Everus Construction (ECG) Q3 2025 earnings summary

Executive summary

• Achieved record Q3 2025 revenue of $986.8 million, up 29.7%–30% year-over-year, and net income of $57.0 million, up 36.4%, driven by strong E&M segment and data center demand.

• EBITDA increased 36.9%–37% to $89.0 million, with margin expansion in both E&M and T&D segments.

• Backlog reached $2.95 billion as of September 30, 2025, up 2% year-over-year and 6% from year-end 2024, supporting future growth.

• Raised full-year 2025 guidance for revenue to $3.55–$3.65 billion and EBITDA to $290–$300 million, reflecting continued business momentum.

• Maintained a solid financial position with net leverage at 0.5x and nearly $340 million in available liquidity.

Financial highlights

• Q3 2025 revenue: $986.8 million, up from $761.0 million in Q3 2024.

• Q3 EBITDA: $89.0 million (9.0% margin), up from $65.0 million in Q3 2024.

• Net income for Q3 2025: $57.0 million, up 36.4% year-over-year; diluted EPS was $1.11, up 35.4%.

• Free cash flow for the nine months ended September 30, 2025, was $74.8 million, up from $57.8 million last year.

• Gross profit for Q3 2025 was $124.2 million, up 38.2% year-over-year; gross margin improved to 12.6%.

Outlook and guidance

• 2025 revenue guidance raised to $3.55–$3.65 billion; EBITDA guidance raised to $290–$300 million.

• Backlog of $2.95 billion as of September 30, 2025, with $2.38 billion expected to be recognized within 12 months.

• Capital expenditures for full-year 2025 expected to be $65–$70 million.

• Management anticipates continued revenue growth, margin expansion, and robust cash generation, supported by favorable industry trends.

• Q4 EBITDA margin expected below year-to-date margin due to normalization after strong execution in 2025.