MYR Group Posts Record Q3 ($60.0M Net Income, $3.68B Backlog), Authorizes $100M Buyback
MYRG sits 40% above its 52-week low of $199.305.
Summary
MYR Group reported record third-quarter revenue of $1.26 billion and net income of $60.0 million ($3.82 per diluted share), with backlog up 38.2% to $3.68 billion, and its board approved a new $100 million share repurchase program effective November 4, 2026.
Key Events · Earnings and Guidance · MYRG
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Record Q3 Revenue and Profit
Revenue rose to $1.26 billion from $950.4 million a year earlier, and net income nearly doubled to $60.0 million, or $3.82 per diluted share versus $2.05.
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Margins Expand on Project Revisions
Gross margin climbed to 13.6% from 11.8%, including a 0.4-point net benefit from changes in estimated gross profit on certain projects tied to better productivity and favorable close-outs.
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Backlog Jumps 38.2%
Backlog reached a record $3.68 billion as of September 30, 2026, up $1.02 billion from $2.66 billion a year earlier, split $2.39 billion C&I and $1.29 billion T&D.
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$100M Buyback Authorized
The board approved a repurchase program of up to $100.0 million of common stock, effective November 4, 2026 and expiring November 3, 2027, funded with cash on hand and revolver borrowings.
Analysis · MYRG · Real Estate & Construction
MYR beat its own prior pace by a wide margin: revenue rose 32% to $1.26 billion and net income nearly doubled to $60.0 million, with gross margin up 1.8 points to 13.6% on better productivity and favorable job close-outs. Backlog of $3.68 billion is up 38.2% year over year, so the demand pipeline behind the Valley and Comet acquisitions is filling in rather than thinning. Against that, the board authorized a $100 million repurchase program starting November 4, 2026 — modest next to the company's size but a clear statement that management sees the shares as worth buying with its own cash and revolver capacity. The main caveat is quality of earnings: part of the margin gain came from upward revisions to estimated gross profit on certain projects (a 0.4-point net benefit), which is not a repeatable tailwind.
How filings like this one have moved
In the 30 days to Oct 28, 2026, 38.5% of the 1020 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.49%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, MYRG was trading at $279.92 on NASDAQ in the Real Estate & Construction sector, with a market capitalization of approximately $4.4B. The 52-week trading range was $199.31 to $503.57. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.