WSP’s third-quarter earnings call highlighted a record backlog of CA$20.3 billion, marking a 24% year-over-year increase despite acknowledged slowdowns in public sector projects. Alexandre L’Heureux, the company’s CEO, pointed to federal funding reviews and permitting reforms as key reasons for extended project timelines, which have lengthened since late 2024.
L’Heureux explained that infrastructure priorities had shifted significantly since the current administration took office. This change has introduced uncertainty, particularly around funding extensions for the Infrastructure Investment and Jobs Act, with reviews expected after its December 11 deadline. When pressed by analysts for predictions, he declined, stating that political forecasting was outside his area of expertise.
The company’s overall outlook remains positive, with U.S. backlog growth continuing despite the public sector delays. Demand for grid upgrades and modernization of aging infrastructure has driven this expansion. Revenue reached CA$5.3 billion, a 16.6% increase from the same period last year, while net earnings rose by 17% to CA$333.7 million. This financial strength demonstrates the company’s ability to maintain performance even as project starts face setbacks.
WSP’s power sector shows particular promise, fueled by electrification projects and grid modernization efforts. The company emphasized a recent agreement with American Electric Power for transmission work across Texas, Oklahoma, Arkansas, and Louisiana. Additionally, TRC Companies, an energy-focused acquisition completed in 2025 for $3.3 billion, has delivered double-digit power revenue growth in the first nine months of 2026. This acquisition strengthens WSP’s strategy of expanding its energy capabilities.
Data center construction, a sector often met with local resistance, plays only a limited role in WSP’s power-related projects. L’Heureux clarified that the majority of the company’s substation and transmission work supports broader grid modernization, including the replacement of outdated infrastructure. This focus mirrors trends observed by competitors such as Tutor Perini, which has also minimized its association with data center developments in recent financial updates.
