Myr Group Inc 10-Q for FY2026 Q3

Myr Group Inc. (MYRG)

10-Q 2026-10-28 For: 2026-09-30

Added on October 28, 2026

About this 10-Q

Myr Group Inc filed this 10-Q on October 28, 2026, covering the quarter ended September 30, 2026 (FY2026 Q3).

Myr Group Inc. reported revenue of $3.34 billion and net income of $156.7 million for nine months ended September 30, 2026; backlog was $3.68 billion at September 30, 2026. The company acquired Valley for $324.8 million on July 1, 2026. AI summary

Headline figures

Quarter ended September 30, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $1.26B; up 32.5% from $950.4M a year earlier
Net income: $60.01M; up 87.0% from net income of $32.09M a year earlier
Diluted EPS: $3.82; up 86.3% from $2.05 a year earlier

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Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value	MYRG	The Nasdaq Stock Market, LLC
		(Nasdaq Global Market)


		Page
	Part I—Financial Information
Item 1.	Financial Statements	2
	Consolidated Balance Sheets as of September 30, 2026 (unaudited) and December 31, 2025	2
	Unaudited Consolidated Statements of Operations and Comprehensive Income for the Three and Nine Months Ended September 30, 2026 and 2025	3
	Unaudited Consolidated Statements of Shareholders’ Equity for the Three and Nine Months Ended September 30, 2026 and 2025	4
	Unaudited Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2026 and 2025	5
	Notes to Unaudited Consolidated Financial Statements	6
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	26
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	39
Item 4.	Controls and Procedures	39
	Part II—Other Information
Item 1.	Legal Proceedings	40
Item 1A.	Risk Factors	40
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	40
Item 5.	Other Information	40
Item 6.	Exhibits	41


(in thousands, except share and per share data)	September 30, 2026		December 31, 2025
	(unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	26,010	$	150,156
Accounts receivable, net of allowances of $1,250 and $934, respectively	799,461		603,735
Contract assets, net of allowances of $756 and $534, respectively	318,367		241,766
Current portion of receivable for insurance claims in excess of deductibles	7,861		10,122
Refundable income taxes	4,873		—
Prepaid expenses and other current assets	30,615		54,982
Total current assets	1,187,187		1,060,761
Property and equipment, net of accumulated depreciation of $443,756 and $413,962, respectively	345,614		306,386
Operating lease right-of-use assets	63,304		42,448
Goodwill	224,045		115,266
Intangible assets, net of accumulated amortization of $47,948 and $39,967, respectively	230,855		72,476
Receivable for insurance claims in excess of deductibles	22,719		21,358
Deferred income taxes	18,264		12,723
Investment in joint ventures	3,258		3,224
Other assets	12,300		9,437
Total assets	$	2,107,546	$	1,644,079

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Current portion of long-term debt	$	16,988	$	4,554
Current portion of operating lease obligations	14,572		13,019
Current portion of finance lease obligations	1,064		804
Accounts payable	385,259		314,789
Contract liabilities, net	280,540		300,560
Current portion of accrued self-insurance	29,935		28,499
Accrued income taxes	129		15,129
Other current liabilities	160,910		117,923
Total current liabilities	889,397		795,277
Deferred income tax liabilities	95,473		50,119
Long-term debt	198,782		54,483
Accrued self-insurance	43,838		42,827
Operating lease obligations, net of current maturities	48,359		29,429
Finance lease obligations, net of current maturities	1,348		1,220
Other liabilities	11,364		10,301
Total liabilities	1,288,561		983,656
Commitments and contingencies
Shareholders’ equity:
Preferred stock—$0.01 par value per share; 4,000,000 authorized shares; none issued and outstanding at September 30, 2026 and December 31, 2025	—		—
Common stock—$0.01 par value per share; 100,000,000 authorized shares; 15,570,008 and 15,522,834 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively	155		155
Additional paid-in capital	170,292		165,211
Accumulated other comprehensive loss	(11,071)		(8,183)
Retained earnings	659,609		503,240


Total shareholders’ equity	818,985		660,423
Total liabilities and shareholders’ equity	$	2,107,546	$	1,644,079


