Everus Construction Group Reports Strong Third Quarter 2025 Results and Raises Full-Year Guidance
Everus Construction Group (NYSE: ECG) announced its financial results for the third quarter of 2025, highlighted by record revenues and earnings, continued strength across core end markets, and a raised full-year outlook. The company reported strong project execution in both its Electrical & Mechanical (E&M) and Transmission & Distribution (T&D) segments, supported by robust demand in data centers, commercial, industrial, and utility markets.
Third Quarter 2025 Financial Performance
Revenues for the quarter totaled $986.8 million, an increase of 29.7% compared to the same period in 2024. This marks a record for the company, driven primarily by significant growth in the E&M segment. Net income rose 36.4% to $57.0 million, with a net income margin of 5.8%. Diluted earnings per share (EPS) increased 35.4% to $1.11, also representing a quarterly record.
Earnings before interest, taxes, depreciation and amortization (EBITDA) improved 36.9% to $89.0 million, resulting in an EBITDA margin of 9.0%, up from 8.5% in the prior-year quarter. The company ended the quarter with a backlog of $2.95 billion, reflecting a 6.0% increase from the end of 2024 and a 2.1% increase from the same period last year. Based on the ongoing market momentum, Everus raised its full-year revenue guidance to $3.55 billion to $3.65 billion and its EBITDA range to $290 million to $300 million for 2025.
Management Commentary
Jeffrey S. Thiede, President and CEO of Everus, noted that the company continued to operate with strong positive momentum through the quarter. “We delivered record revenue and EBITDA supported by excellent project execution and sustained demand across our core markets,” he stated. Thiede highlighted that E&M revenues grew by 43%, with 64% EBITDA growth in that segment, largely due to expanding opportunities in the data center market.
Thiede also emphasized the company’s competitive positioning and healthy long-term pipeline: “Our backlog has held strong even as we delivered substantial revenue growth. Bidding activity and customer demand remain robust across commercial, industrial, and utility sectors. Our strong balance sheet provides the flexibility needed to support organic expansion and strategic acquisitions aligned with our growth strategy.”
Segment Performance
Electrical and Mechanical (E&M)The E&M segment posted $767.3 million in revenue for the third quarter, an increase of 42.9% year over year. Growth was led by higher workloads in both commercial construction and renewables, especially within the data center submarket. Segment net income increased 73.1% to $50.9 million, and segment EBITDA grew 64.0% to $66.9 million, reflecting improved project efficiencies and favorable margins. E&M backlog stood at $2.57 billion, holding steady year over year.
Transmission and Distribution (T&D)
The T&D segment generated $223.4 million in revenue, a slight decline of 2.2% from the prior-year period. However, profitability improved, with segment net income rising 9.7% to $20.3 million. EBITDA grew 11.2% to $33.8 million, supported by margin expansion from efficient project execution. T&D backlog increased significantly to $375.8 million, up 37.4% from year-end 2024, driven by new transportation and utility-related awards.
Nine-Month 2025 Results
For the first nine months of 2025, Everus generated $2.73 billion in revenue, an increase of 30.9% compared to the same period in 2024. Net income rose 34.4% to $146.5 million, or $2.87 per diluted share. EBITDA for the period totaled $235.0 million, an increase of 35.1%, resulting in an EBITDA margin of 8.6%.
Balance Sheet and Cash Flow
As of September 30, 2025, Everus held $129.9 million in unrestricted cash and $288.7 million in gross debt. The company maintained strong liquidity, with $207.4 million available under its revolving credit facility. Net leverage declined to 0.5x, demonstrating the company’s conservative financial posture and capacity for continued investment.
Operating cash flow for the first nine months of 2025 totaled $108.6 million, compared to $82.7 million in the prior-year period. Capital expenditures were $42.1 million, supporting growth in fleet, equipment, and facilities. Free cash flow increased to $74.8 million, up from $57.8 million in 2024.
Full-Year 2025 Outlook
Everus now anticipates full-year 2025 revenues in the range of $3.55 billion to $3.65 billion, up from earlier guidance of $3.3 billion to $3.4 billion. EBITDA guidance has been increased to $290 million to $300 million, with expectations of slightly higher margins compared to 2024. Capital expenditures for the year are projected to remain in the previously stated range of $65 million to $70 million.
About Everus Construction Group
Everus Construction Group, Inc., listed on the S&P SmallCap 600®, provides specialty contracting services nationwide. The company serves commercial, industrial, institutional, renewables, utility, service, and transportation customers through its Electrical & Mechanical and Transmission & Distribution operations.
