What were the key takeaways from MYR Group's earnings call?

What guidance did MYR Group's management provide for the next earnings period?

What is the market's earnings forecast for MYR Group next quarter?

What is MYR Group's latest dividend and current dividend yield?

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What were the key takeaways from MYR Group’s earnings call?

What factors drove the changes in MYR Group's revenue and profit?

What is the revenue and EPS growth rate for MYR Group year over year?

- **Revenue Growth**: FY2025 revenue up 10% to $3.7B, Q4 at $974M (17% YoY). Backlog $2.8B (+9.6%).
- **Profitability Boost**: Q4 gross margin 11.4%, T&D/ C&I margins 7.4%/6.6%. Free cash flow $85M.
- **Strategic Wins**: KY transmission MSA, data center projects in 4 states. Industry transmission spend $178B 2025-28.
- **Risk Management**: Focused on selective bidding, controlled growth, and weather mitigation.

【CEO Summary Section】
- **Record Revenues and Backlog**: FY2025 revenue reached $3.7 billion, with a backlog of $2.8 billion, up 9.6% YoY. Q4 revenue was $974 million, a 17% YoY increase.
- **Market Strength**: T&D and C&I segments saw 18% and 17% YoY revenue growth, respectively. Gross margin improved to 11.4% in Q4, up from 10.4%.
- **Strategic Focus**: Emphasis on long-term client relationships (90% return business), selective bidding, and operational excellence.

【CFO Financial Commentary】
- **Profitability**: Q4 net income of $37 million (vs. $16 million YoY), EBITDA of $64 million (vs. $45 million YoY). Operating cash flow was $115 million, free cash flow $85 million.
- **Margins**: T&D operating margin 7.4%, C&I 6.6%, driven by productivity gains and change orders.
- **Liquidity**: $265 million working capital, $408 million borrowing capacity, $150 million cash. Leverage ratio 0.25x.

【Segment Summaries】
- **T&D**: New MSAs in Kentucky and Virginia, projects in Iowa, Oregon, Arizona. Industry investment in transmission expected to grow.
- **C&I**: Record Q4 revenue ($443 million). Data center projects in Colorado, Arizona, California, and New Jersey. C&I operating margin 6.6%.

【Q&A Highlights】
- **Transmission Outlook**: Optimistic on 2027 bookings, with $178B industry investment 2025-2028. KY MSA and Xcel projects to contribute.
- **Cash Flow Drivers**: Lower DSOs (mid-50s vs. 70), fixed-price C&I projects. Free cash flow growth to support M&A.
- **Risks**: Weather impacts (e.g., wet weather), project timing delays, and permitting challenges.

MYR Group Inc. (MYRG) Q4 2025 Earnings Call Transcript

- **Record Financial Performance**: Q3 2025 revenue of $950 million (+7% YoY), net income of $32 million (+215% YoY), and free cash flow of $65 million reflect strong execution across both segments.
- **Margin Expansion**: Gross margin improved to 11.8% (vs. 8.7% in 2024), with T&D and C&I operating margins up 460bp and 140bp, respectively.
- **10% Growth Outlook**: CEO projects 10%+ revenue growth in 2026, driven by utility capital spending, strategic M&A, and a diversified project pipeline.
- **C&I Margin Target**: CFO expects C&I margins to expand to 5-7.5% in 2026, up from 4-6% in 2025, supported by better productivity and project mix.
- **Balance Sheet Strength**: 0.31x debt-to-EBITDA ratio and $400 million credit facility provide flexibility for growth initiatives.

**【CEO Summary Section】**
- MYR Group reported third-quarter 2025 revenue of $950 million, a 7% year-over-year increase, driven by growth in both the Transmission & Distribution (T&D) and Commercial & Industrial (C&I) segments.
- CEO Richard Swartz highlighted a strong backlog of $2.66 billion as of September 30, 2025, with healthy bidding activity across all markets. He emphasized the company's focus on operational excellence, strategic customer relationships, and investments in grid modernization and electrification.
- Swartz projected 10% revenue growth for 2026, with balanced contributions from T&D and C&I segments, and noted the potential for margin expansion in C&I due to improved productivity and project mix.

**【CFO Financial Commentary】**
- Third-quarter 2025 gross margin improved to 11.8% (vs. 8.7% in 2024), driven by better-than-expected productivity, favorable change orders, and job closeouts. T&D operating margin rose to 8.2% (from 3.6%), while C&I margin expanded to 6.4% (from 5.0%).
- Net income reached a record $32 million ($2.05 per diluted share), up 215% year-over-year. EBITDA was $63 million, and free cash flow was $65 million, reflecting strong cash generation and capital allocation for growth.
- The company maintained a strong balance sheet with $267 million in working capital, $72 million in funded debt, and a 0.31x debt-to-EBITDA ratio.

**【Segment Performance】**
- **T&D Segment**: T&D revenue grew 4% to $503 million, with 60% of work under master service agreements. Key wins included transmission line rebuilds in North Carolina and Iowa, and substation projects in Texas and Arizona. Brian Stern noted a 9.1% CAGR in transmission spending through 2029, driven by grid resiliency and load growth.
- **C&I Segment**: C&I revenue increased 10% to $447 million, with wins in data centers, healthcare, and clean energy. Don Egan highlighted 20% growth in data center spending and a 33% year-to-date increase in the Dodge Momentum Index.