	Three months ended September 30,				Nine months ended September 30,
(in thousands, except per share data)	2026		2025		2026		2025
Contract revenues	$	1,259,032	$	950,400	$	3,341,139	$	2,684,345
Contract costs	1,087,791		838,508		2,892,785		2,371,841
Gross profit	171,241		111,892		448,354		312,504
Selling, general and administrative expenses	81,517		65,919		225,349		191,756
Amortization of intangible assets	6,087		1,214		8,514		3,613
Gain on sale of property and equipment	(1,469)		(1,512)		(3,282)		(3,213)
Income from operations	85,106		46,271		217,773		120,348
Other income (expense):
Interest income	292		197		2,068		433
Interest expense	(3,580)		(1,440)		(4,945)		(4,759)
Other income (expense), net	517		(297)		(1,405)		(1,130)
Income before provision for income taxes	82,335		44,731		213,491		114,892
Income tax expense	22,330		12,637		56,835		33,024
Net income	$	60,005	$	32,094	$	156,656	$	81,868


Income per common share:
—Basic	$	3.85	$	2.07	$	10.06	$	5.22
—Diluted	$	3.82	$	2.05	$	9.97	$	5.20
Weighted average number of common shares and potential common shares outstanding:
—Basic	15,579		15,528		15,565		15,681
—Diluted	15,721		15,631		15,715		15,752

Net income	$	60,005	$	32,094	$	156,656	$	81,868
Other comprehensive income (loss):
Foreign currency translation adjustment	56		(1,789)		(2,888)		3,205
Other comprehensive income (loss)	56		(1,789)		(2,888)		3,205
Total comprehensive income	$	60,061	$	30,305	$	153,768	$	85,073


	Preferred		Common Stock			Additional Paid-In		Accumulated Other Comprehensive		Retained
(in thousands)	Stock		Shares	Amount		Capital		Income (Loss)		Earnings		Total
Balance at December 31, 2024	$	—	16,122	$	161	$	159,133	$	(12,651)	$	453,717	$	600,360
Net income	—		—	—		—		—		23,308		23,308

Stock issued under compensation plans, net	—		58	1		(1)		—		—		—
Stock-based compensation expense	—		—	—		2,333		—		—		2,333
Shares repurchased related to tax withholding for stock-based compensation	—		(19)	(1)		(2,264)		—		(186)		(2,451)
Share repurchases under share repurchase program	—		(639)	(6)		(6,303)		—		(68,691)		(75,000)
Other comprehensive income	—		—	—		—		122		—		122

Balance at March 31, 2025	—		15,522	155		152,898		(12,529)		408,148		548,672
Net income	—		—	—		—		—		26,466		26,466
Stock issued under compensation plans, net	—		3	—		—		—		—		—
Stock-based compensation expense	—		—	—		3,426		—		—		3,426
Shares repurchased related to tax withholding for stock-based compensation	—		(2)	—		(186)		—		(16)		(202)


Other comprehensive income	—		—	—		—		4,872		—		4,872

Balance at June 30, 2025	—		15,523	155		156,138		(7,657)		434,598		583,234
Net income	—		—	—		—		—		32,094		32,094

Stock-based compensation expense	—		—	—		4,049		—		—		4,049

Other comprehensive loss	—		—	—		—		(1,789)		—		(1,789)

Balance at September 30, 2025	$	—	15,523	$	155	$	160,187	$	(9,446)	$	466,692	$	617,588

Balance at December 31, 2025	$	—	15,523	$	155	$	165,211	$	(8,183)	$	503,240	$	660,423
Net income	—		—	—		—		—		46,800		46,800

Stock issued under compensation plans, net	—		70	1		(1)		—		—		—
Stock-based compensation expense	—		—	—		3,386		—		—		3,386
Shares repurchased related to tax withholding for stock-based compensation	—		(25)	(1)		(6,223)		—		(263)		(6,487)

Other comprehensive loss	—		—	—		—		(1,303)		—		(1,303)

