WSP Global narrowly beat its quarterly earnings estimate. Its record backlog and improving margins offer a stronger sign of momentum at the engineering firm.
WSP Global Inc. (TSX: WSP) reported adjusted earnings per share of C$3.20 for the third quarter of 2026, just above the C$3.19 estimate. The quarter ended September 25, and WSP released its results after market close on November 4. Net revenue grew 22.1% to C$4.23 billion, and backlog reached a record C$20.3 billion. For Canadian investors, the key question is how quickly that backlog turns into work, especially in the United States, where project starts have been delayed.
Recent earnings trend
WSP Global Inc
WSP.TO
WSP.TO
WSP Global Inc
WealthAwesomeMarket cap
$24.46B
P/E
23.8x
Div. yield
0.79%
Div. / share
$1.50
52W high
$273.61
52W low
$156.32
1W change
-2.72%
Beta
0.47
Analyst Price Targets
Based on analyst covering WSP · as of Oct 29, 2026
Wall Street analysts forecast WSP stock price to rise 55.3% over the next 12 months.
Consensus
BullishBased on avg. target vs last close (formal rating unavailable for Canadian listings)
Avg. Target
C$281.79
+55.3% Upside
Previously C$281.93 on Oct 20, 2026
Current Price
C$181.45
Last close
Targets are snapshotted when they change. Unchanged figures keep their original date. Not financial advice.
Wealth Awesome Price Forecast
WA ModelStatistical 90-day price range based on WSP's historical volatility
30-Day Vol
39.5%
Annualized
90-Day Vol
40.4%
Annualized
Trend (90d)
-26.1%
Annualized drift
90d Mean
C$165.29
Expected price
| Horizon | Expected | 68% Range (1σ) |
|---|---|---|
| 30 trading days | C$175.90 | C$153.46 – C$201.61 |
| 60 trading days | C$170.51 | C$140.59 – C$206.80 |
| 90 trading days | C$165.29 | C$130.50 – C$209.36 |
Methodology: Range is calculated using 30-day realized volatility via geometric Brownian motion (log-normal model). 68% band = ±1σ, 95% band = ±2σ. This is a statistical model, not a prediction. Past volatility does not guarantee future results. Not financial advice.
Analyst coverage: 12 analyst(s) cover this name; upcoming EPS consensus is available.
Beat estimates in 4 of the last 4 comparable quarter(s).
| Fiscal period | Report date | Actual EPS | Estimate | Surprise |
|---|---|---|---|---|
| 2026-12-31 | 2027-02-24 | — | 3.0700 | — |
| 2026-09-30 | 2026-11-04 | 3.2000 | 3.1900 | +0.3% |
| 2026-06-30 | 2026-08-05 | 2.8800 | 2.8200 | +2.1% |
| 2026-03-31 | 2026-05-06 | 2.2100 | 2.0600 | +7.3% |
| 2025-12-31 | 2026-02-25 | 2.6500 | 2.6400 | +0.4% |
| 2025-09-30 | 2025-11-05 | 2.8200 | 2.6500 | +6.4% |
Investor takeaway: The earnings beat was small, but record backlog, organic growth and a higher adjusted EBITDA margin point to solid demand. The timing of U.S. project approvals and funding remains uncertain. Leverage is also elevated after the TRC acquisition. For more coverage, visit the WSP.TO stock page.
C$20.3 billion
WSP’s record backlog grew 23.5% over the past 12 months and represents 11.6 months of revenue. That provides visibility into future work, but delayed U.S. project starts are a reminder that backlog doesn’t immediately translate into revenue or cash flow.
Bull case
Net revenue rose 22.1% to C$4.23 billion, with organic growth of 5.1%. Adjusted EBITDA margin increased to 20.5%, up from 20.2% a year earlier. Backlog reached C$20.3 billion, giving WSP substantial visibility into future work. Canada and EMEIA posted double-digit organic growth, while TRC’s Power & Energy business recorded double-digit net revenue growth year to date. WSP also said its adjusted EBITDA margin was up 70 basis points year to date.
Bear case
WSP beat the earnings estimate by just C$0.01, and U.S. projects are taking longer to move forward as clients wait for funding reviews and notices to proceed. Management expects a gradual, uneven recovery and did not provide guidance for 2027. Leverage stood at 2.2 times at quarter-end, above WSP’s target range following the TRC acquisition. APAC margins also came under pressure from regional mix, foreign exchange and weaker public spending in New Zealand.
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