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MYR Group (MYRG) investor relations material
MYR Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary30 Oct, 2025
Executive summary
Achieved record Q3 2025 results with revenue of $950.4 million, record net income of $32.1 million, and EBITDA of $62.7 million, supported by strong customer relationships and market position in T&D and C&I segments.
LTM total revenue reached $3.51 billion as of September 30, 2025, with a consolidated backlog of $2.66 billion.
Nine-month 2025 revenues were $2.68 billion, up $151.8 million year-over-year, with net income of $81.9 million.
Growth was driven by healthy bidding activity, expanding agreements, and robust demand in core C&I markets such as data centers, healthcare, and transportation.
Strong organic and acquisitive growth supported by a robust balance sheet and experienced leadership.
Financial highlights
Q3 2025 revenue was $950.4 million, up 7% year-over-year; net income was $32.1 million, with diluted EPS of $2.05.
Q3 2025 EBITDA was $62.7 million; LTM EBITDA was $214.0 million.
Gross margin improved to 11.8% from 8.7% year-over-year.
Operating cash flow for the nine months ended September 30, 2025, was $211.7 million; free cash flow for Q3 2025 was $65.4 million.
SG&A expenses in Q3 2025 were $65.9 million, mainly due to higher employee compensation.
Outlook and guidance
Forecasting approximately 10% company-wide revenue growth for 2026, with similar growth in both T&D and C&I segments.
C&I operating margin guidance raised to 5%-7.5% for 2026, with 2025 expected in the upper half of the previous 4%-6% range.
T&D margin profile expected to remain in the 7%-10.5% range, operating in the mid-range due to timing of large projects.
Most of the $2.34 billion in remaining performance obligations are expected to be recognized within 24 months.
Management expects continued growth driven by electrification, infrastructure investment, and strong project demand.
What drove reduced negative project estimate changes?
Backlog growth vs. long-term market opportunities?
Capital deployment strategy for strong liquidity?
What drives C&I margin increase for 2026?
Data center impact on C&I segment mix?
When do large T&D projects begin to impact margins?
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Frequently asked questions
MYR Group Inc. is a provider of electrical construction services to clients in the utility and commercial sectors. The company specializes in the construction, maintenance, and repair of transmission and distribution networks, as well as substations for electric utilities. It also offers commercial and industrial electrical contracting services, including the installation of power, lighting, and control systems for various facilities. MYR Group serves clients across the United States and Canada, delivering solutions that support energy infrastructure development. The company is headquartered in Thornton, Colorado, and its shares are listed on the NASDAQ.
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