ITG (ITG ) Q2 2026 earnings summary

Executive summary

• Revenue reached $404.6 million in Q2 2026, up 38.4% year-over-year, driven by acquisitions and double-digit core growth in engineering & maintenance and infrastructure deployment.

• Net income for Q2 2026 was $1.8 million, down from $11.6 million in the prior year, due to higher costs, interest expense, and non-recurring charges.

• Completed IPO on July 2, 2026, raising up to $338.4 million in net proceeds, used to repay debt and strengthen the capital structure.

• Completed first post-IPO acquisition of Full Circle Fiber, expected to contribute positively and integrate rapidly.

• Customer concentration remains high, with the top two customers accounting for 57% of total revenues for the first half of 2026.

Financial highlights

• Adjusted EBITDA for Q2 2026 was $52.2 million (12.9% margin), up 21% year-over-year, but margin declined from 14.8% in the prior year.

• Free cash flow for Q2 2026 was $44.8 million, up 66% year-over-year, with a conversion rate of 85.7%.

• Next 12-month backlog at quarter end was $1.52 billion, up 6% sequentially and 21% year-over-year.

• Total backlog beyond 12 months was $3.3 billion, up 33% year-over-year.

• Gross margin for Q2 2026 was 17.8%, down from 18.9% year-over-year.

Outlook and guidance

• FY 2026 revenue guidance is $1,556 million, representing 35% year-over-year growth; Adjusted EBITDA expected at $202 million, up 36% year-over-year.

• Q3 2026 revenue projected at $440 million (+42% YoY), Adjusted EBITDA at $63 million (+61% YoY).

• Infrastructure deployment expected to outpace E&M growth in the second half, with a ramp in data center activity.

• Third quarter is seasonally the largest, with Q4 typically lower due to holiday-related construction slowdowns.

• Guidance does not include contributions from future acquisitions.