MYR Group Inc. Q2 2026 Earnings Recap

MYR Group’s Q2 revenues and margins outperformed expectations, driving a positive 3.5% stock reaction. Strength in the Commercial & Industrial segment and improved productivity underpinned record revenues and expanded margins.

Key Takeaways

• Total revenues reached a record $1.08 billion, up 20% year-over-year, led by a 42% increase in C&I revenues to $558 million.
• Gross margin expanded to 13.2%, up from 11.5% last year, reflecting better productivity and favorable job closeouts despite some project inefficiencies.
• Operating income margins improved in both segments: T&D at 9.4% (from 8%) and C&I at 8.5% (from 5.6%), benefiting from higher contractual margins and scope increases.
• Net income rose 86% to $50 million, with EPS climbing to $3.17 from $1.70 a year ago.
• Operating cash flow fell sharply to $3 million from $33 million last year, resulting in negative free cash flow of $26 million versus positive $12 million previously, impacted by timing of tax and project payments plus increased capital expenditures.