Everus Construction (ECG) Q4 2025 earnings summary

Executive summary

• Achieved record fourth quarter and full-year 2025 results as a standalone public company, with revenues surpassing $1 billion in Q4 and $3.75 billion for the year, driven by strong E&M and T&D segment momentum, especially in data centers.

• Record backlog reached $3.23 billion at year-end, up 16% year-over-year, supporting continued business momentum and visibility into 2026.

• Workforce expanded to 9,400 employees, up from 8,700 in 2024, supporting growth and execution.

• Ended the year with robust liquidity, low net leverage, and a disciplined capital allocation strategy focused on organic growth and strategic acquisitions.

• Free cash flow for 2025 was $100 million, down from $128.8 million, reflecting higher capital investments and working capital needs.

Financial highlights

• Q4 2025 revenues: $1.01 billion, up 33% year-over-year; full-year revenues: $3.75 billion, up 31.5%.

• Q4 EBITDA: $84.8 million, up 45.5% year-over-year; full-year EBITDA: $319.8 million, up 37.7%; EBITDA margin improved to 8.5%.

• Net income for 2025 was $201.8 million, up 40.7% year-over-year; diluted EPS up 40.6% to $3.95.

• Record backlog at year-end: $3.23 billion, up 16% from 2024.

• Operating cash flow: $156.8 million; free cash flow: $100 million, reflecting higher CapEx and working capital.

Outlook and guidance

• 2026 revenue guidance: $4.1–$4.2 billion; EBITDA guidance: $320–$335 million.

• Midpoint implies 11% revenue growth and 2% EBITDA growth year-over-year.

• EBITDA margin expected just under 8%, slightly lower due to strong 2025 project execution benefits.

• Gross capital expenditures projected at $90–$100 million, or 2.1–2.4% of forecasted revenues.

• Strong backlog and favorable market trends provide high visibility for 2026.