MYR Group (MYRG) Q3 2026 earnings summary

Executive summary

• Q3 revenue reached $1,259.0M, up 32.5% YoY; net income was a record $60.0M, diluted EPS was $3.82 and EBITDA was a record $110.0M.

• Backlog reached a record $3.68B at September 30, up 38.2% YoY; T&D backlog was $1.29B and C&I backlog was $2.39B.

• Higher activity across both segments, improved margins and contributions from Valley Electric and Comet Electric supported results; the acquisitions closed July 1.

• 9M revenue was $3,341.1M and net income was $156.7M; diluted EPS was $9.97.

Financial highlights

• Q3 gross profit was $171.2M vs. $111.9M; gross margin was 13.6% vs. 11.8%, and operating income was $85.1M vs. $46.3M.

• Q3 net income was $60.0M vs. $32.1M; diluted EPS was $3.82 vs. $2.05, and EBITDA was $110.0M vs. $62.7M.

• SG&A was $82M, up ~$16M YoY, mainly reflecting acquisition expenses, employee incentives and growth-support costs; the Q3 effective tax rate was 27.1% vs. 28.3%.

• 9M revenue was $3,341.1M vs. $2,684.3M; net income was $156.7M vs. $81.9M and EBITDA was $276.5M vs. $168.5M.

• Q3 operating cash flow was $46M vs. $96M and free cash flow was $9.2M vs. $65.4M; 9M operating cash flow was $134.2M vs. $211.7M, affected by billing and payment timing.

Outlook and guidance

• 2027 revenue growth is expected at 15%-18%; C&I growth is forecast at 18%-22%, including full-year Valley and Comet contributions, and T&D growth at 10%-13%.

• 2027 C&I operating margin is expected near the upper end of the 6%-9% range; T&D margin is expected near the middle of the 8%-11% range.

• T&D growth is expected to be weighted toward Q2 and H2; larger projects may start in H2 2027, with more substantial activity expected in 2028 and beyond.

• Capital expenditures are expected at 3% of revenue in 2026, rising to the low-to-mid 3% range in 2027, driven by T&D capacity and continued C&I prefab investment.

• Remaining performance obligations totaled $3.37B; ~75% is estimated for recognition within 12 months and ~90% or more within 24 months, subject to project timing and execution.