Balance at March 31, 2026	—		15,568	155		162,373		(9,486)		549,777		702,819
Net income	—		—	—		—		—		49,851		49,851
Stock issued under compensation plans, net	—		3	1		(1)		—		—		—
Stock-based compensation expense	—		—	—		5,502		—		—		5,502
Shares repurchased related to tax withholding for stock-based compensation	—		(2)	(1)		(782)		—		(24)		(807)

Excise tax on share repurchases	—		—	—		(1,307)		—		—		(1,307)
Other comprehensive loss	—		—	—		—		(1,641)		—		(1,641)

Balance at June 30, 2026	—		15,569	155		165,785		(11,127)		599,604		754,417
Net income	—		—	—		—		—		60,005		60,005
Stock issued under compensation plans, net	—		1	—		—		—		—		—
Stock-based compensation expense	—		—	—		4,507		—		—		4,507


Other comprehensive income	—		—	—		—		56		—		56

Balance at September 30, 2026	$	—	15,570	$	155	$	170,292	$	(11,071)	$	659,609	$	818,985


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


(in thousands)	July 1, 2026 acquisition date (initial estimates)
Cash paid	$	331,043
Contingent consideration - fair value at acquisition date	2,000
Preliminary estimated net asset and other adjustments	(636)
Total consideration, net of estimated net asset adjustments	332,407
Less: Acquired cash	(5,619)
Total consideration less cash acquired, net of estimated net asset and other adjustments	$	326,788

Cash and cash equivalents	$	5,619
Accounts receivable	97,662
Contract assets, net	56,053

Prepaid expenses and other current assets	2,078
Property and equipment	9,737
Intangible assets	168,000
Operating lease right-of-use assets	9,875
Other assets	1,185
Current portion of long-term debt	(162)
Accounts payable	(36,705)
Contract liabilities, net	(35,389)

Current portion of operating lease obligations	(1,974)
Current portion of finance lease obligations	(206)
Accrued salaries and benefits	(6,971)
Other current liabilities	(1,085)
Deferred income tax liabilities	(37,507)
Operating lease obligations, net of current maturities	(7,591)
Finance lease obligations, net of current maturities	(581)
Long-term debt	(126)


Total identifiable assets and liabilities	221,912
Goodwill	$	110,495


	Estimated Fair Value at Acquisition Date		Weighted Average Amortization Period at Acquisition Date
	(in thousands)		(in years)
Amortizable Intangible Assets
Customer relationships	$	100,000	12.0
Backlog	25,000		2.3
Total amortizable intangible assets	125,000		11.6
Indefinite-lived Intangible Assets
Trade name	43,000		Indefinite
Total intangible assets	$	168,000


	September 30, 2026		December 31, 2025
Weighted-average remaining lease term - finance leases	2.5 years		2.5 years
Weighted-average remaining lease term - operating leases	4.8 years		3.7 years
Weighted-average discount rate - finance leases	4.0	%	3.9	%
Weighted-average discount rate - operating leases	4.0	%	4.0	%


	Nine months ended September 30,
(in thousands)	2026		2025
Other information:
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows used for operating leases	$	15,936	$	13,673
Right-of-use asset obtained in exchange for new operating lease obligations	$	34,648	$	14,123
Right-of-use asset obtained in exchange for new finance lease obligations	$	1,100	$	—


(in thousands)	Finance Lease Obligations		Operating Lease Obligations		Total Lease Obligations
Remainder of 2026	$	285	$	5,946	$	6,231
2027	1,142		18,743		19,885
2028	678		16,169		16,847
2029	244		12,934		13,178
2030	144		7,992		8,136
2031	56		4,090		4,146
Thereafter	—		7,840		7,840
Total minimum lease payments	2,549		73,714		76,263
Financing component	(137)		(10,783)		(10,920)
Net present value of minimum lease payments	2,412		62,931		65,343
Less: current portion of finance and operating lease obligations	(1,064)		(14,572)		(15,636)
Long-term finance and operating lease obligations	$	1,348	$	48,359	$	49,707


