Bird Construction reported CAD 877.0 million in fourth-quarter 2025 construction revenue, down from CAD 936.7 million a year earlier, while a CAD 62.2 million impairment tied to one customer pushed the quarter to a net loss. The more important forward-looking figure was backlog: CAD 5.1 billion was contracted, pending backlog exceeded CAD 6.0 billion, and combined backlog rose 45% from 2024 to more than CAD 11 billion. Management expects double-digit growth in 2026, potentially reaching the low teens if sector timing cooperates.
What Bird Construction reported for Q4 2025
Bird Construction Inc. (R (6LT.MU)) released its fiscal-year 2025 results on March 11, 2026. Fourth-quarter construction revenue was CAD 877.0 million, compared with CAD 936.7 million in Q4 2024. The quarter produced a CAD 14.0 million net loss, or CAD 0.25 per share, versus net income of CAD 32.5 million and earnings per share of CAD 0.59 in the prior-year quarter.
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On adjusted measures, Q4 earnings were CAD 31.8 million and adjusted EPS was CAD 0.57. Adjusted EBITDA was CAD 66.2 million, equal to 7.5% of revenue, compared with a 7.7% margin in Q4 2024.
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The impairment behind the reported loss
Bird recorded a CAD 62.2 million impairment on receivables and contract assets after reassessing one customer’s creditworthiness and the collectability of amounts owed. Management said the related project was substantially complete and that no further costs were expected. Because the charge affected reported earnings but not the underlying progress of the broader project portfolio, adjusted results provide a different view of the quarter’s operating performance.
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Full-year 2025 results: flat revenue, stronger EBITDA
| Measure | FY2025 | FY2024 |
|---|---|---|
| Construction revenue | CAD 3,396.8 million | CAD 3,397.3 million |
| Net income | CAD 47.4 million | CAD 100.1 million |
| EPS | CAD 0.86 | CAD 1.84 |
| Adjusted earnings | CAD 107.7 million | CAD 111.3 million |
| Adjusted EPS | CAD 1.94 | CAD 2.04 |
| Adjusted EBITDA | CAD 222.1 million (6.5% margin) | CAD 212.8 million (6.3% margin) |
Revenue was essentially unchanged year over year, but net income fell by more than half. Adjusted EBITDA increased by CAD 9.3 million, and the margin improved by 0.2 percentage points to 6.5%. The gap between reported and adjusted earnings reflects the impairment and other items excluded from Bird’s adjusted presentation.
Why revenue fell in the fourth quarter
Bird attributed the weaker 2025 revenue pattern mainly to timing. Delayed project starts and deferrals in industrial work held revenue back even as demand remained strong in several strategic markets. Infrastructure growth during the year came from mining work, the East Harbour Transit Hub, a full year of contributions from Jacob Bros., and the October 2025 acquisition of FRPD.
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What FRPD added
Bird paid CAD 84.6 million for FRPD. The acquisition added marine construction and land-foundation self-perform capabilities, broadening the work Bird can execute directly and supporting its infrastructure platform.
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How large is Bird’s backlog?
| Backlog category | Amount at FY2025 year-end | Meaning |
|---|---|---|
| Contracted backlog | CAD 5.1 billion | Work covered by awarded contracts |
| Pending backlog | More than CAD 6.0 billion | Expected awards or authorizations not yet included in contracted backlog |
| Combined backlog | More than CAD 11 billion | 45% above 2024, according to management |
Management expects approximately 54% of current backlog to be recognized over the next 12 months. Pending backlog also included more than CAD 1.5 billion of recurring-revenue opportunities, primarily multi-year master service agreements, maintenance programs and task-order arrangements. Those contracts can provide a steadier flow of work than one-time project awards, although pending amounts still depend on authorization and timing.
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Which markets are driving the outlook?
Bird identified infrastructure, defense, healthcare, education, long-term care, nuclear, liquefied natural gas, petrochemicals, potash and industrial maintenance as strategic demand areas. Defense backlog exceeded CAD 1.5 billion. Nuclear work represented approximately 10% of current revenue, based on management’s call commentary.
The mix matters because these sectors have different award schedules and execution profiles. Infrastructure and energy programs can be large but timing-sensitive, while maintenance and task-order work may recur over multiple years. Bird’s backlog expansion therefore improves visibility, but it does not eliminate the risk that individual programs move between periods.
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What Bird expects in 2026 and 2027
Chief executive Teri McKibbon said 2026 growth should be double digit and could reach the low teens, depending on how quickly the company’s market sectors develop. Management expects roughly 54% of the current backlog to be placed in 2026 and said visibility extends into 2027.
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What could change the forecast?
- Backlog conversion: Pending work must be authorized and contracted before it becomes firm revenue.
- Project timing: Delayed starts or deferred industrial work can shift revenue between quarters or years.
- Execution: Cost control, schedule performance and customer collectability determine whether backlog margins are achieved.
- Sector spending: Large infrastructure, defense and energy programs depend on customer budgets and approvals.
- Customer credit: The CAD 62.2 million impairment demonstrates that even substantially completed work can create a receivables risk.
Bird’s release describes its 2026 and later expectations as forward-looking statements. The record backlog supports stronger visibility than the 2025 revenue timing suggests, but actual growth will depend on when projects start, how pending awards convert and how work is executed.
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