Bird Construction Posts Record Quarterly Revenue of C$1,300.9 Million
Key Facts
Bird Construction reported record third-quarter 2026 results on November 11, with construction revenue of C$1,300.9 million, up 36.7% from the same period in 2025. The company said adjusted earnings reached C$62.6 million and adjusted earnings per share were C$1.13. In the third quarter of the previous year, it recorded construction revenue of C$951.4 million, adjusted earnings of C$35.4 million and adjusted earnings per share of C$0.64. That represents year-over-year growth of 77.0% in adjusted earnings. Chief Executive Terry McKibbon said the company delivered "another record quarter" on the strength of broad-based organic growth and strong execution across its industrial, buildings and infrastructure businesses.
Revenue growth was driven largely by organic growth, according to the company, which said nearly 90% of the increase compared with the third quarter of 2025 came from its existing businesses. FRPD contributed the remainder of revenue growth after Bird acquired it in October 2025. McKibbon said the "One Bird" platform spans 10 strategic sectors and distributes opportunities across multiple end markets, customers and regions. He added that no single sector determines the company's growth trajectory. The company attributed the quarter's performance to this diversification and execution across industrial, buildings and infrastructure, while noting that most of the reported increase was organic.
Results also showed growth in net income, which reached C$51.1 million, compared with C$31.7 million in the third quarter of 2025, an annual increase of 61.2%. Earnings per share were C$0.92, versus C$0.57 in the year-earlier period. The quarter's result included a C$12.4 million after-tax impact from non-cash fair-value losses and amortization related to warrants for a strategic customer. These figures differ from the adjusted earnings and adjusted earnings per share the company reported for the same quarter. McKibbon said strong execution across business sectors supported revenue and earnings growth, margin improvement and strong free cash flow generation.
Cash flow from operations before non-cash working capital changes was C$117.4 million in the third quarter, up 68.1% from the same quarter of 2025. As of September 30, 2026, the company had C$267.8 million in cash, in addition to C$476.5 million available under its syndicated credit facility. After the quarter ended, Bird announced project awards and multi-year agreements with a combined value of C$1.1 billion. The work included renewals and expanded services with six existing customers, with some agreements extending for up to five years. The awards announced after the period add to the picture of work and liquidity reported by the company in its results, while remaining separate from revenue earned during the quarter.
The company declared eligible dividends of C$0.07 per common share for each of November and December 2026 and January and February 2027. It also said it raised its 2027 revenue outlook, without the available fact record specifying a figure for the new outlook. The company is scheduled to host a conference call and webcast to discuss the results on November 12, 2026, at 10:00 a.m. Eastern time. The event comes the day after the results announcement and gives the company an opportunity to discuss its performance and updated outlook. The announcement available in the evidence did not provide figures on the market's reaction to the results.