(dollar amounts in thousands)	Inception Date	Stated Interest Rate (per annum)	Payment Frequency	Term (years)	Outstanding Balance as of September 30, 2026		Outstanding Balance as of December 31, 2025
Credit Agreement
Revolving loan	9/8/2026	Variable	Variable	5	$	10,000	$	47,414
U.S. term loan	9/8/2026	Variable	Quarterly	5	150,000		—
Canadian term loan	9/8/2026	Variable	Quarterly	5	49,287		—

Equipment Notes








Equipment Note 10	8/26/2022	4.32%	Semi-annual	5	7,066		11,605
Other equipment notes	4/11/2022 to 5/27/2030	0% - 7.35%	Monthly	3 - 5	249		18
					7,315		11,623
Term loan - debt issuance costs					(832)		—
Total debt					215,770		59,037
Less: current portion of long-term debt					(16,988)		(4,554)
Long-term debt					$	198,782	$	54,483


(in thousands)	Future Equipment Notes Principal Payments		Future Term Facility Principal Payments		Total
Remainder of 2026	$	41	$	2,491	$	2,532
2027	7,165		9,964		17,129
2028	49		9,964		10,013
2029	45		9,964		10,009
2030	15		9,964		9,979
2031	—		156,940		156,940

Total future principal payments	$	7,315	$	199,287	$	206,602


	Three months ended September 30, 2026
	T&D				C&I				Total
(dollars in thousands)	Amount		Percent		Amount		Percent		Amount		Percent
Fixed price	$	173,356	31.3	%	$	636,358	90.3	%	$	809,714	64.3	%
Unit price	208,967		37.7		23,374		3.3		232,341		18.5
T&E	172,221		31.0		44,756		6.4		216,977		17.2

	$	554,544	100.0	%	$	704,488	100.0	%	$	1,259,032	100.0	%


	Three months ended September 30, 2025
	T&D				C&I				Total
(dollars in thousands)	Amount		Percent		Amount		Percent		Amount		Percent
Fixed price	$	160,811	31.9	%	$	381,026	85.3	%	$	541,837	57.0	%
Unit price	204,438		40.6		20,259		4.5		224,697		23.6
T&E	138,187		27.5		45,679		10.2		183,866		19.4

	$	503,436	100.0	%	$	446,964	100.0	%	$	950,400	100.0	%


	Nine months ended September 30, 2026
	T&D				C&I				Total
(dollars in thousands)	Amount		Percent		Amount		Percent		Amount		Percent
Fixed price	$	482,171	29.8	%	$	1,520,346	88.3	%	$	2,002,517	59.9	%
Unit price	635,585		39.2		50,575		2.9		686,160		20.6
T&E	501,780		31.0		150,682		8.8		652,462		19.5

	$	1,619,536	100.0	%	$	1,721,603	100.0	%	$	3,341,139	100.0	%


	Nine months ended September 30, 2025
	T&D				C&I				Total
(dollars in thousands)	Amount		Percent		Amount		Percent		Amount		Percent
Fixed price	$	512,379	34.8	%	$	1,004,813	82.8	%	$	1,517,192	56.5	%
Unit price	547,562		37.2		58,172		4.8		605,734		22.6
T&E	411,538		28.0		149,881		12.4		561,419		20.9

	$	1,471,479	100.0	%	$	1,212,866	100.0	%	$	2,684,345	100.0	%


	Remaining Performance Obligations at September 30, 2026
(in thousands)	Total		Amount estimated to be recognized within 12 months		Amount estimated to be recognized after 12 months
T&D	$	987,673	$	735,639	$	252,034
C&I	2,379,477		1,796,826		582,651
Total	$	3,367,150	$	2,532,465	$	834,685


	For the Three Months Ended September 30, 2026
(in thousands)	T&D		C&I		General Corporate		Consolidated
Contract revenues	$	554,544	$	704,488	$	—	$	1,259,032
Operating costs (1)	502,910		642,872		28,144		1,173,926
Income from operations	51,634		61,616		(28,144)		85,106
Other income (expense):
Interest income							292
Interest expense							(3,580)
Other income, net							517
Income before provision for income taxes							82,335
Income tax expense							22,330
Net income							$	60,005


