MYR Group Inc. Announces Third-Quarter and First Nine-Months 2026 Results - Board Approves New $100 Million Share Repurchase Program

Borrowing availability stood at $650.5 million, while planned buybacks would use cash on hand and revolving-credit borrowings.

Rhea-AI Summary

MYR Group (MYRG) reported third-quarter 2026 revenue of $1.26 billion, alongside higher earnings and a new share repurchase authorization. Revenue rose $308.6 million from a year earlier. Net income reached $60.0 million, or $3.82 per diluted share, versus $32.1 million, or $2.05 per diluted share. Gross margin increased to 13.6% from 11.8%.

Commercial and Industrial revenue reached $704.5 million, including contributions from acquired Valley Electric and Comet Electric; Transmission and Distribution revenue was $554.5 million. Nine-month revenue reached $3.34 billion, with net income of $156.7 million. Backlog totaled $3.68 billion at September 30, up 38.2% year over year. The board authorized repurchases of up to $100.0 million, effective November 4, 2026, through November 3, 2027, unless funds are exhausted earlier. Quarterly administrative, amortization and interest expenses increased.

17 points · 0 major

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0 major · 12 points

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Positive

• Moderate pointThird-quarter revenue increased $308.6 million year over year to $1.26 billion.
• Moderate pointThird-quarter net income rose to $60.0 million, or $3.82 per diluted share, from $32.1 million, or $2.05.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Share repurchase authorization covers up to $100.0 million, effective November 4, 2026, through November 3, 2027, unless exhausted earlier. 2.4% of market cap
• Moderate pointBacklog reached $3.68 billion at September 30, 2026, up $1.02 billion, or 38.2%, year over year.
• Moderate pointThird-quarter gross profit rose to $171.2 million from $111.9 million; gross margin increased to 13.6% from 11.8%.

12 minor points

• Minor pointThird-quarter Commercial and Industrial revenue increased $257.5 million to $704.5 million year over year, including acquired-business contributions.
• Minor pointThird-quarter Transmission and Distribution revenue increased $51.1 million to $554.5 million year over year.
• Minor pointThird-quarter non-GAAP EBITDA rose to $110.0 million from $62.7 million a year earlier.
• Minor pointNine-month revenue increased $656.8 million year over year to $3.34 billion.
• Minor pointNine-month net income rose to $156.7 million, or $9.97 per diluted share, from $81.9 million, or $5.20.
• Minor pointNine-month Commercial and Industrial revenue increased $508.7 million year over year to $1.72 billion.
• Minor pointNine-month Transmission and Distribution revenue increased $148.0 million year over year to $1.62 billion.
• Minor pointNine-month gross profit rose to $448.4 million from $312.5 million; gross margin increased to 13.4% from 11.6%.
• Minor pointProject-estimate changes lifted gross margin 0.4% quarterly and 0.6% over nine months, versus reductions of 0.6% and 1.3% respectively in 2025.
• Minor pointBorrowing availability totaled $650.5 million under the new $690.0 million revolving credit facility at September 30, 2026.
• Minor pointNine-month interest income increased to $2.1 million from $0.4 million year over year.
• Minor pointEffective tax rates fell to 27.1% quarterly and 26.6% over nine months, from 28.3% and 28.7%, respectively.

Negative

• Moderate pointCash and cash equivalents declined to $26.010 million at September 30, 2026, from $150.156 million at December 31, 2025.
• Moderate pointNoncurrent long-term debt rose to $198.782 million at September 30, 2026, from $54.483 million at December 31, 2025.
• Minor pointCurrent long-term debt increased to $16.988 million at September 30, 2026, from $4.554 million at December 31, 2025.
• Minor pointQuarterly selling, general and administrative expenses increased to $81.5 million from $65.9 million year over year.
• Minor pointNine-month selling, general and administrative expenses increased to $225.3 million from $191.8 million year over year.

7 minor points

• Minor pointQuarterly intangible-asset amortization increased to $6.1 million from $1.2 million year over year following the Valley acquisition.
• Minor pointNine-month intangible-asset amortization increased to $8.5 million from $3.6 million year over year following the Valley acquisition.
• Minor pointQuarterly interest expense increased to $3.6 million from $1.4 million year over year due to acquisition-related borrowings.
• Minor pointNine-month interest expense increased to $4.9 million from $4.8 million year over year.
• Minor pointProject inefficiencies increased costs, partially offsetting quarterly and nine-month gross-margin improvements.
• Minor pointNine-month Transmission and Distribution revenue from fixed-price contracts decreased, partially offsetting growth from other contract types.
• Minor pointIncome tax expense rose to $22.3 million quarterly and $56.8 million over nine months, from $12.6 million and $33.0 million.

