Business Wire·May 5, 2026, 4:30 PM ET

Everus Reports First Quarter 2026 Results, Raises Guidance for 2026

Everus Construction Group reported Q1 2026 revenues of $1.04 billion, a 25.4% increase year-over-year.
Net income rose 58.9% to $58.3 million, while diluted earnings per share (EPS) increased 58.3% to $1.14.
EBITDA grew 43.9% to $88.9 million, resulting in an EBITDA margin of 8.6%.
The company backlog reached a record $3.68 billion as of March 31, 2026, up 20.4% from the prior year.
Electrical and mechanical (E&M) segment revenues increased 28.8% to $835.1 million, driven by data center growth.
Transmission and distribution (T&D) segment revenues grew 10.5% to $204.4 million, supported by utility end markets.
Everus raised its full-year 2026 guidance to expect revenues between $4.3 billion and $4.4 billion, and EBITDA between $345 million and $360 million.
The company acquired SE&M Constructors for $158 million on April 2, 2026, expanding its footprint in the Southeast region.
Pro forma net leverage following the acquisition is approximately 0.5x as of April 2, 2026.
Operating cash flows for Q1 2026 were $143.7 million, compared to $7.1 million in the prior year.
Free cash flow for the quarter was $131.9 million, a significant improvement from the negative $8.1 million reported in Q1 2025.
Gross profit increased 41.3% to $130.7 million, with gross margin improving to 12.6% from 11.2% the prior year.
SG&A expenses rose 27.7% to $53.0 million, primarily due to higher labor costs associated with operational growth.