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  5. WSP: I would appreciate you analysis of their latest earnings. [WSP Global Inc.]
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Q: I would appreciate you analysis of their latest earnings. Why the 4% decline?

Thanks.

Dave.
Asked by David on August 07, 2025
5i Research Answer:

WSP reported a revenue growth of 14.6% to $4.5B in the second quarter, driven by a combination of acquisitions (10.4%) and organic growth (3.5%), and the remaining by foreign exchange fluctuations. On the net revenue basis (another metric WSP reports, mainly includes revenue after excluding subconsultants and direct costs), WSP’s net revenue came at $3.476B, a slight miss compared to the estimate of $3.49B.

WSP reported an adjusted EPS of $2.35, a heathy increase of 24% compared to the prior year, beating estimates of $2.27. WSP’s backlog increased 11% from the same quarter last year to $16.3 billion. WSP maintained full-year guidance, with expected adjusted EBITDA to be in the range of $2.5B to $2.55B. Overall, WSP reported good results with a healthy backlog, strong free cash flow generation, though there was just a slight miss in the topline. We think the outlook remains fine, and the decline today is likely profit-taking or simply selling-on-news. We remain confident in its long-term prospects.