MYR Group, Inc
MYR Group Inc. is a U.S.-based specialty electrical contractor formed through the merger of long-standing contractors and organized around local operating subsidiaries. It designs, builds, upgrades, maintains, and repairs electric utility infrastructure and electrical systems for commercial and industrial projects across the United States and Canada.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueElectrical construction, maintenance, and repair for utility grid infrastructure, including power lines and related systems.
Electrical contracting for buildings and infrastructure projects such as data centers, hospitals, airports, and manufacturing facilities.
Customers
Customers are primarily electric utilities and infrastructure owners in the T&D business, plus general contractors, developers, and facility owners in C&I. The company also serves government-funded utilities, independent power producers, industrial owners, and public agencies on transportation and infrastructure projects. Demand is driven by grid investment, facility expansion, data center buildouts, transportation spending, and maintenance needs.
Investor-owned utilities, cooperatives, independent power producers, and transmission companies buy T&D construction and maintenance to expand and harden the grid.
Facility owners and developers buy electrical installation, maintenance, and upgrades for buildings, plants, and infrastructure-heavy sites.
General contractors subcontract MYR for electrical scopes on complex C&I projects where schedule and execution matter.
Agencies and publicly funded entities buy roadway lighting, signalization, transportation, and utility-related work.
Developers and industrial owners buy specialized electrical work for new capacity, modernization, and energy transition projects.
Strategy
Management is focused on expanding capabilities, allocating capital carefully, and winning higher-quality projects with attractive margins. The company is investing in people, specialty equipment, and working capital to support organic growth, while also using its balance sheet for acquisitions and share repurchases. Its strategy is to deepen relationships in T&D and C&I, where execution, safety, and project management are key differentiators.
Grid investment and utility modernization create long-duration demand, and the company is directing most capex toward this business.
Data centers, transportation, healthcare, manufacturing, and clean energy projects support diversified demand.
Financial flexibility supports organic growth, acquisitions, and opportunistic buybacks in a cyclical contracting market.
Geography
MYR Group operates primarily in the United States and Canada through a network of local offices and subsidiaries. T&D work is performed throughout the United States and in Ontario, Canada, while C&I work is concentrated in the United States and western Canada. Geography matters because the business is tied to regional utility capex cycles, permitting, labor availability, weather, and infrastructure spending patterns.
Risks
The business is exposed to project execution risk, fixed-price contract overruns, and volatility in labor, materials, equipment, and insurance costs. It also depends on third parties such as suppliers and subcontractors, while demand can be affected by permitting delays, weather, customer spending, tariffs, and policy changes. Because revenue is recognized over time using estimates, changes in job costs or project scope can move margins materially from period to period.
- Fixed-price contract cost overrunsImpact: HighLikelihood: Medium
The company estimates labor, materials, equipment and engineering costs upfront, so errors or inflation can erode margins.
Exposure: Especially relevant in C&I fixed-price work
- Third-party dependencyImpact: HighLikelihood: Medium
The company relies on suppliers, subcontractors and equipment manufacturers to complete contracts on time and within budget.
Exposure - Project delays and seasonal volatilityImpact: MediumLikelihood: Medium
Weather, permitting, regulatory approvals and customer scheduling can shift work between quarters and affect utilization.
Exposure: T&D and C&I project schedules
- Policy and tariff uncertaintyImpact: MediumLikelihood: Medium
Infrastructure demand and input costs can be affected by government policy, trade actions and tariff changes.
Exposure: U.S. infrastructure and cross-border supply chains
- Customer concentration within a broad baseImpact: MediumLikelihood: Low
No single customer exceeds 10%, but the top 10 customers still represent a large share of revenue.
Exposure: Top 10 customers were 38.0% of 2025 revenue
Accounting
Judgemental itemsRevenue and profit depend on estimated total costs and progress toward completion, so revisions can change current and prior-period results.
Impact: Can increase or reduce quarterly revenue and gross margin
Expected losses are recognized in full when identified, creating potentially sharp earnings impacts on troubled projects.
Impact: Can cause sudden margin compression
Quarter-end estimates for work performed but not yet billed affect revenue and working capital.
Impact: Affects receivables, contract assets and quarterly comparability
Acquisitions create goodwill that must be tested for impairment, especially if project markets weaken.
Impact: Potential non-cash charges to earnings
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Last updated: 24/09/2026