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Jul 31
CPH Q3 2025 Earnings Report
CPH reported a year-over-year decline in revenue, net income, and margins in Q3 2025 due to softness in commercial and residential demand.
Key Takeaways
Concrete Pumping Holdings posted Q3 2025 revenue of $103.7M and net income of $3.7M. Revenue declined across all segments except waste management services, which showed modest growth. Adjusted EBITDA margin contracted to 25.8%, and net income was halved year over year.
Revenue fell to $103.7M from $109.6M in Q3 2024, a 5.4% decline.
Adjusted EBITDA was $26.8M, with a margin of 25.8% versus 28.8% last year.
Net income dropped to $3.7M from $7.6M in Q3 2024.
Waste management services revenue rose 4.3%, offsetting some of the weakness in other segments.
CPH
CPH
CPH Revenue by Segment
Revenue by Segment
US Concrete Pumping Revenue
CapyFin.comUS Concrete Waste Mgmt Revenue
CapyFin.comUK Operations Revenue
CapyFin.com Forward Guidance
CPH reaffirmed its FY25 guidance, expecting revenue between $380M–$390M, Adjusted EBITDA of $95M–$100M, and free cash flow around $45M, assuming no recovery in construction markets until FY26 or FY27.
Positive Outlook
- FY25 revenue guidance of $380M–$390M reiterated.
- Free cash flow expected to be approximately $45M.
- Waste management segment continues to grow.
- Available liquidity grew to $358M, up significantly YoY.
- Operational discipline helped preserve profitability despite topline softness.
Challenges Ahead
- Revenue and gross profit declined YoY.
- Gross margin contracted by 160 basis points.
- Commercial and residential construction softness persists.
- Q3 net income dropped 51% from prior year.
- Adjusted EBITDA margin declined from 28.8% to 25.8%.
Revenue & Expenses
Visualization of income flow from segment revenue to net income