THORNTON, Colo., July 29, 2026 (GLOBE NEWSWIRE) -- MYR Group Inc. (“MYR or the "Company”) (NASDAQ: MYRG), a holding company of leading specialty contractors serving the electric utility infrastructure, commercial and industrial construction markets in the United States and Canada, announced today its second-quarter and first-half 2026 financial results.
Highlights for Second Quarter 2026
- Record quarterly revenues of $1.08 billion
- Record quarterly net income of $49.9 million, or $3.17 per diluted share
- Record quarterly EBITDA of $85.0 million
- Record backlog of $3.16 billion
Management Comments
Rick Swartz, MYR’s President and CEO, said, “Our strong second quarter performance drove record quarterly revenues of $1.08 billion, while backlog reached $3.16 billion at quarter-end. These results reflect the continued strength of our core markets, ongoing investment in electrical infrastructure, and sustained customer demand across our business. The acquisition of Valley Electric and Comet Electric, which closed on July 1, further enhances our C&I capabilities and expands our geographic footprint, allowing us to deliver a broader range of solutions to both existing and new customers. We continue to see a healthy pipeline of quality bidding opportunities and remain focused on pursuing strategic growth opportunities while strengthening the long-standing relationships that are central to our success. With strong market fundamentals, a growing portfolio of capabilities, and a disciplined approach to project selection and execution, we believe we are well positioned to deliver continued growth and create long-term value for our shareholders.”
Second Quarter Results
MYR reported second-quarter 2026 revenues of $1.08 billion, an increase of $181.4 million, compared to the second quarter of 2025. Specifically, our Transmission and Distribution (“T&D”) segment reported quarterly revenues of $524.0 million, an increase of $17.7 million, from the second quarter of 2025, due to increases in revenue on T&E contracts and unit price contracts, partially offset by a decrease in revenue on fixed price contracts. Our Commercial and Industrial (“C&I”) segment reported record quarterly revenues of $557.7 million, an increase of $163.6 million, from the second quarter of 2025, primarily due to an increase in revenue on fixed priced contracts.
Consolidated gross profit increased to $142.7 million in the second quarter of 2026, compared to $103.7 million for the second quarter of 2025. The increase in gross profit was due to higher margin and revenues. Gross margin increased to 13.2 percent for the second quarter of 2026 from 11.5 percent for the second quarter of 2025. The increase in gross margin was primarily due to significant changes in our estimated gross profit on certain projects, related to better-than-anticipated productivity, favorable job close outs and an increase in scope on certain projects. These margin increases were partially offset by an increase in costs associated with project inefficiencies on certain projects. Changes in estimates of gross profit on certain projects resulted in a net gross margin increase of 0.9 percent for the second quarter of 2026, compared to a net gross margin decrease of 1.0 percent for the second quarter of 2025.
Selling, general and administrative expenses ("SG&A") increased to $74.4 million in the second quarter of 2026, compared to $63.3 million for the second quarter of 2025. The period-over-period increase was primarily due to an increase in employee incentive compensation costs and an increase in employee-related expenses to support future growth.
Interest income increased to $0.9 million in the second quarter of 2026. Interest income was not significant for the second quarter of 2025. The period-over-period increase was primarily due to higher average balances held in money market accounts in the second quarter of 2026 as compared to the second quarter of 2025.
Interest expense decreased to $0.7 million in the second quarter of 2026, compared to $1.9 million for the second quarter of 2025. The period-over-period decrease was primarily due to lower average outstanding debt balances during the second quarter of 2026 as compared to the second quarter of 2025.
Income tax expense was $17.3 million for the second quarter of 2026, with an effective tax rate of 25.7 percent, compared to an income tax expense of $10.9 million for the second quarter of 2025, with an effective tax rate of 29.2 percent. The period-over-period change in tax rate was primarily due to a favorable impact from stock compensation excess tax benefits, partially offset by the impact of the net CFC tested income (“NCTI”) and other permanent difference items.
For the second quarter of 2026, net income was $49.9 million, or $3.17 per diluted share, compared to $26.5 million, or $1.70 per diluted share, for the same period of 2025. Second-quarter 2026 EBITDA, a non-GAAP financial measure, was $85.0 million, compared to $55.6 million in the second quarter of 2025.
First-Half Results
MYR reported first-half 2026 revenues of $2.08 billion, an increase of $348.2 million, compared to the first half of 2025. Specifically, our T&D segment reported revenues of $1.06 billion, an increase of $97.0 million, from the first half of 2025, due to increases in revenue on unit price contracts and T&E contracts, partially offset by a decrease in revenue on fixed price contracts. Our C&I segment reported revenues of $1.02 billion, an increase of $251.2 million, from the first half of 2025, primarily due to an increase in revenue on fixed priced contracts.
