MYR Group (NASDAQ: MYRG) delivers record Q1 2026 earnings, EBITDA and $2.84B backlog
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
MYR Group Inc. reported strong first-quarter 2026 results, with revenue of $1.00 billion, up $166.8 million from the prior year. Both Transmission & Distribution and Commercial & Industrial segments grew, reaching $541.0 million and $459.4 million in revenue, respectively.
Gross profit rose to $134.4 million as gross margin expanded to 13.4% from 11.6%, helped by higher-margin projects, favorable change orders and strong project closeouts. Net income more than doubled to $46.8 million, or $2.99 per diluted share, and EBITDA increased to a record $81.5 million.
Backlog reached a record $2.84 billion as of March 31, 2026, up $203.3 million, or 7.7%, year over year. The company ended the quarter with $163.2 million in cash and cash equivalents and $460.5 million of availability on its $490 million revolver, while generating free cash flow of $68.6 million.
Positive
- Record profitability and backlog: Q1 2026 net income rose to $46.8 million (diluted EPS $2.99) and EBITDA to $81.5 million, while backlog reached a record $2.84 billion, up 7.7% year over year, signaling strong current performance and a solid future work pipeline.
Negative
- None.
Insights
MYR Group posted record Q1 profit, margins and backlog with low debt.
MYR Group delivered first-quarter 2026 revenue of $1.00 billion, up $166.8 million year over year, with both T&D and C&I segments contributing. Gross margin improved to 13.4% from 11.6%, reflecting higher-margin projects, favorable change orders and strong job closeouts.
Net income rose to $46.8 million with diluted EPS of $2.99, while EBITDA reached a record $81.5 million. Backlog climbed to a record $2.84 billion as of March 31, 2026, up $203.3 million or 7.7% year over year, indicating solid visibility for future work.
The balance sheet appears conservative: cash and cash equivalents of $163.2 million against total funded debt of $9.4 million and a funded debt-to-equity ratio of 0.01. Free cash flow of $68.6 million in the quarter supports ongoing investment and flexibility, with future performance to be detailed in subsequent company filings.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Revenue: $1.00 billion
Net income: $46.8 million
Diluted EPS: $2.99 per share
+5 more
8 metrics
Revenue
$1.00 billion
Contract revenues for three months ended March 31, 2026
Net income
$46.8 million
Three months ended March 31, 2026
Diluted EPS
$2.99 per share
Three months ended March 31, 2026
EBITDA
$81.5 million
Q1 2026 EBITDA non-GAAP measure
Gross margin
13.4%
Q1 2026 versus 11.6% in Q1 2025
Backlog
$2.84 billion
As of March 31, 2026; up 7.7% year over year
Free cash flow
$68.6 million
Three months ended March 31, 2026
Cash and cash equivalents
$163.2 million
Balance sheet as of March 31, 2026
Key Terms
EBITDA, backlog, free cash flow, tangible book value, +2 more
6 terms
EBITDA financial
"Record quarterly EBITDA of $81.5 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.
backlog financial
"Record backlog of $2.84 billion"
A backlog is the amount of work or orders that a company has received but hasn't completed yet. It’s like a restaurant with many dishes to serve; the backlog shows how many orders are still waiting to be finished. It matters because a large backlog can indicate strong demand or potential delays in delivering products or services.
free cash flow financial
"Free Cash Flow (8) | $ | 68,617"
Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.
tangible book value financial
"Tangible Book Value (10) | $ | 517,608"
Tangible book value is the accounting measure of a company’s net worth after removing intangible items like goodwill, patents and trademarks, leaving only physical and financial assets minus liabilities. For investors it offers a clearer view of the company’s hard-asset backing per share—like estimating the cash you could get by selling the furniture, machinery and cash in a house—helping gauge downside risk and whether a stock may be cheaply valued.
return on invested capital financial
"Return on Invested Capital (16) | | | | | 25.2 | %"
A percentage that shows how effectively a company turns the money invested in its business—both borrowed funds and shareholders’ equity—into operating profit after taxes. It tells investors whether a company earns more from its core operations than it costs to fund those operations; think of it like the annual return you’d expect from renovating a rental property—higher percentages mean the company uses capital more efficiently and is more likely to create value for shareholders.
non-GAAP financial measures financial
"First-quarter 2026 EBITDA, a non-GAAP financial measure, was $81.5 million"
Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.
