MYR Group Inc. Announces Third-Quarter and First Nine-Months 2026 Results - Board Approves New $100 Million Share Repurchase Program

MYR Group posts record Q3 revenue, profit, EBITDA, and backlog, driven by acquisitions and core growth.

What the company is saying

MYR Group Inc. is highlighting record financial performance for the third quarter and first nine months of 2026, with a focus on all-time highs in revenue, net income, EBITDA, and backlog. The company attributes its growth to increased activity in both its Commercial & Industrial (C&I) and Transmission & Distribution (T&D) segments, with the C&I segment particularly benefiting from fixed price contracts and the integration of Valley Electric and Comet Electric. Management, led by President and CEO Rick Swartz, frames these results as evidence of strong execution and momentum, emphasizing disciplined integration of recent acquisitions and a commitment to capitalizing on infrastructure opportunities. The announcement also introduces a $100 million share repurchase program, effective November 4, 2026, to be funded with cash and available credit. The tone is confident, with claims of better-than-anticipated productivity and favorable project closeouts driving margin gains, though specific numerical attribution for these drivers is not provided.

What the data suggests

The disclosed figures show MYR Group delivered third-quarter 2026 revenues of $1.26 billion, up $308.6 million year-over-year, with net income doubling to $60.0 million ($3.82 per diluted share) and EBITDA reaching $110.0 million. C&I segment revenues rose $257.5 million to $704.5 million, while T&D revenues increased $51.1 million to $554.5 million. Gross profit for the quarter was $171.2 million, with gross margin expanding to 13.6% from 11.8%. SG&A expenses increased to $81.5 million, largely due to the Valley acquisition and higher employee costs. For the first nine months, revenue totaled $3.34 billion, up $656.8 million, with net income of $156.7 million ($9.97 per diluted share). Backlog as of September 30, 2026, reached $3.68 billion, a 38.2% increase year-over-year, split between $2.39 billion in C&I and $1.29 billion in T&D. The company has $650.5 million in borrowing availability under a $690.0 million credit facility. The share repurchase program authorizes up to $100 million in buybacks through November 2027. The data supports management’s narrative of robust growth, margin improvement, and a strong pipeline, though the precise impact of acquisitions and productivity gains is not numerically broken out.

Analysis

The announcement is highly factual and supported by detailed, realised financial and operational data. Record revenues, net income, EBITDA, and backlog are all substantiated with precise numerical disclosures, and profitability metrics are provided alongside top-line growth, satisfying the requirements for a strong_positive signal. While there are some forward-looking statements regarding the share repurchase program and future infrastructure opportunities, these are clearly separated from the realised results and are not exaggerated in tone. The capital outlays discussed (acquisitions, repurchase program) are either already completed or funded with available liquidity, and there is no indication of long-dated, uncertain returns being paired with large, speculative spending. The language is proportionate to the results, with no evidence of narrative inflation or overstatement.

Risk flags

• ●Integration risk remains as MYR continues to absorb Valley Electric and Comet Electric; while initial financial results are positive, the long-term success of these acquisitions depends on effective operational and cultural alignment, which can present challenges and unforeseen costs.
• ●Margin sustainability is a concern, as the company attributes recent gross margin gains to better-than-anticipated productivity and favorable project closeouts, factors that may not be repeatable in future periods; any reversion to historical averages or project execution issues could pressure profitability.
• ●The share repurchase program, while accretive if executed at attractive valuations, is discretionary and subject to market and business conditions; there is no guarantee the full $100 million will be deployed, and the company may reprioritize capital allocation if conditions change.
• ●MYR’s increased SG&A and interest expenses, driven by acquisitions and growth, could weigh on future earnings if revenue growth slows or if integration synergies do not materialize as expected.
• ●Backlog growth, while positive, does not guarantee future revenue or margin realization; project delays, cancellations, or cost overruns could impact the conversion of backlog to earnings.

Bottom line

MYR Group’s Q3 2026 results show record revenue, profit, EBITDA, and backlog, underpinned by strong performance in both C&I and T&D segments and boosted by the integration of Valley Electric and Comet Electric. The company’s gross margin improvement and significant backlog expansion point to robust demand and operational execution, while ample liquidity and a newly authorized $100 million share repurchase program provide flexibility for shareholder returns. Risks remain around acquisition integration, margin sustainability, and the actual deployment of the buyback, but the realised numbers support management’s confidence. Investors should watch for continued margin performance, successful integration of recent acquisitions, and the pace of share repurchases as key indicators of ongoing value creation. The most important takeaway is that MYR is delivering on growth and profitability while maintaining a strong balance sheet and capital allocation flexibility.

Announcement summary

(NASDAQ:MYRG) MYR Group Inc. announced its third-quarter and first nine-months 2026 financial results, reporting record quarterly revenues of $1.26 billion. The company achieved record quarterly net income of $60.0 million, or $3.82 per diluted share, and record quarterly EBITDA of $110.0 million. MYR's backlog as of September 30, 2026, reached a record $3.68 billion. The Commercial and Industrial (C&I) segment reported record quarterly revenues of $704.5 million, an increase of $257.5 million from the prior year, primarily due to increased revenue on fixed price contracts and contributions from the acquisition of Valley Electric and Comet Electric. The Transmission and Distribution (T&D) segment reported quarterly revenues of $554.5 million, up $51.1 million from the prior year. Consolidated gross profit for the third quarter increased to $171.2 million, with gross margin rising to 13.6 percent from 11.8 percent in the prior year, driven by better-than-anticipated productivity and favorable job close outs. SG&A expenses for the quarter were $81.5 million, up from $65.9 million, mainly due to costs associated with the Valley acquisition and increased employee-related expenses. Amortization of intangible assets rose to $6.1 million, and interest expense increased to $3.6 million, both primarily due to the Valley acquisition. Income tax expense for the quarter was $22.3 million, with an effective tax rate of 27.1 percent. For the first nine months of 2026, revenues totaled $3.34 billion, an increase of $656.8 million from the prior year. C&I segment revenues for the period were $1.72 billion, up $508.7 million, and T&D segment revenues were $1.62 billion, up $148.0 million. Consolidated gross profit for the first nine months was $448.4 million, with gross margin at 13.4 percent. SG&A expenses for the nine months were $225.3 million, and amortization of intangible assets was $8.5 million. Interest income for the period was $2.1 million, and interest expense was $4.9 million. Income tax expense for the nine months was $56.8 million, with an effective tax rate of 26.6 percent. Net income for the first nine months was $156.7 million, or $9.97 per diluted share. As of September 30, 2026, C&I backlog was $2.39 billion and T&D backlog was $1.29 billion. MYR had $650.5 million of borrowing availability under its new $690.0 million revolving credit facility. The Board of Directors approved a new share repurchase program effective November 4, 2026, authorizing up to $100.0 million in share repurchases, expiring November 3, 2027, or when funds are exhausted. The repurchase program will be funded with cash on hand and borrowings under the revolving credit facility. Rick Swartz, President and CEO, commented on the strong results and ongoing integration of Valley Electric and Comet Electric. MYR will host a conference call to discuss results on October 29, 2026.

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