MYR Group Inc. Reports 20% Revenue Growth to $1.00 Billion in Latest Quarter

MYR Group Inc. reported significant financial growth in its latest quarterly results, with consolidated revenues reaching $1.00 billion for the three months ended March 31, 2026, a 20% increase from $833.6 million in the same period last year. The company's net income also saw a substantial rise, climbing to $46.8 million, compared to $23.3 million in the prior year, resulting in earnings per share of $3.01, up from $1.46. This growth was primarily driven by increased revenues in both the Transmission and Distribution (T&D) and Commercial and Industrial (C&I) segments, with T&D revenues at $541.0 million and C&I revenues at $459.4 million.

The company experienced notable changes in its operational metrics compared to the previous fiscal period. Gross profit increased by 38.7% to $134.4 million, with gross margin improving to 13.4% from 11.6%. This improvement was attributed to a higher proportion of projects progressing at better contractual margins and favorable changes in estimated gross profit on certain projects. Selling, general, and administrative expenses rose to $69.4 million, reflecting increased employee compensation costs to support future growth.

In terms of strategic developments, MYR Group has maintained a strong balance sheet, with total assets increasing to $1.67 billion as of March 31, 2026, up from $1.64 billion at the end of 2025. The company has also been active in managing its debt, with no borrowings outstanding under its $490 million revolving credit facility as of the latest reporting date. The company’s backlog increased to $2.84 billion, up from $2.64 billion a year earlier, indicating a healthy pipeline of future work.

Operationally, MYR Group's customer base remains robust, with a diverse range of clients in the electric utility and commercial construction sectors. The company reported a total of $2.53 billion in remaining performance obligations, with approximately 95% expected to be recognized within the next 24 months. The company continues to invest in its workforce and equipment to enhance its capabilities and meet growing demand, particularly in the context of increasing infrastructure investments in the U.S. and Canada.

Looking ahead, MYR Group anticipates continued growth driven by legislative support for infrastructure improvements and rising demand for electricity. However, the company acknowledges potential challenges, including market volatility, inflation, and the timing of project awards. Management remains focused on leveraging its competitive advantages and maintaining financial flexibility to navigate these uncertainties while pursuing organic growth and potential acquisitions.