MYR Group Inc. (MYRG) Income Statement

30Y historyFree accessUpdated daily

Revenue accelerated 20.1% YoY to a record $1.1B in Q2 2026, with gross margin expanding to 13.2% and operating margin reaching 6.3%, driving EPS growth of 85.9%.

Annual statement

MYRG Income Statement

MYR Group Inc. (MYRG) annual income statement — 30-year revenue, gross profit & net income history

Annual Quarterly

Metric	TTM	Dec'25	Dec'24	Dec'23	Dec'22	Dec'21	Dec'20	Dec'19	Dec'18	Dec'17	Dec'16	Dec'15	Dec'14	Dec'13	Dec'12	Dec'11	Dec'10	Dec'09	Dec'08	Dec'07	Dec'99	Dec'98	Dec'97	Dec'96	Dec'95	Dec'94	Dec'93	Dec'92	Dec'91	Dec'90	Dec'89

Sales/Revenue	4.01B	3.66B	3.36B	3.64B	3.01B	2.5B	2.25B	2.07B	1.53B	1.4B	1.14B	1.06B	943.97M	902.73M	998.96M	780.36M	597.08M	631.17M	616.11M	610.31M	477.28M	459.3M	431.3M	310.6M	267M	86.8M	108.5M	110.3M	96.1M	65.8M	59.8M
Revenue Growth %	16.06%	8.79%	-7.73%	21.12%	20.42%	11.16%	8.51%	35.27%	9.11%	22.83%	7.61%	12.47%	4.57%	-9.63%	28.01%	30.7%	-5.4%	2.44%	0.95%	27.87%	3.91%	6.49%	38.86%	16.33%	207.6%	-20%	-1.63%	14.78%	46.05%	10.03%	-
Cost of Goods Sold	3.51B	3.24B	3.07B	3.28B	2.66B	2.17B	1.97B	1.86B	1.36B	1.28B	1.01B	939.34M	811.55M	777.85M	880.31M	694.79M	526.36M	555.26M	525.92M	540.87M	421.9M	409.5M	386M	272.8M	231.2M	71.3M	95M	93.8M	81M	54.7M	49.7M
COGS % of Revenue	-	88.55%	91.37%	90%	88.57%	86.99%	87.73%	89.66%	89.09%	91.09%	88.21%	88.48%	85.97%	86.17%	88.12%	89.03%	88.16%	87.97%	85.36%	88.62%	88.4%	89.16%	89.5%	87.83%	86.59%	82.14%	87.56%	85.04%	84.29%	83.13%	83.11%
Gross Profit	496.65M	418.97M	290.32M	364.4M	343.96M	324.98M	275.85M	214.16M	167.06M	125M	134.72M	122.34M	132.41M	124.88M	118.65M	85.57M	70.72M	75.91M	90.18M	69.45M	55.38M	49.8M	45.3M	37.8M	35.8M	15.5M	13.5M	16.5M	15.1M	11.1M	10.1M
Gross Margin %	12.4%	11.45%	8.63%	10%	11.43%	13.01%	12.27%	10.34%	10.91%	8.91%	11.79%	11.52%	14.03%	13.83%	11.88%	10.96%	11.84%	12.03%	14.64%	11.38%	11.6%	10.84%	10.5%	12.17%	13.41%	17.86%	12.44%	14.96%	15.71%	16.87%	16.89%
Gross Profit Growth %	-	44.31%	-20.33%	5.94%	5.84%	17.81%	28.81%	28.19%	33.64%	-7.21%	10.12%	-7.61%	6.04%	5.25%	38.67%	20.99%	-6.83%	-15.83%	29.86%	25.4%	11.21%	9.93%	19.84%	5.59%	130.97%	14.81%	-18.18%	9.27%	36.04%	9.9%	-
