Financial Analysis

Debt The table below reflects the Companys total debt, including borrowings under its credit agreement and equipment notes: (dollars in thousands) Inception Date Stated Interest Rate (per annum) Payment Frequency Term (years) Outstanding Balance as of December 31, 2025 Outstanding Balance as of December 31, 2024 Credit Agreement Revolving loans 5/31/2023 Variable Variable 5 $ 47,414 $ 58,395 Equipment Notes Equipment Note 10 8/26/2022 4.32% Semi-annual 5 11,605 15,957 Other equipment note 4/11/2022 4.55% Monthly 5 18 29 11,623 15,986 Total debt 59,037 74,381 Less: current portion of long-term debt (4,554) (4,363) Long-term debt $ 54,483 $ 70,018 Credit Agreement On May 31, 2023, the Company entered into a five-year third amended and restated credit agreement with a maturity date of May 31, 2028, (the Credit Agreement) through a syndicate of banks led by JPMorgan Chase Bank, N.A. and Bank of America, N.A, that provides for a $490 million revolving credit facility (the Facility), subject to certain financial covenants as defined in the Credit Agreement. The Facility allows for revolving loans in Canadian dollars and other non-US currencies, up to the U.S. dollars equivalent of $150 million. Up to $75 million of the Facility may be used for letters of credit, with an additional $75 million available for letters of credit, subject to the sole discretion of each issuing bank. The Facility also allows for $15 million to be used for swingline loans. The Company has an expansion opti …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The components of the Companys revenue by contract type were as follows for the year ended December 31: 2025 T&D C&I Total (dollars in thousands) Amount Percent Amount Percent Amount Percent Fixed price $ 686,859 34.3 % $ 1,398,310 84.5 % $ 2,085,169 57.0 % Unit price 741,812 37.0 74,164 4.5 815,976 22.3 T&E (1) 573,769 28.7 182,975 11.0 756,744 20.7 $ 2,002,440 100.0 % $ 1,655,449 100.0 % $ 3,657,889 100.0 % 2024 T&D C&I Total (dollars in thousands) Amount Percent Amount Percent Amount Percent Fixed price $ 824,643 43.9 % $ 1,202,653 81.2 % $ 2,027,296 60.3 % Unit price 596,089 31.7 80,507 5.4 676,596 20.1 T&E (1) 459,769 24.4 198,629 13.4 658,398 19.6 $ 1,880,501 100.0 % $ 1,481,789 100.0 % $ 3,362,290 100.0 % 2023 T&D C&I Total (dollars in thousands) Amount Percent Amount Percent Amount Percent Fixed price $ 1,100,273 52.7 % $ 1,274,763 82.0 % $ 2,375,036 65.2 % Unit price 549,221 26.3 92,581 6.0 641,802 17.6 T&E (1) 439,702 21.0 187,365 12.0 627,067 17.2 $ 2,089,196 100.0 % $ 1,554,709 100.0 % $ 3,643,905 100.0 % (1) The Company T&E contract type includes time-and-equipment, time-and-materials and cost-plus contracts. The components of the Companys revenue by market type were as follows for the year ended December 31: 2025 2024 2023 (dollars in thousands) Segment Amount Percent Amount Percent Amount Percent Transmission T&D $ 1,198,584 32.8 % $ 1,139,848 33.9 % $ 1,380,923 37.9 % Distribution T&D 803,856 22.0 740,653 22.0 70 …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