Earnings Snapshot
Revenue: $1.00 billion
Q1 2026
Revenue
$1.00 billion
Net income
$46.8 million
Diluted EPS
$2.99
EBITDA
$81.5 million
Backlog
$2.84 billion
+7.7% YoY
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Form 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): April 29, 2026
(Exact name of registrant as specified in its charter)
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||
| (Address of principal executive offices) | (Zip Code) | |||||||||||||||||||
Registrant’s telephone number, including area code: (303 ) 286-8000
None
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
| (Nasdaq Global Market) | ||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.¨
Item 2.02 Results of Operations and Financial Condition.
On April 29, 2026, MYR Group Inc. (the “Company”) issued a press release announcing its financial results for the three months ended March 31, 2026. The press release is furnished hereto as Exhibit 99.1.
This information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits.
(d) The following exhibit is being furnished with this Current Report on Form 8-K.
99.1 | MYR Group Inc. Press Release, dated April 29, 2026 | ||||
| 104 | Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document) | ||||
-2-
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| MYR GROUP INC. | |||||||||||
Dated: April 29, 2026 | By: | /s/ KELLY M. HUNTINGTON | |||||||||
| Name: | Kelly M. Huntington | ||||||||||
| Title: | Senior Vice President and Chief Financial Officer | ||||||||||
-3-
Exhibit 99.1
MYR Group Inc. Announces First-Quarter 2026 Results
Thornton, Colo., April 29, 2026 – 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 first-quarter 2026 financial results.
Highlights for First Quarter 2026
•Quarterly revenues of $1.00 billion
•Record quarterly net income of $46.8 million, or $2.99 per diluted share
•Record quarterly EBITDA of $81.5 million
•Record backlog of $2.84 billion
Management Comments
Rick Swartz, MYR’s President and CEO, said, “We started the year with strong momentum, delivering year-over-year increases in revenue and gross profit, along with record quarterly net income, EBITDA, and backlog. By deepening relationships with strategic customers and continuing to invest in expanding our geographic footprint and market reach, we are creating meaningful long-term growth opportunities and strengthening our competitive position. We believe our solid financial performance, disciplined execution, and favorable market outlook position us well to sustain this momentum through the remainder of 2026.”
First Quarter Results
MYR reported first-quarter 2026 revenues of $1.00 billion, an increase of $166.8 million, compared to the first quarter of 2025. Specifically, our Transmission and Distribution (“T&D”) segment reported quarterly revenues of $541.0 million, an increase of $79.2 million, from the first quarter 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 Commercial and Industrial (“C&I”) segment reported quarterly revenues of $459.4 million, an increase of $87.6 million, from the first quarter of 2025, primarily due to an increase in revenue on fixed priced contracts.
Consolidated gross profit increased to $134.4 million in the first quarter of 2026, compared to $96.9 million for the first quarter of 2025. The increase in gross profit was due to higher margin and revenues. Gross margin increased to 13.4 percent for the first quarter of 2026 from 11.6 percent for the first quarter of 2025. The increase in gross margin was primarily due to a larger portion of our projects progressing at higher contractual margins, some of which are nearing completion. In the first quarter of 2026 gross margin was also positively impacted by better-than-anticipated productivity, favorable change orders and a favorable job closeout. 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 0.8 percent for the first quarter of 2026, compared to a net gross margin decrease of 1.1 percent for the first quarter of 2025.
Selling, general and administrative expenses increased to $69.4 million in the first quarter of 2026, compared to $62.5 million for the first 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 first quarter of 2026, compared to $0.2 million for the first quarter of 2025. The period-over-period increase was primarily due to higher average balances held in money market accounts in the first quarter of 2026 as compared to the first quarter of 2025.
Interest expense decreased to $0.7 million in the first quarter of 2026, compared to $1.4 million for the first quarter of 2025. The period-over-period decrease was primarily due to lower average outstanding debt balances and lower interest rates during the first quarter of 2026 as compared to the first quarter of 2025.
Income tax expense was $17.2 million for the first quarter of 2026, with an effective tax rate of 26.9 percent, compared to an income tax expense of $9.5 million for the first quarter of 2025, with an effective tax rate of 28.9 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 first quarter of 2026, net income was $46.8 million, or $2.99 per diluted share, compared to $23.3 million, or $1.45 per diluted share, for the same period of 2025. First-quarter 2026 EBITDA, a non-GAAP financial measure, was $81.5 million, compared to $50.2 million in the first quarter of 2025.
