MYR Group (MYRG) Q2 2026 earnings summary

Executive summary

• Achieved record Q2 2026 revenues of $1.08 billion and first-half revenues of $2.08 billion, with strong performance across both T&D and C&I segments and net income of $49.9 million for the quarter and $96.7 million for the first half.

• Closed acquisitions of Valley Electric and Comet Electric on July 1, 2026, expanding C&I capabilities and geographic reach, funded by $93 million cash and $235 million in new borrowings.

• Backlog reached a record $3.16 billion as of June 30, 2026, up 20% year-over-year, with 72% expected to be recognized within 12 months.

• Maintained a healthy pipeline of bidding opportunities, focusing on operational discipline, customer relationships, and safe, high-quality execution.

Financial highlights

• Q2 2026 revenue: $1.08 billion (record high); first-half 2026 revenue: $2.08 billion; LTM revenue as of June 30, 2026: $4.01 billion.

• Q2 2026 net income: $49.9 million ($3.17 per diluted share); first-half net income: $96.7 million ($6.15 per diluted share); LTM net income: $165.3 million.

• Q2 2026 EBITDA: $85 million (up from $55.6 million YoY); first-half EBITDA: $166.5 million; LTM EBITDA: $293.4 million.

• Gross margin improved to 13.2% in Q2 and 13.3% for the first half, up from 11.5% and 11.6% YoY, respectively.

• Operating cash flow was $3 million in Q2 (down from $33 million YoY); first-half operating cash flow was $88.1 million (down from $116.1 million YoY), mainly due to timing of tax payments and working capital.

Outlook and guidance

• Full-year operating margins expected in the mid-range of 6%-9% for C&I and 8%-11% for T&D; organic revenue growth projected at 13%-15% for the year.

• Valley acquisition expected to contribute ~$250 million in revenue for the remainder of 2026, with neutral EPS and operating income impact due to higher amortization.

• Large T&D project awards to begin revenue contribution in the second half of 2027, with 18-month burn thereafter.

• Most of the $2.83 billion in remaining performance obligations are expected to be recognized within 24 months.

• Management expects robust T&D spending, ongoing strength in C&I core markets, and continued growth from data centers, transportation, clean energy, and manufacturing reshoring.