EarningsQ2 2026 Earnings Report
DE:J2A Q2 2026 EPS Results
Actual EPS€1.85
Consensus EPS€1.16
Beat/MissBeat by +€0.69
One Year Ago EPS€1.34
DE:J2A Q2 2026 Revenue Results
Actual Revenue€206.13M
Expected Revenue€91.24M
Beat/MissBeat by +€114.88M
YoY Revenue Growth+33.18%
Earnings Announcement Details
QuarterQ2 2026
Date08/06/2026
TimeAfter Close
Conference CallThursday, August 6, 2026
DE:J2A Upcoming Earnings
Willdan Group's next earnings date is estimated for November 5, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
DE:J2A Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed a decidedly positive operational and financial narrative: strong revenue growth, record adjusted EBITDA and margins, robust cash flow, successful acquisitions driving commercial expansion, and a growing pipeline of large, complex projects. Key risks discussed were margin mix pressure, higher non-cash and acquisition-related charges, timing uncertainty on the large LADWP ramp, and the expiry of a tax benefit that will raise second-half tax expense. On balance, the highlights (material revenue and profitability gains, cash generation, healthy balance sheet, and M&A momentum) outweigh the noted challenges and conservatism in guidance.Company Guidance
Strong Top-Line Growth
Contract revenue increased 33% year-over-year to $231.0M in Q2; net revenue grew 23% year-over-year to $117.0M. First half contract revenue rose 19% to $386.0M and net revenue increased 16% to $210.0M (or +23% and +21% excluding an extra week in 1H25). Trailing 12-month contract and net revenue each grew 18% to $742.0M and $394.0M, respectively.
Record Profitability and Margin Expansion
Adjusted EBITDA rose 51% year-over-year to a record $33.0M in Q2, producing a record quarterly adjusted EBITDA margin of 28.2% on net revenue. Trailing 12-month adjusted EBITDA grew 36% to $94.3M. Management expects full-year adjusted EBITDA of $103M–$107M and a 2026 adjusted EBITDA margin around 25% (up from 21.8% in 2025).
Strong Earnings and EPS Growth
GAAP EPS increased 53% year-over-year to $1.58 in Q2; adjusted EPS rose 38% to $2.07. For the first half, adjusted EPS increased 39% to $2.98 and trailing 12-month adjusted EPS grew 60% to $5.76. Full-year adjusted diluted EPS guidance was raised to $5.00–$5.15.
Robust Cash Generation and Healthy Balance Sheet
Operating cash flow over the last 12 months was $71.0M with free cash flow of $62.0M ($4.04 per share). Net debt ended the quarter at $33.0M with net debt / TTM adjusted EBITDA of 0.3x. Total available liquidity was $165.0M at quarter end and the company expects to fully repay revolver by year-end absent further acquisitions.
Successful M&A and Commercial Expansion
Acquisitions (APG, Burton, Compass) are contributing to growth and cross-selling: APG revenue projected to nearly triple to ~ $75M this year; Burton closed May 4 and has already added commercial clients (Walgreens, Carter's, Five Below) and been integrated into two Willdan utility programs. Management highlighted bidirectional cross-sell traction.
Material Contract Wins and Growing Pipeline
Notable awards since the last call include a $110M LADWP solar streetlight expansion, $53M central plant upgrade (City College of NY), $49M five-year SoCalREN contract, a $31M biogas cogeneration/microgrid project, $15M battery storage project in Texas, and a $6M substation project in Illinois. Management cites broadening customers and larger, more complex work.
Cost Dynamics Helping Margin Despite Mix Shift
Although gross margins compressed due to revenue mix, the company reported lower overhead rates on commercial projects, driving higher adjusted EBITDA margin. Interest expense was 50% lower year-over-year, supporting net income growth (pre-tax income up 88% to $19.1M in Q2).
Strategic Positioning vs. Market Trends
Management emphasized secular tailwinds (data center-driven electricity demand, battery storage, grid modernization, resilience) and AI adoption improving productivity. Willdan is expanding geographic hubs (Florida, Georgia, North Carolina, Kentucky, Texas) to follow demand.
DE:J2A Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed