Ferrovial N.V. · FER · FY2025 Q3 · Calendar Q4 2025

Ferrovial’s North American roads lead, while JFK and traffic risks remain

The supplied analysis presents a constructive but execution-dependent picture: North American highways and the 407 ETR were strong, while the New Terminal One schedule, traffic exposure and construction competition remain important counterweights.

Reported Before market openNASDAQIndustrials $39.87B market cap
80quality score

Earnings scorecard

Reported versus consensus
Reported EPS — Consensus —
EPS surprise — Reported versus consensus
Reported revenue — Consensus $2.46B
Revenue surprise — Reported versus consensus

Market reaction

prior-close to event-session close
Stock move +0.7% Event window
SPY move +1.2% Same window
Abnormal move -0.5% Stock minus SPY
Volume 0.8× Versus trailing sessions
Subsequent drift +0.2% Up to 20 sessions
FERSPY benchmark

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Transcript intelligence

What changed

The Q3 analysis adds further 407 ETR stake acquisition and New Terminal One investment to a story centered on strong North American highway performance. It also flags possible timing and traffic risks, rather than presenting an unqualified outlook.

Guidance delta

The transcript analysis characterizes guidance sentiment as maintained; it does not supply specific guidance figures or a quantified revision.

Key takeaways

  • North American highway concessions and the 407 ETR were the primary operating strengths in the supplied analysis.
  • Construction backlog and a pipeline of U.S. express-lane bids support the project opportunity set, though outcomes remain uncertain.
  • Investment in New Terminal One and a further 407 ETR stake increase highlight capital commitments alongside the growth case.
  • The supplied event facts do not include actual EPS or revenue figures; the page should not imply a reported beat or miss.

Management priorities

  • Advance New Terminal One toward its planned opening, as described in the supplied analysis.
  • Continue developing U.S. express-lane opportunities through planned bids.
  • Maintain investment in the 407 ETR and pursue further asset opportunities.
  • Support shareholder returns and expand construction capabilities, including data-center work.

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Earnings History

Estimate Beat Miss Match
FER EPS earnings history estimate and actual scatter chart 7 reported fiscal quarters and 4 future estimate-only quarters. Q4 '23 actual $0.10, None Q1 '24 actual $0.28, None Q2 '24 actual $0.28, None Q2 '25 actual $0.44, None Q4 '25 estimate $-0.18 Q4 '25 actual $0.34, beat Q2 '26 estimate $0.25 Q2 '26 actual $0.41, beat Q3 '26 estimate $0.28 Q3 '26 actual $0.28, match Q4 '26 estimate $-0.13 Q1 '27 estimate $-0.06 Q2 '27 estimate $0.15 Q3 '27 estimate $0.15

Analyst Consensus ?

ConsensusHold4 ratings
Bullish00.0%
Neutral4100.0%
Bearish00.0%

Analyst 52W Price Targets

$55.29Current
$70.93Low
$70.93Average
$70.93High

Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Nov 2, 2026. Not an FN2 forecast.

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
JP Morgan Neutral OverweightDowngradeOct 6, 2026
UBS Neutral BuyDowngradeAug 26, 2026
Citigroup Neutral BuyDowngradeMay 27, 2026
Jefferies Hold BuyDowngradeMar 9, 2026

Named analyst price targets

Upside is calculated against the persisted current price $55.29. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
JefferiesAnalyst unavailable$70.93$66.16 +28.3%Mar 8, 2026

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Company context

Snapshot as of publication

Ferrovial SE, a global entity operating through its various subsidiaries, specializes in the entire lifecycle management of transport infrastructure and urban services, encompassing their design, construction, financing, operation, and ongoing maintenance. Its diverse operations are organized into four primary divisions: Construction, Toll Roads, Airports, and Energy Infrastructures and Mobility. In the Construction division, the firm undertakes the planning and execution of a wide array of public and private projects, notably including public infrastructure development.…

Historical context

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Sources

  1. Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
  2. FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
  3. Polygon adjusted daily market bars · 2026-11-02T03:00:46.717929+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-11-02T03:00:46.706870+00:00

Methodology

Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.

Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.

Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.

By FN2 Research · Updated · As of 2026-11-02. For educational purposes only; not investment advice.