Short answer
MATRIX SERVICE CO (MTRX) filed its fiscal 2026 10-K annual report with the SEC on Sep 3, 2026. It reported revenue of $874M (+13.6% year over year) and net income of −$3M.
- Top risk flagged: Regulatory risk: Potential liabilities under CERCLA for hazardous substance remediation without regard to fault, increasing operational costs and liabilities
FY2026 key financial metrics · XBRL
- Revenue
- $874M
- +13.6% YoY
- Net income
- −$3M
- +91.2% YoY
- Operating margin
- -1.1%
- +3.5 pp YoY
- Gross margin
- 7.3%
- +2.2 pp YoY
- EPS (diluted)
- −$0.09
- +91.5% YoY
- ROE
- -1.8%
- +18.8 pp YoY
- Operating cash flow
- $7M
- −94.1% YoY
Source: XBRL data from the MATRIX SERVICE CO (MTRX) FY2026 10-K on SEC EDGAR. USD.
MATRIX SERVICE CO FY2026 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Engineering, fabrication, construction, and maintenance services for energy infrastructure and industrial markets
- Emphasis on high-growth sectors including power generation for data centers and critical minerals mining in North America
- Strategic shift: Accelerating growth in construction-only services, broadening geographic reach, and enhancing strategic account management
- Employee count 2,370 worldwide as of June 30, 2026, with 26% unionized workforce
- TRIR safety metric at 0.92 in fiscal 2026, indicating continuous focus on zero-incident safety culture
Management Discussion & Analysis
- Revenue $873.6M, up 14% YoY from $769.3M, driven by Storage & Terminal Solutions (+$92.4M, +25%) and Utility & Power Infrastructure (+$34.7M, +14%), offset by Process & Industrial (-$22.8M, -15%)
- Gross margin 7.3% vs 5.2%, gross profit increased 61% to $64.0M; Storage & Terminal margin 6.1% vs 4.0%, Utility & Power margin 11.1% vs 6.8%, Process & Industrial margin 3.4% vs 5.8%
- Best performing segment: Utility & Power Infrastructure with gross profit $31.6M (+87%), worst: Process & Industrial Facilities profit down 49% to $4.5M with margin decline to 3.4%
- Operating loss narrowed to $(9.6)M from $(35.1)M, SG&A expenses down 11% to $63.6M; cash flow from operations $6.9M; capital expenditures $5.5M; no stock repurchases in FY26; liquidity $283.9M including $223.0M cash and $60.9M borrowing availability
- Management outlook: Focus on strategic WIN, EXECUTE, DELIVER framework to accelerate growth, improve execution, and profitability; expects strong backlog conversion with ~79% backlog revenue recognized in FY27; key risks include backlog volatility, contract timing, multiemployer pension liabilities, and reliance on secured surety bonds totaling $237.2M
Risk Factors
- Regulatory risk: Potential liabilities under CERCLA for hazardous substance remediation without regard to fault, increasing operational costs and liabilities
- Macroeconomic threat: Exposure to U.S., Canadian, and global energy market downturns impacting demand for projects in LNG, hydrogen, renewables, midstream and downstream petroleum
- Operational vulnerability: Supply chain and labor shortages affecting availability, costs, and project timelines with limited ability to pass cost increases to customers
- Competitive risk: Pressure from competitors with greater financial and technical resources forcing acceptance of lower margins or contractual risks
- Financial risk: Customer concentration with top three customers accounting for 47.6% of revenue in fiscal 2026, risking material adverse impact if lost
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