Consolidated gross profit increased to $277.1 million in the first half of 2026, compared to $200.6 million in the first half of 2025. The increase in gross profit was due to higher margin and revenues. Gross margin increased to 13.3 percent for the first half of 2026 from 11.6 percent for the first half of 2025. The increase in gross margin was primarily due to significant changes in our estimated gross profit on certain projects, related to better-than-anticipated productivity, an increase in scope on certain projects and favorable job close outs. These margin increases were partially offset by an increase in costs associated with project inefficiencies on certain projects. Gross margin was also positively impacted during the first half of 2026, by a larger portion of our projects progressing at higher contractual margins, some of which are nearing or are at completion. Changes in estimates of gross profit on certain projects resulted in a net gross margin increase of 0.7 percent for the first half of 2026, compared to a net gross margin decrease of 1.2 percent for the first half of 2025.
SG&A increased to $143.8 million in the first half of 2026, compared to $125.8 million for the first half of 2025. The period-over-period increase was primarily due to an increase in employee incentive compensation costs and an increase in employee-related expenses to support future growth.
Interest income increased to $1.8 million in the first half of 2026, compared to $0.2 million for the first half of 2025. The period-over-period increase was primarily due to higher average balances held in money market accounts in the first half of 2026 as compared to the first half of 2025.
Interest expense decreased to $1.4 million in the first half of 2026, compared to $3.3 million for the first half of 2025. The period-over-period decrease was primarily due to lower average outstanding debt balances and lower interest rates during the first half of 2026 as compared to the first half of 2025.
Income tax expense was $34.5 million for the first half of 2026, with an effective tax rate of 26.3 percent, compared to income tax expense of $20.4 million for the first half of 2025, with an effective tax rate of 29.1 percent. The period-over-period change in tax rate was primarily due to a favorable impact from stock compensation excess tax benefits, partially offset by the impact of NCTI and other permanent difference items.
For the first half of 2026, net income was $96.7 million, or $6.15 per diluted share, compared to $49.8 million, or $3.15 per diluted share, for the same period of 2025.
Backlog
As of June 30, 2026, MYR's backlog was $3.16 billion, which was an increase of $518.4 million, or 19.6 percent, from the $2.64 billion reported as of June 30, 2025. As of June 30, 2026, T&D backlog was $1.27 billion and C&I backlog was $1.89 billion.
Balance Sheet
As of June 30, 2026, MYR had $460.5 million of borrowing availability under its $490 million revolving credit facility and $137.9 million in cash and cash equivalents.
Non-GAAP Financial Measures
To supplement MYR’s financial statements presented in accordance with generally accepted accounting principles in the United States (“GAAP”), MYR uses certain non-GAAP measures. Reconciliation to the nearest GAAP measures of all non-GAAP measures included in this press release can be found at the end of this release. MYR’s definitions of these non-GAAP measures may differ from similarly titled measures used by others. These non-GAAP measures should be considered supplemental to, and not a substitute for, financial information prepared in accordance with GAAP.
MYR believes that these non-GAAP measures are useful because they (i) provide both management and investors meaningful supplemental information regarding financial performance by excluding certain expenses and benefits that may not be indicative of recurring core business operating results, (ii) permit investors to view MYR’s performance using the same tools that management uses to evaluate MYR’s past performance, reportable business segments and prospects for future performance, (iii) publicly disclose results that are relevant to financial covenants included in MYR’s credit facility and (iv) otherwise provide supplemental information that may be useful to investors in evaluating MYR.
Conference Call
MYR will host a conference call to discuss its second-quarter 2026 results on Thursday, July 30, 2026 at 8:00 a.m. Mountain time. To participate via telephone and join the call live, please register in advance here: https://register-conf.media-server.com/register/BIbbc17de83db84b5cb42140dcb9c30efe. Upon registration, telephone participants will receive a confirmation email detailing how to join the conference call, including the dial-in number and a unique passcode. Participants may access the audio-only webcast of the conference call from the Investors page of MYR Group’s website at myrgroup.com.
About MYR Group Inc.
