Strong Revenue Growth
Full-year revenue increased 13% to $18.0B and net revenue increased 15% to $14.0B versus 2024, finishing at the high end of guidance.
Robust Profitability Expansion
Adjusted EBITDA for the year grew 17% to $2.5B (Q4 adjusted EBITDA $694M, +~9% YoY). Full-year adjusted EBITDA margin improved ~40 basis points to 18.3%.
Record Free Cash Flow and Cash Conversion
Delivered record free cash flow of $1.7B in 2025, representing ~180% of net earnings (1.8x) and operating cash inflow of $2.25B, up $865M versus 2024.
Working Capital Improvements
DSO declined to a record low 63 days (9 days lower YoY), supporting cash generation and lower leverage pre-close (net debt/EBITDA ~0.9x prior to TRC close).
Record Backlog and Strong Pipeline
Backlog reached a record $17B, up 10% over 12 months; sub-backlog ~ $8B (85% from MSAs). Proposal activity and pipeline increased (U.S. pipeline +~15%; global client pipeline >+50%).
Strategic M&A in Power & Energy
Deployed ~CAD 7B over 15 months (including TRC, POWER Engineers, Ricardo) to build scale in Power & Energy; POWER Engineers delivered mid‑teens organic growth in 2025.
Positive 2026 Financial Outlook
Guidance: net revenue $16B–$17B (midpoint implies >18% total growth year-over-year including acquisitions), adjusted EBITDA $3.0B–$3.18B (midpoint ~21% growth vs. 2024), and organic net revenue growth 4%–7%.
Digital and AI Adoption Progress
ERP deployment now covers ~80% of EBITDA; strategic AI partnerships (e.g., Microsoft) producing production solutions and client deployments; two proprietary solutions in production with clients and general availability planned.