1
Backlog
As of March 31, 2026, MYR's backlog was $2.84 billion, which was an increase of $203.3 million, or 7.7 percent, from the $2.64 billion reported as of March 31, 2025. As of March 31, 2026, T&D backlog was $980.7 million and C&I backlog was $1.86 billion.
Balance Sheet
As of March 31, 2026, MYR had $460.5 million of borrowing availability under its $490 million revolving credit facility and $163.2 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 first-quarter 2026 results on Thursday, April 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/BIb2b0665d809c4dcb972f1f82519c1892. 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. A replay of the webcast will be available for seven days.
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.
2
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…
3
MYR GROUP INC.
Consolidated Balance Sheets
As of March 31, 2026 and December 31, 2025
| (in thousands, except share and per share data) | March 31, 2026 | December 31, 2025 | |||||||||
| (unaudited) | |||||||||||
| ASSETS | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 163,192 | $ | 150,156 | |||||||
Accounts receivable, net of allowances of $874 and $934, respectively | 635,676 | 603,735 | |||||||||
Contract assets, net of allowances of $500 and $534, respectively | 224,263 | 241,766 | |||||||||
| Current portion of receivable for insurance claims in excess of deductibles | 9,287 | 10,122 | |||||||||
| Refundable income taxes | 1,796 | — | |||||||||
| Prepaid expenses and other current assets | 51,035 | 54,982 | |||||||||
| Total current assets | 1,085,249 | 1,060,761 | |||||||||
Property and equipment, net of accumulated depreciation of $424,415 and $413,962, respectively | 307,739 | 306,386 | |||||||||
| Operating lease right-of-use assets | 50,357 | 42,448 | |||||||||
| Goodwill | 114,474 | 115,266 | |||||||||
Intangible assets, net of accumulated amortization of $40,949 and $39,967, respectively | 70,737 | 72,476 | |||||||||
| Receivable for insurance claims in excess of deductibles | 19,753 | 21,358 | |||||||||
| Deferred income taxes | 12,519 | 12,723 | |||||||||
| Investment in joint ventures | 3,397 | 3,224 | |||||||||
| Other assets | 9,199 | 9,437 | |||||||||
| Total assets | $ | 1,673,424 | $ | 1,644,079 | |||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||
| Current liabilities: | |||||||||||
| Current portion of long-term debt | $ | 4,652 | $ | 4,554 | |||||||
| Current portion of operating lease obligations | 12,751 | 13,019 | |||||||||
| Current portion of finance lease obligations | 799 | 804 | |||||||||
| Accounts payable | 332,399 | 314,789 | |||||||||
| Contract liabilities, net | 281,520 | 300,560 | |||||||||
| Current portion of accrued self-insurance | 28,542 | 28,499 | |||||||||
| Accrued income taxes | 33,027 | 15,129 | |||||||||
| Other current liabilities | 133,985 | 117,923 | |||||||||
| Total current liabilities | 827,675 | 795,277 | |||||||||
| Deferred income tax liabilities | 49,907 | 50,119 | |||||||||
| Long-term debt | 4,724 | 54,483 | |||||||||
| Accrued self-insurance | 41,325 | 42,827 | |||||||||
| Operating lease obligations, net of current maturities | 37,598 | 29,429 | |||||||||
| Finance lease obligations, net of current maturities | 998 | 1,220 | |||||||||
| Other liabilities | 8,378 | 10,301 | |||||||||
| Total liabilities | 970,605 | 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 March 31, 2026 and December 31, 2025 | — | — | |||||||||
Common stock—$0.01 par value per share; 100,000,000 authorized shares; 15,568,110 and 15,522,834 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively | 155 | 155 | |||||||||
| Additional paid-in capital | 162,373 | 165,211 | |||||||||
| Accumulated other comprehensive loss | (9,486) | (8,183) | |||||||||
| Retained earnings | 549,777 | 503,240 | |||||||||
| Total shareholders’ equity | 702,819 | 660,423 | |||||||||
| Total liabilities and shareholders’ equity | $ | 1,673,424 | $ | 1,644,079 | |||||||
4
MYR GROUP INC.
