Bird Construction Inc.

Revenue was $1.043 billion in the quarter, up 22.6% year over year. Gross profit was $109.8 million and gross margin was 10.5%; adjusted EBITDA was $73.9 million, up 34.6%, with adjusted EBITDA margin of 7.1% (up 60 basis points). Adjusted earnings were $38.6 million, or $0.70 per share; net income was $30.3 million, or $0.55 per share. For the first half of 2026, revenue rose 16.5% to $1.83 billion, adjusted EBITDA increased 24.8% to $111 million, and net income was $41.7 million. Contracted backlog ended at $6.1 billion, pending backlog at $6 billion, and combined backlog at approximately $12 billion; operating cash flow was $58.4 million in Q2 and $64.5 million in the first half. Management expects revenue growth to continue through the rest of the year and said full-year growth may exceed 20% versus 2025, with further adjusted EBITDA margin accretion as industrial programs ramp in the second half.

The CEO framed the quarter as evidence that Bird’s 2027 strategy is working: revenue, margin, backlog, and cash flow are improving together. He emphasized the company’s “specialty contractor” positioning, with national scale, self-perform capability, labor access, and a distributed mix of sectors and geographies reducing reliance on any single end market. His tone was confident and constructive, especially around industrial, data centers, defense, infrastructure, and nuclear as long-duration growth drivers.

The CFO highlighted the financial step-up: revenue of $1.043 billion, gross profit of $109.8 million, adjusted EBITDA of $73.9 million, and adjusted earnings of $38.6 million, or $0.70 per share. He noted operating leverage, with G&A down to 5.4% of revenue from 6.4% a year ago, and strong cash generation, including $58.4 million of operating cash flow in the quarter and $262 million of free cash flow on a trailing 12-month basis. He also pointed to liquidity of $264.3 million cash and $446.5 million available under the syndicated credit facility, plus a new investment-grade DBRS rating, a $250 million senior unsecured notes offering, and adjusted net debt to TTM adjusted EBITDA of 0.96x.

Analysts focused on confidence in industrial execution, the durability of backlog growth, and what could still convert into backlog over 2026-2027. Management said industrial demand remains strong across chemicals, oil loading, maintenance turnarounds, renewables, and nuclear, and expects the ramp of delayed industrial programs to help in the second half. On the build-out side, Bird pointed to defense, data centers, transportation, marine, and the Martin Falls/Ring of Fire opportunity, but said some items remain early days because of design and permitting; on margins, management clarified that 2026 is about progression toward the 2027 8% target, not reaching 8% this year.