MYR Group earnings reached a quarterly record in the third quarter of 2026, with net income rising to $60.0 million from $32.1 million a year earlier. The electrical contractor also announced on October 28 that its board had approved a share repurchase program of up to $100 million.

Key Takeaways

  • Third-quarter revenue reached a record $1.26 billion, up $308.6 million from a year earlier.
  • Backlog rose to a record $3.68 billion at September 30, 2026.
  • The buyback authorization takes effect November 4 and does not oblige MYR to purchase shares.

MYR Group earnings and revenue growth

Diluted earnings were $3.82 per share in the third quarter, compared with $2.05 a year earlier. EBITDA, a non-GAAP measure, increased to $110.0 million from $62.7 million.

For the first nine months of 2026, revenue was $3.34 billion, up $656.8 million from the same period in 2025. Net income rose to $156.7 million from $81.9 million.

Acquisition and project margins

Commercial and industrial revenue rose $257.5 million to a quarterly record of $704.5 million. MYR attributed the increase primarily to fixed-price contracts, including revenue from Valley Electric and Comet Electric. The Valley Electric and Comet Electric acquisition closed on July 1, 2026.

Transmission and distribution revenue increased $51.1 million to $554.5 million. Consolidated gross margin rose to 13.6% from 11.8% a year earlier. MYR attributed the improvement primarily to changes in estimated project profits tied to better-than-anticipated productivity and favorable job closeouts, partly offset by inefficiencies on some projects.

Backlog and share repurchase plans

The September 30 backlog was up from $2.66 billion a year earlier. It included $2.39 billion in commercial and industrial work and $1.29 billion in transmission and distribution work.

The repurchase program expires on November 3, 2027, or earlier if its authorized funds are exhausted. Purchases may be made at management’s discretion, subject to market conditions and other requirements. The board may modify or terminate the program.

MYR intends to fund purchases with cash and borrowings under its revolving credit facility. At September 30, it had $650.5 million of borrowing availability under the $690.0 million facility.

Next milestone

MYR scheduled a conference call to discuss its results for October 29, 2026, at 8:00 a.m. Mountain time.

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