MYR Group (MYRG) Earnings Date & Reports

Key Takeaways

• MYR Group reported record third-quarter 2026 revenue of $1.26 billion, up 32.5% year over year and about 8.9% above Wall Street consensus estimates.
• GAAP (Generally Accepted Accounting Principles) earnings came in at $3.82 per diluted share, roughly 30% above the $2.94 analyst consensus.
• Net income reached $60.0 million, while adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) climbed to $110 million.
• Consolidated backlog hit a record $3.68 billion, up 38.3% year over year, signaling sustained demand across the company's core markets.
• The board authorized a new $100 million share repurchase program, effective November 4, 2026.
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Earnings Context and Why It Matters

MYR Group is a leading specialty electrical contractor serving electric utility infrastructure and commercial and industrial construction markets across the United States and Canada. Its third-quarter 2026 results matter because they reflect whether the company can convert strong secular tailwinds—electrification, grid modernization, and data center construction—into profitable growth. The quarter marked a sharp acceleration from the prior-year period, when revenue was $950.4 million and diluted EPS was $2.05. With record backlog and expanding margins, the report offered investors a clearer read on execution quality and demand durability across both the Transmission and Distribution (T&D) and Commercial and Industrial (C&I) segments.

Reported Results

For the third quarter ended September 30, 2026, MYR Group reported contract revenue of $1.26 billion, an increase of $308.6 million, or 32.5%, from $950.4 million a year earlier. Net income was $60.0 million, or $3.82 per diluted share, compared with $32.1 million, or $2.05 per diluted share, in the prior-year quarter.

Results comfortably exceeded expectations. Analysts had projected revenue near $1.16 billion and EPS around $2.94, meaning the company beat on both the top and bottom lines. By segment, C&I revenue surged to $704.5 million, up $257.5 million year over year, helped partly by the Valley Electric and Comet Electric acquisitions, while T&D revenue rose to $554.5 million, up $51.1 million. Consolidated gross margin expanded to 13.6% from 11.8%, and operating margin improved to 6.8% from 4.9%. Backlog reached $3.68 billion, up 38.3% from $2.66 billion a year earlier.

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Market Reaction and Investor Sentiment

Shares rallied sharply following the report, gaining roughly 10.4% as investors responded to the revenue and earnings beats and the record backlog. The positive reaction reflects renewed confidence in MYR Group's ability to grow both revenue and margins simultaneously, a combination that had been pressured by project inefficiencies and weather in earlier periods. The newly announced $100 million buyback and strong C&I momentum, driven in part by recent acquisitions, reinforced a more constructive outlook among market participants.

Forward Outlook and Key Factors to Monitor

Investors should watch whether MYR Group can sustain its margin expansion alongside rapid revenue growth. The company is integrating the Valley Electric and Comet Electric acquisitions, which are expected to broaden its prefabrication capabilities and contribute meaningfully to the second half of 2026. How smoothly those integrations proceed—and whether they add to or dilute margins—will be an important signal in the quarters ahead.

Backlog trends also remain a key indicator. A record $3.68 billion backlog suggests healthy demand, but converting that backlog into profitable revenue depends on labor availability, project scheduling, and weather. Management has also flagged that T&D margins can move within a range depending on the timing of large projects, so investors should monitor segment-level operating margins rather than focusing solely on consolidated results.

Finally, broader industry dynamics bear watching. Electrification, grid hardening, and data center construction continue to support demand, but higher interest rates or a slowdown in utility capital spending could affect future project awards. The new buyback program provides a measure of capital-return support, but its impact will depend on execution and market conditions.

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