News Explained

MYR intends to fund the approved repurchase program with cash on hand and revolving-credit borrowings; as of September 30, it reported $26,010 thousand in cash and $650.5 million of borrowing availability, so the disclosed funding route includes borrowing capacity as well as cash.

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On Oct 28, the day this news came out, the latest delayed price for MYRG is 7.21% above the previous close. Our momentum scanner has recorded 14 alerts for this stock so far that day. The latest delayed price is $300.10. Relative volume is above average at 1.7x the average.

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Key Figures

Third-quarter revenue: $1.26 billion Net income: $60.0 million Diluted EPS: $3.82 +5 more

Third-quarter revenue

$1.26 billion

Q3 2026; increased $308.6 million versus Q3 2025

Net income

$60.0 million

Q3 2026; compared with $32.1 million in Q3 2025

Diluted EPS

$3.82

Q3 2026; compared with $2.05 in Q3 2025

EBITDA

$110.0 million

Q3 2026; compared with $62.7 million in Q3 2025

Gross margin

13.6%

Q3 2026; compared with 11.8% in Q3 2025

Backlog

$3.68 billion

As of September 30, 2026; up 38.2% year over year

Share repurchase authorization

Up to $100.0 million

New program; effective November 4, 2026

Revolving credit availability

$650.5 million

As of September 30, 2026; under the new revolving credit facility

Key Terms

ebitda, non-gaap, gaap, rule 10b5-1 trading plans

4 terms

ebitda financial

"Third-quarter 2026 EBITDA, a non-GAAP financial measure, was $110.0 million"

EBITDA stands for earnings before interest, taxes, depreciation, and amortization. It measures a company's profitability by focusing on the money it makes from its core operations, ignoring expenses like taxes and accounting adjustments. Investors use EBITDA to compare how well different companies are performing financially, as it provides a clearer picture of operational success without the influence of financial structure or accounting choices.

View in glossary

non-gaap financial

"Third-quarter 2026 EBITDA, a non-GAAP financial measure"

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

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gaap financial

"financial statements presented in accordance with generally accepted accounting principles"

GAAP, or Generally Accepted Accounting Principles, are a set of standardized rules and guidelines that companies follow when preparing their financial statements. They ensure consistency, transparency, and comparability across different companies, making it easier for investors to understand and compare financial information accurately. This helps investors make informed decisions based on trustworthy and uniform financial reports.

View in glossary

rule 10b5-1 trading plans regulatory

"including through Rule 10b5-1 trading plans, structured transactions or other means"

Rule 10b5-1 trading plans are written, pre-arranged instructions that allow company insiders (such as executives or directors) to automatically buy or sell their company's stock at specified times or under set conditions, like a standing instruction or automated thermostat for trades. They matter to investors because these plans provide a legal defense against insider‑trading accusations and create predictable insider trading patterns that can help signal whether sales are routine portfolio management or potentially meaningful to the company’s outlook.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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THORNTON, Colo., Oct. 28, 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 third-quarter and first nine-months 2026 financial results.

Highlights for Third Quarter 2026

• Record quarterly revenues of $1.26 billion
• Record quarterly net income of $60.0 million, or $3.82 per diluted share
• Record quarterly EBITDA of $110.0 million
• Record backlog of $3.68 billion

Management Comments
Rick Swartz, MYR’s President and CEO, said, “Our strong third-quarter results demonstrate the momentum across our business and the strength of our execution. We delivered record quarterly revenues of $1.26 billion, net income of $60.0 million, and EBITDA of $110.0 million, supported by increased activity across both our T&D and C&I segments, including record quarterly C&I revenues. Through the first nine months of 2026, revenues reached $3.34 billion, reflecting healthy demand across our core markets and continued investment in critical electrical infrastructure. As we integrate Valley Electric and Comet Electric and expand our capabilities and geographic reach, we remain focused on disciplined execution, strengthening our customer relationships, and positioning MYR to capitalize on the significant infrastructure opportunities ahead.”

