Short answer
MYR GROUP INC. (MYRG) filed its fiscal 2025 10-K annual report with the SEC on Feb 25, 2026. It reported revenue of $3.7B (+8.8% year over year) and net income of $118M.
- Top risk flagged: Regulatory risk: delays caused by failure to timely obtain permits or meet regulatory requirements impacting project schedules and costs
FY2025 key financial metrics · XBRL
- Revenue
- $3.7B
- +8.8% YoY
- Net income
- $118M
- +291.3% YoY
- Operating margin
- 4.6%
- +3.0 pp YoY
- Gross margin
- 11.6%
- +3.0 pp YoY
- EPS (diluted)
- $7.53
- +311.5% YoY
- ROE
- 17.9%
- +12.9 pp YoY
- Operating cash flow
- $327M
- +274.9% YoY
Source: XBRL data from the MYR GROUP INC. (MYRG) FY2025 10-K on SEC EDGAR. USD.
MYR GROUP INC. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: design, construction, operations and management services for electric power transmission, distribution, commercial and industrial construction
- Emphasis on increased risk and cost exposure from reduced availability and higher premiums of third-party insurance, notably wildfire-related coverage
- Strategic focus on managing heightened risks due to natural disasters, pandemics, regulatory changes, and climate change impacts on insurance, projects, and operations
- Exposure to Canadian market risks including currency fluctuation and complex legal/regulatory environment impacting profitability
- Highlighted pandemic-related supply chain disruptions, workforce impacts, and cybersecurity risks as ongoing operational challenges
Management Discussion & Analysis
- Revenue and income by segment or total not disclosed in provided MD&A; income before taxes $161.3M in 2025 vs $46.5M in 2024
- Effective income tax rate 26.6% in 2025 vs 34.9% in 2024 and 27.2% in 2023
- No direct segment profitability figures provided; largest pension contribution Southern California IBEW-NECA Fund $51.6M in 2025
- Outstanding purchase commitments $33.9M for construction equipment with payments in 2026; total pension contributions $193.5M in 2025 vs $167.7M in 2024
- Stock-based compensation expense $14.8M in 2025 vs $8.5M in 2024; unrecognized expense $18.6M with ~1.6 years weighted average vesting period
- Management notes no material impact from July 2025 tax law changes; ongoing evaluation with no expected material effects on financials
Risk Factors
- Regulatory risk: delays caused by failure to timely obtain permits or meet regulatory requirements impacting project schedules and costs
- Macroeconomic risk: tariffs and inflation increasing material costs, reducing customer spending and project awards
- Operational risk: shortages of qualified linemen and field supervisors, especially in remote areas, increasing labor costs and affecting productivity
- Competitive risk: competition from in-house utility service organizations performing similar services internally
- Financial risk: significant variability in timing and volume of contract awards causing unpredictable fluctuations in cash flows and asset utilization
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