**【Q&A Highlights】**
- **Margins & Growth**: Swartz expects C&I margins to expand to 5-7.5% in 2026 (vs. 4-6% in 2025), while T&D margins will remain stable. The company aims to maintain 10%+ revenue growth through 2026, supported by utility capital spending and strategic M&A.
- **M&A Strategy**: Kelly Huntington noted MYR is actively evaluating $20-60 million acquisitions to fill geographic or market gaps, with a preference for cultural fit and operational synergies.
- **Labor & Supply Chain**: Swartz acknowledged ongoing challenges with labor availability and material delays, but emphasized MYR's ability to manage risks through long-term customer relationships and diversified project mix.
- **Data Center Focus**: While data centers are a growth opportunity, Swartz stressed the company's commitment to maintaining a diversified portfolio across core markets like healthcare, education, and wastewater.

MYR Group Inc. (MYRG) Q3 2025 Earnings Call Transcript

- **Revenue Growth 15% YoY**: North American market recovery driving top-line expansion.
- **AI Investment Payoff**: Gross margin improvement expected H2 2025.
- **Non-GAAP EPS Beat**: Strong cost control & $1.08 per share.
- **MSA Pipeline $500M+**: Xcel Energy deal highlights T&D growth 10%+ YoY.
- **C&I Expansion 6%+ YoY**: Data centers & infrastructure projects.
- **Share Repurchase $75M**: Authorized buyback program.
- **Backlog $2.6B+**: Project delays impacting 2025.


**【CEO Summary Section】**
- Revenue grew 15% YoY, driven by North American market recovery.
- Emphasized AI investment and gross margin improvement expected in H2.

**【CFO Financial Commentary】**
- GAAP net income: $420M; Non-GAAP EPS exceeded expectations at $1.08.
- Operating expenses down 5% YoY due to cost control.

**【Q&A Highlights】**
- MSAs (e.g., Xcel Energy) add $500M+ pipeline.
- T&D backlog growth 10%+ YoY.
- C&I projects (e.g., data centers) 6%+ YoY.
- Total backlog $2.6B+ in 2025.
- Share repurchase $75M authorized.

**【Key Risks】**
- Higher costs (labor, change orders) offsetting margin gains.
- Market uncertainties (e.g., project delays) impacting 2025.
- Regulatory risks (e.g., tariffs) affecting 2025.


MYR Group Inc. (MYRG) Q2 2025 Earnings Call Transcript

- **Revenue Growth**: Q1 2025 revenue of $834M (+2.2% YoY) driven by 14.4% C&amp;I expansion and T&amp;D selectivity.
- **Margin Expansion**: Gross margin up to 11.6%, T&amp;D operating margin to 7.8%, C&amp;I to 4.7% on higher-margin projects.
- **Backlog Strength**: Total backlog $2.64B (+9% YoY), with T&amp;D $873M and C&amp;I $1.77B.
- **Cash Flow Surge**: Free cash flow $70M (vs. -$18M last year) from reduced receivables and strong ops.
- **Tariff Resilience**: No customer pullbacks despite tariffs; ongoing client discussions on project economics.
- **Future Growth**: $12.6B new transmission projects and AI-driven data centers fueling expansion.


**【CEO Summary Section】**
- Q1 2025 revenue reached $834 million, up 2.2% YoY, driven by C&amp;I segment growth (14.4%) and T&amp;D segment selectivity on clean energy projects.
- Gross margin improved to 11.6% (vs. 10.6% last year) due to higher-margin projects nearing completion and favorable change orders.
- Backlog rose 9% YoY to $2.64 billion, with T&amp;D at $873 million and C&amp;I at $1.77 billion.
- Free cash flow surged to $70 million (vs. -$18 million last year) due to reduced accounts receivable and strong operating cash flow.
- Share repurchase program exhausted in Q1, with 639,000 shares bought at $117.33 avg price.

**【CFO Financial Commentary】**
- T&amp;D operating margin expanded to 7.8% (vs. 6.1% last year) on lower project inefficiencies and higher-margin work.
- C&amp;I operating margin improved to 4.7% (vs. 3.5% last year) due to fixed-price contracts, favorable joint ventures, and job closeouts.
- SG&amp;A expenses rose $300k YoY to $62.5 million, driven by employee-related costs for future growth.
- Net income climbed 21% to $23 million, with EPS up 29% to $1.45.
- EBITDA increased 25% to $50 million, reflecting operational efficiency gains.

**【Segment Updates】**
- **T&amp;D**: Virginia transmission rebuild project won in Q1; PJM and MISO approve $12.6 billion in new transmission projects, supporting long-term growth.
- **C&amp;I**: $90 million data center project verbally awarded in Colorado; healthcare, industrial, and clean energy projects also added to backlog.

