MYR Group (MYRG) Q1 2026 earnings summary

Executive summary

• Achieved record Q1 2026 results with revenue of $1.00 billion, up 20% year-over-year, driven by robust demand and strong performance in both T&D and C&I segments.

• Net income doubled to $47 million ($2.99 per diluted share), and EBITDA reached a record $82 million, reflecting margin expansion and productivity gains.

• Backlog grew to a record $2.84 billion, up 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.

• Strong balance sheet with $163.2 million in cash and no outstanding borrowings under a $490 million credit facility.

Financial highlights

• Q1 2026 revenue: $1,000.4 million (up from $833.6 million in Q1 2025); T&D revenue: $541 million (up 17%), C&I revenue: $459.4 million (up 24%).

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

• Net income: $47 million (up from $23.3 million); diluted EPS: $2.99; EBITDA: $82 million (up from $50 million).

• Total backlog as of March 31, 2026: $2.84 billion, with $981 million in T&D and $1.86 billion in C&I.

• Operating cash flow was $85 million, and free cash flow was $69 million.

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%, T&D at 8%-11%, aiming for mid-range performance.

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

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

• No dividends planned; capital will be allocated to organic growth, acquisitions, and share repurchases.