Third Quarter Results
MYR reported third-quarter 2026 revenues of $1.26 billion, an increase of $308.6 million, compared to the third quarter of 2025. Specifically, our Commercial and Industrial (“C&I”) segment reported record quarterly revenues of $704.5 million, an increase of $257.5 million, from the third quarter of 2025, primarily due to an increase in revenue on fixed priced contracts, which included incremental revenues from our acquisition of Valley Electric and Comet Electric (“Valley”). Our Transmission and Distribution (“T&D”) segment reported quarterly revenues of $554.5 million, an increase of $51.1 million, from the third quarter of 2025, due to increases in revenue on T&E contracts, fixed price contracts and unit price contracts.

Consolidated gross profit increased to $171.2 million in the third quarter of 2026, compared to $111.9 million for the third quarter of 2025. The increase in gross profit was due to higher margin and revenues. Gross margin increased to 13.6 percent for the third quarter of 2026 from 11.8 percent for the third 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 and favorable job close outs. Gross margin was also positively impacted during the third quarter of 2026, by the continued benefit of higher margins on certain projects nearing completion, largely due to better-than-anticipated productivity. These margin increases were partially offset by an increase in costs associated with inefficiencies on certain projects. Changes in estimates of gross profit on certain projects resulted in a net gross margin increase of 0.4 percent for the third quarter of 2026, compared to a net gross margin decrease of 0.6 percent for the third quarter of 2025.

Selling, general and administrative (“SG&A”) expenses increased to $81.5 million in the third quarter of 2026, compared to $65.9 million for the third quarter of 2025. The period-over-period increase was primarily due to SG&A expenses associated with Valley, which was recently acquired, an increase in employee incentive compensation costs and an increase in employee-related expenses to support future growth.

Amortization of intangible assets increased to $6.1 million in the third quarter of 2026, compared to $1.2 million for the third quarter of 2025. The period-over-period increase was due to amortization related to certain intangible assets acquired with Valley.

Interest expense increased to $3.6 million in the third quarter of 2026, compared to $1.4 million for the third quarter of 2025. The period-over-period increase was attributable to incremental borrowings incurred in connection with the Valley acquisition.

Income tax expense was $22.3 million for the third quarter of 2026, with an effective tax rate of 27.1 percent, compared to income tax expense of $12.6 million for the third quarter of 2025, with an effective tax rate of 28.3 percent. The period-over-period change in tax rate was primarily due to a favorable impact from state taxes, partially offset by the impact of the net controlled foreign corporation tested income (“NCTI”), other permanent difference items and a reduction in foreign tax credits.

For the third quarter of 2026, net income was $60.0 million, or $3.82 per diluted share, compared to $32.1 million, or $2.05 per diluted share, for the same period of 2025. Third-quarter 2026 EBITDA, a non-GAAP financial measure, was $110.0 million, compared to $62.7 million in the third quarter of 2025.

First Nine-Months Results
MYR reported first nine-months 2026 revenues of $3.34 billion, an increase of $656.8 million, compared to the first nine months of 2025. Specifically, our C&I segment reported revenues of $1.72 billion, an increase of $508.7 million, from the first nine months of 2025, primarily due to an increase in revenue on fixed priced contracts, which included incremental revenues from Valley. Our T&D segment reported revenues of $1.62 billion, an increase of $148.0 million, from the first nine months 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.

Consolidated gross profit increased to $448.4 million in the first nine months of 2026, compared to $312.5 million in the first nine months of 2025. The increase in gross profit was due to higher margin and revenues. Gross margin increased to 13.4 percent for the first nine months of 2026 from 11.6 percent for the first nine months 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 inefficiencies on certain projects. Changes in estimates of gross profit on certain projects resulted in a net gross margin increase of 0.6 percent for the first nine months of 2026, compared to a net gross margin decrease of 1.3 percent for the first nine months of 2025.

SG&A expenses increased to $225.3 million in the first nine months of 2026, compared to $191.8 million for the first nine months of 2025. The period-over-period increase was primarily due to an increase in employee incentive compensation costs, an increase in employee-related expenses to support future growth and SG&A expenses associated with Valley.

Amortization of intangible assets increased to $8.5 million in the first nine months of 2026, compared to $3.6 million for the first nine months of 2025. The period-over-period increase was due to amortization related to certain intangible assets acquired with Valley.

