MYR Group (MYRG) Q4 2025 earnings summary

Executive summary

• Achieved record annual revenues of $3.66 billion and net income of $118.4 million for 2025, with strong fourth quarter results and a year-end backlog of $2.82 billion, reflecting robust demand in both T&D and C&I segments.

• Both T&D and C&I segments delivered strong growth, supported by master service agreements, new project awards, and diversified end markets across the U.S. and Canada.

• Continued focus on operational excellence, safety, and long-term client relationships, with 90% of business from return clientele.

• Growth driven by electrification, data center expansion, and clean energy investments.

• Strong balance sheet with $408 million available under a $490 million credit facility and $150 million in cash.

Financial highlights

• Q4 2025 revenues were $974 million, up 17% year-over-year; net income was $37 million ($2.33 per diluted share), more than doubling from last year.

• FY2025 revenues reached $3.66 billion, net income was $118.4 million ($7.53 per diluted share), and EBITDA was $232.7 million.

• Gross margin improved to 11.4% in Q4 and 11.6% for FY2025, up from 10.4% and 8.6% respectively.

• Free cash flow for FY2025 was $232.2 million, up from $11.2 million in FY2024.

• Dividend-adjusted stock return from Jan 2020 to Dec 2025 was 623%, with a CAGR of 37.43%.

Outlook and guidance

• Expecting approximately 10% revenue growth in both T&D and C&I segments for 2026, with first quarter revenue growth anticipated to exceed the full-year rate.

• Margin profiles expected to remain in the mid-range of historical targets, with ongoing efforts to improve efficiency and profitability.

• Management confident in meeting working capital needs, supporting organic growth, acquisitions, and share repurchases.

• Strong market activity and project pipeline expected to drive growth through 2027 and beyond, particularly in large transmission and data center projects.

• Management expects continued strong demand for electrification and infrastructure investment into 2026 and beyond.