Everus Construction Posts 31.5% Revenue Growth, Guides $320–335M EBITDA
Everus Construction posted 2025 revenue of $3.75 billion, up 31.5%, and EBITDA of $319.8 million, up 37.7%, on strong E&M and T&D execution with Q4 revenue of $1.01 billion. The company finished 2025 with a record $3.23 billion backlog and guides 2026 revenue of $4.1–4.2 billion with $320–335 million EBITDA.
1. Full-Year 2025 Performance
Everus Construction achieved full-year 2025 revenue of $3.75 billion, a 31.5% increase, and EBITDA of $319.8 million, up 37.7%, reflecting disciplined project selection and strong execution as standalone public company costs totaled $28 million. Management attributed margin expansion to robust E&M and T&D results and efficient project delivery.
2. Q4 Highlights
In Q4, revenue topped $1.01 billion, a 33% year-over-year rise driven by 44% E&M growth to $791.6 million and 6.8% T&D growth to $227.7 million. Quarterly EBITDA increased 45% to $84.8 million, lifting margin to 8.4% from 7.7%, with E&M margin at 8.5% and T&D margin at 13.4%.
3. 2026 Guidance Outlook
For 2026, Everus forecasts revenue of $4.1–4.2 billion (about 11% growth) and EBITDA of $320–335 million (just under 8% margin), citing continued end-market demand and disciplined M&A. Management remains confident in scaling operations and sustaining margin performance despite challenging year-over-year comparisons.
4. Backlog Expansion and Balance Sheet
The backlog reached a record $3.23 billion, up 16%, with roughly 80% expected to convert within 12 months, supported by diversified demand across data centers, utilities and industrial markets. The company ended 2025 with $152.7 million cash, net leverage of 0.4x, free cash flow of $100 million and $285 million gross debt, investing $66.8 million in CapEx to support growth.