It might seem like ages ago that One Big Beautiful Bill Act was signed into law by President Donald Trump on July 4, but most of the bill will kick into effect starting in January, and there are considerable implications for markets. The tax and spending legislation should give a boost to what Manish Kabra, the chief US equity strategist at Société Générale, calls the "other half" of the S&P 500 index, or more traditionally cyclical sectors outside the tech and AI space.Ahead of the new year, Kabra compil ...

Financial Data and Key Metrics Changes - The company reported a 28% year-over-year increase in Q4 adjusted EPS, driven by a 6% net revenue growth and a record adjusted EBITDA margin of over 14.4% [5][10] - For the full fiscal year 2025, adjusted EPS grew by 16%, supported by mid-single-digit net revenue growth and strong margin expansion [5][11] - The consolidated backlog increased by 6% year-over-year to a record $23.1 billion, with a trailing 12-month book-to-bill ratio of 1.1x [11][12] Business Line Data and Key Metrics Changes - In Q4, gross revenue increased by 7% year-over-year, while adjusted net revenue grew by 6% [10] - The Infrastructure and Advanced Facilities segment saw a 16% increase in operating profit year-over-year in Q4, with a 13% increase for the full fiscal year [16] - PA Consulting's revenue increased by 10% year-over-year in Q4, contributing to a 17% increase in operating profit [16] Market Data and Key Metrics Changes - Net revenue growth across the three end markets was consistent, with water and environmental and life sciences and advanced manufacturing growing just over 4%, and critical infrastructure at about 6% for fiscal year 2025 [12] - In Q4, net revenue in critical infrastructure increased by more than 9% year-on-year, driven by key programs in the transportation sector [13] - The water and environmental end market saw flat year-on-year revenue in Q4, with mixed demand trends [15] Company Strategy and Development Direction - The company aims to redefine the asset life cycle and expand its addressable market with core clients, particularly in the water sector, which remains a high-growth area [6][8] - The strategy includes leveraging AI and digital capabilities to enhance service delivery and operational efficiency [42][43] - The company is focused on maintaining a disciplined capital returns policy while investing in growth opportunities [17][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in entering FY 2026 with strong momentum, backed by a record backlog and expanding margins [21][19] - The company anticipates continued tailwinds in the transportation and energy sectors, with expectations for water to remain a key growth driver [14][15] - Management highlighted the importance of regulatory stability in the environmental sector for future growth [31] Other Important Information - Free cash flow generation for fiscal year 2025 was $607 million, with a return of approximately 150% of free cash flow to shareholders [17] - The company approved a $0.32 per share dividend, representing a 10% year-over-year growth [18] Q&A Session Summary Question: Impact of federal government shutdown on fiscal 2026 bookings - Management indicated that there was no impact from the federal government shutdown on fiscal 2025 bookings, as awards occurred before the shutdown [24] Question: Update on PA Consulting negotiations - Management confirmed that negotiations are progressing and a decision is expected before March 2026 [25] Question: Softness in environmental business - Management noted that regulatory volatility and a pause in spending from private sector clients contributed to the softness in the environmental sector [30][31] Question: Free cash flow guidance and unusual items - Management explained that the guidance includes a one-time tax event and cash expenses related to the PA Consulting combination [34] Question: Margin performance in infrastructure and advanced facilities - Management expects a sequential slowdown in Q1 margins but anticipates a linear progression throughout FY 2026 [40] Question: AI leverage and margin opportunities - Management highlighted ongoing AI initiatives and partnerships that are expected to contribute to margin expansion [42][43] Question: Regional performance across end markets - Management reported strong growth across all regions, with double-digit growth in the Middle East and recovery in Europe [49] Question: Pipeline outlook and conversion expectations - Management indicated that the fastest-growing pipelines are in data centers, semiconductors, and life sciences, with strong conversion expected in FY 2026 [67]

