The record backlog of $3.68 billion provides strong visibility into future revenue. Monitor the integration of Valley Electric and Comet Electric for margin trends, and watch for execution of the new $100M buyback program which signals management confidence.
Price Chart
Executive Summary
MYR Group reported record Q3 2026 revenue of $1.26B (up 32.5% YoY) and diluted EPS of $3.82 (up 86.3% YoY), both well above consensus of $1.15B and $2.98. The board approved a new $100M share repurchase program. Results were driven by strong execution across both segments, including record CI revenue from the Valley Electric acquisition.
Key Financial Metrics
Key Facts
- Record Q3 2026 revenue of $1.26 billion, up 32.5% from $950.4 million in Q3 2025
- Record Q3 2026 net income of $60.0 million, or $3.82 per diluted share, up from $32.1 million, or $2.05 per diluted share in Q3 2025
- Record Q3 2026 EBITDA of $110.0 million, up from $62.7 million in Q3 2025
- Record backlog of $3.68 billion as of September 30, 2026, up 38.2% from $2.66 billion a year earlier
- Board approved a new $100 million share repurchase program effective November 4, 2026
- Consolidated gross margin expanded to 13.6% from 11.8% in Q3 2025
- CI segment revenue grew to $704.5 million (record), up 57.6% YoY, boosted by the Valley Electric acquisition
- TD segment revenue grew to $554.5 million, up 10.1% YoY
Financial Impact
Revenue beat consensus by $109M (9.5%); EPS beat consensus by $0.84 (28.2%); $100M share repurchase authorization represents approximately 2.4% of market cap
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Transmission & Distribution | $554.5M | +10.1% |
| Commercial & Industrial | $704.5M | +57.6% |
Risk Factors
- Integration risks from the Valley Electric and Comet Electric acquisitions
- Increased leverage from acquisition-related debt (funded debt to equity ratio rose to 0.26 from 0.12 a year ago)
- Free cash flow declined to $9.2 million in Q3 2026 from $65.4 million in Q3 2025 due to working capital build and acquisition costs
- Project execution risks on fixed-price contracts; gross margin can be impacted by changes in estimates
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000700923-26-000051 |
| Document: myrg-20261028.htm | 0000700923-26-000051 |
| Document: 0000700923-26-000051-index-headers.html | 0000700923-26-000051 |
| Document: 0000700923-26-000051-index.html | 0000700923-26-000051 |
| Document: 0000700923-26-000051.txt | 0000700923-26-000051 |
| 8-K Data (Synthetic) | 0000700923-26-000051 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 28, 2026 1d ago | Press Release | No price | awaiting T+60 | awaiting T+60 | No price |
Oct 28, 2026 1d ago | 8-K | $284.88 | awaiting T+60 | awaiting T+60 | $283.00 (−0.66%) |
Oct 15, 2026 14d ago | Institutional Cluster | $285.57 | awaiting T+60 | awaiting T+60 | $283.00 (−0.90%) |
Aug 22, 2026 9w ago | Institutional Cluster | $305.27 | awaiting T+60 | awaiting T+60 | $283.00 (−7.30%) |
Jun 4, 2026 21w ago | Insider Cluster | $445.66 $291.42 | ▼ −34.61% | ▼ −38.61% | $283.00 (−36.50%) |
May 27, 2026 22w ago | Press Release | $478.93 $310.87 | ▼ −35.09% | ▼ −36.83% | $283.00 (−40.91%) |
Apr 15, 2026 28w ago | Press Release | $315.26 $411.89 | ▲ +30.65% | ▲ +23.60% | $283.00 (−10.23%) |
Feb 25, 2026 35w ago | 8-K | $272.47 $446.90 | ▲ +64.02% | ▲ +55.84% | $283.00 (+3.86%) |
US Market Status
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