Unaudited Consolidated Statements of Operations
Three Months Ended March 31, 2026 and 2025
| Three months ended March 31, | |||||||||||
| (in thousands, except per share data) | 2026 | 2025 | |||||||||
| Contract revenues | $ | 1,000,380 | $ | 833,620 | |||||||
| Contract costs | 865,940 | 736,719 | |||||||||
| Gross profit | 134,440 | 96,901 | |||||||||
| Selling, general and administrative expenses | 69,423 | 62,524 | |||||||||
| Amortization of intangible assets | 1,217 | 1,188 | |||||||||
| Gain on sale of property and equipment | (922) | (1,101) | |||||||||
| Income from operations | 64,722 | 34,290 | |||||||||
| Other income (expense): | |||||||||||
| Interest income | 910 | 191 | |||||||||
| Interest expense | (659) | (1,414) | |||||||||
| Other expense, net | (948) | (300) | |||||||||
| Income before provision for income taxes | 64,025 | 32,767 | |||||||||
| Income tax expense | 17,225 | 9,459 | |||||||||
| Net income | $ | 46,800 | $ | 23,308 | |||||||
| Income per common share: | |||||||||||
| —Basic | $ | 3.01 | $ | 1.46 | |||||||
| —Diluted | $ | 2.99 | $ | 1.45 | |||||||
| Weighted average number of common shares and potential common shares outstanding: | |||||||||||
| —Basic | 15,539 | 15,994 | |||||||||
| —Diluted | 15,676 | 16,056 | |||||||||
5
MYR GROUP INC.
Unaudited Consolidated Statements of Cash Flows
Three Months Ended March 31, 2026 and 2025
| Three months ended March 31, | |||||||||||
| (in thousands) | 2026 | 2025 | |||||||||
| Cash flows from operating activities: | |||||||||||
| Net income | $ | 46,800 | $ | 23,308 | |||||||
| Adjustments to reconcile net income to net cash flows provided by operating activities: | |||||||||||
| Depreciation and amortization of property and equipment | 16,546 | 15,005 | |||||||||
| Amortization of intangible assets | 1,217 | 1,188 | |||||||||
| Stock-based compensation expense | 3,386 | 2,333 | |||||||||
| Gain on sale of property and equipment | (922) | (1,101) | |||||||||
| Other non-cash items | 294 | 71 | |||||||||
| Changes in operating assets and liabilities: | |||||||||||
| Accounts receivable, net | (32,573) | 84,015 | |||||||||
| Contract assets, net | 16,885 | (34,023) | |||||||||
| Receivable for insurance claims in excess of deductibles | 2,440 | (305) | |||||||||
| Other assets | 2,955 | 9,509 | |||||||||
| Accounts payable | 15,715 | (7,831) | |||||||||
| Contract liabilities, net | (18,748) | (34,932) | |||||||||
| Accrued self-insurance | (1,451) | (1,000) | |||||||||
| Other liabilities | 32,205 | 27,049 | |||||||||
| Net cash flows provided by operating activities | 84,749 | 83,286 | |||||||||
| Cash flows from investing activities: | |||||||||||
| Proceeds from sale of property and equipment | 954 | 2,176 | |||||||||
| Purchases of property and equipment | (16,132) | (13,066) | |||||||||
| Net cash flows used in investing activities | (15,178) | (10,890) | |||||||||
| Cash flows from financing activities: | |||||||||||
| Borrowings under revolving lines of credit | 48,003 | 230,695 | |||||||||
| Repayments under revolving lines of credit | (95,417) | (215,761) | |||||||||
| Payment of principal obligations under equipment notes | (2,247) | (2,156) | |||||||||
| Payment of principal obligations under finance leases | (198) | (299) | |||||||||
| Repurchase of common stock | — | (75,000) | |||||||||
| Payments related to tax withholding for stock-based compensation | (6,487) | (2,451) | |||||||||
| Net cash flows used in financing activities | (56,346) | (64,972) | |||||||||
| Effect of exchange rate changes on cash | (189) | 8 | |||||||||
| Net increase in cash and cash equivalents | 13,036 | 7,432 | |||||||||
| Cash and cash equivalents: | |||||||||||
| Beginning of period | 150,156 | 3,464 | |||||||||
| End of period | $ | 163,192 | $ | 10,896 | |||||||
6
MYR GROUP INC.
