Everus Construction Group Sets New Records with Robust Revenue Growth and Strong Backlog Visibility
Record-Breaking Fiscal Performance Underscores Momentum Heading Into 2026
Everus Construction Group (NYSE:ECG) delivered standout results in its fourth quarter and full-year 2025 earnings, posting all-time highs in revenues, net income, and EBITDA. The company reported fourth-quarter revenue of $1.01 billion—a 33.1% year-over-year jump—while full-year revenue climbed to $3.75 billion, up 31.5%. Notably, Everus ended 2025 with a backlog of $3.23 billion, sharply higher than the prior year and providing strong visibility as the company heads into 2026.
Growth Fueled by Core Segments as Margins Impress
The Electrical & Mechanical (E&M) segment proved to be the primary growth driver, with Q4 revenues soaring 44% to $791.6 million, propelled largely by continued momentum in data center and renewables projects. Full-year E&M revenues climbed 43.8%. Transmission & Distribution (T&D) grew as well, albeit more modestly, with Q4 revenues up 6.8% and a notable 40.5% surge in T&D backlog to $384.5 million by year-end.
Profitability also improved, with Q4 net income up 60.8% and full-year net income up 40.7%. EBITDA margin expanded to 8.5% for the year—an uptick from 8.1% in 2024—highlighting operational discipline despite cost pressures tied to supporting rapid growth.
| Key Metric | Q4 2024 | Q4 2025 | % Change | FY 2024 | FY 2025 | % Change |
|---|---|---|---|---|---|---|
| Revenue ($M) | 759.6 | 1,011.5 | 33.1% | 2,849.7 | 3,746.4 | 31.5% |
| Net Income ($M) | 34.4 | 55.3 | 60.8% | 143.4 | 201.8 | 40.7% |
| EBITDA ($M) | 58.3 | 84.8 | 45.5% | 232.2 | 319.8 | 37.7% |
| Net Leverage (x) | 1.0 | 0.4 | - | 1.0 | 0.4 | - |
| Backlog ($B) | 2.78 | 3.23 | 16.1% | 2.78 | 3.23 | 16.1% |
Segment Results: E&M Outpaces, T&D Backlog Strengthens
The E&M segment not only grew faster than T&D but also boosted its margin profile, with fourth-quarter E&M segment EBITDA surging 57.1% and achieving an 8.5% EBITDA margin. T&D’s modest revenue growth masked a backlog increase of over 40%, positioning it for a stronger year ahead despite margin compression in the quarter.
| Segment | Q4 2024 Revenue ($M) | Q4 2025 Revenue ($M) | % Change | Q4 2025 EBITDA Margin (%) |
|---|---|---|---|---|
| E&M | 549.8 | 791.6 | 44.0% | 8.5 |
| T&D | 213.3 | 227.7 | 6.8% | 13.4 |
Financial Position Strengthens on Low Leverage and Growing Liquidity
Everus ended 2025 with net leverage down to 0.4x and over $375 million of cash and available liquidity, highlighting prudent financial management. Free cash flow was $100 million for the year, leaving the company well-positioned to fund organic growth and pursue targeted acquisitions. Working capital reached $560.2 million, up more than 38% from 2024, reinforcing a healthy balance sheet.
Guidance for 2026: Bullish Outlook Backed by Strong Backlog and Margin Stability
Everus is initiating 2026 revenue guidance of $4.1 billion to $4.2 billion, targeting 2026 EBITDA between $320 million and $335 million. The company expects capex in the range of $90 million to $100 million, consistent with its long-term capital allocation strategy. Given the significant year-end backlog and continued momentum in key end markets such as data centers, tech, and utilities, Everus appears well-positioned to sustain growth and margin strength in the coming year.
| Metric | 2026 Outlook (Low) | 2026 Outlook (High) |
|---|---|---|
| Revenue ($B) | 4.10 | 4.20 |
| EBITDA ($M) | 320.0 | 335.0 |
| Gross Capex ($M) | 90.00 | 100.00 |
Bottom Line: Focused Execution and Strategic Leverage Position Everus for Continued Expansion
Everus Construction Group’s 2025 results reflect disciplined operational execution and robust demand in its core markets, setting the stage for another potential record year in 2026. With increasing backlog, margin expansion, and a fortified balance sheet, investors may want to track how the company sustains its growth trajectory and executes on its strategic priorities in the coming quarters.
Contact Information:
If you have feedback or concerns about the content, please feel free to reach out to us via email at support@marketchameleon.com.
About the Publisher - Marketchameleon.com:
Marketchameleon is a comprehensive financial research and analysis website specializing in stock and options markets. We leverage extensive data, models, and analytics to provide valuable insights into these markets. Our primary goal is to assist traders in identifying potential market developments and assessing potential risks and rewards.
NOTE: Stock and option trading involves risk that may not be suitable for all investors. Examples contained within this report are simulated and may have limitations. Average returns and occurrences are calculated from snapshots of market mid-point prices and were not actually executed, so they do not reflect actual trades, fees, or execution costs. This report is for informational purposes only, and is not intended to be a recommendation to buy or sell any security. Neither Market Chameleon nor any other party makes warranties regarding results from its usage. Past performance does not guarantee future results. Please consult a financial advisor before executing any trades. You can read more about option risks and characteristics at theocc.com.
The information is provided for informational purposes only and should not be construed as investment advice. All stock price information is provided and transmitted as received from independent third-party data sources. The Information should only be used as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments and trading strategies. The Company does not guarantee the accuracy, completeness or timeliness of the Information.
Disclosure: This article was generated with the assistance of AI