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Matrix Service Company (MTRX) investor relations material
Matrix Service Company Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Fiscal Q4 2025 revenue rose 14% year-over-year to $216.4 million, but full-year revenue was below expectations due to late project starts and T&D service line exit; underlying business performance remained strong with above-plan direct gross profit and solid project execution.
Backlog stood near record levels at $1.4 billion as of June 30, 2025, with 85% of fiscal 2026 planned revenue already booked and underway.
Awards totaled $726 million for the year, supporting a robust opportunity pipeline of $5.9 billion and multi-year growth visibility.
Organizational restructuring included flattening the structure, closing underperforming offices, and consolidating support services, reducing annual overhead by $12 million.
The company is positioned for multi-year growth, supported by strong customer relationships and strategic market positioning.
Financial highlights
Q4 2025 revenue was $216.4 million, up from $189.5 million in Q4 2024; net loss was $(11.3) million, or $(0.40) per share; adjusted EBITDA was $(4.8) million, impacted by $11.5 million in discrete items.
Full-year 2025 revenue reached $769.3 million; adjusted EBITDA was $(12.9) million.
Notable Q4 charges included $6.4 million from a legacy project dispute, $3.8 million for labor productivity, $1.3 million from an adverse court decision, and $3.4 million in restructuring costs.
Cash flow from operations was $40.7 million in Q4 and $117.5 million for the year; liquidity improved to $284.5 million at year-end, with no debt.
Outlook and guidance
Fiscal 2026 revenue is projected at $875–$925 million, representing 14–20% year-over-year growth at the midpoint.
85% of fiscal 2026 revenue is already supported by backlog, with most projects underway and minimal risk of delay.
Management expects a return to profitability in fiscal 2026, with steady improvement in revenue and profitability throughout the year.
Book-to-bill ratio is expected to remain at or near 1.0x annually, supporting sustainable backlog.
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