Badger Infrastructure revenue rises 21% to $286.5 million in third quarter
Key Facts
Badger Infrastructure increased revenue in the three months ended September 30, 2026, by 21% year over year to $286.5 million, from $237.3 million in the same period of 2025, according to company results cited by Reuters via Investing.com. The company attributed the growth to strong customer demand, fleet expansion and improved pricing. The results show that business growth extended to adjusted profitability metrics, with adjusted EBITDA reaching a record level. The company said “stronger customer demand, fleet expansion and improved pricing” supported performance. But reported net income moved in the opposite direction, highlighting the difference between the adjusted metric and the reported accounting result.
Adjusted EBITDA was $83.4 million, up 25% from $66.8 million in the third quarter of 2025, according to Reuters. The margin on this measure rose to 29.1% from 28.2% a year earlier, alongside a record level of adjusted earnings. Adjusted net income also reached $32.1 million, or $0.96 per share, compared with $30.8 million and $0.91 per share in the corresponding period. The company describes these figures as adjusted earnings per share, a measure distinct from reported net income. The latter fell to $27.3 million, or $0.81 per share, from $29 million and $0.86 per share a year earlier.
Part of the revenue expansion was linked to an increase in fleet size and improved revenue generated by each truck. The number of Hydrovac trucks, used in hydro excavation work, reached 1,882 units in the third quarter, up 11% year over year, according to the company as cited by Reuters. Monthly revenue per truck rose to $51,895, an 8% increase from $47,921 in the third quarter of 2025, according to Badger’s results. This metric combines fleet growth with higher revenue generated per truck, both of which were cited as factors supporting quarterly revenue. The company also cited pricing initiatives, alongside strong demand, as growth drivers.
The company said demand was strong across geographic regions and market segments, with activity in utilities, energy, data centers and industrial projects, according to Reuters. The diversity of these markets supports the company’s explanation of demand growth across its customer base and sectors, while fleet expansion strengthened its operating capacity and was accompanied by higher prices. By contrast, the decline in reported net income to $27.3 million, from $29 million a year earlier, differs from the increase in adjusted net income to $32.1 million. This divergence appeared in the quarterly results alongside an increase in adjusted earnings per share to $0.96 from $0.91. The figures provided did not offer an additional explanation for the decline in reported earnings.
In its outlook, Badger said it expects strong customer demand and growth in its markets to continue through the rest of 2026 and into 2027, according to Reuters. The company estimated 2026 capital spending at between $203 million and $222 million, including potential tariff costs of between $18 million and $22 million. The estimate sets a range for expected spending for the year and includes an estimate for potential tariff costs. On shareholder returns, the board approved a fourth-quarter dividend of 0.195 Canadian dollars per share. The dividend is payable on or after January 15, 2027, to shareholders of record on December 31, 2026, according to the company statement cited by Reuters.