Willdan Raises 2026 Targets and Introduces 2027 Goals

The Tip Desk · November 11, 2026 · 3 min read

Net revenue was $112.2 million in the third quarter, and the company lifted fiscal 2026 net revenue targets to $435 million–$445 million.

Willdan Group, Inc. (WLDN), a technical services company focused on energy and infrastructure solutions, reported third-quarter results for the period ended October 2, 2026, and raised its fiscal 2026 financial targets while introducing preliminary fiscal 2027 goals.

Contract revenue was $214.5 million, up 17.9% from a year earlier, after a 33.2% year-over-year increase in the second quarter. Net revenue, the company’s non-GAAP measure that strips out subcontractor services and other direct costs, was $112.2 million, up 18.1%.

Net income was $11.9 million, down 13.6% from a year earlier, after a 57.7% year-over-year increase in the second quarter. GAAP diluted earnings were $0.76 a share, down 15.6%. Adjusted diluted EPS was $1.20, down 0.8%.

Adjusted EBITDA was $28.3 million, up 22.4% from a year earlier, after a 50.6% year-over-year increase in the second quarter. Adjusted EBITDA margin expanded to 25.2% of net revenue in the quarter.

Energy segment net revenue was $84.3 million, up 21.7% from a year earlier. Engineering and Consulting net revenue was $27.9 million, up 8.3%.

Gross profit was $82.5 million. Income from operations was $16.3 million. Income tax expense was $3.5 million.

President and Chief Executive Officer Mike Bieber said the company delivered strong operational performance, that net revenue grew 18% and adjusted EBITDA margin expanded to 25.2%, and that Willdan closed the Mantis Innovation acquisition, described as the largest in its history, expanding energy management services for commercial and industrial customers.

The company raised fiscal 2026 net revenue targets to $435 million–$445 million from $415 million–$430 million, adjusted EBITDA targets to $109 million–$111 million from $103 million–$107 million, and adjusted diluted EPS targets to $5.15–$5.25 from $5.00–$5.15. The targets assume 15.9 million diluted shares, a 0% effective tax rate, and no future acquisitions.

Preliminary fiscal 2027 targets are contract revenue greater than $1 billion, net revenue greater than $0.5 billion, and adjusted EBITDA greater than $140 million, also assuming no future acquisitions. Bieber said Willdan is well positioned to cross the $1 billion revenue threshold and grow adjusted EBITDA by more than 25 percent in fiscal 2027, with a formal outlook planned for late February.

Cash and cash equivalents were $39.2 million at October 2, 2026, compared with $65.9 million at January 2, 2026. Goodwill was $223.2 million. Notes payable, less current portion, were $59.1 million.

For the nine months ended October 2, 2026, contract revenue was $600.7 million, up 18.3% (up 21.3% normalized for one fewer week than the year-ago period). Net revenue was $321.8 million, up 16.9% (up 19.9% normalized). Net income was $44.7 million, up 32.2% (up 35.6% normalized). Adjusted EBITDA was $79.4 million, up 33.5% (up 36.9% normalized). GAAP diluted EPS was $2.89, up 27.9%. Adjusted diluted EPS was $4.18, up 25.1%.

Subcontractor services and other direct costs were 46.4% of contract revenue for those nine months, versus 45.8% a year earlier.

Willdan serves utilities, state and local governments, and commercial customers in the United States and Canada.