Operating Expenses	274.67M	256.36M	236.24M	235.3M	229.06M	206.42M	189.31M	156.98M	120.58M	99.11M	97.31M	79.76M	74.15M	70.15M	63.91M	57.11M	44.22M	48.38M	50.96M	46.35M	40.38M	35.5M	33.8M	29.7M	28M	11.4M	10.7M	10.2M	9.8M	7.6M	7.9M
OpEx % of Revenue	-	7.01%	7.03%	6.46%	7.61%	8.26%	8.42%	7.58%	7.88%	7.06%	8.52%	7.51%	7.86%	7.77%	6.4%	7.32%	7.41%	7.67%	8.27%	7.6%	8.46%	7.73%	7.84%	9.56%	10.49%	13.13%	9.86%	9.25%	10.2%	11.55%	13.21%
Selling, General & Admin	274.35M	256.36M	238.22M	234.61M	222.42M	207.21M	188.53M	156.67M	118.74M	98.61M	96.42M	79.19M	73.82M	69.82M	63.58M	56.78M	44.63M	48.47M	50.62M	45.59M	35.71M	30.9M	28.2M	23.6M	21.8M	8.2M	7.8M	7.9M	8.1M	6.8M	7M
SG&A % of Revenue	-	7.01%	7.09%	6.44%	7.39%	8.29%	8.39%	7.56%	7.75%	7.03%	8.44%	7.46%	7.82%	7.73%	6.36%	7.28%	7.47%	7.68%	8.22%	7.47%	7.48%	6.73%	6.54%	7.6%	8.16%	9.45%	7.19%	7.16%	8.43%	10.33%	11.71%
Research & Development	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	0	0	-1.99M	0	6.63M	-787K	773K	306K	-3.62M	0	885K	174K	162K	-27K	-222K	335K	0	0	334K	769K	4.67M	4.6M	5.6M	6.1M	6.2M	3.2M	2.9M	2.3M	1.7M	800K	900K
Operating Income	221.98M	162.61M	54.08M	129.09M	114.91M	118.56M	86.55M	57.18M	50.31M	29.56M	38.75M	44.84M	58.4M	55.62M	55.76M	29.63M	26.5M	27.52M	40.04M	23.09M	15M	14.3M	11.5M	8.1M	7.8M	4.1M	2.8M	6.3M	5.3M	3.5M	2.2M
Operating Margin %	5.54%	4.45%	1.61%	3.54%	3.82%	4.75%	3.85%	2.76%	3.29%	2.11%	3.39%	4.22%	6.19%	6.16%	5.58%	3.8%	4.44%	4.36%	6.5%	3.78%	3.14%	3.11%	2.67%	2.61%	2.92%	4.72%	2.58%	5.71%	5.52%	5.32%	3.68%
Operating Income Growth %	-	200.67%	-58.11%	12.35%	-3.08%	36.99%	51.36%	13.65%	70.21%	-23.73%	-13.57%	-23.22%	5.01%	-0.26%	88.2%	11.79%	-3.7%	-31.26%	73.39%	53.95%	4.9%	24.35%	41.98%	3.85%	90.24%	46.43%	-55.56%	18.87%	51.43%	59.09%	-
EBITDA	291.73M	229.12M	119.27M	188.23M	173.08M	164.76M	133M	101.69M	90.22M	68.13M	77.88M	82.87M	91.83M	84.81M	80.92M	49.14M	42.8M	41.05M	51.19M	33.76M	10.33M	9.7M	5.9M	2M	1.6M	900K	-100K	4M	3.6M	2.7M	1.3M
EBITDA Margin %	7.28%	6.26%	3.55%	5.17%	5.75%	6.6%	5.92%	4.91%	5.89%	4.86%	6.82%	7.81%	9.73%	9.4%	8.1%	6.3%	7.17%	6.5%	8.31%	5.53%	2.16%	2.11%	1.37%	0.64%	0.6%	1.04%	-0.09%	3.63%	3.75%	4.1%	2.17%