Unaudited Consolidated Selected Data,
Unaudited Performance Measure and Reconciliation of Non-GAAP Measure
For the Three and Twelve Months Ended March 31, 2026 and 2025 and
As of March 31, 2026, December 31, 2025, March 31, 2025 and March 31, 2024
| Three months ended March 31, | Last twelve months ended March 31, | |||||||||||||||||||||||||
| (dollars in thousands, except share and per share data) | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||
| Summary Statement of Operations Data: | ||||||||||||||||||||||||||
| Contract revenues | $ | 1,000,380 | $ | 833,620 | $ | 3,824,649 | $ | 3,380,348 | ||||||||||||||||||
| Gross profit | $ | 134,440 | $ | 96,901 | $ | 461,325 | $ | 300,977 | ||||||||||||||||||
| Income from operations | $ | 64,722 | $ | 34,290 | $ | 197,304 | $ | 64,101 | ||||||||||||||||||
| Income before provision for income taxes | $ | 64,025 | $ | 32,767 | $ | 192,542 | $ | 56,164 | ||||||||||||||||||
| Income tax expense | $ | 17,225 | $ | 9,459 | $ | 50,634 | $ | 21,532 | ||||||||||||||||||
| Net income | $ | 46,800 | $ | 23,308 | $ | 141,908 | $ | 34,632 | ||||||||||||||||||
| Tax rate | 26.9 | % | 28.9 | % | 26.3 | % | 38.3 | % | ||||||||||||||||||
| Per Share Data: | ||||||||||||||||||||||||||
| Income per common share: | ||||||||||||||||||||||||||
–Basic | $ | 3.01 | $ | 1.46 | $ | 9.13 | (1) | $ | 2.19 | (1) | ||||||||||||||||
–Diluted | $ | 2.99 | $ | 1.45 | $ | 9.07 | (1) | $ | 2.18 | (1) | ||||||||||||||||
| Weighted average number of common shares and potential common shares outstanding: | ||||||||||||||||||||||||||
–Basic | 15,539 | 15,994 | 15,531 | (2) | 16,290 | (2) | ||||||||||||||||||||
–Diluted | 15,676 | 16,056 | 15,635 | (2) | 16,344 | (2) | ||||||||||||||||||||
| (in thousands) | March 31, 2026 | December 31, 2025 | March 31, 2025 | March 31, 2024 | |||||||||||||||||||
| Summary Balance Sheet Data: | |||||||||||||||||||||||
| Total assets | $ | 1,673,424 | $ | 1,644,079 | $ | 1,431,211 | $ | 1,489,163 | |||||||||||||||
| Total shareholders’ equity | $ | 702,819 | $ | 660,423 | $ | 548,672 | $ | 663,720 | |||||||||||||||
| Goodwill and intangible assets | $ | 185,211 | $ | 187,742 | $ | 187,589 | $ | 197,314 | |||||||||||||||
| Total funded debt (3) | $ | 9,376 | $ | 59,037 | $ | 87,159 | $ | 37,932 | |||||||||||||||
| Three months ended March 31, | |||||||||||||||||||||||
| (dollars in thousands) | 2026 | 2025 | |||||||||||||||||||||
| Segment Results: | Amount | Percent | Amount | Percent | |||||||||||||||||||
| Contract revenues: | |||||||||||||||||||||||
| Transmission & Distribution | $ | 540,970 | 54.1 | % | $ | 461,769 | 55.4 | % | |||||||||||||||
| Commercial & Industrial | 459,410 | 45.9 | 371,851 | 44.6 | |||||||||||||||||||
| Total | $ | 1,000,380 | 100.0 | % | $ | 833,620 | 100.0 | % | |||||||||||||||
| Operating income: | |||||||||||||||||||||||
| Transmission & Distribution | $ | 52,210 | 9.7 | % | $ | 36,221 | 7.8 | % | |||||||||||||||
| Commercial & Industrial | 37,204 | 8.1 | 17,377 | 4.7 | |||||||||||||||||||
| Total | 89,414 | 8.9 | 53,598 | 6.4 | |||||||||||||||||||
| Corporate | (24,692) | (2.4) | (19,308) | (2.3) | |||||||||||||||||||
| Consolidated | $ | 64,722 | 6.5 | % | $ | 34,290 | 4.1 | % | |||||||||||||||
See notes at the end of this earnings release
7
MYR GROUP INC.
