Canada's Badger Infrastructure tops Q4 revenue estimates on strong fleet utilization

Badger Infrastructure Solutions

06/03/2026 24:32

Overview

North America's largest non-destructive excavating firm's Q4 revenue rose 14%, beating expectations

Adjusted EBITDA for Q4 grew 2% YoY, but missed estimates

Company announced on Thursday a 4% increase in quarterly dividend for 2026

Outlook

Badger plans to grow fleet by 7% to 10% in 2026

Company expects capital spend of $198 mln to $230 mln in 2026

Badger plans $15 mln to $25 mln investment in new service lines

Result Drivers

CORE SERVICE GROWTH - Revenue from non-destructive excavation services grew to $202.3 mln from $175.8 mln a year ago

INVESTMENTS IN FLEET AND WORKFORCE - Co increased investments in operations workforce and fleet expansion to support growth

HIGHER FLEET UTILIZATION - Revenue per truck per month (RPT), a key measure of utilization, increased to $41,756 from $38,395 in the prior-year quarter

Company press release: ID:nGNX63bPjV

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q4 Revenue
Beat
$213.52 mln
$206.99 mln (7 Analysts)
Q4 Net Income
$8.45 mln
Q4 Adjusted EBITDA
Miss
$44.91 mln
$48.51 mln (7 Analysts)
Q4 Adjusted EBITDA Margin
21.00%
Q4 Basic EPS
$0.25
Q4 Pretax Profit
$11.40 mln


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 4 "strong buy" or "buy", 4 "hold" and no "sell" or "strong sell"

The average consensus recommendation for the construction & engineering peer group is "buy"

Wall Street's median 12-month price target for Badger Infrastructure Solutions Ltd is C$82.00, about 15.9% above its March 5 closing price of C$70.75

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)