Canada's construction sector continues to see significant project activity across industrial, infrastructure and building markets, with Bird Construction reporting higher revenue and a substantial pipeline of awarded and anticipated work in its latest quarterly results. The Mississauga-based contractor recorded 36.7% year-over-year revenue growth in the third quarter of 2026, supported by organic expansion across its business segments and contributions from its expanded operating platform.
The results reflect increased construction activity across Bird's Industrial, Buildings and Infrastructure operations, alongside continued growth in its project backlog. The company reported more than $13 billion in combined backlog and pending backlog at the end of September, providing visibility into its future construction and maintenance work.
Bird generated $1,300.9 million in construction revenue during the three months ended September 30, 2026, compared with $951.4 million in the corresponding quarter of 2025. Almost 90% of the revenue increase came from organic growth, while the remaining contribution was associated with FRPD, which Bird acquired in October 2025.
Net income reached $51.1 million, compared with $31.7 million a year earlier. Earnings per share increased to $0.92 from $0.57.
Adjusted EBITDA rose to $106.3 million from $66.9 million in the third quarter of 2025. The adjusted EBITDA margin improved to 8.2%, compared with 7% in the previous-year quarter. Gross profit percentage also increased, reaching 11.8% against 10.7%.
For the first nine months of 2026, construction revenue totalled $3.13 billion, representing a 24.1% increase from $2.52 billion in the same period of 2025. Adjusted EBITDA reached $217.3 million, up from $155.9 million.
Bird added more than $1.6 billion in new work to its backlog during the third quarter, bringing contracted backlog to $6.4 billion at September 30, 2026. Pending backlog, representing awarded work that has not yet been contracted, increased 10.7% during the quarter to $6.6 billion.
Combined backlog and pending backlog reached $13 billion. The pending backlog includes almost $1.5 billion in master service agreements and other recurring revenue expected to be earned over the following four years.
Project awards and agreements secured during the quarter had an aggregate value of approximately $1 billion. The work covered nuclear, civil, marine and mine infrastructure, industrial construction, industrial maintenance and building projects.
Bird also expanded its Piinahzii LP partnership agreement to include construction of the Marten Falls Community Access Road.
Following the quarter-end, the company reported another $1.1 billion in project awards and multi-year agreements. These included expanded service offerings and renewals with six existing clients under agreements extending up to five years.
Additional awards included electrical services work for a major healthcare redevelopment in Alberta, public infrastructure contracts for Jacob Bros. in British Columbia, industrial construction supporting Ontario's nuclear sector, a wind energy project in Eastern Canada and a district energy facility in Western Canada.
Bird generated $117.4 million in operational cash flow before changes in non-cash working capital during the third quarter, an increase of 68.1% compared with the same period in 2025.
At September 30, 2026, the company reported $267.8 million in cash and $476.5 million available under its syndicated credit facility. The available liquidity supports working capital requirements, project-related capital expenditures and potential acquisitions.
The Board also declared eligible dividends of $0.07 per common share for each of November and December 2026 and January and February 2027.
Bird's results provide an indication of the scale of its current construction programme across Canada's industrial, building and infrastructure markets. The $13 billion combined backlog and pending backlog, alongside the additional $1.1 billion in post-quarter awards, demonstrates the range of projects and multi-year agreements in its pipeline.
For Canadian construction owners, subcontractors and suppliers, the reported awards identify activity across healthcare redevelopment, nuclear construction, transportation infrastructure, renewable energy and district energy facilities. These projects represent multiple construction and maintenance work categories within Bird's operating markets.
The company's third-quarter results were released November 11, 2026. Bird scheduled an investor conference call for November 12 to discuss its financial performance.
Source: Bird Construction.
