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Everus Construction (ECG) investor relations material
Everus Construction Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2025 revenue increased 31% year-over-year to $921.5M, driven by strong E&M and stable T&D segment performance.
EBITDA rose 36% year-over-year to $84.2M, with margin up to 9.1% from 8.8%.
Net income grew 35.4% to $52.8M; diluted EPS up 35.5% to $1.03.
Backlog reached $3.0B, up 24% year-over-year, with balanced growth in E&M and T&D.
Completed spinoff from MDU Resources, now operating as an independent, publicly traded company.
Financial highlights
Q2 2025 revenue was $921.5M, up from $703.3M in Q2 2024; six-month revenue up 31.5% to $1.75B.
EBITDA for Q2 2025 was $84.2M; six-month EBITDA $146.0M (8.4% margin).
Net income for Q2 2025 was $52.8M; six-month net income $89.5M.
Gross margin improved to 13.0% in Q2 2025 from 12.6% in Q2 2024.
Free cash flow for the first half of 2025 was $6.5M, up from negative $7.4M last year.
Outlook and guidance
2025 revenue guidance raised to $3.3–$3.4B; EBITDA guidance raised to $240–$255M.
At midpoint, guidance implies 18% revenue and 21% EBITDA growth, adjusted for incremental costs.
Margins expected in the low to mid-7% range for the remainder of the year.
Full-year 2025 capital expenditures expected at $65M–$70M.
Backlog conversion may be extended due to a higher mix of early-stage, multi-year projects.
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