	For the Nine Months Ended September 30, 2026
(in thousands)	T&D		C&I		General Corporate		Consolidated
Contract revenues	$	1,619,536	$	1,721,603	$	—	$	3,341,139
Operating costs (1)	1,466,179		1,575,494		81,693		3,123,366
Income from operations	153,357		146,109		(81,693)		217,773
Other income (expense):
Interest income							2,068
Interest expense							(4,945)
Other expense, net							(1,405)
Income before provision for income taxes							213,491
Income tax expense							56,835
Net income							$	156,656


(in thousands)	September 30, 2026		December 31, 2025
T&D	$	591,796	$	553,597
C&I	975,017		474,791
General Corporate	540,733		615,691
	$	2,107,546	$	1,644,079


	For the Nine Months Ended September 30,
(in thousands)	2026		2025

T&D	$	48,859	$	42,737
C&I	11,277		6,540
	$	60,136	$	49,277


	Backlog at September 30, 2026
(in thousands)	Total		Amount estimated to be recognized within 12 months		Amount estimated to be recognized after 12 months		Total backlog at December 31, 2025
T&D	$	1,287,966	$	1,035,932	$	252,034	$	1,018,116
C&I	2,392,508		1,809,857		582,651		1,806,152
Total	$	3,680,474	$	2,845,789	$	834,685	$	2,824,268


	Three months ended September 30,
	2026				2025
(dollars in thousands)	Amount		Percent		Amount		Percent
Contract revenues:
Transmission & Distribution	$	554,544	44.0	%	$	503,436	53.0	%
Commercial & Industrial	704,488		56.0		446,964		47.0
Total	$	1,259,032	100.0	%	$	950,400	100.0	%
Operating income:
Transmission & Distribution	$	51,634	9.3	%	$	41,461	8.2	%
Commercial & Industrial	61,616		8.7		28,583		6.4
Total	113,250		9.0		70,044		7.4
General Corporate	(28,144)		(2.2)		(23,773)		(2.5)
Consolidated	$	85,106	6.8	%	$	46,271	4.9	%


Number						Description
10.1						Fourth Amended and Restated Credit Agreement, dated as of September 8, 2026, among MYR Group Inc., the lenders party thereto, Bank of America, N.A. and Wells Fargo Bank, N.A., as Syndication Agents, Bank of Montreal, CIBC Bank USA, TD Bank, N.A. and U.S. Bank National Association, as Co-Documentation Agents, and JPMorgan Chase Bank, N.A., as Administrative Agent†
31.1						Certification of Chief Executive Officer pursuant to SEC Rule 13a-14(a)/15d-14(a)†
31.2						Certification of Chief Financial Officer pursuant to SEC Rule 13a-14(a)/15d-14(a)†
32.1						Certification of Chief Executive Officer pursuant to 18 U.S.C. §1350+
32.2						Certification of Chief Financial Officer pursuant to 18 U.S.C. §1350+

101.INS						Inline XBRL Instance Document*
101.SCH						Inline XBRL Taxonomy Extension Schema Document*
101.CAL						Inline XBRL Taxonomy Extension Calculation Linkbase Document*
101.DEF						Inline XBRL Taxonomy Extension Definition Linkbase Document*
101.LAB						Inline XBRL Taxonomy Extension Label Linkbase Document*
101.PRE						Inline XBRL Taxonomy Extension Presentation Linkbase Document*
104						Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)*


			MYR GROUP INC. (Registrant)

October 28, 2026			/s/ KELLY M. HUNTINGTON
			Kelly M. Huntington Senior Vice President and Chief Financial Officer (Principal Financial Officer, Principal Accounting Officer, and Duly Authorized Officer)


