MYR Group Inc. reported significant financial growth in its latest quarterly filing, with consolidated revenues reaching $1.08 billion for the three months ended June 30, 2026, a 20.1% increase from $900.3 million in the same period last year. For the first half of 2026, revenues totaled $2.08 billion, up from $1.73 billion in the prior year. The company’s net income also saw a substantial rise, reaching $49.9 million for the second quarter and $96.7 million for the first half, compared to $26.5 million and $49.8 million, respectively, in 2025. This growth was attributed to increased revenues in both the Transmission and Distribution (T&D) and Commercial and Industrial (C&I) segments, with C&I revenues alone increasing by 41.5% year-over-year.
The company’s gross profit margin improved to 13.2% for the second quarter of 2026, up from 11.5% in the same quarter of 2025. This increase was driven by favorable changes in estimated gross profit on certain projects, which positively impacted operating income. MYR Group's operating income for the second quarter was $67.9 million, a significant increase from $39.8 million in the prior year. Selling, general, and administrative expenses also rose, reflecting increased employee compensation costs to support growth.
In terms of operational developments, MYR Group's backlog increased to $3.16 billion as of June 30, 2026, compared to $2.64 billion a year earlier. This growth in backlog was driven by a $316.4 million increase from the previous quarter, indicating strong demand for the company's services. The company also reported a total of $2.83 billion in remaining performance obligations, with approximately 95% expected to be recognized within the next 24 months. The company’s employee headcount remained stable, supporting its operational capabilities.
Strategically, MYR Group announced the acquisition of Valley Holdings I, Inc. on July 1, 2026, for approximately $328 million, funded through cash and borrowings under its revolving credit facility. This acquisition is expected to enhance the company’s electrical contracting operations in the western United States. The company maintains a strong balance sheet, with $460.5 million in borrowing availability under its credit facility as of June 30, 2026, which positions it well for future growth and potential acquisitions.
Looking ahead, MYR Group anticipates continued demand for its services, particularly in the T&D sector, driven by infrastructure investments and the need for system upgrades. However, the company also acknowledges potential challenges, including market volatility, inflation, and regulatory changes that could impact customer demand. The management remains optimistic about the company’s ability to navigate these challenges while pursuing growth opportunities in both the T&D and C&I segments.
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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