Stantec Hits Record Backlog of $9B, EPS Growth of 14.7% in Q1 2026 — Stantec Inc.

Event summary

Stantec reported Q1 2026 net revenue of $1.7B, up 9.1% YoY, driven by 3.6% organic and 7.2% acquisition growth.
Adjusted EBITDA increased 13.8% to $287M, with a margin of 16.9%, up 70 basis points YoY.
Contract backlog reached a record $9B, up 13.2% YoY, with the acquisition of Page contributing over 40% backlog growth in the Buildings business.
Adjusted EPS grew 14.7% to $1.33, while diluted EPS increased 10.2% to $0.97.
Stantec reaffirmed mid-to-high single-digit organic growth guidance for 2026.

The big picture

Stantec's strong Q1 2026 results reflect sustained global demand for sustainable engineering and consulting services, particularly in Water and Energy & Resources. The record backlog and margin expansion highlight operational discipline amid strategic acquisitions. The company's ability to integrate recent acquisitions and maintain growth momentum will be critical as it navigates seasonal variations and larger project ramp-ups.

What we're watching

Integration Challenges: The impact of the Page acquisition integration on operational efficiency and cash flow.
Regional Growth: Whether Stantec can sustain high single-digit organic growth in the U.S. and Canada as projected.
Margin Expansion: The pace at which Stantec can expand its adjusted EBITDA margin to the targeted 17.6%-18.2% range.