Everus Construction Group Reports Record Fourth-Quarter and Full-Year 2025 Financial Results, Sets Strong Outlook for 2026
Everus Construction Group, Inc, a leading U.S. specialty contractor providing a wide range of electrical, mechanical, and transmission and distribution services, today announced its financial results for the fourth quarter and full year ended December 31, 2025. The company reported record revenues, net income, and earnings per share in its first full year as an independent publicly traded company, reflecting strong demand across key end markets, disciplined project execution, and a robust financial position.
Fourth Quarter 2025 Highlights
Everus delivered exceptional results in the fourth quarter of 2025, driven by growth across both its Electrical & Mechanical (E&M) and Transmission & Distribution (T&D) segments. Total revenues for the quarter reached $1.01 billion, marking a 33.1% increase compared to the fourth quarter of 2024 and establishing a new quarterly record for the company.
Net income for the fourth quarter rose to $55.3 million, up 60.8% year-over-year, resulting in a net income margin of 5.5%. Diluted earnings per share (EPS) increased 61.2% to $1.08, reflecting both higher operating performance and effective cost management. The company’s EBITDA for the quarter rose 45.5% to $84.8 million, representing an EBITDA margin of 8.4%, up from 7.7% in the fourth quarter of 2024.
The company’s backlog, which represents the value of contracted projects yet to be completed, grew to $3.23 billion at the end of 2025, an increase of 16.1% from $2.78 billion a year earlier. This strong backlog provides Everus with solid visibility into upcoming revenue streams and positions the company for continued growth in 2026.
Segment Performance: Electrical & Mechanical
The E&M segment, which includes the construction and maintenance of electrical and communication wiring, fire suppression systems, renewables infrastructure, and mechanical piping and services, delivered substantial growth in the fourth quarter. Revenues in this segment increased 44.0% to $791.6 million, up from $549.8 million in the fourth quarter of 2024. The growth was primarily driven by higher workloads in commercial and renewables markets, including continued expansion in the data center submarket.
E&M segment net income increased 58.6% to $50.6 million, with a net income margin of 6.4%, up from 5.8% in the same period a year earlier. EBITDA for the segment rose 57.1% to $67.1 million, with the EBITDA margin increasing to 8.5% from 7.8% in the prior-year period. The E&M backlog ended the year at $2.84 billion, up 13.4% from $2.51 billion at the end of 2024, reflecting strong demand and continued confidence from customers in the company’s capabilities.
Segment Perfo
rmance: Transmission & Distribution
The T&D segment, which includes the construction and maintenance of overhead and underground electrical, gas, and communication infrastructure, as well as transportation-related lighting and the manufacture and distribution of construction equipment and tools, also contributed to Everus’ growth, though at a more moderate pace.
Fourth-quarter T&D revenues increased 6.8% to $227.7 million, driven by higher workloads in both utility and transportation end markets. However, segment net income decreased slightly by 2.8% to $17.4 million, resulting in a net income margin of 7.6%, down from 8.4% in the prior-year quarter. EBITDA for T&D remained essentially flat at $30.5 million, compared to $30.6 million in the fourth quarter of 2024, with an EBITDA margin of 13.4%. The T&D backlog saw substantial growth, increasing 40.5% year-over-year to $384.5 million, underscoring strong forward-looking demand.
Full-Year 2025 Performance
For the full year, Everus achieved record financial performance across all major metrics. Total revenues rose 31.5% to $3.75 billion, compared to $2.85 billion in 2024. E&M segment revenues surged 43.8% to $2.91 billion, while T&D segment revenues increased 1.4% to $844 million.
Gross profit for the full year increased 33.8% to $454.1 million, representing a gross margin of 12.1%, up from 11.9% in 2024. The increase in gross profit was primarily attributable to higher revenues, efficiency gains on certain projects, and improved project timing, partially offset by changes in project mix.
Selling, general, and administrative (SG&A) expenses increased to $189.3 million for the year, compared to $149.6 million in 2024. The increase was largely due to higher labor costs, incremental corporate overhead, and professional service-related expenses necessary to support operational growth, as well as other incremental costs associated with Everus’ transition to a standalone public company.
Net income for 2025 rose 40.7% to $201.8 million, or $3.95 per diluted share, compared to $143.4 million, or $2.81 per share, in 2024. The increase reflected higher gross profit and income from joint ventures, partially offset by elevated SG&A expenses and higher taxes on increased pretax income. EBITDA increased 37.7% to $319.8 million, with an EBITDA margin of 8.5%, up from 8.1% in 2024.
