Stantec Inc. posted third‑quarter 2025 results that surpassed expectations across revenue, earnings and margin metrics. Net revenue climbed 11.8% year‑over‑year to $1.7 billion, driven by a 5.6% organic increase and a 5.2% contribution from acquisitions, including the July 2025 completion of the Page acquisition.
Adjusted earnings per share rose to $1.53, beating the consensus estimate of $1.10 by $0.43 or 39%. The beat reflects disciplined cost management, a favorable mix shift toward higher‑margin Water and Energy & Resources projects, and the immediate revenue impact of the Page acquisition. Diluted EPS of $1.32 also exceeded expectations, underscoring the company’s ability to translate operating performance into shareholder value.
Adjusted EBITDA grew 17.8% to $48.8 million, and the adjusted EBITDA margin expanded to a record 19.0%. The margin lift is attributable to lower administrative and marketing expenses as a share of revenue, higher utilization rates, and the stronger mix of high‑margin projects that followed the Page deal. The company’s operating leverage continues to improve as it scales its integrated service model.
Management raised its 2025 adjusted EBITDA margin outlook to 17.2%–17.5% from a prior range of 16.5%–17.0%, signaling confidence in sustained profitability. Net revenue growth guidance of 10%–12% remains unchanged, reflecting expectations of continued demand in core segments and the ongoing integration of Page’s portfolio.
The market reaction was muted, with investors weighing macro‑economic uncertainty, slower U.S. procurement cycles, and the integration risk of the Page acquisition against the company’s strong fundamentals. Analysts noted that while the results were robust, the broader environment and potential execution challenges tempered enthusiasm.
Gord Johnston, President and CEO, said the quarter demonstrated “strong execution and disciplined cost control” and that the Page acquisition “greatly supports our strategic market growth in Buildings while enabling us to better serve North American clients.” He added that Stantec remains on track to deliver another record year as it advances its 2024‑2026 Strategic Plan.
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