Key Highlights

  • Revenue rose 40.3% to a record USD 1.38 billion, including 36% organic growth driven by both E&M and T&D.
  • Net income rose 61.2% to USD 91.9 million, and diluted EPS rose 61.3% to USD 1.79.
  • EBITDA rose 57.5% to USD 140.2 million at a 10.1% margin, and Backlog reached USD 5.48 billion, up 86.1%.
  • Guidance rose to Revenue of USD 5.0 to 5.1 billion and EBITDA of USD 485 to 495 million.

Record Quarter

Everus Construction Group (NYSE:ECG) reported third-quarter 2026 revenue of USD 1.38 billion, up 40.3%, with organic growth of 36%. Net Income reached USD 91.9 million, up 61.2%, for a net income Margin of 6.6%, and Diluted Earnings per Share were USD 1.79. EBITDA was USD 140.2 million, up 57.5%, and EBITDA margin expanded 110 basis points to 10.1%. All of these were quarterly records.

President and Chief Executive Officer Jeffrey Thiede said the results reflect market Demand and execution, and pointed to project opportunities in the data center, high tech and hospitality submarkets. For the first nine months, revenue rose 33.6% to USD 3.65 billion from USD 2.73 billion.

Gross profit rose 65.1% to USD 205.0 million, and gross margin was 14.8%, helped by increased workloads, project execution and a dispute resolution on prior billings that produced a USD 7.6 million net benefit. Electrical and mechanical revenues rose 48.0% to USD 1.14 billion, or 42.3% organically, led by Data Center and high-tech work, and E&M segment EBITDA rose 79.1% to USD 119.8 million at a 10.5% margin versus 8.7%. Transmission and distribution revenues rose 14.4% to USD 255.6 million on Utility work, with segment EBITDA up 13.3% to USD 38.3 million at a 15.0% margin.

Analyst estimates were EPS of USD 1.31 against reported EPS of USD 1.79, and revenue of USD 1.19 billion against reported revenue of USD 1.38 billion.

Backlog and Acquisition

Backlog reached USD 5.48 billion at September 30, 2026, up 69.8% from USD 3.23 billion at December 31, 2025 and up 86.1% from USD 2.95 billion a year earlier. Acquisitions completed during the nine months contributed an estimated USD 742.3 million of backlog. E&M backlog rose to USD 5.11 billion, up 79.7% from year end, while T&D backlog edged down to USD 371.3 million from USD 384.5 million.

On September 1, 2026 the company completed the Acquisition of Epsilon Industries, which expands its off-site modular construction and prefabrication capabilities. Thiede said the integration is progressing as planned.

Balance Sheet and Guidance

Unrestricted cash and cash equivalents were USD 244.8 million, compared with USD 152.7 million at year end, while gross Debt was USD 571.5 million, compared with USD 285.0 million. Net Leverage was 0.7 times, which management said provides financial flexibility. Free Cash Flow for the nine months was USD 221.2 million versus USD 74.8 million, capital expenditures were USD 53.4 million, and acquisitions used net cash of USD 380.5 million.

Management now expects 2026 revenue of USD 5.0 billion to USD 5.1 billion, up from USD 4.5 billion to USD 4.7 billion, and EBITDA of USD 485 million to USD 495 million.

Items to Follow

Conversion of backlog into revenue, integration of Epsilon Industries and margin trends in E&M are the items to follow.