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/277331066.md) - [en](https://longbridge.com/en/news/277331066.md) - [zh-HK](https://longbridge.com/zh-HK/news/277331066.md) --- > 支持的语言: [English](https://longbridge.com/en/news/277331066.md) | [繁體中文](https://longbridge.com/zh-HK/news/277331066.md) # Stantec Q4 Earnings Call Highlights - This Freight Stock Just Got an Upgrade and Institutional Buyers Stantec NYSE: STN executives struck an upbeat tone on the company’s fourth-quarter and full-year 2025 earnings call, highlighting record annual results, margin expansion that reached strategic targets early, and a growing backlog that management said supports expectations for another strong year in 2026. ## Record 2025 performance driven by organic growth and acquisitions President and CEO Gord Johnston said 2025 was “another record year,” with “solid mid-single-digit organic growth” and three acquisitions completed despite geopolitical uncertainty. He pointed to demand across water, mission-critical facilities, transportation, and the energy transition as key tailwinds. - Three Mid Caps Wall Street Sees Doubling Within 12 Months For the full year, the company reported net revenue of **$6.5 billion**, up almost **11%** from 2024, driven by **5% organic growth** and **3.9% acquisition growth**. Johnston noted organic growth was achieved across all regional and business operating units, led by the water business, which delivered nearly **11%** organic growth. Executive Vice President and CFO Vito Culmone added that full-year gross revenue reached **$8.1 billion**, while adjusted profitability improved significantly. Adjusted EBITDA rose nearly **17%** year over year, and the adjusted EBITDA margin reached **17.9%** for 2025. Johnston said Stantec achieved its 2024–2026 strategic plan adjusted EBITDA margin target range of 17%–18% “one full year earlier than originally anticipated.” - Oil Tankers Boost Dividends, See Continued Robust Business In '23 Adjusted EPS for 2025 was **CAD 5.30**, up **19.9%** from 2024, according to Culmone. ## Fourth-quarter results show continued margin improvement In the fourth quarter, Stantec reported **gross revenue of $2.1 billion** and **net revenue of $1.6 billion**, representing **10.9%** growth versus Q4 2024. Culmone said the quarter’s growth was driven by **3.9% organic growth** and **6.5% acquisition growth**. Project margins were **54.5%** of net revenue in Q4, “in line with expectations,” and adjusted EBITDA margin improved to **17.3%**, up **60 basis points** year over year. Culmone attributed the margin expansion mainly to lower admin and marketing expenses as a percentage of net revenue, driven by higher utilization and operational discipline. Adjusted EPS in the quarter increased **12.6%** to **$1.25**. ## Regional performance led by U.S. buildings growth and global water momentum Johnston outlined performance across geographies: - **United States:** Q4 net revenue increased **13.5%**, driven primarily by **11.5%** acquisition growth and “just over” **2%** organic growth. For the full year, U.S. net revenue rose almost **11%**, supported by just over **5%** acquisition growth and **3.4%** organic growth. Johnston said the buildings business grew net revenue by **over 30%** for the year, primarily due to the **Page** acquisition, alongside solid organic growth supported by data centers and other mission-critical facilities, science and technology, and civic work. - **Canada:** Q4 net revenue increased **5.5%**, driven entirely by organic growth. Full-year net revenue grew **over 8%** versus 2024, primarily organic. Johnston highlighted over **20%** organic growth in water tied to major wastewater projects and **15%** organic growth in energy and resources due to progress on industrial process projects, with infrastructure growth supported by land development in Alberta, airports in Quebec, and bridge work in Eastern Canada. - **Global:** Q4 net revenue growth was **11%**, including over **6%** organic growth and **2.5%** acquisition growth, with a positive foreign exchange impact also contributing. For the full year, global net revenue increased almost **13%**, driven by nearly **6%** organic growth and over **4%** acquisition growth. Johnston cited continued double-digit organic growth in the global water business through framework agreements and public-sector investment across the UK, Australia, and New Zealand, as well as growth in South American mining tied to copper demand for the energy transition and double-digit organic growth in German infrastructure