v3.26.3
Segment Information
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Segment Information Segment Information
MYR Group is a holding company of specialty contractors serving electrical utility infrastructure and commercial construction markets in the United States and Canada. The Company has two reporting segments, each a separate operating segment, which are referred to as T&D and C&I. Operating segments are defined as components of an enterprise about which separate financial information is evaluated regularly by the chief operating decision maker (“CODM”) in deciding how to allocate resources and in assessing performance. The Company’s CODM is the Chief Executive Officer. The CODM uses segment revenue and income from operations, over multiple time periods, along with a comparison to the corresponding budgeted and prior year periods, as the primary basis for assessing segment performance and deciding how to allocate resources. Income from operations is the Company’s reported measure of segment profit or loss, as summarized in the table below, and excludes general corporate expenses. General corporate expenses reflect items that are generally viewed as Company-wide operating costs by the CODM and include items such as corporate facility and staffing costs, which includes safety costs, professional fees, IT expenses and certain management fees. The CODM also considers many other factors, such as contract terms, individual project performance, project location and other items, to support the CODM’s assessment of segment performance and resource allocation decisions.
Transmission and Distribution: The T&D segment provides a broad range of services on electric transmission and distribution networks and substation facilities which include design, engineering, procurement, construction, upgrade, maintenance and repair services with a particular focus on construction, maintenance and repair. T&D services include the construction and maintenance of high voltage transmission lines, substations and lower voltage underground and overhead distribution systems, clean energy projects and electric vehicle charging infrastructure. The T&D segment also provides emergency restoration services. T&D customers include investor-owned utilities, cooperatives, private developers, government-funded utilities, independent power producers, independent transmission companies, industrial facility owners and other contractors.
Commercial and Industrial: The C&I segment provides services such as the design, installation, maintenance and repair of commercial and industrial wiring, the installation of intelligent transportation systems, roadway lighting, signalization and electric vehicle charging infrastructure. Typical C&I contracts cover electrical contracting services for data centers, clean energy projects, airports, hospitals, hotels, commercial and industrial facilities, manufacturing plants, processing facilities, water/waste-water treatment facilities, mining facilities, transportation control and management systems and stadiums. The C&I segment generally provides electric construction and maintenance services as a subcontractor to general contractors in the C&I industry, but also contracts directly with facility owners. The C&I segment has a diverse customer base with many long-standing relationships.
The information in the following table is derived from the segment’s internal financial reports used for corporate management purposes:
For the Three Months Ended September 30, 2026
(in thousands)T&DC&IGeneral CorporateConsolidated
Contract revenues$554,544 $704,488 $— $1,259,032 
Operating costs (1)
502,910 642,872 28,144 1,173,926 
Income from operations51,634 61,616 (28,144)85,106 
Other income (expense):
Interest income292 
Interest expense(3,580)
Other income, net517 
Income before provision for income taxes82,335 
Income tax expense22,330 
Net income$60,005 
For the Three Months Ended September 30, 2025
(in thousands)T&DC&IGeneral CorporateConsolidated
Contract revenues$503,436 $446,964 $— $950,400 
Operating costs (1)
461,975 418,381 23,773 904,129 
Income from operations41,461 28,583 (23,773)46,271 
Other income (expense):
Interest income197 
Interest expense(1,440)
Other expense, net(297)
Income before provision for income taxes44,731 
Income tax expense12,637 
Net income$32,094 
For the Nine Months Ended September 30, 2026
(in thousands)T&DC&IGeneral CorporateConsolidated
Contract revenues$1,619,536 $1,721,603 $— $3,341,139 
Operating costs (1)
1,466,179 1,575,494 81,693 3,123,366 
Income from operations153,357 146,109 (81,693)217,773 
Other income (expense):
Interest income2,068 
Interest expense(4,945)
Other expense, net(1,405)
Income before provision for income taxes213,491 
Income tax expense56,835 
Net income$156,656 
For the Nine Months Ended September 30, 2025
(in thousands)T&DC&IGeneral CorporateConsolidated
Contract revenues$1,471,479 $1,212,866 $— $2,684,345 
Operating costs (1)
1,353,332 1,144,913 65,752 2,563,997 
Income from operations118,147 67,953 (65,752)120,348 
Other income (expense):
Interest income433 
Interest expense(4,759)
Other expense, net(1,130)
Income before provision for income taxes114,892 
Income tax expense33,024 
Net income$81,868 
(1) Operating costs include T&D, C&I and general corporate portion of contract costs, selling, general and administrative expenses, amortization of intangible assets and gain on sale of property and equipment. The expenses found in these other segment items are generally viewed as operating costs by the CODM and are not considered individually significant segment reporting items.
No customer represented 10% or greater of the Company’s consolidated revenues during the three months ended September 30, 2026. Revenues from one customer of the Company’s T&D segment represented approximately 10.8% of the Company’s consolidated revenues for the nine months ended September 30, 2026. Revenues from one customer of the Company’s T&D segment represented approximately 10.4% of the Company’s consolidated revenues for the three months ended September 30, 2025. No customer represented 10% or greater of the Company’s consolidated revenues during the nine months ended September 30, 2025.
The Company does not identify capital expenditures and total assets by segment in its internal financial reports due in part to the shared use of a centralized fleet of vehicles and specialized equipment. Identifiable assets, consisting of contract receivables, contract assets, construction materials inventory, goodwill and intangibles. As of September 30, 2026 and December 31, 2025, there were $141.8 million and $169.0 million, respectively, of identifiable assets attributable to Canadian operations. The table below reflects the identifiable assets for each segment.
(in thousands)September 30, 2026December 31, 2025
T&D$591,796 $553,597 
C&I975,017 474,791 
General Corporate540,733 615,691 
$2,107,546 $1,644,079 
An allocation of total depreciation, including depreciation of shared construction equipment, and amortization to each segment is as follows:
For the Nine Months Ended September 30,
(in thousands)20262025
T&D$48,859 $42,737 
C&I11,277 6,540 
$60,136 $49,277