Kilambi News
Saturday, November 7, 2026

WSP backlog reaches record 20.3 billion Canadian dollars

Infrastructure Saturday, November 7, 2026 - Updated Nov 7, 2026 07:12

WSP Global's backlog reached a record 20.3 billion Canadian dollars at September 25, 2026, up 23.5 percent in a year, even as its chief executive warned that United States funding reviews are stretching the time between award and start of work.

Why it matters: WSP is the engineering layer under a large share of North American infrastructure spending, so its backlog says demand is intact while its conversion warning says public money is moving more slowly from award to construction.

Data as of WSP Global third-quarter results for the period ended September 25, 2026, released November 4, 2026; chief executive remarks on the November 5 earnings call as reported by Construction Dive on November 6. Canadian dollar figures are the company's own.

WSP Global’s backlog reached a record 20.3 billion Canadian dollars as at September 25, 2026, up 23.5 percent over twelve months, with organic backlog growth of 5.0 percent. Third-quarter revenues rose 16.6 percent to 5.29 billion dollars, net revenues rose 22.1 percent to 4.23 billion dollars, and net earnings rose about 17 percent to 333.7 million dollars.

Chief executive Alexandre L’Heureux told analysts the demand picture is not the problem. Since the second quarter, timeframes between project award, funding authorisation and the start of work have lengthened in the United States public sector, which he attributed to federal funding reviews by the Government Accountability Office and to permitting reform. He expected the December 11 expiry of the current infrastructure funding extension to be extended for the new Congress to review.

Power and energy is the firm’s other growth engine. American Electric Power has picked WSP as a delivery partner for projects in Texas, Oklahoma, Arkansas and Louisiana, and TRC Companies, acquired in 2025 for 3.3 billion dollars in cash, delivered double-digit net revenue growth in power and energy in the first nine months of 2026. L’Heureux said the firm’s power thesis rests on electrification, capacity and grid modernisation, not on data centres, which account for only a small part of its substation and transmission work.

The backlog equals 11.6 months of revenues, and Americas backlog growth accelerated through 2026 to 4.9 percent organic growth in the third quarter. The risk in the print is timing, not volume: work is being won faster than public clients are releasing it to start.

Sources

  1. WSP reports strong Q3 2026 results and backlog growth - WSP Global - 2026-11-04
  2. WSP hits record backlog, remains bullish on infrastructure, power work - Construction Dive - 2026-11-06