TIC Solutions Reaffirms 2026 Outlook After Combined Growth Cools

The Tip Desk · August 6, 2026 · 3 min read

Second-quarter revenue was $584.3 million, with combined growth of 3.3% and organic growth of 2.5% as Consulting & Engineering hit a record.

TIC Solutions (TIC), a provider of tech-enabled asset integrity, engineering, and geospatial services, reported second-quarter 2026 revenue of $584.3 million, up 86% from $313.9 million a year earlier, primarily because the quarter included NV5 Global after the August 4, 2025 acquisition.

On a combined basis that treats NV5 as if it had been owned for the full year-ago period, revenue rose 3.3%, including 2.5% organic growth. Combined growth slowed from 4.3% in the first quarter, when organic growth was 2.2%. Sequential revenue was $584.3 million after $488.0 million in the first quarter.

Consulting & Engineering and Geospatial posted strong growth, and Inspection & Mitigation is beginning to show improving commercial trends. Chief Executive Officer Ben Heraud said the quarter reflected the lifecycle model, with record Consulting & Engineering revenue and a record combined backlog that has grown 20% year-over-year to nearly $1.2 billion. He said demand was significant in Industrials, Power & Utilities, and Data Centers.

Consulting & Engineering posted record second-quarter revenue of $206.6 million and a 47.2% adjusted gross margin. Geospatial revenue was $81.0 million with a 51.5% adjusted gross margin. Inspection & Mitigation revenue was $296.7 million with a 28.3% adjusted gross margin. Company adjusted gross margin was 38.2%. On a combined three-months-ended-June 30, 2025 basis, Consulting & Engineering revenue was $176.9 million and Geospatial revenue was $75.1 million, versus $206.6 million and $81.0 million in the 2026 quarter; combined adjusted gross margin was 36.8% then versus 38.2% in the 2026 quarter.

As of June 30, 2026, combined Consulting & Engineering and Geospatial backlog reached a record $1.18 billion, up 20% year-over-year.

Net loss widened to $13.3 million from a $0.2 million net loss a year earlier; diluted loss was $(0.06) a share. Adjusted diluted EPS was $0.14. Adjusted EBITDA was $94.8 million, up 74% from $54.6 million a year earlier, primarily reflecting NV5. Adjusted EBITDA margin compressed to 16.2% from 17.4%. Adjusted EBITDA rose sequentially to $94.8 million from $57.7 million in the first quarter.

Total liquidity was $473.5 million at June 30, 2026, including $362.4 million of cash and undrawn capacity on a $125.0 million revolving credit facility. Total term loan debt was $1.6 billion, net of unamortized debt issuance costs. Liquidity had been $537.5 million at March 31, 2026. Executive Chairman Robert A.E. Franklin said the company reduced its cost of debt, opportunistically bought back shares, and continued strategic acquisitions in the quarter.

TIC Solutions is reaffirming full-year 2026 guidance of revenue of $2,150 to $2,250 million and Adjusted EBITDA of $330 to $355 million, unchanged from the first-quarter reaffirmation. Heraud said the company is focused on converting commercial momentum into profitable growth, margin expansion, and progress toward the long-term 3/18/85 financial targets communicated at Investor Day. Franklin said record backlog, early cross-sell results, and continued synergy execution are evidence that the integrated platform is creating value, and that the objective remains to deploy capital efficiently while continuing to deleverage the balance sheet.