Despite a fiscal year 2025 weighed down by a one-time charge, Bird Construction is moving forward with a robust foundation for growth, supported by a record-breaking project pipeline. The company’s order backlog reached an unprecedented $11 billion at year-end, providing substantial visibility for its strategic plans through 2027.
Financial Performance: Operational Strength Amidst a One-Time Charge
The company’s full-year 2025 results presented a mixed picture, defined by operational resilience overshadowed by a singular, non-recurring event. Revenue remained stable at approximately $3.4 billion, consistent with the prior year’s performance. However, the bottom line was impacted by a $62.2 million impairment charge related to a specific client, resulting in a fourth-quarter net loss of $14 million.
Operationally, Bird demonstrated notable strength. Its adjusted EBITDA improved to $222.1 million, with the corresponding margin increasing to 6.5%, up from 6.3% the previous year. Management highlights this improvement as evidence of disciplined project selection and enhanced operational efficiency across its portfolio.
Strategic Expansion Through Acquisition and Major Contracts
A key driver for future volume is the strategic expansion of Bird’s service capabilities. The October 2025 acquisition of Fraser River Pile & Dredge (FRPD) significantly bolstered the company’s expertise in marine infrastructure and earthworks, a move that is already contributing to the secured backlog.
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Furthermore, a consortium led by Bird secured a major infrastructure award in Alberta in early March. This long-term partnership involves the construction and maintenance of six schools, representing a contract value of approximately $323 million. Such agreements enhance the company’s planning certainty and provide a stable revenue stream.
A Clear Roadmap to 2027
Looking ahead, Bird’s leadership anticipates double-digit revenue growth for the current 2026 fiscal year. This acceleration is expected to become particularly evident starting in the second quarter as previously delayed projects regain momentum.
The company has set ambitious targets for 2027, aiming for annual revenue between $4.6 billion and $5.1 billion. Concurrently, it projects its adjusted EBITDA margin will rise to 8%. Bird is well-positioned to capitalize on ongoing infrastructure investments in the energy, defense, and healthcare sectors, supported by a strong balance sheet that includes $167 million in liquidity and nearly $400 million in available credit facilities.
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