Revenue climbed to about $1.3B in 2026Q3 with gross margin of 13.6% and operating margin of 6.8%, though these levels appear to be a cyclical recovery from negative operating margins as recently as 2024Q2.
MYR Group Inc. (MYRG) annual income statement — 30-year revenue, gross profit & net income history
| 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 | 4.31B | 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 % | 22.78% | 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 | 3.76B | 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 | 557.21M | 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 % | 12.91% | 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 | 294.89M | 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 | 289.95M | 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 | 1000K | 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 | 262.33M | 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 % | 6.08% | 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 | 339.7M | 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 % | 7.87% | 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 % | 59.51% | 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) | 77.37M | 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 | 264.93M | 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 | -4.79M | -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 | 2.36M | 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 | 7.15M | 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 | -2.44M | -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 | 259.88M | 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 % | 6.02% | 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 | 66.68M | 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 % | 25.66% | 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 | 193.2M | 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 % | 4.48% | 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 % | 97.51% | 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) | 193.2M | 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) | 12.29 | 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 % | 98.71% | 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 | 15.72M | 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 | 15.58M | 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% |
Quick answers to the most common questions about buying MYRG stock.
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.
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%.
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.
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.
Key Metrics
Top Statement Risk
Labor cost inflation pressure
Metrics are mathematically derived from official filings.
Revenue Growth Re-Accelerating Through Backlog Conversion
Quarterly revenue climbed from roughly $829.8M in 2024Q4 to about $1.3B in 2026Q3, and as reported in the income statement data, year-over-year growth has turned sharply positive after a contraction in 2024.
The shift from negative growth in 2024 to 20-33% year-over-year gains in recent quarters suggests demand has moved from a stabilization phase into genuine volume expansion. Because the company does not separate price from volume in the supplied data, it is unclear how much of this uplift reflects project pricing versus higher activity, which warrants further investigation. Investors should monitor whether this pace is sustained once the strong record backlog begins converting into quarterly revenue.
Thin Gross Margins Limit Pricing Leverage
Gross margin improved from about 4.9% in 2024Q2 to roughly 13.6% in 2026Q3, yet remains structurally modest, which, based on reported figures, leaves the business exposed to small cost slippages.
The recovery in gross margin appears to reflect better project mix and execution rather than a durable step-change in pricing power, given the cost-plus nature typical of this industry. A gross margin in the low-teens leaves limited cushion against labor or material inflation on fixed-price work. Management's ability to hold these levels through the second half will likely determine whether the margin rebound is structural.
Operating Leverage Emerging but Overhead Still Heavy
Operating margin expanded from negative territory in 2024Q2 to about 6.8% in 2026Q3, and according to recent filings the SG&A line has grown more slowly than gross profit in the latest quarters.
The widening gap between gross profit growth and SG&A growth suggests operating leverage is starting to materialize as volume absorbs fixed overhead. Because SG&A still consumes a meaningful share of gross profit, the margin gain is sensitive to any reacceleration in overhead spending. Investors should watch whether SG&A discipline holds as revenue scales further.
EPS Gains Outpace Operating Improvement
Diluted EPS rose from a loss of $0.91 in 2024Q2 to $3.82 in 2026Q3, and based on the supplied figures, net income growth has been considerably faster than the underlying revenue growth.
The very steep EPS increase relative to modest net margin gains of roughly 4.8% suggests that a portion of the improvement may reflect the low base and favorable tax or non-operating effects rather than purely operating performance. The supplied data does not isolate tax rate or non-operating items, so these explanations remain inferential and should be verified against the filings. Stock-based compensation is modest relative to earnings, which limits its distortion of reported profit.
Margin Recovery May Prove Fragile
Bears would argue that the 13.6% gross margin and 6.8% operating margin represent a cyclical peak, and that a single-digit net margin leaves little room for error on fixed-price contracts.
A short-seller case would focus on whether the recent quarterly margin strength reflects favorable project timing rather than sustainable economics, particularly since the company operates in a labor-constrained market. If labor costs rise faster than contract escalators, the current operating margin could compress quickly given the thin spread. The record backlog offers visibility, but the absence of formal guidance means conversion economics remain uncertain.