$ECG

Everus Construction Group, Inc.

CIK:0002015845|SEC Filings

Condensed Consolidated Statements of 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]
Operating revenues	$ 1,231,547	$ 921,466	$ 2,268,500	$ 1,748,095
Cost of sales	1,048,624	801,597	1,954,848	1,535,733
Gross profit	182,923	119,869	313,652	212,362
Selling, general and administrative expenses	71,152	47,362	124,197	88,871
Operating income	111,771	72,507	189,455	123,491
Interest income	1,327	552	3,651	1,489
Interest expense	4,627	5,365	9,247	10,996
Other income, net	1,504	1,908	2,056	2,475
Income before income taxes and income from equity method investments	109,975	69,602	185,915	116,459
Income taxes	29,401	19,408	49,653	32,981
Income from equity method investments	3,316	2,649	5,944	6,037
Net income	$ 83,890	$ 52,843	$ 142,206	$ 89,515
Earnings per share:
Basic (in dollars per share)	$ 1.64	$ 1.04	$ 2.78	$ 1.75
Diluted (in dollars per share)	$ 1.64	$ 1.03	$ 2.78	$ 1.75
Weighted average common shares outstanding:
Basic (in shares)	51,086	51,041	51,084	51,042
Diluted (in shares)	51,220	51,094	51,205	51,092

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities:
Net income	$ 142,206	$ 89,515
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	16,844	13,901
Amortization of intangible assets	3,247	116
Deferred income taxes	(3,041)	2,305
Provision for credit losses, net of reversals	372	(1,729)
Amortization of debt issuance costs	788	788
Stock-based compensation costs	5,256	2,870
Net unrealized gains on investments	(679)	(300)
Gain on sale of assets	(3,545)	(3,682)
Equity in earnings of unconsolidated affiliates, net of distributions	10,098	909
Changes in operating assets and liabilities, net of effects of acquisitions:
Receivables	(127,888)	(91,194)
Contract assets	(26,865)	(77,453)
Inventories, net	(10,280)	(4,302)
Other current assets	20,133	1,577
Accounts payable	43,789	60,547
Contract liabilities, net	98,897	23,050
Other current liabilities	24,006	14,268
Other noncurrent changes	3,472	1,284
Net cash provided by operating activities	196,810	32,470
Investing activities:
Capital expenditures	(35,600)	(31,623)
Net proceeds from sale or disposition of property, plant and equipment	5,818	5,635
Acquisition, net of cash acquired	(147,642)	0
Proceeds from insurance contracts	0	2,174
Investments	(2,745)	(1,872)
Net cash used in investing activities	(180,169)	(25,686)
Financing activities:
Repayment of long-term debt	(7,500)	(7,500)
Tax withholding on stock-based compensation	(2,971)	(588)
Net cash used in financing activities	(10,471)	(8,088)
Increase (decrease) in cash, cash equivalents and restricted cash	6,170	(1,304)
Cash, cash equivalents and restricted cash - beginning of period	170,500	86,012
Cash, cash equivalents and restricted cash - end of period	176,670	84,708
Cash paid for amounts included in the measurement of lease liabilities:
Interest paid	8,522	10,143
Income taxes paid, net	40,104	29,698
Purchases of property, plant and equipment included in Accounts payable	$ 202	$ 868

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash, cash equivalents and restricted cash	$ 176,670	$ 170,500
Receivables, net of allowance for credit losses of $5,365 and $5,282, respectively	919,235	769,828
Contract assets	290,157	255,767
Inventories, net	55,634	45,271
Prepaid expenses	19,587	38,161
Other current assets	15,324	16,854
Total current assets	1,476,607	1,296,381
Noncurrent assets:
Investments	20,408	27,082
Property, plant and equipment, net of accumulated depreciation of $187,037 and $174,914, respectively	186,892	168,498
Operating lease right-of-use assets	87,507	88,705
Goodwill	212,253	143,224
Other intangible assets, net of accumulated amortization of $3,247 as of June 30, 2026	70,253	0
Other noncurrent assets	3,751	4,841
Total noncurrent assets	581,064	432,350
Total assets	2,057,671	1,728,731
Current liabilities:
Current portion of long-term debt	15,000	15,000
Accounts payable	275,976	226,264
Contract liabilities, net	418,819	305,111
Taxes payable	12,541	6,483
Accrued compensation	107,801	86,960
Accrued payroll-related liabilities	52,370	47,189
Current portion of operating lease liabilities	34,776	33,905
Other accrued liabilities	12,943	15,278
Total current liabilities	930,226	736,190
Noncurrent liabilities:
Long-term debt, net of unamortized issuance costs	259,499	266,549
Deferred income taxes	11,828	14,869
Operating lease liabilities	54,875	56,634
Other noncurrent liabilities	28,042	24,671
Total noncurrent liabilities	354,244	362,723
Total liabilities	1,284,470	1,098,913
Commitments and contingent liabilities
Stockholders’ equity:
Preferred stock, 10,000,000 shares authorized, $0.01 par value, none issued and outstanding	0	0
Common stock, 300,000,000 shares authorized, $0.01 par value, 51,063,836 and 51,006,719 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	511	510
Additional paid-in capital	144,742	143,566
Retained earnings	627,948	485,742
Total stockholders’ equity	773,201	629,818
Total liabilities and stockholders’ equity	$ 2,057,671	$ 1,728,731