Stock-Based Compensation The Company maintains two equity compensation plans under which stock-based compensation has been granted, the 2017 Long-Term Incentive Plan (Amended and Restated as of April 24, 2024) (the LTIP) and the 2007 Long-Term Incentive Plan (Amended and Restated as of May 1, 2014) (the 2007 LTIP and, collectively with the LTIP, the Long-Term Incentive Plans). Upon the initial adoption of the LTIP in 2017, awards were no longer granted under the 2007 LTIP. The LTIP was approved by our shareholders and provides for grants of (a) incentive stock options qualified as such under U.S. federal income tax laws, (b) stock options that do not qualify as incentive stock options, (c) stock appreciation rights, (d) restricted stock awards, (e) restricted stock units, (f) performance awards, (g) phantom stock, (h) stock bonuses, (i) dividend equivalents, or (j) any combination of such awards. The LTIP permits the granting of up to 1,500,000 shares to directors, officers and other employees of the Company. Grants of awards to employees are approved by the Compensation Committee of the Board of Directors and grants to independent members of the Board of Directors are approved by the Board of Directors. All awards are made with an exercise price or base price, as the case may be, that is not less than the full fair market value per share on the date of grant. No stock option or stock appreciation right may be exercised more than 10 years from the date of grant. Shares issued …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

Fair Value Measurements The Company uses the three-tier hierarchy of fair value measurement, which prioritizes the inputs used in measuring fair value based upon their degree of availability in external active markets. These tiers include: Level 1 (the highest priority), defined as observable inputs, such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3 (the lowest priority), defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. As of December 31, 2025 and 2024, the Company determined that the carrying value of cash and cash equivalents approximated fair value based on Level 1 inputs. As of December 31, 2025 and 2024, the fair value of the Companys long-term debt and finance lease obligations were based on Level 2 inputs. The Companys long-term debt was based on variable and fixed interest rates at December 31, 2025 and 2024. Long-term debt with variable interest rates is based on rates for new issues with similar remaining maturities, and approximated carrying value. In addition, based on borrowing rates currently available to the Company for borrowings with similar terms, the carrying value of the Companys long term debt with fixed interest rates approximated fair value. …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Goodwill and Intangible Assets Goodwill and intangible assets consisted of the following at December 31: 2025 2024 (in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Goodwill T&D $ 93,240 $ $ 93,240 $ 93,240 $ $ 93,240 C&I 25,830 25,830 25,830 25,830 Foreign currency translation (3,804) (3,804) (6,087) (6,087) Total goodwill $ 115,266 $ $ 115,266 $ 112,983 $ $ 112,983 Amortizable Intangible Assets Backlog $ 9,296 $ 9,296 $ $ 9,296 $ 9,296 $ Customer relationships 71,139 30,842 40,297 71,139 25,319 45,820 Trade names 695 496 199 695 450 245 Below market lease 511 409 102 511 283 228 Foreign currency translation (3,172) (1,076) (2,096) (5,073) (775) (4,298) Indefinite-lived Intangible Assets Trade names 34,413 34,413 34,413 34,413 Foreign currency translation (439) (439) (717) (717) Total intangible assets $ 112,443 $ 39,967 $ 72,476 $ 110,264 $ 34,573 $ 75,691 Customer relationships, amortizable trade names and backlog are being amortized on a straight-line method over an estimated useful life ranging up to 15 years and the remaining life of the contract, respectively, and have been determined to have no residual value. Certain trade names have indefinite lives and, therefore, are not being amortized. Intangible asset amortization expense was $4.8 million, $4.9 million and $4.9 million for the years ended December 31, 2025, 2024 and 2023, respectively. As of December 31, 2 …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

