MYRG 10-Q

Myr Group Inc. (MYRG)

10-Q 2026-07-29 For: 2026-06-30

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Added on July 29, 2026

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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 June 30, 2026 (unaudited) and December 31, 2025	2
	Unaudited Consolidated Statements of Operations and Comprehensive Income for the Three and Six Months Ended June 30, 2026 and 2025	3
	Unaudited Consolidated Statements of Shareholders’ Equity for the Three and Six Months Ended June 30, 2026 and 2025	4
	Unaudited Consolidated Statements of Cash Flows for the Six Months Ended June 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	22
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	35
Item 4.	Controls and Procedures	35
	Part II—Other Information
Item 1.	Legal Proceedings	36
Item 1A.	Risk Factors	36
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	36
Item 5.	Other Information	36
Item 6.	Exhibits	37


(in thousands, except share and per share data)	June 30, 2026		December 31, 2025
	(unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	137,872	$	150,156
Accounts receivable, net of allowances of $2,190 and $934, respectively	653,787		603,735
Contract assets, net of allowances of $514 and $534, respectively	225,053		241,766
Current portion of receivable for insurance claims in excess of deductibles	10,062		10,122
Refundable income taxes	9,130		—
Prepaid expenses and other current assets	41,722		54,982
Total current assets	1,077,626		1,060,761
Property and equipment, net of accumulated depreciation of $435,570 and $413,962, respectively	315,657		306,386
Operating lease right-of-use assets	56,212		42,448
Goodwill	113,495		115,266
Intangible assets, net of accumulated amortization of $41,854 and $39,967, respectively	68,898		72,476
Receivable for insurance claims in excess of deductibles	19,208		21,358
Deferred income taxes	9,822		12,723
Investment in joint ventures	3,187		3,224
Other assets	8,360		9,437
Total assets	$	1,672,465	$	1,644,079

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Current portion of long-term debt	$	4,650	$	4,554
Current portion of operating lease obligations	13,100		13,019
Current portion of finance lease obligations	790		804
Accounts payable	338,888		314,789
Contract liabilities, net	245,822		300,560
Current portion of accrued self-insurance	29,880		28,499
Accrued income taxes	—		15,129
Other current liabilities	137,547		117,923
Total current liabilities	770,677		795,277
Deferred income tax liabilities	49,860		50,119
Long-term debt	4,722		54,483
Accrued self-insurance	40,525		42,827
Operating lease obligations, net of current maturities	43,065		29,429
Finance lease obligations, net of current maturities	777		1,220
Other liabilities	8,422		10,301
Total liabilities	918,048		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 June 30, 2026 and December 31, 2025	—		—
Common stock—$0.01 par value per share; 100,000,000 authorized shares; 15,569,250 and 15,522,834 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	155		155
Additional paid-in capital	165,785		165,211
Accumulated other comprehensive loss	(11,127)		(8,183)
Retained earnings	599,604		503,240


Total shareholders’ equity	754,417		660,423
Total liabilities and shareholders’ equity	$	1,672,465	$	1,644,079


	Three months ended June 30,				Six months ended June 30,
(in thousands, except per share data)	2026		2025		2026		2025
Contract revenues	$	1,081,727	$	900,325	$	2,082,107	$	1,733,945
Contract costs	939,054		796,614		1,804,994		1,533,333
Gross profit	142,673		103,711		277,113		200,612
Selling, general and administrative expenses	74,409		63,313		143,832		125,837
Amortization of intangible assets	1,210		1,211		2,427		2,399
Gain on sale of property and equipment	(891)		(600)		(1,813)		(1,701)
Income from operations	67,945		39,787		132,667		74,077
Other income (expense):
Interest income	866		45		1,776		236
Interest expense	(706)		(1,905)		(1,365)		(3,319)
Other expense, net	(974)		(533)		(1,922)		(833)
Income before provision for income taxes	67,131		37,394		131,156		70,161
Income tax expense	17,280		10,928		34,505		20,387
Net income	$	49,851	$	26,466	$	96,651	$	49,774


Income per common share:
—Basic	$	3.20	$	1.70	$	6.21	$	3.16
—Diluted	$	3.17	$	1.70	$	6.15	$	3.15
Weighted average number of common shares and potential common shares outstanding:
—Basic	15,577		15,527		15,558		15,759
—Diluted	15,731		15,575		15,712		15,813