Financial Data and Key Metrics Changes - The company reported a 28% year-over-year increase in adjusted EPS for Q4, driven by a 6% net revenue growth and a record adjusted EBITDA margin of over 14.4% [6][12] - For the full fiscal year 2025, adjusted EPS grew by 16%, supported by mid-single-digit net revenue growth and strong margin expansion [6][12] - The consolidated backlog increased by 6% year-over-year to a record $23.1 billion, with a trailing 12-month book-to-bill ratio of 1.1 times [12][19] Business Line Data and Key Metrics Changes - Infrastructure and Advanced Facilities operating profit increased by 16% year-over-year in Q4, with a 13% increase for the full fiscal year [16][17] - PA Consulting's revenue grew by 10% year-over-year in Q4, contributing to a 17% increase in operating profit [17] - The water and environmental sector saw net revenue growth of just over 4% for the fiscal year, while critical infrastructure grew by about 6% [13][15] Market Data and Key Metrics Changes - In Q4, net revenue in critical infrastructure increased by more than 9% year-over-year, driven by key programs in the transportation sector [13][14] - The life sciences and advanced manufacturing sector experienced a net revenue growth of just over 5% in Q4, with strong growth in life sciences and data centers [15] - The water and environmental end market was roughly flat year-over-year in Q4, with mixed demand impacting performance [16] Company Strategy and Development Direction - The company aims to redefine the asset life cycle and expand its addressable market with core clients, particularly in the water sector, which remains a high-growth area [7][9] - The strategy includes leveraging AI and digital capabilities to enhance service delivery and operational efficiency [46][47] - The company is focused on maintaining a disciplined capital returns policy while investing in growth opportunities [18][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in entering FY26 with strong momentum, backed by a record backlog and healthy demand across sectors [21][20] - The company anticipates continued tailwinds in transportation and energy sectors, with expectations for water to remain a key growth driver [15][16] - Management highlighted the importance of regulatory stability in the environmental sector for future growth [32] Other Important Information - Free cash flow generation for fiscal year 2025 was $607 million, with a commitment to return approximately 150% of free cash flow to shareholders [18] - The company approved a $0.32 per share dividend, representing a 10% year-over-year growth [19] - The fiscal year 2026 outlook includes expectations for adjusted net revenue growth of 6%-10% and adjusted EPS growth of 16% year-over-year [19][20] Q&A Session Summary Question: Impact of federal government shutdown on fiscal 2026 bookings - Management indicated that there was no impact from the federal government shutdown on bookings, as awards occurred before the shutdown [24][25] Question: Update on PA Consulting negotiations - Management confirmed that negotiations are progressing and a decision is expected before March 2026 [26] Question: Softness in environmental business - Management noted that regulatory volatility and a pause in spending from private sector clients contributed to softness in the environmental sector [32][33] Question: Free cash flow guidance and unusual items - Management explained that the guidance includes a one-time tax event and cash expenses related to PA Consulting negotiations [36] Question: Margin performance in infrastructure and advanced facilities - Management expects a sequential slowdown in Q1 margins but anticipates a linear progression throughout FY26 [43] Question: Leveraging AI for margin opportunities - Management highlighted ongoing AI initiatives and partnerships that are expected to contribute to margin expansion [46][47] Question: Transportation funding visibility under IIJ - Management confirmed that transportation remains a catalyst for growth, with strong performance seen globally [52] Question: Regional performance across end markets - Management reported double-digit growth in the Middle East and recovery in Europe, with strong performance across all regions [53] Question: Bridging margin expansion between fiscal years - Management outlined several factors contributing to margin expansion, including global delivery and operational efficiencies [60][61] Question: Changes in data center assignments - Management noted increased interest in data center projects in the Middle East and Europe, with a fivefold increase in the pipeline [64][71]

