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Dec 31, 2025
Everus Construction Group Inc Q4 2025 Earnings Report
Everus Construction Group Inc reported record fourth quarter and full-year 2025 financial results, highlighted by quarterly revenues exceeding $1 billion for the first time.
Key Takeaways
Everus delivered a strong Q4 2025 with revenue growth of 33.1% and a 60.8% increase in net income. The company achieved record quarterly revenue of $1.01 billion and ended the year with a record backlog of $3.23 billion, driven by robust demand in data center, renewables, and utility end markets.
Quarterly revenue surpassed $1 billion for the first time in company history, up 33.1% year-over-year.
Net income grew 60.8% to $55.3 million, with diluted EPS increasing 61.2% to $1.08.
Backlog reached a record $3.23 billion, a 16.1% increase compared to the end of 2024.
The Electrical and Mechanical (E&M) segment was the primary growth driver, with revenue increasing 44% year-over-year.
Revenue by Segment
Forward Guidance
Everus initiated 2026 guidance reflecting continued growth in revenue and EBITDA, supported by strong end-market trends and a record backlog.
Positive Outlook
- 2026 Revenue guidance of $4.1 billion to $4.2 billion.
- 2026 EBITDA guidance of $320 million to $335 million.
- Strong momentum in data center, hospitality, high-tech, and utility markets.
- Record year-end backlog of $3.2 billion provides excellent visibility.
- Disciplined financial strategy with low net leverage of 0.4x.
Challenges Ahead
- T&D segment EBITDA margin compressed to 13.4% from 14.3% in the prior year quarter.
- Operating cash flows for the full year decreased slightly to $156.8 million from $163.4 million.
- Free cash flow for the full year decreased to $100.0 million from $128.8 million.
- Higher SG&A expenses driven by incremental stand-alone operating costs.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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