Income Taxes Income before income taxes by geographic area for the years ended December 31 was: (in thousands) 2025 2024 2023 Domestic $ 181,098 $ 64,068 $ 102,014 Foreign (19,814) (17,575) 22,990 $ 161,284 $ 46,493 $ 125,004 Income tax expense (benefit) consisted of the following for the years ended December 31: (in thousands) 2025 2024 2023 Current Federal $ 35,237 $ 11,437 $ 21,337 Foreign 4,567 1,788 1,821 State 13,088 3,405 7,348 52,892 16,630 30,506 Deferred Federal 2,546 4,917 (159) Foreign (9,496) (8,318) 3,984 State (3,074) 3,001 (317) (10,024) (400) 3,508 Income tax expense $ 42,868 $ 16,230 $ 34,014 Income tax paid consisted of the following for the years ended December 31: (in thousands) 2025 Federal $ 21,600 Foreign 4,327 State - California 2,125 State - All other states below 5% threshold 4,081 $ 32,133 The differences between the U.S. federal statutory tax rate and the Companys effective income tax rate were as follows for the years ended December 31: 2025 (dollars in thousands) Amount Percent U.S. federal statutory tax rate 33,870 21.0 State and local income taxes (1) 9,603 6.0 U.S. State net operating loss true up (2,099) (1.3) U.S. State valuation allowance 2,788 1.7 U.S. State rate true up (2,713) (1.7) Foreign tax effects Canadian Federal Taxes 1,716 1.1 Canadian Provincial Taxes (2,206) (1.4) Tax credits United States Other credits (725) (0.4) Nontaxable or nondeductible items United States 162(m) limitation 1,853 1.1 Other 666 0.4 Changes in unrecognized …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Lease Obligations From time to time, the Company enters into noncancelable leases for some of our facility, vehicle and equipment needs. These leases allow the Company to conserve cash by paying a monthly lease rental fee for the use of facilities, vehicles and equipment rather than purchasing them. The Companys leases have remaining terms ranging from less than one to twelve years, some of which may include options to extend the leases for up to ten years, and some of which may include options to terminate the leases within one year. Currently, all the Companys leases contain fixed payment terms. The Company may decide to cancel or terminate a lease before the end of its term, in which case we are typically liable to the lessor for the remaining lease payments under the term of the lease. Additionally, all of the Company's month-to-month leases are cancelable, by the Company or the lessor, at any time and are not included in our right-of-use asset or liability. At December 31, 2025 and 2024, the Company had several leases with residual value guarantees. Typically, the Company has purchase options on the equipment underlying its long-term leases and many of its short-term rental arrangements. The Company may exercise some of these purchase options when the need for equipment is ongoing and the purchase option price is attractive. Leases are accounted for as operating or finance leases, depending on the terms of the lease. The following is a summary of the lease-related assets …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

Recent Accounting Pronouncements Changes to GAAP are typically established by the Financial Accounting Standards Board (FASB) in the form of accounting standards updates (ASUs) to the FASBs Accounting Standards Codification (ASC). The Company considers the applicability and impact of all ASUs. The Company, based on its assessment, determined that any recently issued or proposed ASUs not listed below are either not applicable to the Company or will have minimal impact on its Financial Statements when adopted. Recently Adopted Accounting Pronouncements In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which is intended to improve the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the rate reconciliation and income taxes paid disaggregated by jurisdiction. The guidance also includes certain other amendments intended to improve the effectiveness of income tax disclosures. The Company has adopted this ASU enhancing our income tax disclosures. See Note 12Income Taxes for further information related to the Companys income taxes. Recently Issued Accounting Pronouncements In November 2024, the FASB issued ASU No. 2024-03, Income StatementReporting Comprehensive IncomeExpense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires the disaggregation of certain expenses in the notes of the financials, …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Employee Benefit Plans The Company sponsors multiple defined contribution plans for eligible employees not covered by collective bargaining agreements. The plans include various features such as voluntary employee pre-tax and Roth-based contributions and matching contributions made by the Company. In addition, at the discretion of our Board of Directors, we may make additional profit sharing contributions to the plans. Company contributions under these defined contribution plans are based upon a percentage of income with limitations as defined by each plan. Total contributions for the years ended December 31, 2025, 2024 and 2023 amounted to $23.9 million, $12.4 million, and $15.9 million, respectively. The Company contributes to a number of multiemployer defined benefit pension plans under the terms of collective-bargaining agreements that cover its union-represented employees, who are represented by more than 300 local unions. The related collective-bargaining agreements between those organizations and the Company, which specify the rate at which the Company must contribute to the multi-employer defined pension plan, expire at different times between 2026 and 2028. The risks of participating in these multiemployer defined benefit pension plans are different from single-employer plans in the following aspects: 1) Assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers. 2) If a participating emp …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