Interest income increased to $2.1 million in the first nine months of 2026, compared to $0.4 million for the first nine months of 2025. The period-over-period increase was attributable to higher average balances held in money market accounts in the first nine months of 2026 as compared to the first nine months of 2025.

Interest expense increased to $4.9 million in the first nine months of 2026, compared to $4.8 million for the first nine months of 2025. The period-over-period increase was attributable to incremental borrowings during the first nine months of 2026 as compared to the first nine months of 2025 that were incurred in connection with the Valley acquisition.

Income tax expense was $56.8 million for the first nine months of 2026, with an effective tax rate of 26.6 percent, compared to income tax expense of $33.0 million for the first nine months of 2025, with an effective tax rate of 28.7 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 nine months of 2026, net income was $156.7 million, or $9.97 per diluted share, compared to $81.9 million, or $5.20 per diluted share, for the same period of 2025.

Backlog
As of September 30, 2026, MYR's backlog was $3.68 billion, which was an increase of $1.02 billion, or 38.2 percent, from the $2.66 billion reported as of September 30, 2025. As of September 30, 2026, C&I backlog was $2.39 billion and T&D backlog was $1.29 billion.

Balance Sheet
As of September 30, 2026, MYR had $650.5 million of borrowing availability under its new $690.0 million revolving credit facility.

Share Repurchase Program
In addition, the Company announced today that its Board of Directors approved a new share repurchase program (the “Repurchase Program”), which will be effective on November 4, 2026, and authorizes the Company to repurchase, in the aggregate, up to $100.0 million of its outstanding shares of common stock from time to time at management’s discretion on the open market or in privately negotiated transactions, including through Rule 10b5-1 trading plans, structured transactions or other means in accordance with applicable securities laws. The amount and timing of repurchases are subject to a variety of factors, including market and business conditions, as well as applicable contractual and legal requirements. The Repurchase Program will expire on November 3, 2027, or when the authorized funds are exhausted, whichever is earlier. The Company is not obligated to acquire any specific amount of common stock, and the Company’s Board of Directors may modify or terminate the Repurchase Program at any time. The Company intends to fund the Repurchase Program with cash on hand and through borrowings under its revolving credit facility.

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 third-quarter 2026 results on Thursday, October 29, 2026 at 8:00 a.m. Mountain time. 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, investorinfo@myrgroup.com

Financial tables follow…

MYR GROUP INC. Consolidated Balance Sheets As of September 30, 2026 and December 31, 2025
(in thousands, except share and per share data)	September 30, 2026				December 31, 2025
	(unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	26,010			$	150,156
Accounts receivable, net of allowances of $1,250 and $934, respectively		799,461				603,735
Contract assets, net of allowances of $756 and $534, respectively		318,367				241,766
Current portion of receivable for insurance claims in excess of deductibles		7,861				10,122
Refundable income taxes		4,873				—
Prepaid expenses and other current assets		30,615				54,982
Total current assets		1,187,187				1,060,761
Property and equipment, net of accumulated depreciation of $443,756 and $413,962, respectively		345,614				306,386
Operating lease right-of-use assets		63,304				42,448
Goodwill		224,045				115,266
Intangible assets, net of accumulated amortization of $47,948 and $39,967, respectively		230,855				72,476
Receivable for insurance claims in excess of deductibles		22,719				21,358
Deferred income taxes		18,264				12,723
Investment in joint ventures		3,258				3,224
Other assets		12,300				9,437
Total assets	$	2,107,546			$	1,644,079
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt	$	16,988			$	4,554
Current portion of operating lease obligations		14,572				13,019
Current portion of finance lease obligations		1,064				804
Accounts payable		385,259				314,789
Contract liabilities, net		280,540				300,560
Current portion of accrued self-insurance		29,935				28,499
Accrued income taxes		129				15,129
Other current liabilities		160,910				117,923
Total current liabilities		889,397				795,277
Deferred income tax liabilities		95,473				50,119
Long-term debt		198,782				54,483
Accrued self-insurance		43,838				42,827
Operating lease obligations, net of current maturities		48,359				29,429
Finance lease obligations, net of current maturities		1,348				1,220
Other liabilities		11,364				10,301
Total liabilities		1,288,561				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 September 30, 2026 and December 31, 2025		—				—
Common stock—$0.01 par value per share; 100,000,000 authorized shares; 15,570,008 and 15,522,834 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively		155				155
Additional paid-in capital		170,292				165,211
Accumulated other comprehensive loss		(11,071	)			(8,183	)
Retained earnings		659,609				503,240
Total shareholders’ equity		818,985				660,423
Total liabilities and shareholders’ equity	$	2,107,546			$	1,644,079

