North American Construction Group Ltd. (NOA) Income Statement
NOA 2025 at a glance
Fiscal year ended December 31, 2025 · Canadian dollarsNOA revenue and net income
Where NOA's revenue goes
2025Each bar shows an amount and its share of revenue. NOA kept 2.6% of revenue as net income.
NOA profit margins
NOA growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +10.2% | +18.6% | +20.8% | +16.4% |
| Gross profit | −22.7% | +16.9% | +12.0% | +17.7% |
| Operating income | −28.3% | +15.6% | +10.4% | +44.2% |
| Net income | −23.3% | −20.5% | −7.2% | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
NOA income statement in Canadian dollars
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | C$1.28B | C$1.17B | C$957.2M | C$769.5M | C$654.1M | C$498.5M | C$719.1M | C$410.1M | C$292.6M | C$213.2M |
| Cost of revenue | C$1.12B | C$955.7M | C$803.0M | C$668.0M | C$563.7M | C$406.2M | C$622.7M | C$341.0M | C$252.9M | C$180.8M |
| Gross profit | C$162.3M | C$210.0M | C$154.2M | C$101.5M | C$90.4M | C$92.2M | C$96.4M | C$69.1M | C$39.6M | C$32.3M |
| Research & development | — | — | — | — | — | — | C$0 | C$0 | C$0 | C$0 |
| Sales, general & admin | C$50.3M | C$56.0M | C$56.8M | C$29.9M | C$35.4M | C$24.4M | C$36.9M | C$38.8M | C$25.3M | C$27.2M |
| Total operating expenses | C$52.3M | C$56.7M | C$58.5M | C$30.4M | C$35.3M | C$25.1M | C$37.6M | C$39.3M | C$26.2M | C$28.9M |
| Operating income | C$110.0M | C$153.3M | C$95.7M | C$71.2M | C$55.1M | C$67.1M | C$58.8M | C$30.0M | C$13.4M | C$3.9M |
| Interest income | C$163,000 | C$40.1M | C$5.7M | C$24,000 | C$5.6M | C$10,000 | C$18.5M | C$8.6M | C$6.9M | C$5.8M |
| Interest expense | C$56.1M | C$56.3M | C$36.9M | C$23.5M | C$18.0M | C$14.8M | C$16.8M | C$8.2M | C$6.3M | C$5.4M |
| Income before taxes | C$56.5M | C$60.0M | C$86.0M | C$84.4M | C$60.7M | C$60.5M | C$37.2M | C$21.4M | C$6.5M | −C$494,000 |
| Income taxes | C$22.6M | C$15.9M | C$22.8M | C$17.1M | C$9.3M | C$11.3M | C$2.9M | C$6.1M | C$1.2M | −C$49,000 |
| Net income | C$33.8M | C$44.1M | C$63.1M | C$67.4M | C$51.4M | C$49.2M | C$36.9M | C$15.3M | C$5.3M | −C$445,000 |
| EBITDA | C$329.9M | C$283.1M | C$252.6M | C$227.2M | C$186.7M | C$167.0M | C$163.0M | C$88.4M | C$59.2M | C$48.0M |
| Gross margin | 12.6% | 18.0% | 16.1% | 13.2% | 13.8% | 18.5% | 13.4% | 16.8% | 13.6% | 15.2% |
| Operating margin | 8.6% | 13.2% | 10.0% | 9.2% | 8.4% | 13.5% | 8.2% | 7.3% | 4.6% | 1.8% |
| Net margin | 2.6% | 3.8% | 6.6% | 8.8% | 7.9% | 9.9% | 5.1% | 3.7% | 1.8% | −0.2% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Dec '23 | Sep '23 | Jun '23 | Mar '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | C$401.1M | C$320.0M | C$305.3M | C$317.2M | C$320.6M | C$340.8M | C$305.6M | C$286.9M | C$326.3M | C$194.7M | C$195.2M | C$244.3M |
| Cost of revenue | C$358.9M | C$277.7M | C$267.0M | C$267.5M | C$284.8M | C$302.9M | C$263.6M | C$221.8M | C$260.8M | C$168.4M | C$173.6M | C$203.2M |
| Gross profit | C$42.2M | C$42.4M | C$38.3M | C$49.7M | C$35.8M | C$37.9M | C$42.0M | C$65.1M | C$65.5M | C$26.3M | C$21.6M | C$41.1M |
| Sales, general & admin | C$20.3M | C$20.5M | C$17.1M | C$12.9M | C$12.7M | C$7.7M | C$19.3M | C$10.9M | C$18.2M | C$12.5M | C$12.0M | C$14.2M |