Financial Data and Key Metrics Changes - The company reported a 28% year-over-year increase in adjusted EPS for Q4, driven by a 6% net revenue growth and a record adjusted EBITDA margin of over 14.4% [6][12] - For the full fiscal year 2025, adjusted EPS grew by 16%, supported by mid-single-digit net revenue growth and strong margin expansion [6][12] - The consolidated backlog increased by 6% year-over-year to a record $23.1 billion, with a trailing 12-month book-to-bill ratio of 1.1 times [12][18] Business Line Data and Key Metrics Changes - Infrastructure and Advanced Facilities operating profit increased by 16% year-over-year in Q4, with a 13% increase for the full fiscal year [16][17] - PA Consulting's revenue grew by 10% year-over-year in Q4, contributing to a 17% increase in operating profit [17] - The water and environmental sector saw flat revenue year-over-year in Q4, while critical infrastructure net revenue increased by over 9% [15][16] Market Data and Key Metrics Changes - Net revenue growth across the three end markets was consistent, with water and environmental and life sciences and advanced manufacturing growing just over 4%, and critical infrastructure at about 6% for fiscal year 2025 [14] - The company experienced strong growth in the transportation sector, particularly in the U.S. and internationally, with significant projects in New York and the U.K. [10][15] Company Strategy and Development Direction - The company aims to redefine the asset life cycle and expand its addressable market with core clients, particularly in the water sector, which remains a high-growth area [7][10] - The strategy includes leveraging AI and digital capabilities to enhance service delivery and operational efficiency [49][50] - The company is focused on maintaining a disciplined capital returns policy while investing in growth opportunities [18][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in entering fiscal year 2026 with strong momentum, backed by a record backlog and expanding margins [22][20] - The company anticipates continued tailwinds in the transportation and energy sectors, with expectations for water to remain a key growth driver [15][16] - Management noted that fiscal year 2026 will include an extra week in Q4, which is expected to positively impact revenue growth [19] Other Important Information - Free cash flow generation for fiscal year 2025 was $607 million, with a commitment to return approximately 150% of free cash flow to shareholders [18] - The company approved a $0.32 per share dividend, representing a 10% year-over-year increase [18] Q&A Session Summary Question: Impact of federal government shutdown on fiscal 2026 bookings - Management indicated that there was no impact from the federal government shutdown on fiscal 2025 bookings, as awards occurred before the shutdown [24][25] Question: Update on PA Consulting negotiations - Management confirmed that negotiations are progressing and a decision is expected before March 2026 [26] Question: Softness in environmental business - Management explained that regulatory volatility and a pause in spending from private sector clients contributed to the softness in the environmental sector [31][35] Question: Guidance on free cash flow - Management clarified that the guidance includes a one-time tax event and cash expenses related to the PA Consulting combination [39] Question: Margin performance in infrastructure and advanced facilities - Management noted that margins are expected to show a linear progression throughout fiscal year 2026, with Q1 being the slowest [46][48] Question: Transportation funding visibility under IIJ - Management confirmed that transportation remains a catalyst for growth, with strong performance seen globally [57] Question: Regional performance across end markets - Management reported double-digit growth in the Middle East and recovery in Europe, with strong performance across all regions [58][59] Question: Pipeline outlook and conversion - Management highlighted strong growth in the data center and semiconductor sectors, with a 5x increase in the data center pipeline [86][87]

