MYR Group Inc. reported a significant increase in financial performance for the fiscal year ending December 31, 2025, with total revenues reaching $3.66 billion, an 8.8% increase from $3.36 billion in 2024. The company's net income surged to $118.4 million, compared to $30.3 million in the previous year. This growth was primarily driven by a $173.6 million increase in revenue from the Commercial and Industrial (C&I) segment, alongside increases in both distribution and transmission project revenues.
The company’s Transmission and Distribution (T&D) segment generated $2.00 billion in revenue, accounting for 54.7% of total revenues, while the C&I segment contributed $1.66 billion, representing 45.3% of total revenues. Notably, the T&D segment's operating income rose to $157.6 million, a 127.2% increase from the previous year, reflecting improved project efficiencies and better-than-anticipated productivity. The C&I segment also saw a substantial increase in operating income, which reached $97.2 million, up 102.3% from 2024.
In terms of operational developments, MYR Group's employee headcount stood at approximately 9,000 as of December 31, 2025, with about 7,200 being craft employees, 85% of whom are union members. The company continues to focus on enhancing its workforce and operational capabilities to support growth. Additionally, MYR Group's backlog, which represents estimated revenue on uncompleted contracts, totaled $2.82 billion as of December 31, 2025, indicating a strong pipeline of future work.
Strategically, MYR Group has maintained a robust balance sheet, with $408.3 million in borrowing availability under its revolving credit facility as of the end of 2025. The company has also been active in share repurchases, having repurchased 639,207 shares at an average price of $117.33 per share during the year. Looking ahead, MYR Group is optimistic about continued infrastructure spending and regulatory reforms that are expected to drive demand in both the T&D and C&I markets. The company anticipates that increased electricity demand and the need for infrastructure improvements will provide further growth opportunities in the coming years.
About MYR GROUP INC.
MYR Group Inc. is a leading electrical contractor specializing in utility, commercial, and industrial construction services across the U.S. and Canada. It offers design, engineering, procurement, construction, maintenance, and repair for transmission, distribution, and commercial projects. The company leverages long-standing customer relationships, competitive bidding, and a strong safety and quality reputation to deliver reliable infrastructure solutions in a cyclical, highly competitive industry.
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