Everus Construction (ECG) Q1 2026 earnings summary

Executive summary

• Achieved record Q1 2026 revenues of $1.04 billion, up 25.4% year-over-year, with strong growth in both E&M and T&D segments.

• EBITDA rose 44% to $88.9 million, with margin up 110 basis points to 8.6%.

• Net income increased 58.9% to $58.3 million, with net income margin improving to 5.6%.

• Backlog reached a record $3.68 billion, up 20% year-over-year, supporting future growth.

• Completed the acquisition of SE & M for $158 million, expanding geographic reach and service capabilities.

Financial highlights

• Q1 2026 revenues: $1.04 billion (+25.4% YoY); E&M revenues: $835.1 million (+28.8% YoY); T&D revenues: $204.4 million (+10.5% YoY).

• EBITDA: $88.9 million (+44% YoY); EBITDA margin: 8.6% (up from 7.5%).

• Net income: $58.3 million (+58.9% YoY); net income margin: 5.6% (up from 4.4%).

• Free cash flow: $131.9 million (vs. -$8.1 million prior year); operating cash flow: $143.7 million (vs. $7.1 million prior year).

• CapEx: $15.5 million (down from $18.5 million YoY); unrestricted cash: $275 million; gross debt: $281.2 million.

Outlook and guidance

• 2026 revenue guidance raised to $4.3–$4.4 billion; EBITDA guidance to $345–$360 million.

• Guidance implies EBITDA margin of 8.1% at midpoint, reflecting SE&M margin accretion.

• Gross capital expenditures expected at $90–$100 million, or 2.0–2.3% of forecasted revenues.

• No significant seasonality expected in 2026 results.

• Management anticipates continued revenue growth, margin expansion, and robust cash generation.