MYR Group Inc. Q3 2026 Earnings Overview
MYR Group Inc. (NASDAQ:MYRG) announced third‑quarter 2026 results that markedly exceeded analyst expectations. Revenue reached a record $1.26 billion, surpassing the consensus estimate of $1.16 billion and representing a 32% increase over the $951.4 million reported in the same quarter of 2025. Adjusted earnings per share were $3.82, beating the consensus of $2.99 by $0.83.
Net income climbed to $60.0 million, more than double the $32.1 million recorded a year earlier. Gross margin expanded to 13.6% from 11.8% in the prior‑year quarter, reflecting improved productivity and favorable job closeouts. EBITDA for the quarter was $110.0 million.
Segment performance showed the Commercial and Industrial (C&I) line delivering a record $704.5 million in revenue, while the Transmission and Distribution (T&D) segment contributed $554.5 million.
The company reported a record backlog of $3.68 billion as of September 30 2026, a 38.2% rise from $2.66 billion a year earlier. The backlog comprised $2.39 billion in C&I projects and $1.29 billion in T&D projects.
Following the release, MYR Group’s shares surged as much as 10% in after‑hours trading on Wednesday.
The Board of Directors approved a new $100 million share repurchase program, effective November 4 2026 and expiring November 3 2027. The program will be funded with cash on hand and borrowings under the company’s revolving credit facility, which had $650.5 million of available capacity at quarter‑end.
"Our strong third‑quarter results demonstrate the momentum across our business and the strength of our execution," said Rick Swartz, President and CEO of MYR Group. "We delivered record quarterly revenues of $1.26 billion, net income of $60.0 million, and EBITDA of $110.0 million, supported by increased activity across both our T&D and C&I segments, including record quarterly C&I revenues."