$MYRG

MYR GROUP INC.

CIK:0000700923|SEC Filings

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
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 (in dollars per share)	$ 3.20	$ 1.70	$ 6.21	$ 3.16
Diluted (in dollars per share)	$ 3.17	$ 1.70	$ 6.15	$ 3.15
Weighted average number of common shares and potential common shares outstanding:
Basic (in shares)	15,577	15,527	15,558	15,759
Diluted (in shares)	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

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income	$ 96,651	$ 49,774
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization of property and equipment	33,344	30,139
Amortization of intangible assets	2,427	2,399
Stock-based compensation expense	8,888	5,759
Deferred income taxes	2,743	347
Gain on sale of property and equipment	(1,813)	(1,701)
Other non-cash items	233	(180)
Changes in operating assets and liabilities:
Accounts receivable, net	(51,471)	55,665
Contract assets, net	15,634	(37,597)
Receivable for insurance claims in excess of deductibles	2,210	(742)
Other assets	6,397	4,737
Accounts payable	26,218	11,133
Contract liabilities, net	(54,094)	(41,086)
Accrued self-insurance	(907)	872
Other liabilities	1,614	36,628
Net cash flows provided by operating activities	88,074	116,147
Cash flows from investing activities:
Proceeds from sale of property and equipment	2,370	3,726
Purchases of property and equipment	(45,048)	(34,289)
Net cash flows used in investing activities	(42,678)	(30,563)
Cash flows from financing activities:
Borrowings under revolving lines of credit	48,003	488,553
Repayments under revolving lines of credit	(95,417)	(474,695)
Payment of principal obligations under equipment notes	(2,251)	(2,158)
Payment of principal obligations under finance leases	(396)	(568)
Repurchase of common stock	0	(75,000)
Payments related to tax withholding for stock-based compensation	(7,294)	(2,653)
Net cash flows used in financing activities	(57,355)	(66,521)
Effect of exchange rate changes on cash	(325)	429
Net increase (decrease) in cash and cash equivalents	(12,284)	19,492
Cash and cash equivalents:
Beginning of period	150,156	3,464
End of period	$ 137,872	$ 22,956

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
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	0
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
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	0	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	0	0
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