MYR Group Posts Record Q4 Net Income, 17% Revenue Growth to $974M
MYR Group’s Q4 net income rose to a record $37 million from $16 million while revenue climbed 17% to $974 million and gross margin expanded to 11.4%. For 2025, revenue totaled $3.7 billion, net income was $118 million, backlog climbed 9.6% to $2.8 billion, operating cash flow hit $115 million, and leverage was 0.25x.
1. Q4 Financial Highlights
In the fourth quarter, MYR Group achieved record net income of $37 million and diluted EPS of $2.33, up from $16 million and $0.99 a year earlier. Record EBITDA of $64 million and 17% revenue growth to $974 million boosted gross margin to 11.4%, driven by productivity gains, favorable change orders, and strong job closeouts.
2. Annual Performance and Cash Flow
For the year ended December 31, 2025, the company posted record revenue of $3.7 billion, net income of $118 million, and EBITDA of $233 million. Total backlog rose 9.6% to $2.8 billion, operating cash flow reached $115 million, free cash flow was $85 million, and funded debt-to-EBITDA leverage stood at just 0.25x alongside improved working capital dynamics.
3. Strategic Outlook and Market Positioning
Robust demand across Transmission & Distribution and Commercial & Industrial operations supports a healthy bidding environment and steady backlog growth. Management plans to pursue larger transmission awards starting in 2027, prioritize organic growth and tuck-in acquisitions, and deploy capital for opportunistic buybacks, with continued investment tied to U.S. and Canadian electrification projects.