MYR Group MYRG revenue growth has accelerated in 2026, reflecting continued strength across its core markets and solid execution across its Transmission & Distribution (T&D) and Commercial & Industrial (C&I) businesses. MYRG’s strong first-half performance, backlog and favorable infrastructure spending trends point to continued top-line momentum.
MYR Group generated record revenues of $1.08 billion in the second quarter of 2026, up 20.2% from the prior-year quarter. This followed a strong first quarter, with revenues rising 20% to $1 billion. Consequently, first-half revenues increased 20.1% year over year to $2.08 billion, underscoring the company’s strengthening growth trajectory.
The C&I segment was the primary growth engine in the second quarter, with revenues at a record $557.7 million. Revenues were up 41.5% year over year on higher revenues on fixed-price contracts. T&D revenues rose a modest 3.5% to $524 million, reflecting increased activity on time-and-equipment and unit-price contracts, partly offset by lower revenues on fixed-price contracts.
MYRG’s record backlog of $3.16 billion at the end of the second quarter, up nearly 20% year over year, provides meaningful revenue visibility. The C&I backlog stood at $1.89 billion, while the T&D backlog was $ 1.27 billion.
Looking ahead, MYR Group appears well-positioned to sustain revenue growth supported by its healthy bidding pipeline, record backlog and continued investment in electrical infrastructure. The July acquisition of Valley Electric and Comet Electric is expected to expand its C&I capabilities and geographic reach. While project timing, execution challenges and cost pressures remain potential risks, MYR's accelerating revenue trend and strong end-market fundamentals provide a constructive outlook for continued top-line expansion.
Rising electricity demand, driven by greater electrification, the growing adoption of Artificial Intelligence and increased power needs from the reshoring of manufacturing, is expected to spur significant customer investments across both of MYR’s reporting segments.
Peer Quanta Services PWR reported record second-quarter 2026 revenues of $9.56 billion, representing a 41% increase over the prior-year period. Total backlog was $53.44 billion as of June 30, 2026, reflecting continued demand across Quanta’s end markets.
MasTec Inc. MTZ delivered record revenues of $4.37 billion in the second quarter, up 23% year over year. MasTec’s estimated 18-month backlog was $21.39 billion at the quarter end, up 30% from a year earlier and 5.2% from $20.33 billion at the end of the first quarter.
MYRG’s Price Performance, Valuation & Estimates
MYR Group shares have gained 60.7% in the past year, outperforming the industry's 75.4% fall.
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MYRG is currently trading at a forward 12-month P/E of 21.66X, a premium compared with the industry’s 18.24X.
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The Zacks Consensus Estimate for 2026 points to year-over-year earnings growth of 61.2%, while the 2027 estimate implies growth of around 13.2%.
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Earnings estimates for both years have moved up over the past 60 days.
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MYR Group stock currently sports a Zacks Rank #1 (Strong Buy).
You can see the complete list of today’s Zacks #1 Rank stocks here.
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