EBITDA Growth %	54.75%	92.1%	-36.64%	8.76%	5.04%	23.89%	30.78%	12.71%	32.42%	-12.51%	-6.03%	-9.75%	8.27%	4.81%	64.67%	14.83%	4.26%	-19.81%	51.62%	226.75%	6.52%	64.41%	195%	25%	77.78%	1000%	-102.5%	11.11%	33.33%	107.69%	-
D&A (Non-Cash Add-back)	69.75M	66.51M	65.19M	59.14M	58.17M	46.2M	46.45M	44.52M	39.91M	38.58M	39.12M	38.03M	33.42M	29.2M	25.16M	19.51M	16.29M	13.53M	11.15M	10.67M	-4.67M	-4.6M	-5.6M	-6.1M	-6.2M	-3.2M	-2.9M	-2.3M	-1.7M	-800K	-900K
EBIT	225.19M	166.93M	53.02M	129.94M	117.77M	118.11M	85.95M	56.67M	46.48M	27.24M	37.41M	42.78M	58.67M	54.72M	55.54M	29.6M	26.42M	27.53M	40.83M	23.09M	15M	14.3M	11.5M	8.1M	7.8M	4.1M	2.8M	6.3M	5.3M	3.5M	2.2M
Net Interest Income	-2.75M	-4.92M	-6.11M	-4.05M	-3.38M	-1.73M	-4.55M	-6.22M	-3.63M	-2.6M	-1.29M	-716K	-616K	-718K	-850K	-491K	-996K	-634K	-700K	-460K	0	-2.2M	0	-1.8M	-1.8M	-100K	-400K	-300K	-400K	-200K	-600K
Interest Income	2.26M	723K	415K	888K	187K	70K	9K	4K	24K	4K	5K	25K	106K	9K	2K	53K	58K	218K	1M	1.23M	0	0	0	0	0	0	0	0	0	0	0
Interest Expense	5.01M	5.65M	6.53M	4.94M	3.56M	1.8M	4.56M	6.22M	3.65M	2.6M	1.3M	741K	722K	727K	852K	544K	1.05M	852K	1.7M	1.69M	0	2.2M	0	1.8M	1.8M	100K	400K	300K	400K	200K	600K
Other Income/Expense	299K	-1.33M	-7.59M	-4.09M	-703K	-2.25M	-5.16M	-6.74M	-7.24M	-4.92M	-409K	-542K	-454K	-745K	-1.07M	-572K	-1.14M	-842K	-912K	-26.36M	220K	-1.4M	-1.5M	-1.7M	-2.1M	-300K	-600K	-500K	-400K	100K	1.2M
Pretax Income	222.28M	161.28M	46.49M	125M	114.2M	116.31M	81.39M	50.44M	43.07M	24.64M	38.34M	44.3M	57.95M	54.87M	54.69M	29.06M	25.36M	26.68M	39.13M	-3.27M	15.22M	12.9M	10M	6.4M	5.7M	3.8M	2.2M	5.8M	4.9M	3.6M	3.4M
Pretax Margin %	5.55%	4.41%	1.38%	3.43%	3.8%	4.66%	3.62%	2.44%	2.81%	1.76%	3.36%	4.17%	6.14%	6.08%	5.47%	3.72%	4.25%	4.23%	6.35%	-0.54%	3.19%	2.81%	2.32%	2.06%	2.13%	4.38%	2.03%	5.26%	5.1%	5.47%	5.69%
Income Tax	56.99M	42.87M	16.23M	34.01M	30.82M	31.3M	22.63M	14.23M	11.77M	3.49M	16.91M	17M	21.41M	20.11M	20.43M	10.76M	9.24M	9.45M	15.49M	-64K	6.09M	5M	4M	2.4M	2.3M	1.5M	600K	2.2M	500K	100K	200K
Effective Tax Rate %	25.64%	26.58%	34.91%	27.21%	26.99%	26.91%	27.8%	28.21%	27.34%	14.15%	44.11%	38.37%	36.94%	36.65%	37.35%	37.03%	36.44%	35.4%	39.6%	1.96%	40%	38.76%	40%	37.5%	40.35%	39.47%	27.27%	37.93%	10.2%	2.78%	5.88%