Revenue Recognition Disaggregation of Revenue A majority of the Companys revenues are earned through contracts with customers that normally provide for payment upon completion of specified work or units of work as identified in the contract. Although there is considerable variation in the terms of these contracts, they are primarily structured as fixed-price contracts, under which the Company agrees to perform a defined scope of a project for a fixed amount, or unit-price contracts, under which the Company agrees to do the work at a fixed price per unit of work as specified in the contract. The Company also enters into time-and-equipment and time-and-materials contracts under which the Company is paid for labor and equipment at negotiated hourly billing rates and for other expenses, including materials, as incurred at rates agreed to in the contract. Finally, the Company sometimes enters into cost-plus contracts, where the Company is paid for costs plus a negotiated margin. On occasion, time-and-equipment, time-and-materials and cost-plus contracts require the Company to include a guarantee not-to-exceed a maximum price. Historically, fixed-price and unit-price contracts have had the highest potential margins; however, they have had a greater risk in terms of profitability because cost overruns may not be recoverable. Time-and-equipment, time-and-materials and cost-plus contracts have historically had less margin upside, but generally have had a lower risk of cost overruns. T …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

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 Companys 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 Companys 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 CODMs assessment of segment performance and resource allocation decisi …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

"Debt The table below reflects the Companys total debt, including borrowings under its credit agreement and master loan agreements for equipment notes: (dollar amounts in thousands) Inception Date Stated Interest Rate (per annum) Payment Frequency Term (years) Outstanding Balance as of June 30, 2026 Outstanding Balance as of December 31, 2025 Credit Agreement Revolving loans 5/31/2023 Variable Variable 5 $ $ 47,414 Equipment Notes Equipment Note 10 8/26/2022 4.32% Semi-annual 5 9,361 11,605 Other equipment note 4/11/2022 4.55% Monthly 5 11 18 9,372 11,623 Total debt 9,372 59,037 Less: current portion of long-term debt (4,650) (4,554) Long-term debt $ 4,722 $ 54,483 Credit Agreement On May 31, 2023, the Company entered into a five-year third amended and restated credit agreement (the Credit Agreement) with a syndicate of banks led by JPMorgan Chase Bank, N.A. and Bank of America, N.A. that provides for a $490 million revolving credit facility (the Facility), subject to certain financial covenants as defined in the Credit Agreement. The Facility allows for revolving loans in Canadian dollars and other non-US currencies, up to the U.S. dollar equivalent of $150 million. Up to $75 million of the Facility may be used for letters of credit, with an additional $75 million available for letters of credit, subject to the sole discretion of each issuing bank. The Facility also allows for $15 million to be used for swingline loans. The Company has an expansion option to increase the com …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The components of the Companys revenue by contract type for the three months ended June 30, 2026 and 2025 were as follows: Three months ended June 30, 2026 T&D C&I Total (dollars in thousands) Amount Percent Amount Percent Amount Percent Fixed price $ 158,637 30.3 % $ 489,267 87.7 % $ 647,904 59.9 % Unit price 208,407 39.8 14,271 2.6 222,678 20.6 T&E 156,978 29.9 54,167 9.7 211,145 19.5 $ 524,022 100.0 % $ 557,705 100.0 % $ 1,081,727 100.0 % Three months ended June 30, 2025 T&D C&I Total (dollars in thousands) Amount Percent Amount Percent Amount Percent Fixed price $ 178,118 35.2 % $ 329,982 83.8 % $ 508,100 56.4 % Unit price 191,022 37.7 20,246 5.1 211,268 23.5 T&E 137,133 27.1 43,824 11.1 180,957 20.1 $ 506,273 100.0 % $ 394,052 100.0 % $ 900,325 100.0 % The components of the Companys revenue by contract type for the six months ended June 30, 2026 and 2025 were as follows: Six months ended June 30, 2026 T&D C&I Total (dollars in thousands) Amount Percent Amount Percent Amount Percent Fixed price $ 308,815 29.0 % $ 883,988 86.9 % $ 1,192,803 57.3 % Unit price 426,618 40.1 27,201 2.7 453,819 21.8 T&E 329,559 30.9 105,926 10.4 435,485 20.9 $ 1,064,992 100.0 % $ 1,017,115 100.0 % $ 2,082,107 100.0 % Six months ended June 30, 2025 T&D C&I Total (dollars in thousands) Amount Percent Amount Percent Amount Percent Fixed price $ 351,568 36.3 % $ 623,787 81.4 % $ 975,355 56.3 % Unit price 343,124 35.4 37,913 5.0 381,037 22.0 T&E 273,35 …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

