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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.Q4 2025 earnings summary10 Sep, 2025
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.
Restructuring impact on quarterly breakeven revenue
Detail Matrix's data center market engagement
Status of remaining material legacy disputes?
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Next Matrix Service Company earnings date
Q1 20266 Nov, 2025
Next Matrix Service Company earnings date
Q1 20266 Nov, 2025
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Frequently asked questions
Matrix Service Company operates in different industries including oil, gas, power and petrochemicals, industrial and commercial. Operating primarily in North America, the company offers a range of engineering, fabrication, infrastructure and construction services.
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