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Everus Reports Third Quarter Results, Raises Guidance for 2025

ECG
  • Everus Construction Group reported third-quarter 2025 revenues of $986.8 million, a 29.7% increase year-over-year, setting a quarterly record.
  • Net income for the quarter rose 36.4% to $57.0 million, resulting in a diluted earnings per share of $1.11.
  • EBITDA reached $89.0 million, up 36.9% from the prior year, with an EBITDA margin of 9.0%.
  • The company raised its full-year 2025 revenue guidance to a range of $3.55 billion to $3.65 billion and EBITDA guidance to $290 million to $300 million.
  • Backlog increased to $2.95 billion as of September 30, 2025, representing a 6.0% increase from December 31, 2024.
  • The Electrical & Mechanical (E&M) segment drove growth with revenues up 42.9% to $767.3 million, supported by the data center submarket.
  • The Transmission & Distribution (T&D) segment saw a slight revenue decline of 2.2% to $223.4 million, though its EBITDA margin improved to 15.1%.
  • Gross profit increased 38.2% to $124.2 million, driven by revenue growth, project timing, & efficiency gains.
  • Selling, general, & administrative expenses rose to $51.8 million due to higher labor costs & corporate overhead.
  • Net leverage decreased to 0.5 times as of September 30, 2025, down from 1.0 times at year-end 2024.
  • Free cash flow for the nine months ended September 30, 2025, was $74.8 million, up from $57.8 million in the prior period.
  • Capital expenditures for the first nine months totaled $42.1 million, primarily allocated to vehicles, equipment, & building investments.