Stock-Based Compensation The Company maintains an equity compensation plan under which stock-based compensation has been granted: the 2017 Long-Term Incentive Plan (Amended and Restated as of April 24, 2024) (the LTIP). The LTIP was approved by our shareholders and provides for grants of (a) incentive stock options qualified as such under U.S. federal income tax laws, (b) stock options that do not qualify as incentive stock options, (c) stock appreciation rights, (d) restricted stock awards, (e) restricted stock units, (f) performance awards, (g) phantom stock, (h) stock bonuses, (i) dividend equivalents, or (j) any combination of such grants. The Company has outstanding grants of time-vested stock awards in the form of restricted stock units and internal metric-based and market-based performance stock units. During the six months ended June 30, 2026, the Company granted time-vested stock awards covering 33,562 shares of common stock under the LTIP, which vest ratably over three years for employee awards and after one year for non-employee director awards, at a weighted average grant date fair value of $280.22. During the six months ended June 30, 2026, time-vested stock awards covering 51,309 shares of common stock vested at a weighted average grant date fair value of $133.20. During the six months ended June 30, 2026, the Company granted 28,718 performance share awards under the LTIP at target, which will cliff vest, if earned, on December 31, 2028, at a weighted average gr …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

Fair Value Measurements The Company uses the three-tier hierarchy of fair value measurement, which prioritizes the inputs used in measuring fair value based upon their degree of availability in external active markets. These tiers include: Level 1 (the highest priority), defined as observable inputs, such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3 (the lowest priority), defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. As of June 30, 2026 and December 31, 2025, the Company determined that the carrying value of cash and cash equivalents approximated fair value based on Level 1 inputs. As of June 30, 2026 and December 31, 2025, the fair value of the Companys long-term debt and finance lease obligations was based on Level 2 inputs. The Companys long-term debt was based on variable and fixed interest rates at June 30, 2026 and December 31, 2025, for new issues with similar remaining maturities, and approximated carrying value. In addition, based on borrowing rates currently available to the Company for borrowings with similar terms, the carrying value of the Companys finance lease obligations also approximated fair value. …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Income Taxes The U.S. federal statutory tax rate was 21% for each of the three and six months ended June 30, 2026 and 2025. The Companys effective tax rate for the three and six months ended June 30, 2026 was 25.7% and 26.3%, respectively, of pretax income compared to the effective tax rate for the three and six months ended June 30, 2025 of 29.2% and 29.1%, respectively. The difference between the U.S. federal statutory tax rate and the Companys effective tax rates for the three and six months ended June 30, 2026 was primarily due to state income taxes and the impact of the net CFC tested income (NCTI) and other permanent difference items, partially offset by a favorable impact from stock compensation excess tax benefits. The difference between the U.S. federal statutory tax rate and the Companys effective tax rates for the three and six months ended June 30, 2025 was primarily due to permanent difference items and state income taxes. The Company has recorded a liability for unrecognized tax benefits of approximately $0.5 million and $0.4 million as of June 30, 2026 and December 31, 2025, respectively, which were included in other liabilities in the accompanying consolidated balance sheets. The Companys policy is to recognize interest and penalties related to income tax liabilities as a component of income tax expense in the consolidated statements of operations. The amount of interest and penalties charged to income tax expense related to unrecognized tax benefits was not s …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Lease Obligations From time to time, the Company enters into noncancelable leases for some of our facility, vehicle and equipment needs. These leases allow the Company to conserve cash by paying a monthly lease rental fee for the use of facilities, vehicles and equipment rather than purchasing them. The Companys leases have remaining terms ranging from less than one to twelve years, some of which may include options to extend the leases for up to ten years, and some of which may include options to terminate the leases within one year. Currently, all the Companys leases contain fixed payment terms. The Company may decide to cancel or terminate a lease before the end of its term, in which case we are typically liable to the lessor for the remaining lease payments under the term of the lease. Additionally, all of the Company's month-to-month leases are cancelable, by the Company or the lessor, at any time and are not included in our right-of-use asset or liability. At June 30, 2026, the Company had several leases with residual value guarantees. Typically, the Company has purchase options on the equipment underlying its long-term leases and many of its short-term rental arrangements. The Company may exercise some of these purchase options when the need for equipment is ongoing and the purchase option price is attractive. Leases are accounted for as operating or finance leases, depending on the terms of the lease. The following is a summary of the lease-related assets and liabilit …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

