Revenue growth has contracted by 6.4% in 2025Q2, though the company maintains a structural advantage with an exceptionally high gross margin of 88.3%.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'04 |
|---|
| Sales/Revenue | 9.35B | 9.63B | 9.15B | 8.51B | 7.55B | 6.78B | 6.34B | 6.05B | 5.74B | 5.15B | 10.76B | 9.7B | 8.8B | 8.17B | 7.69B | 7.45B | 12.17B | 12.23B | 14.13B | 14.63B | 12.36B | 483.9M |
| Revenue Growth % | 2.79% | 5.25% | 7.43% | 12.75% | 11.4% | 6.89% | 4.74% | 5.53% | 11.33% | -52.1% | 10.92% | 10.19% | 7.79% | 6.25% | 3.22% | -38.81% | -0.52% | -13.41% | -3.45% | 18.41% | 2453.21% | - |
| Cost of Goods Sold | 1.21B | 1.12B | 1.11B | 1.05B | 1.2B | 1.08B | 1B | 949M | 985M | 1.34B | 1.27B | 1.14B | 1.13B | 1.18B | 1.3B | 1.3B | 1.49B | 1.41B | 1.8B | 3.92B | 3.67B | 3.52M |
| COGS % of Revenue | - | 11.68% | 12.19% | 12.3% | 15.85% | 15.89% | 15.85% | 15.68% | 17.17% | 26.1% | 11.78% | 11.78% | 12.85% | 14.46% | 16.9% | 17.45% | 12.21% | 11.49% | 12.74% | 26.83% | 29.7% | 0.73% |
| Gross Profit | 8.14B | 8.5B | 8.03B | 7.47B | 6.35B | 5.7B | 5.34B | 5.11B | 4.75B | 10.86B | 9.49B | 8.56B | 7.67B | 6.99B | 6.39B | 6.15B | 6.36B | 10.69B | 12.33B | 10.71B | 8.69B | 480.39M |
| Gross Margin % | 87.03% | 88.32% | 87.81% | 87.7% | 84.15% | 84.11% | 84.15% | 84.32% | 82.83% | 210.83% | 88.22% | 88.22% | 87.15% | 85.54% | 83.1% | 82.55% | 52.23% | 87.39% | 87.26% | 73.17% | 70.3% | 99.27% |
| Gross Profit Growth % | - | 5.86% | 7.57% | 17.52% | 11.45% | 6.84% | 4.52% | 7.43% | -56.26% | 14.47% | 10.93% | 11.54% | 9.82% | 9.36% | 3.9% | -3.29% | -40.54% | -13.28% | 15.15% | 23.26% | 1707.92% | - |
| Operating Expenses | 4.87B | 7.33B | 4.92B | 6.84B | 5.93B | 5.36B | 5.14B | 5.16B | 4.32B | 3.85B | 8.89B | 7.66B | 6.93B | 6.28B | 5.58B | 5.42B | 2.82B | 9.87B | 9.61B | 10.91B | 7.23B | 263.89M |
| OpEx % of Revenue | - | 76.1% | 53.82% | 80.36% | 78.51% | 79.14% | 81% | 85.3% | 75.27% | 74.64% | 82.64% | 78.93% | 78.75% | 76.95% | 72.53% | 72.83% | 23.2% | 80.68% | 68.04% | 74.59% | 58.49% | 54.53% |
| Selling, General & Admin | 2.1B | 2.64B | 2.47B | 2.33B | 449M | 323M | 276M | 317M | 254M | 364M | 360M | 2.81B | 2.58B | 2.35B | 0 | 0 | 0 | 5.05B | 5.67B | 2.12B | 0 | 1.7M |
| SG&A % of Revenue | - | 27.4% | 27.01% | 27.41% | 5.95% | 4.77% | 4.35% | 5.24% | 4.43% | 7.06% | 3.35% | 28.92% | 29.25% | 28.79% | - | - | - | 41.33% | 40.12% | 14.48% | - | 0.35% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 45M | 0 | 0 | 0 | 0 | 0 | 32.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | 0.74% | - | - | - | - | - | 0.4% | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 4.69B | 2.45B | 6.28B | 5.48B | 3.63B | 4.86B | 4.39B | 4.06B | 3.56B | 8.21B | 4.85B | 4.35B | 3.77B | 5.58B | 5.42B | 2.82B | 4.81B | 3.94B | 8.79B | 7.23B | 262.19M |
| Operating Income | 3.26B | 1.18B | 3.11B | 625M | 423M | 1.48B | 189M | 401M | 438M | 638M | 926M | 901M | 743M | 827M | 760M | 724M | 3.53B | 876M | 1.83B | 1.91B | 1.46B | 216.5M |
