MYR Group (MYRG) Q1 2026 earnings summary

Executive summary

• Achieved record Q1 2026 results with revenue of $1.00 billion, net income doubling to $46.8 million ($2.99 per share), and EBITDA reaching $81.5 million, driven by robust demand and strong performance in both T&D and C&I segments.

• Backlog reached a record $2.84 billion, up 7.7%-8% year-over-year, with a healthy pipeline in both segments.

• Maintained disciplined project execution, strong customer relationships, and a focus on safety and quality across all operations.

• Strategic focus on expanding geographic footprint and deepening customer relationships to drive long-term growth.

• Strong market presence in the U.S. and Canada, with over 9,000 employees and 65+ office locations.

Financial highlights

• Q1 2026 revenue reached $1.00 billion, up 20% year-over-year; T&D revenue was $541 million (up 17%), and C&I revenue was $459 million (up 24%).

• Gross margin improved to 13.4% from 11.6% year-over-year, with gross profit at $134.4 million.

• Net income was $46.8 million (up from $23.3 million), with EPS of $2.99; EBITDA reached $81.5 million (up from $50.2 million).

• Free cash flow for Q1 2026 was $68.6 million; operating cash flow was $85 million.

• Dividend-adjusted stock return from Jan 2021 to Mar 2026 was 385.6%, with a CAGR of 35.21%.

Outlook and guidance

• Revenue growth for 2026 forecasted at 12% overall, with both segments expected to achieve at least 10% growth.

• Updated annual operating margin targets: C&I at 6%-9% and T&D at 8%-11%, aiming for mid-range performance.

• Management expects continued strong bidding activity and momentum, supported by infrastructure investment, electrification trends, and favorable market outlook.

• CapEx expected to trend toward 3% of revenue for the year, mainly supporting T&D growth.

• Most of the $2.53 billion in remaining performance obligations are expected to be recognized within 24 months.