Net Income	165.29M	118.42M	30.26M	90.99M	83.38M	85.01M	58.76M	37.69M	31.09M	21.15M	21.43M	27.3M	36.54M	34.76M	34.26M	18.3M	16.12M	17.23M	23.63M	-3.2M	8.56M	7.9M	6.6M	3.5M	3.4M	2.1M	1.6M	3.6M	4.2M	3.5M	2.7M
Net Margin %	4.13%	3.24%	0.9%	2.5%	2.77%	3.4%	2.61%	1.82%	2.03%	1.51%	1.88%	2.57%	3.87%	3.85%	3.43%	2.34%	2.7%	2.73%	3.84%	-0.52%	1.79%	1.72%	1.53%	1.13%	1.27%	2.42%	1.47%	3.26%	4.37%	5.32%	4.52%
Net Income Growth %	116.42%	291.29%	-66.74%	9.13%	-1.92%	44.68%	55.9%	21.24%	46.96%	-1.29%	-21.5%	-25.29%	5.14%	1.45%	87.24%	13.5%	-6.46%	-27.07%	838.07%	-137.41%	8.35%	19.7%	88.57%	2.94%	61.9%	31.25%	-55.56%	-14.29%	20%	29.63%	-
Net Income (Continuing)	165.29M	118.42M	30.26M	90.99M	83.38M	85.01M	58.76M	36.21M	31.29M	21.15M	21.43M	27.3M	36.54M	34.76M	34.26M	18.3M	16.12M	17.23M	23.63M	-3.2M	9.13M	7.9M	6M	4M	3.4M	2.3M	1.6M	3.6M	4.4M	3.5M	3.2M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	4K	4K	1.48M	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)	10.52	7.53	1.83	5.40	4.91	4.95	3.48	2.26	1.87	1.28	1.23	1.30	1.69	1.61	1.60	0.87	0.78	0.83	1.14	-0.19	0.41	0.38	0.32	0.17	0.16	0.10	0.08	0.17	0.20	0.17	0.13
EPS Growth %	119.83%	311.48%	-66.11%	9.98%	-0.81%	42.24%	53.98%	20.86%	46.09%	4.06%	-5.38%	-23.08%	4.97%	0.63%	83.91%	11.54%	-6.02%	-27.19%	700%	-146.34%	7.89%	18.75%	88.24%	6.25%	60%	29.53%	-54.59%	-15%	17.65%	30.77%	-
EPS (Basic)	-	7.57	1.84	5.45	4.97	5.05	3.52	2.27	1.89	1.30	1.25	1.33	1.73	1.65	1.67	0.90	0.81	0.87	1.20	-0.19	0.43	0.40	0.33	0.18	0.17	0.11	0.08	0.18	0.21	0.18	0.14
Diluted Shares Outstanding	15.71M	15.73M	16.53M	16.84M	16.98M	17.16M	16.89M	16.7M	16.59M	16.5M	17.46M	21.04M	21.47M	21.43M	21.17M	20.99M	20.78M	20.7M	20.71M	16.54M	20.72M	20.72M	20.72M	20.72M	20.72M	20.72M	20.72M	20.72M	20.72M	20.72M	20.72M
Basic Shares Outstanding	15.56M	15.64M	16.47M	16.71M	16.76M	16.84M	16.68M	16.59M	16.44M	16.27M	17.11M	20.58M	20.92M	20.82M	20.39M	20.15M	19.88M	19.75M	19.71M	16.54M	19.71M	19.71M	19.71M	19.71M	19.71M	19.71M	19.71M	19.71M	19.71M	19.71M	19.71M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	10.43%	10.13%	10.61%	17.14%	17.65%	23.81%	31.25%	13.89%	9.52%	8.57%	3.7%