| Operating Margin % | 34.91% | 12.23% | 33.99% | 7.34% | 5.6% | 21.82% | 2.98% | 6.62% | 7.63% | 12.38% | 8.61% | 9.29% | 8.44% | 10.13% | 9.89% | 9.72% | 29.03% | 7.16% | 12.98% | 13.06% | 11.81% | 44.74% |
| Operating Income Growth % | - | -62.14% | 397.44% | 47.75% | -71.4% | 682.54% | -52.87% | -8.45% | -31.35% | -31.1% | 2.77% | 21.27% | -10.16% | 8.82% | 4.97% | -79.51% | 303.31% | -52.21% | -4.08% | 30.98% | 573.91% | - |
| EBITDA | 3.62B | 1.67B | 3.55B | 1.03B | 722M | 1.75B | 422M | 581M | 566M | 753M | 1.27B | 1.16B | 987M | 1.06B | 979M | 916M | 3.97B | 2.06B | 3.08B | 3.12B | 2.32B | 338.62M |
| EBITDA Margin % | 38.7% | 17.32% | 38.81% | 12.05% | 9.56% | 25.8% | 6.66% | 9.6% | 9.87% | 14.61% | 11.79% | 11.93% | 11.21% | 12.98% | 12.74% | 12.3% | 32.62% | 16.8% | 21.78% | 21.34% | 18.81% | 69.98% |
| EBITDA Growth % | 275.28% | -53.04% | 246% | 42.11% | -58.72% | 314.46% | -27.37% | 2.65% | -24.83% | -40.62% | 9.59% | 17.22% | -6.89% | 8.27% | 6.88% | -76.93% | 93.19% | -33.21% | -1.44% | 34.34% | 586.32% | - |
| D&A (Non-Cash Add-back) | 354M | 490M | 441M | 401M | 299M | 270M | 233M | 180M | 128M | 115M | 342M | 256M | 244M | 233M | 219M | 192M | 437M | 1.18B | 1.24B | 1.21B | 865M | 122.12M |
| EBIT | 1.04B | 1.51B | 4.1B | 1.08B | 622M | 1.24B | 173M | 840M | 533M | 766M | 1.02B | 1.1B | 934M | 1.28B | 1.09B | 844M | 3.72B | 876M | 1.41B | 2.68B | 2.12B | -83.69M |
| Net Interest Income | -274M | -291M | -274.33M | -254M | -259M | -263M | -308.33M | -231M | -212M | -263M | -368.11M | -497M | -420M | -412M | -349M | -360M | -675M | -1.55B | -2.13B | -1.84B | -1.25B | -316.64M |
| Interest Income | 0 | 147M | 219.47M | 250M | 119.87M | 46M | 62.4M | 114M | 85M | 55M | 83.33M | 67M | 25M | 0 | 28M | 181M | 172M | 0 | 127M | 134M | 86M | 2.86M |
| Interest Expense | 274M | 438M | 493.8M | 467M | 378.87M | 276M | 370.74M | 336M | 293M | 346M | 451.43M | 519M | 430M | 412M | 358M | 542M | 847M | 1.55B | 1.89B | 2.02B | 1.44B | 5.17M |
| Other Income/Expense | 475M | -107M | 512M | 31M | -155M | 626M | -573M | 103M | 47M | -20M | -309M | -324M | -239M | 42M | -27M | -284M | -664M | -1.47B | -1.94B | -1.25B | -782M | -305.35M |
| Pretax Income | 3.74B | 1.07B | 3.62B | 656M | 268M | 964M | -384M | 504M | 481M | 470M | 617M | 577M | 504M | 869M | 733M | 440M | 2.87B | -594M | -383M | 666M | 677M | -88.86M |
| Pretax Margin % | 39.99% | 11.11% | 39.59% | 7.7% | 3.55% | 14.22% | -6.06% | 8.33% | 8.38% | 9.12% | 5.74% | 5.95% | 5.73% | 10.64% | 9.54% | 5.91% | 23.58% | -4.86% | -2.71% | 4.55% | 5.48% | -18.36% |
| Income Tax | 123M | -60M | 145M | 42M | 30M | -9M | -28M | 47M | 26M | 46M | 233M | -54M | 152M | 168M | 108M | 61M | -85M | -135M | 1.26B | -172M | 171M | -44.26M |
| Effective Tax Rate % | 3.29% | -5.61% | 4% | 6.4% | 11.19% | -0.93% | 7.29% | 9.33% | 5.41% | 9.79% | 37.76% | -9.36% | 30.16% | 19.33% | 14.73% | 13.86% | -2.96% | 22.73% | -329.77% | -25.83% | 25.26% | 49.81% |
