Earnings Releases·Nov 12, 2026, 5:17 PM ET

Southland — Third Quarter 2026 Earnings Summary

Q3 2026 revenue rose 9.6% year-over-year to $233.8 million, driven by a turnaround to $33.7 million net income ($0.62/share) from a $75.3 million loss in the prior year, aided by a $28.7 million Liberty Mutual settlement.
Gross margin expanded significantly to 8.8% in Q3 from 0.9% prior year, though the nine-month period ended with a 22.3% revenue decline to $519.5 million and a gross loss of $55.4 million.
Segment performance showed Civil margin improvement to 13.3% and Transportation margin recovery to 5.0% in Q3, while Materials & Paving continued to negatively impact gross profit by $10.2 million for the quarter.
Balance sheet pressure intensified with total debt rising to $426.1 million from $257.7 million and cash reserves falling to $35.9 million, resulting in a stockholders' deficit of $(219.6) million.
Backlog decreased to $1.71 billion from $2.03 billion, and the company reported net cash used in operating activities of $183.7 million for the nine-month period.