Unaudited Performance Measures and Reconciliation of Non-GAAP Measures
Three and Twelve Months Ended March 31, 2026 and 2025
| Three months ended March 31, | Last twelve months ended March 31, | ||||||||||||||||||||||
| (in thousands, except share, per share data, ratios and percentages) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Financial Performance Measures (4): | |||||||||||||||||||||||
| EBITDA (5) | $ | 81,537 | $ | 50,183 | $ | 264,075 | $ | 128,137 | |||||||||||||||
| EBITDA per Diluted Share (6) | $ | 5.20 | $ | 3.13 | $ | 16.89 | $ | 7.90 | |||||||||||||||
| EBIA, net of taxes (7) | $ | 47,506 | $ | 25,022 | $ | 148,024 | $ | 41,573 | |||||||||||||||
| Free Cash Flow (8) | $ | 68,617 | $ | 70,220 | $ | 230,592 | $ | 99,490 | |||||||||||||||
| Book Value per Period End Share (9) | $ | 44.75 | $ | 35.21 | |||||||||||||||||||
| Tangible Book Value (10) | $ | 517,608 | $ | 361,083 | |||||||||||||||||||
| Tangible Book Value per Period End Share (11) | $ | 32.96 | $ | 23.17 | |||||||||||||||||||
| Funded Debt to Equity Ratio (12) | 0.01 | 0.16 | |||||||||||||||||||||
| Asset Turnover (13) | 2.67 | 2.27 | |||||||||||||||||||||
| Return on Assets (14) | 9.9 | % | 2.3 | % | |||||||||||||||||||
| Return on Equity (15) | 25.9 | % | 5.2 | % | |||||||||||||||||||
| Return on Invested Capital (16) | 25.2 | % | 6.3 | % | |||||||||||||||||||
| Reconciliation of Non-GAAP Measures: | |||||||||||||||||||||||
| Reconciliation of Net Income to EBITDA: | |||||||||||||||||||||||
| Net income | $ | 46,800 | $ | 23,308 | $ | 141,908 | $ | 34,632 | |||||||||||||||
| Interest (income) expense, net | (251) | 1,223 | 3,451 | 6,421 | |||||||||||||||||||
| Income tax expense | 17,225 | 9,459 | 50,634 | 21,532 | |||||||||||||||||||
| Depreciation and amortization | 17,763 | 16,193 | 68,082 | 65,552 | |||||||||||||||||||
| EBITDA (5) | $ | 81,537 | $ | 50,183 | $ | 264,075 | $ | 128,137 | |||||||||||||||
| Reconciliation of Net Income per Diluted Share to EBITDA per Diluted Share: | |||||||||||||||||||||||
| Net income per share | $ | 2.99 | $ | 1.45 | $ | 9.07 | $ | 2.18 | |||||||||||||||
| Interest (income) expense, net, per share | (0.02) | 0.08 | 0.22 | 0.39 | |||||||||||||||||||
| Income tax expense per share | 1.10 | 0.59 | 3.24 | 1.32 | |||||||||||||||||||
| Depreciation and amortization per share | 1.13 | 1.01 | 4.36 | 4.01 | |||||||||||||||||||
| EBITDA per Diluted Share (6) | $ | 5.20 | $ | 3.13 | $ | 16.89 | $ | 7.90 | |||||||||||||||
| Reconciliation of Non-GAAP measure: | |||||||||||||||||||||||
| Net income | $ | 46,800 | $ | 23,308 | $ | 141,908 | $ | 34,632 | |||||||||||||||
| Interest (income) expense, net | (251) | 1,223 | 3,451 | 6,421 | |||||||||||||||||||
| Amortization of intangible assets | 1,217 | 1,188 | 4,847 | 4,829 | |||||||||||||||||||
| Tax impact of interest and amortization of intangible assets | (260) | (697) | (2,182) | (4,309) | |||||||||||||||||||
| EBIA, net of taxes (7) | $ | 47,506 | $ | 25,022 | $ | 148,024 | $ | 41,573 | |||||||||||||||
| Calculation of Free Cash Flow: | |||||||||||||||||||||||
| Net cash flow from operating activities | $ | 84,749 | $ | 83,286 | $ | 328,030 | $ | 162,711 | |||||||||||||||
| Less: cash used in purchasing property and equipment | (16,132) | (13,066) | (97,438) | (63,221) | |||||||||||||||||||
| Free Cash Flow (8) | $ | 68,617 | $ | 70,220 | $ | 230,592 | $ | 99,490 | |||||||||||||||
See notes at the end of this earnings release.