MYR GROUP INC.
Unaudited Consolidated Statements of Operations
Three and Nine Months Ended September 30, 2026 and 2025

	Three months ended September 30,								Nine months ended September 30,
(in thousands, except per share data)		2026				2025				2026				2025
Contract revenues	$	1,259,032			$	950,400			$	3,341,139			$	2,684,345
Contract costs		1,087,791				838,508				2,892,785				2,371,841
Gross profit		171,241				111,892				448,354				312,504
Selling, general and administrative expenses		81,517				65,919				225,349				191,756
Amortization of intangible assets		6,087				1,214				8,514				3,613
Gain on sale of property and equipment		(1,469	)			(1,512	)			(3,282	)			(3,213	)
Income from operations		85,106				46,271				217,773				120,348
Other income (expense):
Interest income		292				197				2,068				433
Interest expense		(3,580	)			(1,440	)			(4,945	)			(4,759	)
Other income (expense), net		517				(297	)			(1,405	)			(1,130	)
Income before provision for income taxes		82,335				44,731				213,491				114,892
Income tax expense		22,330				12,637				56,835				33,024
Net income	$	60,005			$	32,094			$	156,656			$	81,868
Income per common share:
—Basic	$	3.85			$	2.07			$	10.06			$	5.22
—Diluted	$	3.82			$	2.05			$	9.97			$	5.20
Weighted average number of common shares and potential common shares outstanding:
—Basic		15,579				15,528				15,565				15,681
—Diluted		15,721				15,631				15,715				15,752

MYR GROUP INC. Unaudited Consolidated Statements of Cash Flows Nine Months Ended September 30, 2026 and 2025
	Nine months ended September 30,
(in thousands)		2026				2025
Cash flows from operating activities:
Net income	$	156,656			$	81,868
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization of property and equipment		51,622				45,664
Amortization of intangible assets		8,514				3,613
Stock-based compensation expense		13,395				9,808
Deferred income taxes		2,380				3,312
Gain on sale of property and equipment		(3,282	)			(3,213	)
Other non-cash items		586				345
Changes in operating assets and liabilities, net of acquisition:
Accounts receivable, net		(93,939	)			53,714
Contract assets, net		(21,461	)			(38,538	)
Receivable for insurance claims in excess of deductibles		900				(511	)
Other assets		18,069				14,241
Accounts payable		33,756				4,795
Contract liabilities, net		(54,796	)			(31,113	)
Accrued self-insurance		2,457				2,845
Other liabilities		19,298				64,907
Net cash flows provided by operating activities		134,155				211,737
Cash flows from investing activities:
Proceeds from sale of property and equipment		4,019				6,014
Cash paid for acquired business		(324,788	)			—
Purchases of property and equipment		(81,974	)			(64,467	)
Net cash flows used in investing activities		(402,743	)			(58,453	)
Cash flows from financing activities:
Borrowings under revolving lines of credit		786,645				635,003
Repayments under revolving lines of credit		(824,059	)			(633,048	)
Borrowing under term loans		199,287				—
Payment of principal obligations under equipment notes		(4,596	)			(4,360	)
Payment of principal obligations under finance leases		(668	)			(844	)
Repurchase of common stock		(1,307	)			(75,000	)
Debt refinancing costs		(3,634	)			—
Payments related to tax withholding for stock-based compensation		(7,294	)			(2,653	)
Other financing activities		254				—
Net cash flows provided by (used in) financing activities		144,628				(80,902	)
Effect of exchange rate changes on cash		(186	)			365
Net increase (decrease) in cash and cash equivalents		(124,146	)			72,747
Cash and cash equivalents:
Beginning of period		150,156				3,464
End of period	$	26,010			$	76,211

MYR GROUP INC.
Unaudited Consolidated Selected Data,
Unaudited Performance Measure and Reconciliation of Non-GAAP Measure
For the Three, Nine and Twelve Months Ended September 30, 2026 and 2025 and
As of September 30, 2026, December 31, 2025, September 30, 2025 and September 30, 2024

