Everus Construction Group Reports 29.7% Revenue Growth to $986.8 Million in Latest Quarter

Everus Construction Group, Inc. reported significant financial growth in its latest quarterly results, with operating revenues reaching $986.8 million for the three months ended September 30, 2025, a 29.7% increase from $760.9 million in the same period last year. The company's net income also rose to $57.0 million, up 36.4% from $41.8 million in the prior year, reflecting a net income margin of 5.8%. For the nine months ending September 30, 2025, revenues totaled $2.73 billion, a 30.9% increase compared to $2.09 billion for the same period in 2024, with net income climbing to $146.5 million from $109.0 million.

The growth in revenue was primarily driven by the Electrical & Mechanical (E&M) segment, which saw a 42.9% increase in revenues to $767.3 million, while the Transmission & Distribution (T&D) segment experienced a slight decline of 2.2%, generating $223.4 million. The increase in E&M revenues was attributed to heightened activity in commercial and renewable markets, particularly in data center projects. The company noted that changes in estimates related to performance obligations positively impacted revenues, accounting for approximately 5.2% of total revenues for the quarter.

In terms of operational metrics, Everus reported a gross profit of $124.2 million for the third quarter, representing a gross margin of 12.6%, up from 11.8% a year earlier. Selling, general, and administrative expenses increased by 43.1% to $51.8 million, driven by higher labor costs and corporate overhead expenses. The company’s operating income for the quarter was $72.4 million, reflecting a margin of 7.3%, compared to 7.1% in the previous year.

Everus has also made strategic moves to enhance its market position, including the completion of its separation from MDU Resources in October 2024, which has allowed it to operate as an independent publicly traded company. The company is focused on expanding its service offerings and geographic reach, particularly in high-demand sectors such as data centers and utility infrastructure. Looking ahead, Everus anticipates continued growth driven by strong project opportunities and a favorable market environment, despite challenges such as rising insurance costs and inflationary pressures on materials and labor. The company expects to maintain its momentum and capitalize on its robust backlog, which stood at approximately $2.38 billion as of September 30, 2025.