Matrix Service Company (MTRX) Q4 2026 earnings summary

Executive summary

• Achieved a return to profitability in Q3 and Q4 of fiscal 2026, with Q4 net income of $1.1 million and EPS of $0.04, driven by a strategic focus on targeted work, operational excellence, and leadership transitions.

• Q4 revenue reached $244.5 million, the highest in six years, up 13% year-over-year, with full-year revenue at $873.6 million.

• Significant project wins in LNG, NGL, data center power infrastructure, mining, and a major FEED contract for America First Refining.

• Maintained a robust backlog and opportunity pipeline, supporting multi-year revenue visibility.

• Ended the year with $283.9 million in liquidity and no outstanding debt.

Financial highlights

• Fiscal 2026 revenue grew 14% year-over-year; Q4 revenue up 13% to $244.5 million compared to Q4 2025.

• Q4 gross profit increased 140% to $19.5 million (8% margin); gross margin rose from 3.8% year-over-year.

• Adjusted EBITDA for Q4 was $6.3 million, up from a $4.8 million loss in the prior year.

• SG&A expenses decreased by $7.6 million for the year and by $0.7 million in Q4, with Q4 SG&A at $16.9 million.

• Q4 EPS was $0.04 versus a $0.40 loss last year; adjusted EPS was $0.16 versus a $0.28 loss.

Outlook and guidance

• No formal guidance provided pending the appointment of a new CFO.

• 70%-80% of the $953 million backlog expected to be worked off in fiscal 2027.

• Margin profile of backlog supports double-digit gross margin, with expectations to maintain or improve above 10%.

• Opportunity pipeline exceeds $7 billion, with expectations for increased award activity as large projects reach final investment decisions.

• Anticipates cash utilization in the first half of fiscal 2027 to support project execution, with a strong liquidity position.