MYR Group Inc. Q3 2026 Earnings Recap

MYR Group reported record revenue and earnings, with growth supported by the Valley and Comet acquisitions and improved project productivity. The stock rose 1.1% after earnings, a roughly flat reaction; lower operating and free cash flow temper the headline growth.

Key Takeaways

• Revenue increased 32% year over year to $1.26 billion. C&I revenue rose 58% to a record $704 million, including contributions from Valley and Comet; T&D revenue increased 10% to $555 million.
• Gross margin improved to 13.6% from 11.8%, primarily on better-than-anticipated productivity and favorable project closeouts; the company also cited inefficiencies on certain projects.
• Net income reached a record $60 million, or $3.82 per diluted share, versus $32 million and $2.05 a year ago. EBITDA was a record $110 million, up from $63 million.
• Backlog rose 38% year over year to a record $3.68 billion, including $2.39 billion in C&I and $1.29 billion in T&D.
• Operating cash flow fell to $46 million from $96 million, and free cash flow declined to $9 million from $65 million, reflecting project billing and payment timing and higher capital expenditures.