Net income	$	49,851	$	26,466	$	96,651	$	49,774
Other comprehensive income (loss):
Foreign currency translation adjustment	(1,641)		4,872		(2,944)		4,994
Other comprehensive income (loss)	(1,641)		4,872		(2,944)		4,994
Total comprehensive income	$	48,210	$	31,338	$	93,707	$	54,768


	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

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


☒			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


	June 30, 2026		December 31, 2025
Weighted-average remaining lease term - finance leases	2.0 years		2.5 years
Weighted-average remaining lease term - operating leases	5.1 years		3.7 years
Weighted-average discount rate - finance leases	3.9	%	3.9	%
Weighted-average discount rate - operating leases	4.0	%	4.0	%


	Six months ended June 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	$	10,098	$	8,760
Right-of-use asset obtained in exchange for new operating lease obligations	$	22,611	$	9,809


(in thousands)	Finance Lease Obligations		Operating Lease Obligations		Total Lease Obligations
Remainder of 2026	$	419	$	10,264	$	10,683
2027	837		15,393		16,230
2028	374		13,190		13,564
2029	—		10,123		10,123
2030	—		5,905		5,905
2031	—		3,727		3,727
Thereafter	—		7,840		7,840
Total minimum lease payments	1,630		66,442		68,072
Financing component	(63)		(10,277)		(10,340)
Net present value of minimum lease payments	1,567		56,165		57,732
Less: current portion of finance and operating lease obligations	(790)		(13,100)		(13,890)
Long-term finance and operating lease obligations	$	777	$	43,065	$	43,842


(dollar amounts in thousands)	Inception Date	Stated Interest Rate (per annum)	Payment Frequency	Term (years)	Outstanding Balance as of June 30, 2026		Outstanding Balance as of December 31, 2025
Credit Agreement
Revolving loans	5/31/2023	Variable	Variable	5	$	—	$	47,414

Equipment Notes








Equipment Note 10	8/26/2022	4.32%	Semi-annual	5	9,361		11,605
Other equipment note	4/11/2022	4.55%	Monthly	5	11		18
					9,372		11,623
Total debt					9,372		59,037
Less: current portion of long-term debt					(4,650)		(4,554)
Long-term debt					$	4,722	$	54,483


(in thousands)	Future Equipment Notes Principal Payments
Remainder of 2026	$	2,303
2027	7,069





Total future principal payments	9,372
Less: current portion of equipment notes	(4,650)
Long-term principal obligations	$	4,722


	Three months ended June 30, 2026
	T&D				C&I				Total
(dollars in thousands)	Amount		Percent		Amount		Percent		Amount		Percent
Fixed price	$	158,637	30.3	%	$	489,267	87.7	%	$	647,904	59.9	%
Unit price	208,407		39.8		14,271		2.6		222,678		20.6
T&E	156,978		29.9		54,167		9.7		211,145		19.5

	$	524,022	100.0	%	$	557,705	100.0	%	$	1,081,727	100.0	%


	Three months ended June 30, 2025
	T&D				C&I				Total
(dollars in thousands)	Amount		Percent		Amount		Percent		Amount		Percent
Fixed price	$	178,118	35.2	%	$	329,982	83.8	%	$	508,100	56.4	%
Unit price	191,022		37.7		20,246		5.1		211,268		23.5
T&E	137,133		27.1		43,824		11.1		180,957		20.1

	$	506,273	100.0	%	$	394,052	100.0	%	$	900,325	100.0	%


	Six months ended June 30, 2026
	T&D				C&I				Total
(dollars in thousands)	Amount		Percent		Amount		Percent		Amount		Percent
Fixed price	$	308,815	29.0	%	$	883,988	86.9	%	$	1,192,803	57.3	%
Unit price	426,618		40.1		27,201		2.7		453,819		21.8
T&E	329,559		30.9		105,926		10.4		435,485		20.9

	$	1,064,992	100.0	%	$	1,017,115	100.0	%	$	2,082,107	100.0	%


(in thousands)	June 30, 2026		December 31, 2025
Costs and estimated earnings on uncompleted contracts	$	8,536,344	$	8,368,365
Less: billings to date	8,722,154		8,593,893
	$	(185,810)	$	(225,528)


	Remaining Performance Obligations at June 30, 2026
(in thousands)	Total		Amount estimated to be recognized within 12 months		Amount estimated to be recognized after 12 months
T&D	$	945,945	$	657,126	$	288,819
C&I	1,880,950		1,625,265		255,685
Total	$	2,826,895	$	2,282,391	$	544,504


