MYR Group (NASDAQ: MYRG) lifts Q2 2026 revenue to $1.08B and backlog to $3.16B
Rhea-AI Filing Summary
MYR Group Inc. reported record second-quarter 2026 results, with contract revenues of $1.08 billion, net income of $49.9 million and EBITDA of $85.0 million. Revenue increased by $181.4 million versus the second quarter of 2025, driven by both segments: Transmission & Distribution revenue was $524.0 million and Commercial & Industrial revenue was a record $557.7 million. Gross profit rose to $142.7 million and gross margin expanded to 13.2%, helped by better-than-anticipated productivity, favorable job closeouts and increased project scope, partially offset by project inefficiencies. SG&A grew to $74.4 million, mainly from higher incentive compensation and staffing for growth.
For the first half of 2026, revenue reached $2.08 billion and net income $96.7 million, or $6.15 per diluted share, with gross margin improving to 13.3%. Backlog at June 30, 2026 was a record $3.16 billion, up $518.4 million or 19.6% from a year earlier, including $1.27 billion T&D and $1.89 billion C&I. The balance sheet showed $137.9 million in cash, $460.5 million of availability under a $490 million revolver, and total funded debt of $9.4 million. Book value per share was $47.98, with tangible book value per share of $36.38. Management highlighted strong market fundamentals, a robust bidding pipeline, and the July 1 acquisitions of Valley Electric and Comet Electric, and continued to emphasize non-GAAP metrics such as EBITDA, free cash flow and return on invested capital.
Positive
- Record Q2 revenue of $1.08 billion, up $181.4 million year over year, with both T&D and C&I segments contributing and consolidated gross margin expanding to 13.2%.
- Profitability sharply higher, as Q2 net income reached $49.9 million and diluted EPS $3.17, while EBITDA increased to $85.0 million from $55.6 million a year earlier.
- Backlog climbed to a record $3.16 billion, a $518.4 million, 19.6% year-over-year increase, providing strong visibility across $1.27 billion T&D and $1.89 billion C&I work.
- Balance sheet remains strong, with $137.9 million of cash, only $9.4 million of total funded debt and $460.5 million of borrowing availability under a $490 million revolving credit facility.
Negative
- None.
Insights
Analyzing...
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
Q2 2026 Contract Revenues: 1,081,727 thousand
Q2 2026 Net Income: 49,851 thousand
Q2 2026 Diluted EPS: $3.17
+5 more
8 metrics
Q2 2026 Contract Revenues
1,081,727 thousand
Contract revenues for the three months ended June 30, 2026
Q2 2026 Net Income
49,851 thousand
Net income for the three months ended June 30, 2026
Q2 2026 Diluted EPS
$3.17
Diluted income per common share, three months ended June 30, 2026
Backlog as of June 30, 2026
$3.16 billion
Total backlog at June 30, 2026, versus $2.64 billion a year earlier
Cash and Cash Equivalents
137,872 thousand
Cash and cash equivalents on the balance sheet at June 30, 2026
Total Funded Debt
9,372 thousand
Total funded debt as of June 30, 2026
Book Value per Share
$47.98
Book value per period end share at June 30, 2026
Q2 2026 EBITDA
84,979 thousand
EBITDA for the three months ended June 30, 2026
Key Terms
backlog, EBITDA, free cash flow, tangible book value, +1 more
5 terms
backlog financial
"Record backlog of $3.16 billion at quarter-end, including T&D and C&I"
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.
EBITDA financial
"Record quarterly EBITDA of $85.0 million in the second quarter of 2026"
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.
free cash flow financial
"Free Cash Flow (8) | $ | (25,591) | | | $ | 11,638"
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 per Period End Share (11) | $ | 36.38"
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) | | | | | 26.7 | %"
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.
Earnings Snapshot
Q2 2026 Revenue: $1,081.7 million
three and six months ended June 30, 2026
Q2 2026 Revenue
$1,081.7 million
Increase of $181.4 million compared to the second quarter of 2025
Q2 2026 Net Income
$49.9 million
Up from $26.5 million in the second quarter of 2025
Q2 2026 Diluted EPS
$3.17
Up from $1.70 in the second quarter of 2025
First-Half 2026 Revenue
$2,082.1 million
Increase of $348.2 million compared to the first half of 2025
Backlog at June 30, 2026
$3.16 billion
Increase of $518.4 million, or 19.6%, from $2.64 billion at June 30, 2025
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
How did MYR Group (MYRG) perform in the second quarter of 2026?