	Three months ended September 30,								Last twelve months ended September 30,
(dollars in thousands, except share and per share data)		2026				2025				2026					2025
Summary Statement of Operations Data:
Contract revenues	$	1,259,032			$	950,400			$	4,314,683				$	3,514,140
Gross profit	$	171,241			$	111,892			$	559,636				$	398,449
Income from operations	$	85,106			$	46,271			$	264,297				$	150,505
Income before provision for income taxes	$	82,335			$	44,731			$	259,883				$	141,896
Income tax expense	$	22,330			$	12,637			$	66,679				$	44,076
Net income	$	60,005			$	32,094			$	193,204				$	97,820
Tax rate		27.1	%			28.3	%			25.7	%				31.1	%
Per Share Data:
Income per common share:
- Basic	$	3.85			$	2.07			$	12.41		(1	)	$	6.22		(1	)
- Diluted	$	3.82			$	2.05			$	12.31		(1	)	$	6.19		(1	)
Weighted average number of common shares and potential common shares outstanding:
- Basic		15,579				15,528				15,556		(2	)		15,794		(2	)
- Diluted		15,721				15,631				15,696		(2	)		15,862		(2	)

(in thousands)	September 30, 2026			December 31, 2025			September 30, 2025			September 30, 2024
Summary Balance Sheet Data:
Total assets	$	2,107,546		$	1,644,079		$	1,548,853		$	1,512,331
Total shareholders’ equity	$	818,985		$	660,423		$	617,588		$	588,509
Goodwill and intangible assets	$	454,900		$	187,742		$	187,704		$	195,047
Total funded debt (3)	$	215,770		$	59,037		$	71,976		$	93,186

	Three months ended September 30,														Nine months ended September 30,
(dollars in thousands)		2026							2025							2026							2025
Segment Results:	Amount				Percent			Amount				Percent			Amount				Percent			Amount				Percent
Contract revenues:
Transmission & Distribution	$	554,544			44.0	%		$	503,436			53.0	%		$	1,619,536			48.5	%		$	1,471,479			54.8	%
Commercial & Industrial		704,488			56.0				446,964			47.0				1,721,603			51.5				1,212,866			45.2
Total	$	1,259,032			100.0	%		$	950,400			100.0	%		$	3,341,139			100.0	%		$	2,684,345			100.0	%
Operating income:
Transmission & Distribution	$	51,634			9.3	%		$	41,461			8.2	%		$	153,357			9.5	%		$	118,147			8.0	%
Commercial & Industrial		61,616			8.7				28,583			6.4				146,109			8.5				67,953			5.6
Total		113,250			9.0				70,044			7.4				299,466			8.9				186,100			6.9
Corporate		(28,144	)		(2.2	)			(23,773	)		(2.5	)			(81,693	)		(2.4	)			(65,752	)		(2.4	)
Consolidated	$	85,106			6.8	%		$	46,271			4.9	%		$	217,773			6.5	%		$	120,348			4.5	%

See notes at the end of this earnings release

MYR GROUP INC. Unaudited Performance Measures and Reconciliation of Non-GAAP Measures Three and Twelve Months Ended September 30, 2026 and 2025
	Three months ended September 30,								Last twelve months ended September 30,
(in thousands, except share, per share data, ratios and percentages)		2026				2025				2026				2025
Financial Performance Measures (4):
EBITDA (5)	$	109,988			$	62,713			$	340,730			$	213,986
EBITDA per Diluted Share (6)	$	7.00			$	4.01			$	21.71			$	13.51
EBIA, net of taxes (7)	$	66,839			$	33,856			$	203,008			$	105,562
Free Cash Flow (8)	$	9,155			$	65,412			$	137,106			$	156,085
Book Value per Period End Share (9)	$	52.12			$	39.52
Tangible Book Value (10)	$	364,085			$	429,884
Tangible Book Value per Period End Share (11)	$	23.17			$	27.51
Funded Debt to Equity Ratio (12)		0.26				0.12
Asset Turnover (13)										2.79				2.32
Return on Assets (14)										12.5	%			6.5	%
Return on Equity (15)										31.3	%			16.6	%
Return on Invested Capital (16)										25.0	%			16.4	%
Reconciliation of Non-GAAP Measures:
Reconciliation of Net Income to EBITDA:
Net income	$	60,005			$	32,094			$	193,204			$	97,820
Interest expense, net		3,288				1,243				3,476				6,421
Income tax expense		22,330				12,637				66,679				44,076
Depreciation and amortization		24,365				16,739				77,371				65,669
EBITDA (5)	$	109,988			$	62,713			$	340,730			$	213,986
Reconciliation of Net Income per Diluted Share to EBITDA per Diluted Share:
Net income per share	$	3.82			$	2.05			$	12.31			$	6.19
Interest expense, net, per share		0.21				0.08				0.22				0.40
Income tax expense per share		1.42				0.81				4.25				2.78
Depreciation and amortization per share		1.55				1.07				4.93				4.14
EBITDA per Diluted Share (6)	$	7.00			$	4.01			$	21.71			$	13.51
Reconciliation of Non-GAAP measure:
Net income	$	60,005			$	32,094			$	193,204			$	97,820
Interest expense, net		3,288				1,243				3,476				6,421
Amortization of intangible assets		6,087				1,214				9,719				4,816
Tax impact of interest and amortization of intangible assets		(2,541	)			(695	)			(3,391	)			(3,495	)
EBIA, net of taxes (7)	$	66,839			$	33,856			$	203,008			$	105,562
Calculation of Free Cash Flow:
Net cash flow from operating activities	$	46,081			$	95,590			$	248,985			$	232,856
Less: cash used in purchasing property and equipment		(36,926	)			(30,178	)			(111,879	)			(76,771	)
Free Cash Flow (8)	$	9,155			$	65,412			$	137,106			$	156,085