MYR Group is a holding company of leading, specialty electrical contractors providing services throughout the United States and Canada through two business segments: Transmission & Distribution (T&D) and Commercial & Industrial (C&I). MYR Group subsidiaries have the experience and expertise to complete electrical installations of any type and size. Through their T&D segment they provide services on electric transmission, distribution networks, substation facilities, clean energy projects and electric vehicle charging infrastructure. Their comprehensive T&D services include design, engineering, procurement, construction, upgrade, maintenance and repair services. T&D customers include investor-owned utilities, cooperatives, private developers, government-funded utilities, independent power producers, independent transmission companies, industrial facility owners and other contractors. Through their C&I segment, they provide a broad range of services which include the design, installation, maintenance and repair of commercial and industrial wiring generally for data centers, clean energy projects, airports, hospitals, hotels, commercial and industrial facilities, manufacturing plants, processing facilities, water/waste-water treatment facilities, mining facilities, intelligent transportation systems, roadway lighting, signalization, stadiums and electric vehicle charging infrastructure. C&I customers include general contractors, commercial and industrial facility owners, government agencies and developers. For more information, visit myrgroup.com.
Forward-Looking Statements
Various statements in this announcement, including those that express a belief, expectation, or intention, as well as those that are not statements of historical fact, are forward-looking statements. The forward-looking statements may include projections and estimates concerning the timing and success of specific projects and our future production, revenue, income, capital spending, segment improvements and investments. Forward-looking statements are generally accompanied by words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “likely,” “may,” “objective,” “outlook,” “plan,” “project,” “possible,” “potential,” “should,” “unlikely,” or other words that convey the uncertainty of future events or outcomes. The forward-looking statements in this announcement speak only as of the date of this announcement. We disclaim any obligation to update these statements (unless required by securities laws), and we caution you not to rely on them unduly. We have based these forward-looking statements on our current expectations and assumptions about future events. While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. No forward-looking statement can be guaranteed and actual results may differ materially from those projected. Forward-looking statements in this announcement should be evaluated together with the many uncertainties that affect MYR's business, particularly those mentioned in the risk factors and cautionary statements in Item 1A. of MYR's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, and in any risk factors or cautionary statements contained in MYR's subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K.
MYR Group Inc. Contact:
Jennifer Harper, Vice President, Investor Relations & Treasurer, 847-979-5835, [email protected]
Financial tables follow…
Consolidated Balance Sheets
As of June 30, 2026 and December 31, 2025 (in thousands, except share and per share data)June 30,
2026 December 31,
2025 (unaudited) ASSETS Current assets: Cash and cash equivalents$137,872 $150,156 Accounts receivable, net of allowances of $2,190 and $934, respectively 653,787 603,735 Contract assets, net of allowances of $514 and $534, respectively 225,053 241,766 Current portion of receivable for insurance claims in excess of deductibles 10,062 10,122 Refundable income taxes 9,130 — Prepaid expenses and other current assets 41,722 54,982 Total current assets 1,077,626 1,060,761 Property and equipment, net of accumulated depreciation of $435,570 and $413,962, respectively 315,657 306,386 Operating lease right-of-use assets 56,212 42,448 Goodwill 113,495 115,266 Intangible assets, net of accumulated amortization of $41,854 and $39,967, respectively 68,898 72,476 Receivable for insurance claims in excess of deductibles 19,208 21,358 Deferred income taxes 9,822 12,723 Investment in joint ventures 3,187 3,224 Other assets 8,360 9,437 Total assets$1,672,465 $1,644,079 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Current portion of long-term debt$4,650 $4,554 Current portion of operating lease obligations 13,100 13,019 Current portion of finance