Financial Position and Liquidity
Everus exited 2025 with a strong balance sheet, supporting its ongoing growth initiatives. The company had $152.7 million in unrestricted cash and cash equivalents and $285.0 million in gross debt at year-end, compared to $69.9 million and $300.0 million, respectively, at the end of 2024. The company also maintained $222.8 million of available capacity under its revolving credit facility, net of outstanding letters of credit.
Net leverage, defined as net debt-to-trailing twelve-month EBITDA, was a conservative 0.4x at year-end, down from 1.0x at the end of 2024, reflecting strong cash flow generation and disciplined debt management. Working capital, calculated as current assets minus current liabilities, totaled $560.2 million, up from $403.9 million a year earlier, driven by increased cash, receivables, and contract assets, partially offset by higher accounts payable and contract liabilities.
Operating cash flow for 2025 was $156.8 million, slightly below $163.4 million in 2024, as changes in operating assets and liabilities to support growth offset higher operating results. Capital expenditures rose to $66.8 million, up from $48.3 million in 2024, reflecting investments in vehicles, equipment, and facilities to support ongoing operations and future expansion. Free cash flow was $100.0 million, down from $128.8 million in 2024, primarily due to higher capital expenditures and slightly lower operating cash flows.
Management Commentary
Jeffrey S. Thiede, president and CEO of Everus Construction Group, emphasized the company’s strong performance and strategic positioning:
We finished our first full year as an independent public company with record results, delivering fourth-quarter revenues in excess of $1 billion for the first time in our history alongside strong execution by our dedicated team members across the organization. Driven by growth across both our E&M and T&D segments, fourth-quarter revenues increased 33%, bringing full-year revenue growth to just over 30%. Fourth-quarter EBITDA increased 45%, resulting in full-year EBITDA of nearly $320 million. 2025’s record results reflect robust demand in our key end markets as well as our disciplined focus on our strategic priorities.”
Thiede highlighted the company’s strong customer relationships and solid backlog as drivers of continued growth:
Our customers continue to rely on Everus to complete their most complex projects, and bidding activity across our core end markets remains strong. Momentum continues in data center, hospitality, high-tech, and utility markets, driving a year-end backlog of $3.2 billion, an increase of 16% year-over-year on top of our record 2025 revenues. This provides excellent visibility as we enter 2026.”
Thiede also underscored the company’s strong financial position and strategic capital allocation approach:
We ended the year in an exceptionally strong financial position, with net leverage of approximately 0.4x and $375.5 million of cash and available liquidity. This reflects our disciplined financial strategy and strong operational performance. We remain committed to a focused capital allocation framework that prioritizes investment in organic growth while pursuing strategic acquisitions aligned with our long-term growth objectives.”
2026 Guidance and Outlook
Building on its momentum, Everus provided guidance for 2026. Management expects revenues to be in the range of $4.1 billion to $4.2 billion and EBITDA between $320 million and $335 million. Gross capital expenditures are anticipated to be $90 million to $100 million, representing approximately 2.1% to 2.4% of forecasted revenues, consistent with the company’s long-term investment framework.
The company remains focused on its “4EVER” strategic priorities, with an emphasis on employee development, operational excellence, customer satisfaction, and financial discipline. Thiede concluded:
The first ‘E’ in our 4EVER strategy stands for employees, and our record 2025 results are a direct reflection of the commitment and hard work of our team members across the country. As we enter 2026 with significant momentum, supported by favorable end-market trends, a continued focus on project execution, and a strong balance sheet that provides flexibility to invest in future growth, we are confident in our ability to deliver on our long-term financial goals.”
Conference Call Information
Everus will host a webcast to discuss its fourth-quarter and full-year 2025 results at 10:30 a.m. EST on February 25, 2026. Investors and analysts can access the webcast and presentation materials at investors.everus.com under the “Events & Presentations” section.
Telephone access for the webcast is available for both U.S. and international callers at 646-307-1963 (toll-based) and 800-715-9871 (toll-free U.S.), using conference ID 1034822. A replay of the webcast will be available following the event at the same location.
About Everus Construction Group
Everus Construction Group, Inc., a member of the S&P SmallCap 600® index, is a leading provider of specialty contracting services across the United States. The company serves a diverse range of end markets, including commercial, industrial, institutional, renewable energy, service, transportation, and utilities.
Its Electrical & Mechanical contracting services encompass construction and maintenance of electrical and communication systems, fire suppression infrastructure, renewable energy projects, and mechanical piping. The Transmission & Distribution segment provides construction and maintenance of overhead and underground electrical, gas, and communication systems, as well as transportation-related lighting solutions, along with the manufacture and distribution of construction equipment and tools.