Key Metrics

Growth RegimeAccelerating

ProfitabilityStrong

Balance SheetHealthy

Cash FlowStable

Top Statement Risk

Thin gross margin vulnerability

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2026Q2)

Revenue Momentum Accelerates on Grid Demand

MYRG's revenue grew 20.1% year-over-year in Q2 2026, reaching a record $1.1B, according to the latest quarterly report, marking a clear acceleration from the 8.6% growth in Q2 2025.

The sequential acceleration from 8.6% to 20.1% year-over-year growth suggests that the company is capturing increased demand for grid modernization and resiliency projects. The record backlog of $3.16B reported by management provides visibility into continued near-term growth, though the mix of high-voltage transmission versus lower-margin distribution work within that backlog will determine the quality of that growth.

Gross Margin Expansion Signals Mix Shift

Gross margin improved to 13.2% in Q2 2026 from 11.4% a year earlier, as reported in the income statement, suggesting a favorable shift toward higher-margin transmission work and improved project execution.

The 180 basis point year-over-year expansion in gross margin is notable given the structurally thin margins typical of E&C firms. This improvement may indicate that MYRG is successfully bidding on more complex, higher-voltage projects, or that cost escalation clauses are providing better protection against labor inflation. However, the absolute level remains low, leaving profitability sensitive to any reversal in mix or cost pressures.

Operating Leverage Amplifies Earnings Beat

Operating income surged 73% year-over-year in Q2 2026 to $67.9M, with operating margin expanding to 6.3% from 4.4%, according to the financial statements, demonstrating significant operating leverage as revenue scales.

The disproportionate growth in operating income relative to revenue indicates that SG&A costs are not growing at the same pace as gross profit, allowing fixed overhead to be spread over a larger revenue base. This leverage is a key driver of the EPS beat, but investors should monitor whether SG&A discipline can be maintained as the company continues to expand.

Earnings Quality Supported by Low SBC

Stock-based compensation was only $5.5M in Q2 2026, representing roughly 11% of net income, based on the reported figures, suggesting that reported EPS is not significantly diluted by non-cash charges.

The relatively low level of SBC compared to net income indicates that earnings quality is not being undermined by excessive equity compensation, which is common in the sector. However, the use of percentage-of-completion accounting means that earnings are subject to management estimates of costs to complete, and investors should scrutinize unbilled receivables for signs of aggressive revenue recognition.

2024 Loss Marks Turning Point

The company swung from a net loss of $15.3M in Q2 2024 to a net income of $49.9M in Q2 2026, as per the income statement data, representing a dramatic operational turnaround.

The Q2 2024 loss, with a gross margin of just 4.9%, appears to have been a trough driven by project execution issues and possibly adverse market conditions. Since then, gross margins have recovered and expanded, and revenue has grown steadily, indicating that management has addressed operational inefficiencies and is now benefiting from a more favorable demand environment. This inflection point underscores the cyclicality of the business but also the potential for sustained profitability if current trends persist.

Thin Margins Remain Key Vulnerability

Despite the strong quarter, gross margin of 13.2% remains thin, as reported in the latest financials, leaving MYRG exposed to cost inflation, labor shortages, or project overruns that could quickly erode profitability.

The 13.2% gross margin is only slightly above the peer average, and any adverse movement in labor costs or commodity prices could compress margins significantly. The company's reliance on percentage-of-completion accounting also introduces estimation risk, and a single large project write-down could reverse the recent earnings momentum. Short-sellers might argue that the current earnings beat is unsustainable if the backlog mix shifts toward lower-margin work or if competition intensifies in the C&I segment.

MYRG — Frequently Asked Questions

Quick answers to the most common questions about buying MYRG stock.

What was MYR Group Inc.'s (MYRG) revenue in 2025?

For fiscal year 2025, MYR Group Inc. (MYRG) reported total revenue of $3.66B. This represents a 6016.9% increase compared to $59.8M in 1989.

Is MYR Group Inc. (MYRG) profitable?

MYR Group Inc. (MYRG) is profitable, generating $118.4M in net income for the fiscal year ending 2025 with a net profit margin of 3.2%.

What is MYR Group Inc.'s operating profit margin?

MYR Group Inc. (MYRG) reported an operating income of $162.6M, resulting in an operating profit margin of 4.4%. This margin reflects the operational efficiency of the business before interest and taxes.

What is MYR Group Inc.'s gross profit and gross margin?

MYR Group Inc. (MYRG) generated $419.0M in gross profit for the year, representing a gross profit margin of 11.5%. This demonstrates the company's core pricing power and production efficiency.