ARTICLE I Definitions			1
SECTION 1.01. Defined Terms			1
SECTION 1.02. Classification of Loans and Borrowings			46
SECTION 1.03. Terms Generally			46
SECTION 1.04. Accounting Terms; GAAP; Pro Forma Calculations			46
SECTION 1.05. Status of Obligations			47
SECTION 1.06. Amendment and Restatement of Existing Credit Agreement			48
SECTION 1.07. Interest Rates; Benchmark Notification			48
SECTION 1.08. Letter of Credit Amounts			49
SECTION 1.09. Divisions			49
SECTION 1.10. Exchange Rates; Currency Equivalents			49
ARTICLE II The Credits			49
SECTION 2.01. Commitments			49
SECTION 2.02. Loans and Borrowings			50
SECTION 2.03. Requests for Borrowings			51
SECTION 2.04. Expansion Options			52
SECTION 2.05. Swingline Loans			53
SECTION 2.06. Letters of Credit			55
SECTION 2.07. Funding of Borrowings			62
SECTION 2.08. Interest Elections			62
SECTION 2.09. Termination and Reduction of Commitments			64
SECTION 2.10. Repayment and Amortization of Loans; Evidence of Debt			65
SECTION 2.11. Prepayment of Loans			65
SECTION 2.12. Fees			68
SECTION 2.13. Interest			68
SECTION 2.14. Alternate Rate of Interest			69
SECTION 2.15. Increased Costs			73
SECTION 2.16. Break Funding Payments			74
SECTION 2.17. Taxes			75


SECTION 2.18. Payments Generally; Allocation of Proceeds; Sharing of Set-offs			78
SECTION 2.19. Mitigation Obligations; Replacement of Lenders			80
SECTION 2.20. Defaulting Lenders			81
SECTION 2.21. Judgment Currency			84
ARTICLE III Representations and Warranties			84
SECTION 3.01. Organization; Powers			84
SECTION 3.02. Authorization; Enforceability			85
SECTION 3.03. Governmental Approvals; No Conflicts			85
SECTION 3.04. Financial Condition; No Material Adverse Change			85
SECTION 3.05. Properties			85
SECTION 3.06. Litigation and Environmental Matters			85
SECTION 3.07. Compliance with Laws and Agreements			86
SECTION 3.08. Investment Company Status			86
SECTION 3.09. Taxes			86
SECTION 3.10. ERISA			86
SECTION 3.11. Disclosure			86
SECTION 3.12. Solvency			87
SECTION 3.13. Insurance			87
SECTION 3.14. Capitalization and Subsidiaries			87
SECTION 3.15. Security Interest in Collateral			87
SECTION 3.16. Labor Disputes			87
SECTION 3.17. No Default			87
SECTION 3.18. Anti-Corruption Laws, Export Controls and Sanctions			87
SECTION 3.19. Affected Financial Institutions			88
SECTION 3.20. Plan Assets; Prohibited Transactions			88
SECTION 3.21. Covered Entity			88
SECTION 3.22. Outbound Investment Rules			88
SECTION 3.23. Margin Regulations			88
ARTICLE IV Conditions			88
SECTION 4.01. Effective Date			88
SECTION 4.02. Each Credit Event			90
ARTICLE V Affirmative Covenants			90
SECTION 5.01. Financial Statements and Other Information			91


SECTION 5.02. Notices of Material Events			92
SECTION 5.03. Existence; Conduct of Business			93
SECTION 5.04. Payment of Obligations			93
SECTION 5.05. Maintenance of Properties			93
SECTION 5.06. Books and Records; Inspection Rights			93
SECTION 5.07. Compliance with Laws			93
SECTION 5.08. Use of Proceeds			93
SECTION 5.09. Insurance			94
SECTION 5.10. Casualty and Condemnation			94
SECTION 5.11. Subsidiary Guarantors; Pledges; Additional Collateral; Further Assurances			94
SECTION 5.12. Post-Closing Matters			96
ARTICLE VI Negative Covenants			96
SECTION 6.01. Indebtedness			96
SECTION 6.02. Liens			97
SECTION 6.03. Fundamental Changes			99
SECTION 6.04. Investments, Loans, Advances, Guarantees and Acquisitions			99
SECTION 6.05. Asset Sales			101
SECTION 6.06. Sale and Leaseback Transactions			102
SECTION 6.07. Restricted Payments; Certain Payments of Indebtedness			102
SECTION 6.08. Transactions with Affiliates			103
SECTION 6.09. Restrictive Agreements			103
SECTION 6.10. Subordinated Indebtedness and Amendments to Subordinated Indebtedness Documents			104
SECTION 6.11. Outbound Investment Rules			104
SECTION 6.12. Financial Covenants			105
ARTICLE VII Events of Default			105
SECTION 7.01. Events of Default			105
SECTION 7.02. Remedies Upon an Event of Default			107
SECTION 7.03. Application of Payments			108
ARTICLE VIII The Administrative Agent			109
SECTION 8.01. Authorization and Action			110
SECTION 8.02. Administrative Agent’s Reliance, Limitation of Liability, Etc			112
SECTION 8.03. The Administrative Agent Individually			113
SECTION 8.04. Successor Administrative Agent			113