Financial Performance - Q4 FY2025 - GAAP gross revenue reached $3.2 billion, a year-over-year increase of 6.6%, while adjusted net revenue was $2.2 billion, up 5.8% year-over-year[10] - Adjusted EBITDA stood at $324 million, reflecting a 12% increase year-over-year, with an adjusted EBITDA margin of 14.4% on adjusted net revenue[10, 14] - Adjusted EPS increased by 27.7% year-over-year to $1.75[10, 14] Financial Performance - FY2025 - GAAP gross revenue was $12.0 billion, up 4.6% year-over-year, and adjusted net revenue was $8.7 billion, up 5.3% year-over-year[10, 17] - Adjusted EBITDA reached $1.2 billion, a 13.9% increase year-over-year, resulting in an adjusted EBITDA margin of 13.9% on adjusted net revenue[10, 17] - Adjusted EPS increased by 15.9% year-over-year to $6.12[10, 17] Backlog and Book-to-Bill Ratio - The company reported a Q4 book-to-bill ratio of 1.1x and a trailing twelve-month (TTM) book-to-bill ratio of 1.1x[10] - Backlog increased from $21.8 billion in 2024 to $23.1 billion in 2025[14, 17] Segment Performance - I&AF End Market (Q4 FY2025) - Critical Infrastructure saw gross revenue of $1.2 billion and adjusted net revenue of $989 million, with year-over-year growth of 5.9% and 9.2% respectively[20] - Water & Environmental had gross revenue of $807 million and adjusted net revenue of $583 million, experiencing a decrease of 4% and 1.1% respectively[20] - Life Sciences & Advanced Manufacturing reported gross revenue of $831 million and adjusted net revenue of $352 million, with year-over-year growth of 19% and 5.3% respectively[20] FY2026 Outlook - The company projects adjusted net revenue growth of 6% to 10% year-over-year[26] - Adjusted EPS is expected to be in the range of $6.90 to $7.30[26] - Free cash flow margin is projected to be between 7% and 8%[26]

Core Insights - Jacobs Solutions Inc. reported a 6.6% year-over-year increase in gross revenue for the fiscal fourth quarter of 2025, reaching $3.2 billion, while adjusted net revenue grew by 5.8% to $2.2 billion [1][9] - The company achieved a record backlog of $23.1 billion, with a trailing twelve months (TTM) book-to-bill ratio of 1.1x, indicating strong demand for its services [1][9] - Jacobs returned a record $1.1 billion to shareholders through share repurchases and dividends during fiscal 2025 [1][2] Fiscal Fourth Quarter 2025 Financial Highlights - Revenue for Q4 2025 was $3,154,644, compared to $2,960,150 in Q4 2024, reflecting a change of $194,494 [6] - Adjusted net revenue for Q4 2025 was $2,242,246, up from $2,118,930 in Q4 2024, an increase of $123,316 [6] - GAAP net earnings from continuing operations were $138,036, a decrease of 55.4% year-over-year, primarily due to mark-to-market losses related to Amentum stock [9] - Adjusted EPS from continuing operations increased by 27.7% to $1.75, compared to $1.37 in the previous year [9] Fiscal Year 2025 Financial Highlights - Total revenue for fiscal 2025 was $12,029,783, up from $11,500,941 in fiscal 2024, marking an increase of $528,842 [7] - Adjusted net revenue for fiscal 2025 was $8,694,965, compared to $8,259,301 in fiscal 2024, an increase of $435,664 [7] - GAAP net earnings from continuing operations were $313,302, down 48.9% year-over-year, impacted by mark-to-market losses [9] - Adjusted EPS from continuing operations rose by 15.9% to $6.12, compared to $5.28 in the previous year [9] Financial Outlook for Fiscal 2026 - The company anticipates adjusted net revenue growth of 6% to 10% over fiscal 2025, with adjusted EBITDA margin expected to range from 14.4% to 14.7% [3] - Adjusted EPS is projected to be between $6.90 and $7.30, with free cash flow margin expected to range from 7.0% to 8.0% [3] Strategic Commentary - Jacobs' CEO highlighted that the company met or exceeded all key metrics for FY25, driven by growth in sectors such as Life Sciences, Data Center, Water, Energy & Power, and Transportation [2] - The CFO noted that the company is starting FY26 with a record backlog and expects continued growth in revenue, margins, EPS, and free cash flow [2]

