# WLDN earnings call intelligence

LOPJLB CallCard / temporal rollup · freemium · [stock page](https://www.lopjlb.com/stock/WLDN) · [Earnings tab](https://www.lopjlb.com/stock/WLDN?tab=earnings)

Updated: 2026-11-05T06:55:13

Quarters analyzed: 8

## Cross-quarter narrative

From 2024 Q3 through 2026 Q2, Willdan Group has delivered a consistent trajectory of record financial performance. Organic revenue growth accelerated from 19% in Q3 2024 to 23% for full-year 2025, with contract revenue surging 33% in Q2 2026. Adjusted EBITDA growth remained robust, ranging from 24% (2024) to 51% (Q2 2026). Margins expanded past 20% in 2025, prompting management to raise the long-term EBITDA margin target to the high-20s in Q1 2026. The company executed three acquisitions — Enica (2024), APG (2024), and Burton Energy (Q1 2026) — each adding data center electrical engineering capabilities and commercial revenue mix. Data center demand, grid infrastructure needs, and government/utility programs underpinned demand visibility across all periods. Guidance was raised repeatedly, with 2026 targets increased in both Q1 and Q2. Capital position strengthened to net cash with low leverage (0.2x net debt/EBITDA) and strong free cash flow, funding acquisitions while retaining capacity for more. In Q1 2026, six new milestones were identified, including the Burton integration and several program wins. Two risks emerged: Burton acquisition integration execution and specialized electrical engineering labor constraints. Q2 2026 noted conservative guidance due to LADWP ramp uncertainty and expiring tax credits, but overall momentum remained strong. The narrative is one of accelerating scale, margin improvement, and strategic acquisition integration, with emerging execution risks.

## Latest CallCard · Q2

Willdan delivered record Q2 with 33% contract revenue growth, 51% adjusted EBITDA growth to $33M, raised full-year targets, driven by commercial data center demand, Burton acquisition, and battery storage wins; guidance conservative due to LADWP ramp uncertainty and expiring tax credits.','tone':{'m

**Guidance:** vague

**Tone:** mgmt 0 · Q&A pressure 0 · divergence 0

## Quarter one-liners

- **2026 Q2:** Willdan delivered record Q2 with 33% contract revenue growth, 51% adjusted EBITDA growth to $33M, raised full-year targets, driven by commercial data center demand, Burton acquisition, and battery storage wins; guidance conservative due to LADWP ramp uncertainty and expiring tax credits.','tone':{'m
- **2026 Q1:** Willdan Group posted strong Q1 2026 results with normalized contract revenue up 10%, net revenue up 17%, adjusted EBITDA up 35% YoY; raised full-year guidance and long-term EBITDA margin target to high 20s; closed Burton Energy acquisition adding $103M contract revenue and expanding commercial mix t
- **2025 Q4:** Willdan reports record 2025 results with 23% net revenue growth, 40% adj EBITDA growth, margin >20%, net cash position; guides 2026 net revenue $390-405M, adj EBITDA $85-90M, adj EPS $4.50-4.70; sees data center demand driving growth.','tone': {'mgmt': 0.8, 'mgmt_rationale': 'Management highlighted 
- **2025 Q3:** —
- **2025 Q2:** —
- **2025 Q1:** —
- **2024 Q4:** Willdan Group delivered record 2024 results with 11% revenue growth, 24% EBITDA growth, and $4.49/share FCF; APG acquisition adds data center electrical engineering targeting 10-15% of 2025 revenue; 2025 guidance above consensus.','tone': {'mgmt': 0.8, 'mgmt_rationale': 'Management emphasized record
- **2024 Q3:** Willdan Group reported record Q3 2024 with 19% organic revenue growth, 50% adjusted EBITDA growth, raised full-year guidance, driven by strong government and utility demand, data center opportunities, and Enica acquisition.','tone': {'mgmt': 0.8, 'mgmt_rationale': 'Management highlighted record Q3 r

## Theme arcs

- **Revenue Growth** (improving): Organic revenue growth accelerated from 19% (Q3 2024) to 23% (FY 2025) to 33% contract revenue growth (Q2 2026).
- **EBITDA Growth** (improving): Adjusted EBITDA growth remained strong, from 24% (FY 2024) to 40% (FY 2025) to 51% (Q2 2026).
- **Margin Expansion** (improving): Margins exceeded 20% in FY 202

## Guidance path

2024 Q3:vague → 2024 Q4:vague → 2025 Q1:vague → 2025 Q2:vague → 2025 Q3:vague → 2025 Q4:vague → 2026 Q1:raised → 2026 Q2:vague

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Research context only. Not personalized investment advice.

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