**【Q&A Highlights】**
- **Backlog Visibility**: C&amp;I pipeline remains strong with data center, healthcare, and AI-driven expansion; T&amp;D benefits from $12.6B new transmission projects.
- **Tariff Impact**: No customer pullbacks yet, but ongoing discussions with clients on project economics amid tariffs and inflation.
- **Margin Targets**: T&amp;D expected to stay in mid-single digits (7%-10.5% range); C&amp;I margin expansion to continue with higher-margin projects.
- **Capital Allocation**: Prioritize organic growth and acquisitions; no new share buyback program announced, but remain nimble.
- **Solar Headwinds**: Solar revenue in T&amp;D down to 2.5% of segment in Q1, but core T&amp;D growth remains stable.


MYR (MYRG)-1 May 25-2025 Q1 Earnings call transcript

- **Revenue decline driven by project completion**: Q4 revenue down 17% YoY as high-margin clean energy projects finished, but stable backlog ($2.6B) signals future growth.
- **Gross margin improvement (10.4%) offset by tax headwinds**: Higher tax rate (40.9%) and project inefficiencies limited net income to $16M.
- **Free cash flow recovery expected in 2025**: Reduced change order balances and selective project bidding to drive cash flow improvement.
- **Strategic focus on MSAs and core markets**: 60% of T&D revenue from MSAs in Q4, with C&I expansion in data centers, healthcare, and transit.
- **Share buyback program**: $75M authorized to return capital to shareholders through Sep 1, 2025.


**【CEO Summary Section】**
- FY2024 revenue growth driven by T&D and C&I segments, with Q4 revenue at $830M, down 17% YoY due to completion of high-margin clean energy projects.
- Backlog remains stable at $2.6B, with 60% of T&D revenue from master service agreements (MSAs) in Q4.
- Key market drivers include grid modernization, decarbonization, and data center expansion, supported by $174B utility capex in 2024.

**【CFO Financial Commentary】**
- Q4 GAAP net income: $16M ($0.99 EPS) vs. $24M ($1.43 EPS) YoY, impacted by higher tax rate (40.9% vs. 32.3%) and lower project margins.
- Gross margin improved to 10.4% (vs. 9.7% YoY) due to better productivity and completed projects, offset by inefficiencies in T&D and C&I projects.
- Free cash flow: $9M (vs. $22M YoY), constrained by project timing and contingent compensation payments.
- New $75M share buyback program announced, expiring Sep 1, 2025.

**【T&D Segment Performance】**
- Q4 revenue: $450M (-24% YoY), with 4% of T&D revenue from clean energy projects (down from 10% YoY).
- Operating margin: 6.7% (vs. 7.2% YoY), pressured by labor inefficiencies and project completion costs.
- Subsidiaries won transmission/distribution work in Midwest, Northeast, Alaska, and Texas, supporting long-term pipeline.

**【C&I Segment Performance】**
- Q4 revenue: $380M (-8% YoY), with 7% growth in T&E contracts offsetting fixed-price project declines.
- Operating margin: 3.9% (vs. 2.1% YoY), driven by better project execution and MSAs in data centers, healthcare, and transit.
- Notable wins: health care projects in Vancouver, distribution centers in New Jersey, and clean energy projects in California.

**【Q&A Highlights】**
- **Tariffs and project risk**: Contracts increasingly include provisions to mitigate tariffs and supply chain delays.
- **Free cash flow outlook**: 2025 expected to improve with reduced change order balances and normalized project timing.
- **Clean energy strategy**: Selective bidding to maintain margins, with 4% T&D revenue from clean energy in 2024.
- **Tax considerations**: Higher Canadian operations exposure may limit tax rate improvements.


Actual											0.59	0.8	1.02	1.07	1.17	1.24	1.35	1.2	1.21	1.15	1.09	1.46	1.38	1.33	1.28	1.43	1.12	-0.91	0.65	0.99	1.45	1.7	2.05	2.33
Forecast											0.518	0.5175	0.78	0.786	0.616	0.986	1.19	1.1225	1.076	1.148	1.208	1.034	1.0125	1.28	1.3033	1.4979	1.144	1.128	0.346	0.6976	1.1983	1.516	1.915	1.8698
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	+13.90%	+54.59%	+30.77%	+36.13%	+89.94%	+25.76%	+13.45%	+6.90%	+12.45%	+0.17%	-9.77%	+41.20%	+36.30%	+3.91%	-1.79%	-4.53%	-2.10%	-180.67%	+87.86%	+41.92%	+21.00%	+12.14%	+7.05%	+24.61%

MYRG

MYRG fundamentals

MYRG Q4 2025 Earnings

Earnings Call

You can ask Aime

MYRG

MYRG fundamentals

MYRG Q4 2025 Earnings

Earnings Call

MYRG Earnings Call Summary for Q4/202510:00 AM on Feb 26, 2026

MYRG Earnings Call Summary for Q3/202510:00 AM on Oct 30, 2025

MYRG Earnings Call Summary for Q2/202510:00 AM on Jul 31, 2025

MYRG Earnings Call Summary for Q1/202510:00 AM on May 1, 2025

MYRG Earnings Call Summary for Q4/202410:00 AM on Feb 27, 2025

You can ask Aime