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Badger Infrastructure Solutions stock: record Q3 revenue, higher spending plan

Published on 11/09/2026 at 03:56 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS
Badger Infrastructure Solutions stock is in focus after record third-quarter revenue and adjusted EBITDA. The company revised its 2026 capital-spending outlook.

Badger expands growth investments

  • Third-quarter revenue reached a record level as demand increased across infrastructure and industrial markets.
  • Adjusted EBITDA margin expanded, while reported net earnings declined year over year.
  • Badger plans additional fleet investment and is evaluating a second manufacturing facility in the United States.
  • The board approved a higher quarterly dividend for the fourth fiscal quarter of 2026.
Badger Infrastructure Solutions stock, Badger Infrastructure Solutions, third-quarter results, hydrovac services, infrastructure spending, dividends, Illustration mit AI erstellt.
Badger Infrastructure Solutions stock, Badger Infrastructure Solutions, third-quarter results, hydrovac services, infrastructure spending, dividends, Illustration mit AI erstellt.

Badger Infrastructure Solutions reported record third-quarter revenue on November 5, 2026, as demand for hydrovac services and infrastructure-related work supported growth across its markets. The release was published by Markets Insider.

Record quarter, wider margins

Revenue for the three months ended September 30 rose 21 percent from the prior-year quarter to 286.5 million US dollars. Adjusted EBITDA increased 25 percent to 83.4 million US dollars, and the adjusted EBITDA margin expanded to 29.1 percent from 28.2 percent.

Adjusted net earnings rose to 32.1 million US dollars, or 0.96 US dollars per share, from 30.8 million US dollars, or 0.91 US dollars per share. Reported net earnings moved lower to 27.3 million US dollars from 29.0 million US dollars, reflecting the distinction between the company's adjusted and reported measures.

Fleet investment drives outlook

Revenue per truck per month increased 8 percent to 51,895 US dollars, while the hydrovac fleet grew 11 percent year over year to 1,882 units. Badger said demand remained strong in utility and infrastructure networks, airports, data centers, sports facilities, liquefied natural gas plants and reshoring projects.

The company now expects total 2026 capital spending of 203 million to 222 million US dollars, including potential tariffs of 18 million to 22 million US dollars. The plan includes 300 to 310 new builds, 130 to 150 retirements and 30 to 50 refurbishments. Badger is also working through the location, capacity and layout process for a second US manufacturing facility, with the selection process expected to conclude in late 2026 or early 2027.

Dividend and market context

Badger's board approved a quarterly dividend of 0.195 Canadian dollars per common share for the fourth fiscal quarter of 2026. Shareholders of record on December 31, 2026, are scheduled to receive payment on or after January 15, 2027.

Badger provides non-destructive excavation and related services across North American construction, utility, transportation, industrial and other critical infrastructure markets. Its vertically integrated model includes designing and manufacturing hydrovac units at its facility in Red Deer, Alberta, alongside specialty equipment such as combo trucks, sewer and flusher units, dump trucks, rock slingers and airvacs.

Badger Infrastructure Solutions at a glance

  • Company: Badger Infrastructure Solutions Ltd.
  • Ticker: TSX: BDGI
  • Report date: November 5, 2026
  • Reporting period: Third quarter ended September 30, 2026
  • Revenue: 286.5 million US dollars
  • Adjusted EBITDA: 83.4 million US dollars

Broader Canadian market developments are available through Current S&P/TSX Composite market reports.

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