Everus Construction (ECG) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenues reached a record $1.23 billion, up 34% year-over-year, with 30% organic growth, driven by strong E&M segment performance and SE&M acquisition.

• Net income rose 58.9% to $83.9 million, with diluted EPS up 59.2% to $1.64.

• EBITDA increased 53% to $128.6 million, with margin expanding to 10.4%.

• Backlog hit a record $4.55 billion, up 53% from the prior year, supporting a strong project pipeline in data center, high tech, and hospitality sectors.

• Announced acquisition of Epsilon Industries for $295 million, expected to close later in 2026, expanding modular construction capabilities; SE&M integration completed and contributing to results.

Financial highlights

• Q2 2026 revenues were $1,231.6 million, up from $921.5 million in Q2 2025.

• EBITDA for Q2 2026 was $128.6 million (10.4% margin), up from $84.2 million in Q2 2025.

• Net income for Q2 2026 was $83.9 million, up 58.9% year-over-year.

• Free cash flow for the first half of 2026 was $167.0 million, up from $6.5 million in the prior year period.

• Gross profit for Q2 2026 was $183.0 million (14.9% margin), up 52.6% year-over-year.

Outlook and guidance

• Full-year 2026 revenue guidance raised to $4.5–$4.7 billion (from $4.3–$4.4 billion); EBITDA guidance raised to $410–$425 million (from $345–$360 million), with implied margin ~9%.

• Guidance excludes Epsilon contribution; H2 EBITDA margin expected around 8.5%.

• 80% of backlog expected to convert within 12 months; $3.64 billion of backlog to be recognized within 12 months.

• Full-year 2026 capital expenditures projected at $90–$100 million.

• Long-term targets: 5–7% organic revenue CAGR, 7–9% EBITDA CAGR, net leverage 1.5x–2.0x.