See notes at the end of this earnings release.

MYR GROUP INC. Unaudited Performance Measures and Reconciliation of Non-GAAP Measures As of September 30, 2026, 2025 and 2024
(in thousands, except per share amounts)	September 30, 2026				September 30, 2025
Reconciliation of Book Value to Tangible Book Value:
Book value (total shareholders' equity)	$	818,985			$	617,588
Goodwill and intangible assets		(454,900	)			(187,704	)
Tangible Book Value (10)	$	364,085			$	429,884
Reconciliation of Book Value per Period End Share to Tangible Book Value per Period End Share:
Book value per period end share	$	52.12			$	39.52
Goodwill and intangible assets per period end share		(28.95	)			(12.01	)
Tangible Book Value per Period End Share (11)	$	23.17			$	27.51
Calculation of Period End Shares:
Shares outstanding		15,570				15,523
Plus: common equivalents		142				103
Period End Shares (17)		15,712				15,626

(in thousands)	September 30, 2026				September 30, 2025				September 30, 2024
Reconciliation of Invested Capital to Shareholders Equity:
Book value (total shareholders' equity)	$	818,985			$	617,588			$	588,509
Plus: total funded debt		215,770				71,976				93,186
Less: cash and cash equivalents		(26,010	)			(76,211	)			(7,569	)
Invested Capital	$	1,008,745			$	613,353			$	674,126
Average Invested Capital (18)	$	811,049			$	643,740

See notes at the end of this earnings release.