lease obligations 790 804 Accounts payable 338,888 314,789 Contract liabilities, net 245,822 300,560 Current portion of accrued self-insurance 29,880 28,499 Accrued income taxes — 15,129 Other current liabilities 137,547 117,923 Total current liabilities 770,677 795,277 Deferred income tax liabilities 49,860 50,119 Long-term debt 4,722 54,483 Accrued self-insurance 40,525 42,827 Operating lease obligations, net of current maturities 43,065 29,429 Finance lease obligations, net of current maturities 777 1,220 Other liabilities 8,422 10,301 Total liabilities 918,048 983,656 Commitments and contingencies Shareholders’ equity: Preferred stock—$0.01 par value per share; 4,000,000 authorized shares; none issued and outstanding at June 30, 2026 and December 31, 2025 — — Common stock—$0.01 par value per share; 100,000,000 authorized shares; 15,569,250 and 15,522,834 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively 155 155 Additional paid-in capital 165,785 165,211 Accumulated other comprehensive loss (11,127) (8,183)Retained earnings 599,604 503,240 Total shareholders’ equity 754,417 660,423 Total liabilities and shareholders’ equity$1,672,465 $1,644,079
Unaudited Consolidated Statements of Operations
Three and Six Months Ended June 30, 2026 and 2025 Three months ended
June 30, Six months ended
June 30,(in thousands, except per share data) 2026 2025 2026 2025 Contract revenues$1,081,727 $900,325 $2,082,107 $1,733,945 Contract costs 939,054 796,614 1,804,994 1,533,333 Gross profit 142,673 103,711 277,113 200,612 Selling, general and administrative expenses 74,409 63,313 143,832 125,837 Amortization of intangible assets 1,210 1,211 2,427 2,399 Gain on sale of property and equipment (891) (600) (1,813) (1,701)Income from operations 67,945 39,787 132,667 74,077 Other income (expense): Interest income 866 45 1,776 236 Interest expense (706) (1,905) (1,365) (3,319)Other expense, net (974) (533) (1,922) (833)Income before provision for income taxes 67,131 37,394 131,156 70,161 Income tax expense 17,280 10,928 34,505 20,387 Net income$49,851 $26,466 $96,651 $49,774 Income per common share: —Basic$3.20 $1.70 $6.21 $3.16 —Diluted$3.17 $1.70 $6.15 $3.15 Weighted average number of common shares and potential common shares outstanding: —Basic 15,577 15,527 15,558 15,759 —Diluted 15,731 15,575 15,712 15,813
Unaudited Consolidated Statements of Cash Flows
Six Months Ended June 30, 2026 and 2025
Six months ended
June 30,(in thousands) 2026 2025 Cash flows from operating activities: Net income$96,651 $49,774 Adjustments to reconcile net income to net cash flows provided by operating activities: Depreciation and amortization of property and equipment 33,344 30,139 Amortization of intangible assets 2,427 2,399 Stock-based compensation expense 8,888 5,759 Deferred income taxes 2,743 347 Gain on sale of property and equipment (1,813) (1,701)Other non-cash items 233 (180)Changes in operating assets and liabilities: Accounts receivable, net (51,471) 55,665 Contract assets, net 15,634 (37,597)Receivable for insurance claims in excess of deductibles 2,210 (742)Other assets 6,397 4,737 Accounts payable 26,218 11,133 Contract liabilities, net (54,094) (41,086)Accrued self-insurance (907) 872 Other liabilities 1,614 36,628 Net cash flows provided by operating activities 88,074 116,147 Cash flows from investing activities: Proceeds from sale of property and equipment 2,370 3,726 Purchases of property and equipment (45,048) (34,289) Net cash flows used in investing activities (42,678) (30,563)Cash flows from financing activities: Borrowings under revolving lines of credit 48,003 488,553 Repayments under revolving lines of credit (95,417) (474,695)Payment of principal obligations under equipment notes (2,251) (2,158)Payment of principal obligations under finance leases (396) (568)Repurchase of common stock — (75,000)Payments related to tax withholding for stock-based compensation (7,294) (2,653) Net cash flows used in financing activities (57,355) (66,521) Effect of exchange rate changes on cash (325) 429 Net increase (decrease) in cash and cash equivalents (12,284) 19,492 Cash and cash equivalents: Beginning of period 150,156 3,464 End of period$137,872 $22,956
Unaudited Consolidated Selected Data,
Unaudited Performance Measure and Reconciliation of Non-GAAP Measure
For the Three, Six and Twelve Months Ended June 30, 2026 and 2025 and
As of June 30, 2026, December 31, 2025, June 30, 2025 and June 30, 2024 Three months ended
June 30, Last twelve months ended