Recent Accounting Pronouncements Changes to U.S. GAAP are typically established by the Financial Accounting Standards Board (FASB) in the form of accounting standards updates (ASUs) to the FASBs Accounting Standards Codification (ASC). The Company considers the applicability and impact of all ASUs. The Company, based on its assessment, determined that any recently issued or proposed ASUs not listed below are either not applicable to the Company or will have minimal impact on its financial statements when adopted. Recently Adopted Accounting Pronouncements In July 2025, the FASB issued ASU 2025-05, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which introduces a practical expedient for estimating expected credit losses on current accounts receivable and current contract assets arising from transactions under Topic 606. The practical expedient allows entities to assume that current conditions as of the balance sheet date would not change for the remaining life of the asset when evaluating expected credit losses. This standard is effective for the Company for the annual and interim periods beginning after December 15, 2025, with early adoption permitted, and should be applied prospectively. The Company elected to adopt this practical expedient on January 1, 2026, on a prospective basis. This election did not have a material impact on our consolidated financial statements and related disclosures. Recen …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Revenue Recognition Disaggregation of Revenue A majority of the Companys revenues are earned through contracts with customers that normally provide for payment upon completion of specified work or units of work as identified in the contract. Although there is considerable variation in the terms of these contracts, they are primarily structured as fixed-price contracts, under which the Company agrees to perform a defined scope of a project for a fixed amount, or unit-price contracts, under which the Company agrees to do the work at a fixed price per unit of work as specified in the contract. The Company also enters into time-and-equipment and time-and-materials contracts under which the Company is paid for labor and equipment at negotiated hourly billing rates and for other expenses, including materials, as incurred at rates agreed to in the contract. Finally, the Company sometimes enters into cost-plus contracts, where the Company is paid for costs plus a negotiated margin. On occasion, time-and-equipment, time-and-materials and cost-plus contracts require the Company to include a guarantee not-to-exceed a maximum price. Historically, fixed-price and unit-price contracts have had the highest potential margins; however, they have had a greater risk in terms of profitability because cost overruns may not be recoverable. Time-and-equipment, time-and-materials and cost-plus contracts have historically had less margin upside, but generally have had a lower risk of cost overruns. T …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

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 Companys 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 Companys 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 CODMs assessment of segment performance and resource allocation decisi …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Subsequent Event On July 1, 2026, the Company acquired all issued and outstanding shares of capital stock of Valley Holdings I, Inc. and its subsidiaries (collectively, Valley), for initial cash consideration of approximately $328.0 million, subject to working capital and net asset adjustments. Valley is a full-service electrical contractor based in Everett, Washington. The Company funded the approximately $328.0 million cash payment at closing through a combination of approximately $93.0 million of cash on hand and $235.0 million of borrowings under the Facility. The purchase agreement for the Valley acquisition also provides for additional contingent consideration and additional contingent compensation for key executives of Valley, which may become payable based on the achievement of certain performance targets and continued employment of such executives. The results of Valley will be included in the Companys consolidated financial statements beginning as of July 1, 2026. Acquisition-related costs associated with the transaction incurred through June 30, 2026 were $1.3 million and were expensed by the Company during the six months ended June 30, 2026. Due to the timing of the acquisition, preliminary purchase price allocation has not yet been completed. …

SubsequentEventsTextBlock · excerpt; the full note is in the filing