Everus Construction Group reported fourth‑quarter 2025 revenue of $1.01 billion, up 33.1% from $759.7 million in Q4 2024, and full‑year revenue of $3.75 billion, a 31.5% increase over $2.85 billion in 2024. EBITDA rose 45.5% to $84.8 million in Q4 and $319.8 million for the year, while the year‑end backlog climbed to $3.23 billion, a 16.1% year‑over‑year gain. Earnings per share of $1.08 beat consensus estimates of $0.72 by $0.36, a 50% upside, and revenue surpassed analyst expectations of roughly $880 million by more than $120 million.
The record quarter was driven by strong performance in both core segments. Electrical‑and‑Mechanical (E&M) revenue reached $791.6 million, up 33% from $604.5 million in Q4 2024, and generated an EBITDA margin of 8.5%. Transmission‑and‑Distribution (T&D) revenue was $227.7 million, up 27% from $176.8 million, and produced a higher margin of 13.4%. The higher mix of high‑margin T&D work and the continued expansion of data‑center and utility projects lifted overall EBITDA margins to 8.4% in Q4 and 8.5% for the year.
Compared with the prior year, Everus accelerated its growth trajectory. Q4 revenue growth of 33% exceeded the 31.5% full‑year increase, indicating a late‑year momentum build. EBITDA margin expansion from 7.7% in Q4 2024 to 8.4% in Q4 2025 reflects improved pricing power and operational leverage, while the full‑year margin rise from 8.1% to 8.5% signals sustained profitability gains.
Management highlighted the company’s disciplined execution and strategic focus. "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," said CEO Jeffrey S. Thiede. "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." The company reiterated 2026 guidance of $4.1 billion to $4.2 billion in revenue and $320 million to $335 million in EBITDA, underscoring confidence in continued demand and a strong balance sheet.
Investors reacted positively to the earnings beat and guidance. The EPS and revenue surges, coupled with the robust backlog and higher margins, were cited as key drivers of the favorable market response. Analysts noted the company’s ability to maintain profitability while expanding its project pipeline as evidence of effective execution.
Everus’s results reinforce its trajectory as a high‑margin specialty contractor. The combination of record revenue, margin expansion, and a growing backlog positions the company to capitalize on the data‑center boom and utility infrastructure demand. The strong balance sheet and low leverage provide flexibility for future organic growth and potential acquisitions, aligning with the company’s 4EVER strategic priorities and long‑term financial goals.
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