(1)	Last-twelve-months earnings per share is the sum of earnings per share reported in the last four quarters.
(2)	Last-twelve-months weighted average basic and diluted shares were determined by adding the weighted average shares reported for the last four quarters and dividing by four.
(3)	Funded debt includes outstanding borrowings under our revolving credit facility, term loan credit facility and our outstanding equipment notes.
(4)	These financial performance measures are provided as supplemental information to the financial statements. These measures are used by management to evaluate our past performance, our prospects for future performance and our ability to comply with certain material covenants as defined within our credit agreement, and to compare our results with those of our peers. In addition, we believe that certain of the measures, such as book value, tangible book value, free cash flow, asset turnover, return on equity, and debt leverage are measures that are monitored by sureties, lenders, lessors, suppliers and certain investors. Our calculation of each measure is described in the following notes; our calculation may not be the same as the calculations made by other companies.
(5)	EBITDA is defined as earnings before interest, taxes, depreciation and amortization. EBITDA is not recognized under GAAP and does not purport to be an alternative to net income as a measure of operating performance or to net cash flows provided by operating activities as a measure of liquidity. Certain material covenants contained within our credit agreement are based on EBITDA with certain additional adjustments, including our interest coverage ratio and leverage ratio, which we must comply with to avoid potential immediate repayment of amounts borrowed or additional fees to seek relief from our lenders. In addition, management considers EBITDA a useful measure because it provides MYR Group Inc. and its investors with an additional tool to compare our operating performance on a consistent basis by removing the impact of certain items that management believes to not directly reflect the company’s core operations. Management further believes that EBITDA is useful to investors and other external users of our financial statements in evaluating the company’s operating performance and cash flow because EBITDA is widely used by investors to measure a company’s operating performance without regard to items such as interest expense, taxes, depreciation and amortization, which can vary substantially from company to company depending upon accounting methods and book value of assets, useful lives placed on assets, capital structure and the method by which assets were acquired.
(6)	EBITDA per diluted share is calculated by dividing EBITDA by the weighted average number of diluted shares outstanding for the period. EBITDA per diluted share is not recognized under GAAP and does not purport to be an alternative to income per diluted share.
(7)	EBIA, net of taxes is defined as net income plus net interest plus amortization of intangible assets, less the tax impact of net interest and amortization of intangible assets. The tax impact of net interest and amortization of intangible assets is computed by multiplying net interest and amortization of intangible assets by the effective tax rate. Management uses EBIA, net of taxes, to measure our results exclusive of the impact of financing and amortization of intangible assets costs.
(8)	Free cash flow, which is defined as cash flow provided by operating activities minus cash flow used in purchasing property and equipment, is not recognized under GAAP and does not purport to be an alternative to net income, cash flow from operations or the change in cash on the balance sheet. Management views free cash flow as a measure of operational performance, liquidity and financial health.
(9)	Book value per period end share is calculated by dividing total shareholders’ equity at the end of the period by the period end shares outstanding.
(10)	Tangible book value is calculated by subtracting goodwill and intangible assets outstanding at the end of the period from shareholders’ equity. Tangible book value is not recognized under GAAP and does not purport to be an alternative to book value or shareholders’ equity.
(11)	Tangible book value per period end share is calculated by dividing tangible book value at the end of the period by the period end number of shares outstanding. Tangible book value per period end share is not recognized under GAAP and does not purport to be an alternative to income per diluted share.
(12)	The funded debt to equity ratio is calculated by dividing total funded debt at the end of the period by total shareholders’ equity at the end of the period.
(13)	Asset turnover is calculated by dividing the current period revenue by total assets at the beginning of the period.
(14)	Return on assets is calculated by dividing net income for the period by total assets at the beginning of the period.
(15)	Return on equity is calculated by dividing net income for the period by total shareholders’ equity at the beginning of the period.
(16)	Return on invested capital is calculated by dividing EBIA, net of taxes, less any dividends, by average invested capital. Return on invested capital is not recognized under GAAP, and is a key metric used by management to determine our executive compensation.
(17)	Period end shares is calculated by adding average common stock equivalents for the quarter to the period end balance of common stock outstanding. Period end shares is not recognized under GAAP and does not purport to be an alternative to diluted shares. Management views period end shares as a better measure of shares outstanding as of the end of the period.
(18)	Average invested capital is calculated by adding net funded debt (total funded debt less cash and marketable securities) to total shareholders’ equity and calculating the average of the beginning and ending of each period.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were MYR Group's third-quarter 2026 earnings?

MYR Group earned $60.0 million, or $3.82 per diluted share, in the third quarter of 2026. That compares with $32.1 million, or $2.05 per diluted share, in the third quarter of 2025. Revenue reached $1.26 billion, an increase of $308.6 million year over year.

How much stock can MYR Group repurchase under its new 2026 authorization?

MYR Group can repurchase up to $100.0 million of common stock under the new authorization. It becomes effective November 4, 2026, and expires November 3, 2027, or when the authorized funds are exhausted, whichever occurs first.

How does MYR Group plan to fund and carry out its new share buyback?

MYR Group intends to fund repurchases with cash on hand and borrowings under its revolving credit facility. Purchases may occur on the open market or through privately negotiated transactions, including trading plans and structured transactions. Amounts and timing remain at management's discretion, and the company is not obligated to buy any specific amount.

What drove MYR Group's third-quarter 2026 gross-margin improvement?

Better-than-anticipated productivity and favorable project closeouts drove changes in estimated project profits that improved third-quarter gross margin. Certain projects nearing completion also continued to deliver higher margins because of better-than-anticipated productivity. Increased costs from inefficiencies on other projects partially offset those improvements.

How was MYR Group's September 2026 backlog split between its business segments?

At September 30, 2026, Commercial and Industrial backlog was $2.39 billion, and Transmission and Distribution backlog was $1.29 billion.