North American Construction Group Reports Q4 Earnings

Retroactive cost adjustment on Fargo-Moorhead project and weather impacts weigh on quarterly results, but company sees strong 2026 outlook.

Mar. 15, 2026 at 10:40am

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North American Construction Group (NYSE:NOA) reported its fourth-quarter 2025 results, which were significantly impacted by a retroactive cost adjustment on the Fargo-Moorhead Diversion project and above-average rainfall in Queensland. The company highlighted record quarterly revenue in Australia, strong second-half free cash flow, and a 2026 outlook that calls for another year of growth, including the planned acquisition of Iron Mine Contracting.

Why it matters

North American Construction Group is a major player in the heavy construction equipment industry, providing integrated solutions across North America and Australia. The company's quarterly results and outlook provide insights into the state of the construction and infrastructure sectors, as well as the challenges and opportunities facing industrial companies operating in diverse geographic markets.

The details

The fourth-quarter results were significantly impacted by a CAD 13 million retroactive, life-to-date adjustment related to the Fargo-Moorhead Diversion project, following an updated full-project forecast that raised the estimated cost to complete. Additionally, above-average rainfall in Queensland had a financial impact primarily at the Carmichael Mine. Excluding these items, the company said a gross profit run rate of roughly 15% is a reasonable indicator of current combined operations. Australia posted quarterly revenue of AUD 176 million, a fourth-quarter record for the region, while the oil sands also delivered solid top-line numbers. For the full year 2025, the company generated CAD 1.5 billion in combined revenue, with Australia and Canada up a combined net basis of 10%.

  • The fourth-quarter results were significantly affected by a retroactive cost adjustment on the Fargo-Moorhead Diversion project.
  • Above-average rainfall late in the fourth quarter in Queensland also had a financial impact, primarily at the Carmichael Mine.

The players

North American Construction Group

A Canadian industrial company headquartered in Edmonton, Alberta, that specializes in providing integrated heavy construction equipment solutions.

Jason Veenstra

The CFO of North American Construction Group.

Barry Palmer

The CEO of North American Construction Group, who is on his first earnings call in the role after 44 years with the company.

Iron Mine Contracting (IMC)

A company that North American Construction Group is acquiring, which will bring roughly 120 heavy assets and about CAD 1 billion of contractual backlog, increasing overall backlog by roughly 30% and Australian backlog by roughly 35%.

MacKellar

A company that, when combined with IMC, will create a national 'tier one contractor platform' in Australia for North American Construction Group.

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What they’re saying

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— Robert Jenkins, San Francisco resident

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— Gordon Edgar, grocery employee

What’s next

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The takeaway

This case highlights growing concerns in the community about repeat offenders released on bail, raising questions about bail reform, public safety on SF streets, and if any special laws to govern autonomous vehicles in residential and commercial areas.