| Net Income | 3.37B | 888M | 3.24B | 460M | 188M | 1.2B | -424M | 268M | -448M | 454M | 376M | 720M | 402M | 727M | 692M | 1.24B | 2.18B | -469M | -1.61B | 734M | 1.43B | -23.12M |
| Net Margin % | 35.99% | 9.22% | 35.41% | 5.4% | 2.49% | 17.67% | -6.69% | 4.43% | -7.81% | 8.81% | 3.5% | 7.42% | 4.57% | 8.9% | 9% | 16.69% | 17.93% | -3.83% | -11.41% | 5.02% | 11.54% | -4.78% |
| Net Income Growth % | 377.31% | -72.58% | 604.13% | 144.68% | -84.31% | 382.55% | -258.21% | 159.82% | -198.68% | 20.74% | -47.78% | 79.1% | -44.7% | 5.06% | -44.33% | -43.03% | 565.25% | 70.91% | -319.62% | -48.53% | 6266.75% | - |
| Net Income (Continuing) | 3.62B | 1.13B | 3.48B | 614M | 73M | 975M | -393M | 457M | 457M | 424M | 383M | 631M | 214M | 326M | 628M | 379M | 2.65B | -585M | -1.61B | 838M | 506M | -44.6M |
| Discontinued Operations | 4M | 20M | 14M | 16M | 64M | 361M | 20M | 0 | 0 | 83M | 0 | 0 | 0 | 0 | 0 | 0 | -329M | 425M | -871M | 0 | 0 | 0 |
| Minority Interest | 1.75B | 1.76B | 2.04B | 2.11B | 2.24B | 1.79B | 640M | 783M | 833M | 731M | 717M | 483M | 349M | 355M | 121M | 150M | 1.43B | 1.57B | 2.11B | 2.94B | 3.16B | 245.94M |
| EPS (Diluted) | 4.67 | 1.23 | 4.44 | 0.47 | 0.25 | 1.63 | -0.49 | 0.62 | -0.55 | 0.60 | 0.49 | 0.91 | 0.53 | 0.99 | 0.94 | 1.69 | 2.95 | -0.85 | -1.51 | 5.24 | 10.18 | -0.05 |
| EPS Growth % | 354.01% | -72.3% | 844.68% | 88% | -84.66% | 432.65% | -179.03% | 212.73% | -191.67% | 22.45% | -46.15% | 71.7% | -46.46% | 5.32% | -44.38% | -42.71% | 447.06% | 43.71% | -128.82% | -48.53% | 20791.06% | - |
| EPS (Basic) | - | 1.20 | 4.36 | 0.44 | 0.25 | 1.63 | -0.49 | 0.62 | -0.55 | 0.60 | 0.49 | 0.91 | 0.53 | 0.99 | 0.94 | 1.69 | 2.95 | -0.85 | -1.51 | 5.24 | 10.18 | -0.05 |
| Diluted Shares Outstanding | 720M | 720M | 729.27M | 728.25M | 723.48M | 731.77M | 732.28M | 731.68M | 809.39M | 730.89M | 759.43M | 731.86M | 757.9M | 733.51M | 733.51M | 733.51M | 733.51M | 589.8M | 554.99M | 140.06M | 140.07M | 470.18M |
| Basic Shares Outstanding | 737.76M | 737.76M | 742.46M | 766.67M | 723.48M | 731.77M | 732.28M | 731.68M | 809.39M | 730.89M | 730.92M | 734.69M | 757.9M | 733.51M | 733.51M | 733.51M | 733.51M | 589.8M | 554.99M | 140.06M | 140.07M | 470.18M |
| Dividend Payout Ratio | - | 17.57% | 4.01% | 29.57% | 70.21% | 2.59% | - | 88.81% | - | 48.02% | 60.11% | 37.08% | 68.41% | 72.21% | 119.51% | 29.53% | 18.19% | - | - | 30.38% | 15.8% | - |
Regulatory tolling cap exposure
As indicated by the most recent quarterly data, Ferrovial's revenue growth has shifted into negative territory, with a 6.4% contraction reported in 2025Q2, marking a notable departure from the mid-single-digit expansion observed throughout the 2024 fiscal year as the company navigates shifting project cycles and asset divestments.
The recent revenue decline suggests that the company's reliance on large-scale infrastructure projects may be experiencing timing gaps between the completion of legacy assets and the ramp-up of new concessions. Investors should monitor whether this deceleration reflects a structural slowdown in project procurement or merely the lumpy nature of revenue recognition inherent in long-term infrastructure development.
