MYR Group (MYRG) Q3 2025 earnings summary

Executive summary

• Achieved record Q3 2025 results with revenue of $950.4 million, record net income of $32.1 million, and EBITDA of $62.7 million, supported by strong customer relationships and market position in T&D and C&I segments.

• LTM total revenue reached $3.51 billion as of September 30, 2025, with a consolidated backlog of $2.66 billion.

• Nine-month 2025 revenues were $2.68 billion, up $151.8 million year-over-year, with net income of $81.9 million.

• Growth was driven by healthy bidding activity, expanding agreements, and robust demand in core C&I markets such as data centers, healthcare, and transportation.

• Strong organic and acquisitive growth supported by a robust balance sheet and experienced leadership.

Financial highlights

• Q3 2025 revenue was $950.4 million, up 7% year-over-year; net income was $32.1 million, with diluted EPS of $2.05.

• Q3 2025 EBITDA was $62.7 million; LTM EBITDA was $214.0 million.

• Gross margin improved to 11.8% from 8.7% year-over-year.

• Operating cash flow for the nine months ended September 30, 2025, was $211.7 million; free cash flow for Q3 2025 was $65.4 million.

• SG&A expenses in Q3 2025 were $65.9 million, mainly due to higher employee compensation.

Outlook and guidance

• Forecasting approximately 10% company-wide revenue growth for 2026, with similar growth in both T&D and C&I segments.

• C&I operating margin guidance raised to 5%-7.5% for 2026, with 2025 expected in the upper half of the previous 4%-6% range.

• T&D margin profile expected to remain in the 7%-10.5% range, operating in the mid-range due to timing of large projects.

• Most of the $2.34 billion in remaining performance obligations are expected to be recognized within 24 months.

• Management expects continued growth driven by electrification, infrastructure investment, and strong project demand.