| Total operating expenses | C$20.3M | C$20.5M | C$17.1M | C$14.0M | C$13.0M | C$7.3M | C$19.4M | C$11.3M | C$19.7M | C$12.2M | C$11.3M | C$15.4M |
| Operating income | C$21.9M | C$21.9M | C$21.2M | C$35.7M | C$22.8M | C$30.6M | C$22.5M | C$53.8M | C$45.8M | C$14.1M | C$10.3M | C$25.7M |
| Interest income | C$675,000 | C$167,000 | C$30.7M | C$11.7M | C$20.0M | C$17.1M | C$3.9M | C$11.1M | — | C$1.0M | C$162,000 | C$4.7M |
| Interest expense | C$18.9M | C$16.7M | C$16.0M | C$14.5M | C$13.4M | C$12.9M | C$13.7M | C$15.0M | C$10.6M | C$6.0M | C$5.7M | C$5.4M |
| Income before taxes | C$13.2M | C$9.8M | C$6.5M | C$23.5M | C$16.0M | C$10.4M | C$4.4M | C$20.7M | C$28.6M | C$13.1M | C$14.0M | C$30.2M |
| Income taxes | C$3.8M | C$4.3M | C$6.4M | C$6.2M | C$5.8M | C$4.2M | −C$375,000 | C$6.8M | C$10.9M | C$1.7M | C$1.8M | C$8.4M |
| Net income | C$9.4M | C$5.6M | C$124,898 | C$17.3M | C$10.2M | C$6.2M | C$4.8M | C$13.9M | C$17.6M | C$11.4M | C$12.3M | C$21.8M |
| EBITDA | C$82.6M | C$83.3M | C$75.5M | C$87.5M | C$84.0M | C$84.1M | C$62.9M | C$73.2M | C$83.8M | C$49.5M | C$45.8M | C$73.7M |
| Gross margin | 10.5% | 13.2% | 12.5% | 15.7% | 11.2% | 11.1% | 13.7% | 22.7% | 20.1% | 13.5% | 11.1% | 16.8% |
| Operating margin | 5.5% | 6.8% | 6.9% | 11.3% | 7.1% | 9.0% | 7.4% | 18.8% | 14.0% | 7.3% | 5.3% | 10.5% |
| Net margin | 2.3% | 1.7% | 0.0% | 5.5% | 3.2% | 1.8% | 1.6% | 4.8% | 5.4% | 5.8% | 6.3% | 8.9% |
Quarterly columns are labeled by the month the quarter ended. Figures in Canadian dollars as reported in NOA's financial statements (latest annual report filed March 12, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
NOA financial results
In fiscal year 2025 (ended December 31, 2025), North American Construction reported revenue of C$1.3 billion, up 10.2% from the year before. It had net income of C$33.8 million (down 23.3%), a net profit margin of 2.6%. Over five years revenue grew at an average rate of 20.8% a year. Figures are in Canadian dollars, the currency of its financial statements.
See the NOA stock overview for the latest quote and news, or the NOA chart for price history and technical indicators.
NOA income statement FAQ
What is North American Construction's annual revenue?
North American Construction reported total revenue of C$1.3 billion for fiscal year 2025, which ended on December 31, 2025. That was up 10.2% from C$1.2 billion the previous year.
Is North American Construction profitable?
Yes. North American Construction reported net income of C$33.8 million in fiscal 2025, a net profit margin of 2.6%; its operating margin was 8.6%.
What is North American Construction's gross margin?
North American Construction's gross margin was 12.6% in fiscal 2025: for every $100 of revenue, North American Construction kept $13 after the direct cost of its products and services.
How fast is North American Construction growing?
Revenue grew 20.8% a year on average over the last five fiscal years, from C$498.5 million to C$1.3 billion.
When will North American Construction report its next earnings?
North American Construction is expected to report results for the quarter ending September 30, 2026 on November 11, 2026 after the market closes.
When does North American Construction's fiscal year end?
North American Construction's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 12, 2026.