SECTION 8.05. Acknowledgments of Lenders and Issuing Banks			114
SECTION 8.06. Collateral Matters			117
SECTION 8.07. Certain ERISA Matters			117
SECTION 8.08. Posting of Communications			118
SECTION 8.09. Credit Bidding.			120
SECTION 8.10. Intercreditor Agreement.			121
SECTION 8.11. Borrower Communications.			121
ARTICLE IX Miscellaneous			122
SECTION 9.01. Notices			123
SECTION 9.02. Waivers; Amendments			124
SECTION 9.03. Expenses; Indemnity; Limitation of Liability; Damage Waiver			127
SECTION 9.04. Successors and Assigns			128
SECTION 9.05. Survival			132
SECTION 9.06. Counterparts; Integration; Effectiveness; Electronic Execution			133
SECTION 9.07. Severability			134
SECTION 9.08. Right of Setoff			134
SECTION 9.09. Governing Law; Jurisdiction; Consent to Service of Process			135
SECTION 9.10. WAIVER OF JURY TRIAL			136
SECTION 9.11. Headings			136
SECTION 9.12. Confidentiality			136
SECTION 9.13. Several Obligations; Nonreliance; Violation of Law			137
SECTION 9.14. USA PATRIOT Act			137
SECTION 9.15. Disclosure			137
SECTION 9.16. Appointment for Perfection			138
SECTION 9.17. Releases of Subsidiary Guarantors			138
SECTION 9.18. Interest Rate Limitation			138
SECTION 9.19. No Advisory or Fiduciary Responsibility			139
SECTION 9.20. Acknowledgment and Consent to Bail-In of Affected Financial Institutions			139
SECTION 9.21. Acknowledgement Regarding Any Supported QFCs			140
SECTION 9.22. [Reserved]			140
ARTICLE X Borrower Guarantee			141


Net Leverage Ratio	Term Benchmark/RFR Spread	ABR and Canadian Prime Rate Spread	Commitment Fee Rate	Standby Letters of Credit	Commercial Letters of Credit
Category 1 < 1.50 to 1.0	1.25%	0.25%	0.200%	1.25%	0.625%
Category 2 > 1.50 to 1.0 but < 2.00 to 1.0	1.50%	0.50%	0.225%	1.50%	0.75%
Category 3 > 2.00 to 1.0 but < 2.50 to 1.0	1.75%	0.75%	0.275%	1.75%	0.875%
Category 4 > 2.50 to 1.0	2.00%	1.00%	0.300%	2.00%	1.00%


			MYR GROUP INC., as the Borrower


			By /s/ Kelly Huntington
			Name: Kelly Huntington
			Title: Senior Vice President and Chief Financial Officer


			JPMORGAN CHASE BANK, N.A., individually as a Lender, as an Issuing Bank and as Administrative Agent


			By /s/ Daniel Gryfinski
			Name: Daniel Gryfinski
			Title: Authorized Officer


			BANK OF AMERICA, N.A., as a Lender and as an Issuing Bank


			By /s/ Jan Stein
			Name: Jan Stein
			Title: Senior Vice President


			BANK OF AMERICA, NATIONAL ASSOCIATION (CANADA BRANCH), as a Lender


			By /s/ Sylwia Durkiewicz
			Name: Sylwia Durkiewicz
			Title: Vice President