8
MYR GROUP INC.
Unaudited Performance Measures and Reconciliation of Non-GAAP Measures
As of March 31, 2026, 2025 and 2024
| (in thousands, except per share amounts) | March 31, 2026 | March 31, 2025 | |||||||||
| Reconciliation of Book Value to Tangible Book Value: | |||||||||||
| Book value (total shareholders' equity) | $ | 702,819 | $ | 548,672 | |||||||
| Goodwill and intangible assets | (185,211) | (187,589) | |||||||||
| Tangible Book Value (10) | $ | 517,608 | $ | 361,083 | |||||||
| Reconciliation of Book Value per Period End Share to Tangible Book Value per Period End Share: | |||||||||||
| Book value per period end share | $ | 44.75 | $ | 35.21 | |||||||
| Goodwill and intangible assets per period end share | (11.79) | (12.04) | |||||||||
| Tangible Book Value per Period End Share (11) | $ | 32.96 | $ | 23.17 | |||||||
| Calculation of Period End Shares: | |||||||||||
| Shares outstanding | 15,568 | 15,522 | |||||||||
| Plus: common equivalents | 137 | 62 | |||||||||
| Period End Shares (17) | 15,705 | 15,584 | |||||||||
| (in thousands) | March 31, 2026 | March 31, 2025 | March 31, 2024 | ||||||||||||||
| Reconciliation of Invested Capital to Shareholders Equity: | |||||||||||||||||
| Book value (total shareholders' equity) | $ | 702,819 | $ | 548,672 | $ | 663,720 | |||||||||||
| Plus: total funded debt | 9,376 | 87,159 | 37,932 | ||||||||||||||
| Less: cash and cash equivalents | (163,192) | (10,896) | (3,911) | ||||||||||||||
| Invested Capital | $ | 549,003 | $ | 624,935 | $ | 697,741 | |||||||||||
| Average Invested Capital (18) | $ | 586,969 | $ | 661,338 | |||||||||||||
See notes at the end of this earnings release.
9
(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 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.
10
FAQ
How did MYR Group (MYRG) perform financially in Q1 2026?
MYR Group posted strong Q1 2026 results, with revenue of $1.00 billion and net income of $46.8 million. Diluted EPS was $2.99, and EBITDA reached $81.5 million. Both operating segments contributed to growth and higher margins versus the prior-year quarter.
What happened to MYR Group’s profit margins in the first quarter of 2026?
MYR Group’s gross margin improved to 13.4% in Q1 2026 from 11.6% a year earlier. The increase was driven by more projects at higher contractual margins, better-than-anticipated productivity, favorable change orders and a favorable job closeout, partially offset by project inefficiency costs.
What is MYR Group’s backlog as of March 31, 2026?
As of March 31, 2026, MYR Group’s backlog was $2.84 billion, up $203.3 million or 7.7% from March 31, 2025. T&D backlog was $980.7 million and C&I backlog was $1.86 billion, providing strong visibility into future revenue opportunities across both segments.
What is MYR Group’s cash and debt position after Q1 2026?
At March 31, 2026, MYR Group held $163.2 million in cash and cash equivalents and reported total funded debt of $9.376 million. It also had $460.5 million of availability under a $490 million revolving credit facility, resulting in a very low funded debt-to-equity ratio of 0.01.
How much free cash flow did MYR Group generate in Q1 2026?
In Q1 2026, MYR Group generated free cash flow of $68.617 million. This reflects $84.749 million of cash from operating activities, less $16.132 million of cash used for purchases of property and equipment. Management views free cash flow as an important liquidity and performance measure.
How did MYR Group’s segments contribute to Q1 2026 revenue growth?
In Q1 2026, the Transmission & Distribution segment generated $541.0 million of revenue, up $79.2 million year over year. The Commercial & Industrial segment produced $459.4 million, up $87.6 million. Growth came from higher revenue on unit price, T&E and fixed price contracts.