June 30, (dollars in thousands, except share and per share data) 2026 2025 2026 2025 Summary Statement of Operations Data: Contract revenues$1,081,727 $900,325 $4,006,051 $3,451,783 Gross profit$142,673 $103,711 $500,287 $363,845 Income from operations$67,945 $39,787 $225,462 $124,595 Income before provision for income taxes$67,131 $37,394 $222,279 $115,695 Income tax expense$17,280 $10,928 $56,986 $39,320 Net income$49,851 $26,466 $165,293 $76,375 Tax rate 25.7% 29.2% 25.6% 34.0% Per Share Data: Income per common share: – Basic$3.20 $1.70 $10.63 (1)$4.80 (1)– Diluted$3.17 $1.70 $10.54 (1)$4.79 (1)Weighted average number of common shares and potential common shares outstanding: – Basic 15,577 15,527 15,543 (2) 15,982 (2)– Diluted 15,731 15,575 15,674 (2) 16,035 (2)
2026 December 31,
2025 June 30,
2025 June 30,
2024Summary Balance Sheet Data: Total assets$1,672,465 $1,644,079 $1,497,157 $1,485,953 Total shareholders’ equity$754,417 $660,423 $583,234 $633,342 Goodwill and intangible assets$182,393 $187,742 $190,514 $195,227 Total funded debt (3)$9,372 $59,037 $86,081 $45,065
June 30, Six months ended
June 30,(dollars in thousands) 2026 2025 2026 2025 Segment Results:Amount Percent Amount Percent Amount Percent Amount PercentContract revenues: Transmission & Distribution$524,022 48.4% $506,273 56.2% $1,064,992 51.1% $968,043 55.8%Commercial & Industrial 557,705 51.6 394,052 43.8 1,017,115 48.9 765,902 44.2 Total$1,081,727 100.0% $900,325 100.0% $2,082,107 100.0% $1,733,945 100.0%Operating income: Transmission & Distribution$49,513 9.4% $40,465 8.0% $101,723 9.6% $76,686 7.9%Commercial & Industrial 47,289 8.5 21,992 5.6 84,493 8.3 39,369 5.1 Total 96,802 8.9 62,457 6.9 186,216 8.9 116,055 6.7 Corporate (28,857) (2.6) (22,670) (2.5) (53,549) (2.5) (41,978) (2.4)Consolidated$67,945 6.3% $39,787 4.4% $132,667 6.4% $74,077 4.3%
See notes at the end of this earnings release
Unaudited Performance Measures and Reconciliation of Non-GAAP Measures
Three and Twelve Months Ended June 30, 2026 and 2025 Three months ended
June 30, Last twelve months ended
June 30,(in thousands, except share, per share data, ratios and percentages) 2026 2025 2026 2025 Financial Performance Measures (4): EBITDA (5)$84,979 $55,599 $293,455 $188,439 EBITDA per Diluted Share (6)$5.40 $3.57 $18.72 $11.77 EBIA, net of taxes (7)$50,631 $28,640 $169,963 $84,258 Free Cash Flow (8)$(25,591) $11,638 $193,363 $108,625 Book Value per Period End Share (9)$47.98 $37.46 Tangible Book Value (10)$572,024 $392,720 Tangible Book Value per Period End Share (11)$36.38 $25.22 Funded Debt to Equity Ratio (12) 0.01 0.15 Asset Turnover (13) 2.68 2.32 Return on Assets (14) 11.0% 5.1%Return on Equity (15) 28.3% 12.1%Return on Invested Capital (16) 26.7% 12.7% Reconciliation of Non-GAAP Measures: Reconciliation of Net Income to EBITDA: Net income$49,851 $26,466 $165,293 $76,375 Interest (income) expense, net (160) 1,860 1,431 7,121 Income tax expense 17,280 10,928 56,986 39,320 Depreciation and amortization 18,008 16,345 69,745 65,623 EBITDA (5)$84,979 $55,599 $293,455 $188,439 Reconciliation of Net Income per Diluted Share to EBITDA per Diluted Share: Net income per share$3.17 $1.70 $10.54 $4.79 Interest (income) expense, net, per share (0.01) 0.12 0.09 0.44 Income tax expense per share 1.10 0.70 3.64 2.45 Depreciation and amortization per share 1.14 1.05 4.45 4.09 EBITDA per Diluted Share (6)$5.40 $3.57 $18.72 $11.77 Reconciliation of Non-GAAP measure: Net income$49,851 $26,466 $165,293 $76,375 Interest (income) expense, net (160) 1,860 1,431 7,121 Amortization of intangible assets 1,210 1,211 4,846 4,823 Tax impact of interest and amortization of intangible assets (270) (897) (1,607) (4,061)EBIA, net of taxes (7)$50,631 $28,640 $169,963 $84,258 Calculation of Free Cash Flow: Net cash flow from operating activities$3,325 $32,861 $298,494 $172,891 Less: cash used in purchasing property and equipment (28,916) (21,223) (105,131) (64,266)Free Cash Flow (8)$(25,591) $11,638 $193,363 $108,625
See notes at the end of this earnings release.
Unaudited Performance Measures and Reconciliation of Non-GAAP Measures
As of June 30, 2026, 2025 and 2024 (in thousands, except per share amounts)June 30, 2026 June 30, 2025Reconciliation of Book Value to Tangible Book Value: Book value (total shareholders' equity)$754,417 $583,234 Goodwill and intangible assets (182,393) (190,514)Tangible Book Value (10)$572,024 $392,720 Reconciliation of Book Value per Period End Share to Tangible Book Value per Period End Share: Book value per period end share$47.98 $37.46 Goodwill and intangible assets per period end share (11.60) (12.24)Tangible Book Value per Period End Share (11)$36.38 $25.22 Calculation of Period End Shares: Shares outstanding 15,569 15,523 Plus: common equivalents 154 48 Period End Shares (17) 15,723 15,571
See notes at the end of this earnings release.