MYR Group (MYRG) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue reached $900.3 million, with net income of $26.5 million and EPS of $1.70 per diluted share, all increasing year-over-year.

• Backlog stood at $2.64 billion as of June 30, 2025, reflecting robust project wins and strong customer relationships.

• Multiple new master service agreements and major project wins expanded the business footprint in core markets.

• Maintains a strong balance sheet and liquidity, supporting future growth and strategic initiatives.

• Leadership team averages 29 years of industry experience, with a diverse and independent board.

Financial highlights

• Q2 2025 revenue was $900.3 million, up 8.6% year-over-year; net income was $26.5 million versus a net loss of $15.3 million in Q2 2024.

• Gross margin improved to 11.5% from 4.9% a year ago, aided by better productivity and favorable job closeouts.

• EBITDA for Q2 2025 was $55.6 million, up from negative $4.7 million in Q2 2024.

• Operating cash flow was $33 million, and free cash flow was $12 million, both higher year-over-year.

• LTM total revenue as of June 30, 2025, was $3.45 billion, with EBITDA of $188.4 million and free cash flow of $108.6 million.

Outlook and guidance

• High single-digit growth expected for both T&D and C&I segments for the full year, excluding solar.

• Management anticipates ongoing strong bidding and construction activity in both T&D and C&I segments, supported by infrastructure legislation and electrification trends.

• Most of the $2.64 billion backlog is expected to be realized within 24 months, with 80% within 12 months.

• Market environment remains strong, but quarterly revenue timing may vary due to project schedules and material expenses.

• AI and electrification trends are expected to drive incremental demand in both segments.