Everus Construction (ECG) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue rose 31% year-over-year to $921.5M, driven by strong E&M and T&D segment performance and robust project execution.

• EBITDA increased 36% year-over-year to $84.2M, with margin up to 9.1%, reflecting solid execution and project pull-forwards.

• Net income for Q2 2025 was $52.8M, up 35.4% year-over-year; diluted EPS increased 35.5% to $1.03.

• Backlog reached $3.0B, up 24% year-over-year, with balanced growth across E&M (+24%) and T&D (+21%) segments.

• Completed separation from MDU Resources in October 2024, now operating as an independent, publicly traded company.

Financial highlights

• Q2 2025 revenue: $921.5M, up 31% year-over-year; E&M revenue up 42% to $713.6M, T&D up 3% to $212.4M.

• Q2 EBITDA: $84.2M, up 36% year-over-year; EBITDA margin 9.1% vs. 8.8% prior year.

• Net income margin for Q2 2025 was 5.7%; gross margin improved to 13.0% from 12.6% year-over-year.

• Free cash flow for the first half of 2025 was $6.5M, up from negative $7.4M in the prior year period.

• CapEx for H1 2025: $31.6M, up from $16.5M last year, reflecting investment in prefab, vehicles, and equipment.

Outlook and guidance

• 2025 revenue guidance raised to $3.3–$3.4B (prior: $3.0–$3.1B); EBITDA guidance raised to $240–$255M (prior: $210–$225M).

• At midpoint, revenue and EBITDA growth expected at 18% and 21% year-over-year, adjusted for incremental costs.

• Gross capital expenditures for 2025 expected at $65M–$70M.

• Margins expected to remain in the low to mid 7% range for the remainder of the year; EBITDA margin for 2025 expected to be lower than 2024 due to stand-alone costs.

• Backlog conversion may be extended due to a higher mix of large, early-stage projects.