Everus Construction Reports Record Q4 & Full-Year 2025 Results, Initiates Strong 2026 Guidance
Summary
Everus Construction Group announced record fourth quarter and full-year 2025 financial results, including significant revenue and EPS growth, alongside strong 2026 guidance and improved balance sheet metrics.
Key Events
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Record Q4 and Full-Year 2025 Performance
The company reported record Q4 revenues of $1.01 billion (up 33.1%), net income of $55.3 million (up 60.8%), and diluted EPS of $1.08 (up 61.2%). Full-year 2025 also saw record revenues of $3.75 billion (up 31.5%), net income of $201.8 million (up 40.7%), and diluted EPS of $3.95 (up 40.6%).
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Strong Backlog and Improved Financial Health
Backlog reached a record $3.23 billion as of December 31, 2025, an increase of 16.1% year-over-year. Net leverage significantly improved to 0.4x from 1.0x, with $375.5 million in cash and available liquidity.
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Positive 2026 Guidance Initiated
Everus expects 2026 revenues to be in the range of $4.1 billion to $4.2 billion and EBITDA to be between $320 million and $335 million, indicating continued growth.
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Growth Across Segments
Both Electrical & Mechanical (E&M) and Transmission & Distribution (T&D) segments contributed to growth, with E&M revenues up 44.0% in Q4, driven by data center and renewables markets.
Analysis
Everus Construction Group delivered exceptional financial performance for both the fourth quarter and full-year 2025, achieving record revenues, net income, and diluted EPS. The company demonstrated robust growth across its Electrical & Mechanical (E&M) and Transmission & Distribution (T&D) segments, driven by strong demand in key end markets like data centers and utilities. A significant improvement in financial health is evident with net leverage decreasing from 1.0x to 0.4x. The initiation of positive revenue and EBITDA guidance for 2026, coupled with a record backlog, provides strong visibility and confidence in continued operational momentum. This report reinforces a positive investment thesis, especially as the stock is trading near its 52-week high.
At the time of this filing, ECG was trading at $113.93 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $5.3B. The 52-week trading range was $31.38 to $110.00. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.