Core Insights - Conestoga Capital Advisors reported strong equity market performance in Q3 2025, with the Conestoga Micro-Cap Composite returning 11.7% net-of-fees, while the Russell Microcap Growth Index returned 19.9% [1] Company Overview: Bowman Consulting Group Ltd. (NASDAQ:BWMN) - Bowman Consulting Group Ltd. provides professional services in civil engineering, planning, and surveying for public infrastructure, transportation, utilities, and private real estate markets [3] - The company experienced a one-month return of -1.89%, but its shares increased by 101.69% over the last 52 weeks, closing at $41.73 per share on October 17, 2025, with a market capitalization of $719.873 million [2] Growth Drivers - Infrastructure spending tailwinds have fueled growth in engineering and consulting projects for Bowman Consulting Group Ltd., leading to strong backlog growth [3] - Strategic acquisitions have expanded the company's geographic reach and diversified its service offerings, contributing to margin expansion and improved profitability through scale efficiencies and disciplined cost management [3] - Steady cash generation has alleviated balance sheet concerns, while improved investor sentiment is linked to visibility into long-term infrastructure demand [3] Hedge Fund Interest - Bowman Consulting Group Ltd. was held by 8 hedge fund portfolios at the end of Q2 2025, an increase from 6 in the previous quarter, indicating growing interest among institutional investors [4] - Despite this interest, the company is not listed among the 30 most popular stocks among hedge funds, and there are suggestions that certain AI stocks may offer greater upside potential with less downside risk [4]

MONTREAL, Oct. 15, 2025 (GLOBE NEWSWIRE) -- WSP Global Inc. (TSX: WSP) ("WSP" or the "Corporation"), one of the world's leading professional services firms, will release its 2025 third quarter results on November 5, 2025, after market close. A conference call and webcast will be held on November 6, 2025, at 8:00 a.m. (Eastern Time) to discuss the results. To participate in the conference call, please pre-register using this link. Registrants will receive a confirmation with dial-in details. A live webcast o ...

Financial Performance - GAAP gross revenue reached $3 billion, showing a year-over-year increase of 51%[10] - Adjusted net revenue was $22 billion, up 70% year-over-year[10] - GAAP net income increased significantly to $181 million, a 1186% rise year-over-year[10] - Adjusted net income grew to $195 million, representing a 192% increase year-over-year[10] - Adjusted EBITDA stood at $314 million, a 135% increase year-over-year, with an adjusted EBITDA margin of 141% on adjusted net revenue[10] - GAAP EPS was $156, up 1364% year-over-year, and adjusted EPS was $162, a 246% increase year-over-year[10] Backlog and Cash Flow - The company reported a Q3 Book-to-Bill ratio of 12x, with a trailing twelve-month (TTM) ratio also at 12x[10] - Q3 FY 2025 cash flow from operations (CFFO) was $293 million[19] - Q3 FY 2025 free cash flow (FCF) amounted to $271 million[19] Segment Performance - Infrastructure and Advanced Facilities (I&AF) operating profit was $236 million, a 134% increase year-over-year, representing 124% of adjusted net revenue[18] - PA Consulting operating profit was $72 million, a 152% increase year-over-year, remaining at 218% of revenue[18] Outlook - The company is raising its FY 2025 adjusted EPS guidance to $600-$610[23] - The company anticipates adjusted net revenue growth of approximately 55% year-over-year[23]

Core Viewpoint - NV5 Global, Inc. has received approval from a majority of its stockholders for the proposed merger with Acuren Corporation, indicating strong support for the transaction [1][2]. Summary by Sections Merger Details - The merger agreement stipulates that NV5 stockholders will receive approximately $23.00 per share, which includes $10.00 in cash and $13.00 in Acuren common stock, subject to a 10% collar feature [2]. - Upon completion of the merger, pre-merger NV5 stockholders are expected to own about 40% of the combined company's common stock, while pre-merger Acuren stockholders are expected to own approximately 60% [2]. - The transaction is anticipated to close promptly in August 2025, pending customary closing conditions [2]. Regulatory Filings - NV5 has filed a definitive joint proxy statement/prospectus with the SEC on July 2, 2025, which was supplemented on July 21 [3].