MYR Group reported record Q2 2026 revenue of $1.08 billion, net income of $49.9 million and diluted EPS of $3.17. EBITDA rose to $85.0 million, with gross margin expanding to 13.2% from 11.5% a year earlier.
What were MYR Group (MYRG) first-half 2026 financial results?
For the first half of 2026, MYR Group generated $2.08 billion in revenue and $96.7 million in net income, or $6.15 per diluted share. Gross profit was $277.1 million and gross margin improved to 13.3% from 11.6% in the first half of 2025.
What is MYR Group (MYRG) backlog as of June 30, 2026?
As of June 30, 2026, MYR Group’s backlog was $3.16 billion, up $518.4 million or 19.6% from $2.64 billion a year earlier. This included $1.27 billion in Transmission & Distribution and $1.89 billion in Commercial & Industrial.
How strong is MYR Group (MYRG) balance sheet at mid-2026?
At June 30, 2026, MYR Group held $137.9 million in cash and cash equivalents and had $460.5 million of availability under a $490 million revolver. Total funded debt was $9.4 million, and shareholders’ equity totaled $754.4 million.
How did MYR Group (MYRG) segment revenues trend in Q2 2026?
In Q2 2026, Transmission & Distribution revenue was $524.0 million, up $17.7 million year over year. Commercial & Industrial revenue reached a record $557.7 million, an increase of $163.6 million, mainly from higher fixed-price contract activity.
What non-GAAP measures did MYR Group (MYRG) highlight?
MYR Group emphasized EBITDA of $85.0 million for Q2 2026 and $293.5 million for the last twelve months, as well as free cash flow, book value and tangible book value. The company provided detailed reconciliations from GAAP results to these non-GAAP metrics.
Did MYR Group (MYRG) discuss recent acquisitions in this report?
Yes. Management noted that the acquisition of Valley Electric and Comet Electric closed on July 1, 2026. These businesses are expected to enhance Commercial & Industrial capabilities and expand MYR Group’s geographic footprint and service offerings.
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): July 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 July 29, 2026, MYR Group Inc. (the “Company”) issued a press release announcing its financial results for the three and six months ended June 30, 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 July 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: July 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 Second-Quarter and First-Half 2026 Results
Thornton, Colo., July 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 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.
1
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.
2
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, investorinfo@myrgroup.com
Financial tables follow…
3
MYR GROUP INC.
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 | |||||||
4
MYR GROUP INC.
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 | |||||||||||||||||||
5
MYR GROUP INC.
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 | |||||||
6
MYR GROUP INC.
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) | ||||||||||||||||||||
| (in thousands) | June 30, 2026 | December 31, 2025 | June 30, 2025 | June 30, 2024 | |||||||||||||||||||
| Summary 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 | |||||||||||||||
| Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||
| (dollars in thousands) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||||||||||||||||||||||
| Segment Results: | Amount | Percent | Amount | Percent | Amount | Percent | Amount | Percent | |||||||||||||||||||||||||||||||||||||||
| Contract 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
7
MYR GROUP INC.
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.
8
MYR GROUP INC.
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, 2025 | |||||||||
| Reconciliation 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 | |||||||||
| (in thousands) | June 30, 2026 | June 30, 2025 | June 30, 2024 | ||||||||||||||
| Reconciliation of Invested Capital to Shareholders Equity: | |||||||||||||||||
| Book value (total shareholders' equity) | $ | 754,417 | $ | 583,234 | $ | 633,342 | |||||||||||
| Plus: total funded debt | 9,372 | 86,081 | 45,065 | ||||||||||||||
| Less: cash and cash equivalents | (137,872) | (22,956) | (1,869) | ||||||||||||||
| Invested Capital | $ | 625,917 | $ | 646,359 | $ | 676,538 | |||||||||||
| Average Invested Capital (18) | $ | 636,138 | $ | 661,449 | |||||||||||||
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