According to reported financial statements, Ferrovial maintains an exceptionally high gross margin of 88.3%, a figure that significantly outpaces traditional engineering peers and underscores the company's unique business model, which prioritizes high-margin infrastructure concessions over lower-margin, labor-intensive construction activities that typically characterize the broader industrial sector.
This margin profile appears to be a direct result of the company's strategic focus on managed lanes and toll road concessions, where the primary costs are depreciation rather than variable material inputs. While operating margins remain more volatile, the structural gross margin suggests a strong competitive moat that protects the company from the inflationary pressures currently impacting its construction-focused competitors.
Based on the provided income statement data, Ferrovial's operating margin has fluctuated significantly, ranging from a low of -3.3% in 2023Q4 to a peak of 52.4% in late 2024, suggesting that the company's operating leverage is highly sensitive to non-recurring items and the timing of asset-related accounting adjustments.
The wide variance in operating profitability implies that headline figures may be distorted by equity-accounted earnings or one-off gains from asset recycling. Analysts should look past these fluctuations to assess the underlying efficiency of the core infrastructure business, as the current operating leverage appears less predictable than the stable gross margin profile would otherwise suggest.
While Ferrovial's high-margin concession model is a core investment pillar, the potential for legislative intervention in dynamic tolling caps, as noted in recent market commentary, represents a significant risk that could fundamentally impair the long-term cash flow generation of its most profitable North American infrastructure assets.
Short-term investors may focus on the sustainability of these margins if political pressure to limit congestion pricing increases in key US markets. Any regulatory shift that restricts the company's ability to optimize pricing based on demand could lead to a material compression in future earnings, warranting a cautious approach to long-term valuation multiples.
Quick answers to the most common questions about buying FER stock.
For fiscal year 2025, Ferrovial SE (FER) reported total revenue of $9.63B. This represents a 1889.5% increase compared to $483.9M in 2004.
Ferrovial SE (FER) is profitable, generating $888.0M in net income for the fiscal year ending 2025 with a net profit margin of 9.2%.
Ferrovial SE (FER) reported an operating income of $1.18B, resulting in an operating profit margin of 12.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Ferrovial SE (FER) generated $8.50B in gross profit for the year, representing a gross profit margin of 88.3%. This demonstrates the company's core pricing power and production efficiency.