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Ferrovial SE, together with its subsidiaries, engages in the development, construction, and operation of highways and airports in the United States, Poland, Spain, the United Kingdom, Canada, and internationally. It operates through four segments: Construction, Highways, Airports, and Energy. The company is involved in the development, financing, and operation of toll road infrastructure and construction activities, including the design and construction of public and private works; construction of public infrastructures; and development, financing, investing, and operation of airports. It engages in the development and construction of energy transmission and renewable generation energy infrastructure, as well as rendering of services regarding energy efficiency; and operation of waste management plants. The company was founded in 1952 and is based in Amsterdam, the Netherlands.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $9.6B | $2.0B | $888M | $1.7B | 15.0% | 5.2% | -72.6% |
| 2024 | $9.1B | $4.5B | $3.2B | $1.1B | 53.3% | 7.4% | 849.9% |
| 2023 | $8.5B | $1.5B | $341M | $1.2B | 9.1% | 12.8% | 81.4% |
| 2022 | $7.6B | $924M | $188M | $907M | 4.6% | - | - |
| 2021 | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 7,551 | 8,515 | 9,148 | 9,627 |
| Operating Revenue | - | 7,305 | 8,242 | 8,853 | 9,477 |
| Cost Of Revenue | - | 1,197 | 1,047 | 1,115 | 1,124 |
| Gross Profit | - | 6,354 | 7,468 | 8,033 | 8,503 |
| Operating Expense | - | 5,925 | 6,878 | 7,132 | 7,536 |
| Selling General And Administration | - | 2,152 | 2,335 | 2,471 | 2,638 |
| Total Expenses | - | 7,122 | 7,925 | 8,247 | 8,660 |
| Operating Income | - | 429 | 590 | 901 | 967 |
| Total Operating Income As Reported | - | 423 | 625 | 3,109 | 1,177 |
| EBITDA | - | 924 | 1,478 | 4,539 | 1,998 |
| Normalized EBITDA | - | 988 | 1,419 | 1,748 | 1,698 |
| EBIT | - | 625 | 1,077 | 4,098 | 1,508 |
| Interest Income | - | 112 | 250 | 212 | 147 |
| Interest Expense | - | 354 | 467 | 477 | 438 |
| Net Interest Income | - | -259 | -254 | -309 | -455 |
| Other Income Expense | - | 101 | 274 | 3,029 | 558 |
| Interest Income Non Operating | - | 112 | 250 | 212 | 147 |
| Interest Expense Non Operating | - | 354 | 467 | 477 | 438 |
| Net Non Operating Interest Income Expense | - | -259 | -254 | -309 | -455 |
| Pretax Income | - | 271 | 610 | 3,621 | 1,070 |
| Tax Provision | - | 30 | 115 | 145 | -60 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -7.23 | 11.09 | 111.76 | 77.40 |
| Net Income Continuous Operations | - | 241 | 495 | 3,476 | 1,130 |
| Net Income From Continuing And Discontinued Operation | - | 188 | 341 | 3,239 | 888 |
| Net Income From Continuing Operation Net Minority Interest | 837 | 124 | 325 | - | - |
| Net Income | - | 188 | 341 | 3,239 | 888 |
| Net Income Common Stockholders | - | 188 | 341 | 3,239 | 888 |
| Net Income Including Noncontrolling Interests | - | 305 | 511 | 3,490 | 1,150 |
| Normalized Income | - | 180.77 | 277.09 | 545.76 | 645.40 |
| Diluted NI Availto Com Stockholders | - | 188 | 341 | 3,239 | 888 |
| Basic Average Shares | - | 723.48 | 728.26 | 724.19 | 718.72 |
| Diluted Average Shares | - | 723.48 | 728.26 | 724.19 | 718.72 |
| Reconciled Depreciation | - | 299 | 401 | 441 | 490 |
| Reconciled Cost Of Revenue | - | 1,197 | 1,047 | 1,115 | 1,124 |
| Total Unusual Items | - | -64 | 59 | 2,791 | 300 |
| Total Unusual Items Excluding Goodwill | - | -64 | 59 | 2,791 | 300 |
| Preferred Stock Dividends | 0 | - | - | - | - |
| Minority Interests | - | -117 | -170 | -251 | -262 |
| Net Income Discontinuous Operations | - | 64 | 16 | 14 | 20 |
| Special Income Charges | - | -6 | 35 | 2,208 | 210 |
| Gain On Sale Of Business | - | -3 | 39 | 2,209 | 272 |
| Other Special Charges | -1,139 | 6 | -35 | - | - |
| Impairment Of Capital Assets | - | 3 | 4 | 1 | 62 |
| Gain On Sale Of Security | - | -58 | 24 | 583 | 90 |
| Depreciation Amortization Depletion Income Statement | - | 299 | 401 | 441 | 490 |
| Depreciation And Amortization In Income Statement | - | 299 | 401 | 441 | 490 |
| General And Administrative Expense | - | 2,152 | 2,335 | 2,471 | 2,638 |
| Other Gand A | - | 449 | 485 | 454 | 495 |
| Salaries And Wages | - | 1,446 | 1,599 | 1,760 | 1,847 |
| Gain On Sale Of Ppe | 1,139 | -6 | 35 | - | - |
| Rent Expense Supplemental | - | 257 | 251 | 257 | 296 |
| Total Other Finance Cost | - | 17 | 37 | 44 | 164 |
| Other Operating Expenses | - | 3,474 | 4,142 | 4,220 | 4,408 |
| Rent And Landing Fees | - | 257 | 251 | 257 | 296 |
| Otherunder Preferred Stock Dividend | 8 | 0 | 0 | - | - |
| Earnings From Equity Interest | - | 165 | 215 | 238 | 258 |
| Depreciation Income Statement | 270 | 299 | 401 | 441 | - |
Industrials sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Ferrovial SEthis co. | FER | $47.6B | 53.61↑ premium | 8.06 | 15.0% | 27.07 |
| Carrier Global Corporation | CARR | $56.9B | 38.36 | 4.12 | 10.8% | 19.16 |
| Fastenal Company | FAST | $54.1B | 43.02 | 13.73 | 31.9% | 29.51 |
| AMETEK, Inc. | AME | $52.4B | 35.42 | 4.93 | 13.9% | 23.59 |
| Delta Air Lines, Inc. | DAL | $52.2B | 10.44 | 2.51 |
| - |
| - |
| - |
| - |
| 24.0% |
| 7.33 |
| Rockwell Automation, Inc. | ROK | $51.4B | 59.19 | 14.08 | 23.8% | 39.07 |
| Old Dominion Freight Line, Inc. | ODFL | $51.1B | 49.88 | 11.84 | 23.7% | 29.53 |
| Westinghouse Air Brake Technologies Corporation | WAB | $44.5B | 38.07 | 4.00 | 10.5% | 21.69 |
| Axon Enterprise, Inc. | AXON | $41.4B | 331.83 | 12.76 | 3.8% | 214.25 |
| Peer Median | - | 40.69 | 8.39 | 18.8% | 26.55 | |