	Backlog at June 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	$	1,265,586	$	976,767	$	288,819	$	1,018,116
C&I	1,894,335		1,638,650		255,685		1,806,152
Total	$	3,159,921	$	2,615,417	$	544,504	$	2,824,268


	Three months ended June 30,
	2026				2025
(dollars in thousands)	Amount		Percent		Amount		Percent
Contract revenues:
Transmission & Distribution	$	524,022	48.4	%	$	506,273	56.2	%
Commercial & Industrial	557,705		51.6		394,052		43.8
Total	$	1,081,727	100.0	%	$	900,325	100.0	%
Operating income:
Transmission & Distribution	$	49,513	9.4	%	$	40,465	8.0	%
Commercial & Industrial	47,289		8.5		21,992		5.6
Total	96,802		8.9		62,457		6.9
General Corporate	(28,857)		(2.6)		(22,670)		(2.5)
Consolidated	$	67,945	6.3	%	$	39,787	4.4	%


	Six months ended June 30, 2025
	T&D				C&I				Total
(dollars in thousands)	Amount		Percent		Amount		Percent		Amount		Percent
Fixed price	$	351,568	36.3	%	$	623,787	81.4	%	$	975,355	56.3	%
Unit price	343,124		35.4		37,913		5.0		381,037		22.0
T&E	273,351		28.3		104,202		13.6		377,553		21.7

	$	968,043	100.0	%	$	765,902	100.0	%	$	1,733,945	100.0	%


	For the Three Months Ended June 30, 2026
(in thousands)	T&D		C&I		General Corporate		Consolidated
Contract revenues	$	524,022	$	557,705	$	—	$	1,081,727
Operating costs (1)	474,509		510,416		28,857		1,013,782
Income from operations	49,513		47,289		(28,857)		67,945
Other income (expense):
Interest income							866
Interest expense							(706)
Other expense, net							(974)
Income before provision for income taxes							67,131
Income tax expense							17,280
Net income							$	49,851


	For the Three Months Ended June 30, 2025
(in thousands)	T&D		C&I		General Corporate		Consolidated
Contract revenues	$	506,273	$	394,052	$	—	$	900,325
Operating costs (1)	465,808		372,060		22,670		860,538
Income from operations	40,465		21,992		(22,670)		39,787
Other income (expense):
Interest income							45
Interest expense							(1,905)
Other expense, net							(533)
Income before provision for income taxes							37,394
Income tax expense							10,928
Net income							$	26,466


	For the Six Months Ended June 30, 2026
(in thousands)	T&D		C&I		General Corporate		Consolidated
Contract revenues	$	1,064,992	$	1,017,115	$	—	$	2,082,107
Operating costs (1)	963,269		932,622		53,549		1,949,440
Income from operations	101,723		84,493		(53,549)		132,667
Other income (expense):
Interest income							1,776
Interest expense							(1,365)
Other expense, net							(1,922)
Income before provision for income taxes							131,156
Income tax expense							34,505
Net income							$	96,651


	For the Six Months Ended June 30, 2025
(in thousands)	T&D		C&I		General Corporate		Consolidated
Contract revenues	$	968,043	$	765,902	$	—	$	1,733,945
Operating costs (1)	891,357		726,533		41,978		1,659,868
Income from operations	76,686		39,369		(41,978)		74,077
Other income (expense):
Interest income							236
Interest expense							(3,319)
Other expense, net							(833)
Income before provision for income taxes							70,161
Income tax expense							20,387
Net income							$	49,774


(in thousands)	June 30, 2026		December 31, 2025
T&D	$	578,160	$	553,597
C&I	480,230		474,791
General Corporate	614,075		615,691
	$	1,672,465	$	1,644,079


	For the Six Months Ended June 30,
(in thousands)	2026		2025

T&D	$	31,649	$	28,286
C&I	4,122		4,252
	$	35,771	$	32,538


Period	Total Number of Shares Purchased (1)	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs
April 1, 2026 - April 30, 2026	2,340	$	344.69	2,340	$	—
May 1, 2026 - May 31, 2026	—	$	—	—	$	—
June 1, 2026 - June 30, 2026	—	$	—	—	$	—
Total	2,340	$	344.69	2,340


Number						Description
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)

July 29, 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)