linked to electrical transmission and transit and rail projects. ## Backlog reaches new high; dividend raised Culmone said Stantec ended 2025 with a record **CAD 8.6 billion** contract backlog, up **9.5%** year over year and representing approximately **13 months** of work. He said acquisitions completed in 2025 contributed more than **8%** to backlog growth, primarily within buildings, while organic backlog growth was **3.6%**. Global backlog grew organically by **14.2%**, and the company also cited backlog strength in water and in buildings supported by healthcare, data centers, and mission-critical facilities. On capital returns, Culmone said Stantec’s board approved an **8.9%** dividend increase, raising the annualized dividend to **CAD 0.98 per share**. ## 2026 outlook: higher net revenue and continued margin expansion Management issued 2026 targets calling for net revenue growth of **8.5% to 11.5%**, driven by organic growth and acquisition contributions “primarily due to the Page acquisition.” The company expects adjusted EBITDA margin of **17.6% to 18.2%** and adjusted EPS growth of **15% to 18%** versus 2025. Culmone said the guidance does not assume any additional acquisitions due to the unpredictability of timing and size. Johnston said macro trends such as aging infrastructure, water security, advanced manufacturing, defense spending, demand for mission-critical facilities, and the energy transition are creating opportunities, and noted the company has seen “an increase in activity in the U.S.” in recent months. He pointed to continued data center demand, including a selection to design an initial **300–350 megawatt** phase of a large campus that could scale to **1 gigawatt**, as well as rising activity in environmental services tied to the **U.S. Navy CLEAN program** and accelerating U.S. Department of Defense work. He also cited ongoing U.S. infrastructure momentum, noting that roughly half of **IIJA** funding remained to be allocated. In Canada, Johnston highlighted defense-related opportunities, particularly in the Arctic, citing involvement in projects such as **Grays Bay Road** and work supporting the **North American Aerospace Defense Command**, upgrades for the Canadian Armed Forces, and a major design-build contract for **Defence Construction Canada** tied to a multi-mission aircraft hangar. In the global region, he emphasized UK water opportunities under **AMP8** and said Stantec was named a preferred bidder for the “multi-billion pound” Scottish Water enterprise program, which management said could extend **13 years**. Executives also discussed how AI is being embedded into delivery workflows to improve efficiency and quality control, while keeping pricing “anchored in value and risk reduction.” In Q&A, Johnston characterized AI as the latest in a series of productivity-enhancing tools that can support higher net revenue per employee over time. On M&A, management said acquisitions remain a fundamental growth driver but must be value accretive. Executives acknowledged public-market multiple declines may take time to flow into private-market valuation expectations. Culmone also said the company would be “more actively looking at buybacks” with respect to current valuation, while reiterating that M&A remains a first priority and noting Stantec expects to renew its normal course issuer bid. ## About Stantec NYSE: STN Stantec is a global design and consulting firm offering professional services in engineering, architecture, and environmental sciences. The company partners with public and private clients to deliver solutions spanning infrastructure, water, energy and resources, and community development. Through an integrated approach, Stantec manages projects from initial planning and conceptual design through construction and commissioning, focusing on sustainability and innovation. The firm's service portfolio includes civil infrastructure design, building systems engineering, environmental assessments, and project management. ## Further Reading - Five stocks we like better than Stantec - Your name isn't on our protected list yet - MAJOR BUY ALERT: Mar-a-Lago/Trump/Elon - Unlocked: Elon Musk’s Next Big IPO - “Fed Proof” Your Bank Account with THESE 4 Simple Steps - Elon Musk already made me a “wealthy man” _This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com._ ## Should You Invest $1,000 in Stantec Right Now? Before you consider Stantec, you'll want to hear this. MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. 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