Analyst Consensus ?
ConsensusHold4 ratings
Bullish00.0%
Neutral4100.0%
Bearish00.0%
Ferrovial N.V. · FER · FY2026 Q2 · Calendar Q3 2026
Ferrovial sustains growth as highways and construction lead
Ferrovial’s current analysis supports a constructive operating picture: North American highways and construction remain growth engines, while strong cash generation and a record order book provide support. The main test is execution across JFK Terminal 1, managed-lane bids and new data-center projects.
Reported Before market openNASDAQIndustrials
$39.87B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$0.41
Consensus $0.25
EPS surprise
+64.6%
Reported versus consensus
Reported revenue
$5.37B
Consensus $4.93B
Revenue surprise
+8.9%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-1.7%
Event window
SPY move
+0.2%
Same window
Abnormal move
-2.0%
Stock minus SPY
Volume
1.4×
Versus trailing sessions
Subsequent drift
+2.0%
Up to 20 sessions
FERSPY benchmark
Ask FN2 about FER FY2026 Q2
Transcript, numbers and history already loaded
Why did FER fall 1.7% after beating EPS estimates in FY2026 Q2?What changed in FER's guidance and outlook in FY2026 Q2?Give me the bull and bear case for FER after FY2026 Q2 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
The current quarter added progress on JFK Terminal 1, which was 92% complete, and introduced data-center investments in Madrid and Warsaw. North American highway revenue growth and the order book remained strong, while the construction adjusted EBIT margin target was maintained.
Guidance delta
Maintained: management retained the 3.5% adjusted EBIT margin target for Construction. The analysis does not identify a broader change to formal guidance.
Key takeaways
- North American highway revenues grew about 20%, supported by toll-rate increases and traffic promotions.
- Construction maintained a 3.5% adjusted EBIT margin and the order book reached EUR 18 billion.
- Operating cash flow was EUR 329 million and the company had a EUR 1.3 billion net cash position.
- JFK Terminal 1 reached 92% completion, with delay-related contingency provisions noted in the analysis.
- Data-center projects in Madrid and Warsaw broaden the infrastructure portfolio but add execution requirements.
Management priorities
- Complete JFK Terminal 1 and reach full operational status by March 2027.
- Pursue the I-24 and I-85 managed-lane bids and continue developing the U.S. pipeline.
- Evaluate further phases of the Madrid and Warsaw data-center projects after the pilot.
- Refine promotions and loyalty programs on the 407 ETR.
- Develop a strategic plan beyond the 2026 horizon.
Follow FER with an agent that reads every filing, transcript, and price print. Free to start.
Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
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 Oct 31, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| JP Morgan | Neutral | Overweight | Downgrade | Oct 6, 2026 |
| UBS | Neutral | Buy | Downgrade | Aug 26, 2026 |
| Citigroup | Neutral | Buy | Downgrade | May 27, 2026 |
| Jefferies | Hold | Buy | Downgrade | Mar 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.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Jefferies | Analyst unavailable | $70.93 | $66.16 | +28.3% | Mar 8, 2026 |
Track every rating change on FER the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationFerrovial 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
All FER earningsIndustrials peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| GD General Dynamics Corporation | FY2026 Q3 · Calendar Q4 2026 | +9.0% | +0.5% | General Dynamics raises outlook as orders and backlog surge |
| RBC RBC Bearings Incorporated | FY2027 Q2 · Calendar Q4 2026 | +5.9% | -6.8% | RBC Bearings: Strong Q2, capacity investment supports second half |
| CNI Canadian National Railway Company | FY2026 Q3 · Calendar Q4 2026 | +3.4% | -0.3% | CN posts strong Q3, maintains EPS outlook and expands Mexico strategy |
| NVT nVent Electric plc | FY2026 Q3 · Calendar Q4 2026 | +8.6% | -8.8% | nVent raises outlook as data-center demand and Maverick broaden growth |
| MTZ MasTec, Inc. | FY2026 Q3 · Calendar Q4 2026 | +0.3% | +0.8% | MasTec posts record Q3 as power and data-center demand accelerates |
| IR Ingersoll Rand Inc. | FY2026 Q3 · Calendar Q4 2026 | +18.5% | +0.2% | Ingersoll Rand raises FY2026 outlook as orders accelerate |
Latest beats and misses
Who reports nextBeat on EPS
- CHDFY2026 Q3 · October 30, 2026+2.2% EPS+1.2% move
- AZNFY2026 Q3 · October 30, 2026+7.3% EPS+7.0% move
- FRTFY2026 Q3 · October 30, 2026+3.9% EPS-1.1% move
- CVXFY2026 Q3 · October 30, 2026+8.4% EPS+1.8% move
- BTSGFY2026 Q3 · October 30, 2026+14.2% EPS+11.1% move
- EXCFY2026 Q3 · October 30, 2026+10.4% EPS+0.5% move
Missed on EPS
- GLPIFY2026 Q3 · October 29, 2026-11.5% EPS-1.3% move
- LYBFY2026 Q3 · October 30, 2026-1.2% EPS+5.0% move
- CCJFY2026 Q3 · October 30, 2026-101.4% EPS-7.9% move
- VALEFY2026 Q3 · October 29, 2026-24.6% EPS+1.9% move
- DLR-PLFY2026 Q3 · October 29, 2026-8.4% EPS— move
- DLR-PKFY2026 Q3 · October 29, 2026-8.4% EPS— move
Get the FER recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-07-29T18:06:44.437475+00:00
- FN2 earnings calendar · 2026-09-02T01:23:14.593608+00:00
- Polygon adjusted daily market bars · 2026-10-31T17:20:42.702704+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-31T17:20:42.699851+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 2026-10-31. For educational purposes only; not investment advice.