The beat-and-raise quarter with record backlog and margin expansion supports a positive re-rating. Traders should watch the Q3 2026 earnings call for organic growth trajectory in US/Canada and integration updates on the Niche acquisition. The raised EBITDA margin guidance provides a clear catalyst for upward estimate revisions.
Price Chart
Executive Summary
Stantec reported strong Q2 2026 results with net revenue up 11.5% YoY to $1.8B, adjusted EBITDA up 17.1% to $332.9M, and adjusted EPS up 18.4% to $1.61. The company raised its adjusted EBITDA margin guidance for 2026 to 17.8%-18.3% from 17.6%-18.2%, and reported a record backlog of $9.2B (+17.5% YoY). The acquisition of Niche in Australia on July 31 adds to Environmental Services. The beat-and-raise quarter with broad-based organic growth and margin expansion is a clear positive signal for the stock.
Key Facts
- Q2 2026 net revenue of $1.8B, up 11.5% YoY
- Adjusted EBITDA of $332.9M, up 17.1% YoY; margin expanded 90 bps to 18.7%
- Adjusted EPS of $1.61, up 18.4% YoY
- Record contract backlog of $9.2B, up 17.5% YoY (7.0% organic)
- 2026 adjusted EBITDA margin guidance raised to 17.8%-18.3% from 17.6%-18.2%
- Acquired Niche, a 200-person Australian engineering firm, on July 31, 2026
- Repurchased 1,667,292 shares for $175.9M in H1 2026
- Dividend declared of $0.245 per share, payable Oct 15, 2026
Financial Impact
Q2 net revenue +11.5% YoY to $1.8B; adjusted EBITDA +17.1% to $332.9M; adjusted EPS +18.4% to $1.61; backlog +17.5% to $9.2B
Risk Factors
- Organic net revenue growth of 3.7% in Q2 was modest and below acquisition-driven growth; US organic growth was flat (-0.2%)
- Cash flow from operations declined $15.4M YoY in Q2 and $118.4M YTD due to working capital investment
- Leverage at 1.3x net debt/EBITDA leaves limited balance sheet capacity for large acquisitions without equity
- Forward-looking guidance assumes FX rates that may not hold (USD at $1.38, GBP at $1.85, AUD at $0.98)
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001171843-26-005457 |
| Document: f6k_081226.htm | 0001171843-26-005457 |
| Document: 0001171843-26-005457-index-headers.html | 0001171843-26-005457 |
| Document: 0001171843-26-005457-index.html | 0001171843-26-005457 |
| Document: 0001171843-26-005457.txt | 0001171843-26-005457 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 18, 2026 6w ago | Press Release | $74.20 $71.47 | ▼ −3.69% | ▼ −2.70% | $67.68 (−8.79%) |
Aug 12, 2026 7w ago | 6-K | $74.01 $69.66 | ▼ −5.88% | ▼ −4.13% | $67.68 (−8.55%) |
Aug 12, 2026 7w ago | 6-K | $74.01 $69.66 | ▼ −5.88% | ▼ −4.13% | $67.68 (−8.55%) |
Aug 12, 2026 7w ago | Press Release | $74.01 $69.66 | ▼ −5.88% | ▼ −4.13% | $67.68 (−8.55%) |
Jul 30, 2026 9w ago | 6-K | $69.44 $74.71 | ▲ +7.59% | ▲ +3.62% | $67.68 (−2.53%) |
Jul 15, 2026 11w ago | 6-K | $70.45 $74.01 | ▲ +5.05% | ▲ +1.44% | $67.68 (−3.93%) |
Jul 9, 2026 12w ago | 6-K | $68.80 $73.11 | ▲ +6.26% | ▲ +4.02% | $67.68 (−1.63%) |
Jul 9, 2026 12w ago | Press Release | $68.80 $73.11 | ▲ +6.26% | ▲ +4.02% | $67.68 (−1.63%) |
Jun 18, 2026 15w ago | 6-K | $67.69 $70.45 | ▲ +4.08% | ▲ +3.54% | $67.68 (−0.01%) |
Jun 17, 2026 15w ago | 6-K | $67.69 $70.45 | ▲ +4.08% | ▲ +3.54% | $67.68 (−0.01%) |
US Market Status
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