Everus Construction Group, Inc.

everus.com

What Do They Do?

Builds and maintains electrical, fire-suppression and mechanical systems for commercial, industrial and institutional customers. Constructs and maintains electric, gas and communications networks for utilities and transportation customers.

How Do They Make Money?

E&M specialty contracting brings in revenue as project work progresses. T&D earns revenue from utility construction, equipment sales when delivered, and rentals over lease terms.

revenue

Segment	Share	Revenue	How money arrives
E&M Recurring	78% FY2022: 74%		Recurring
T&D Mix	22% FY2022: 26%		Mix

Who Are Their Customers?

Everus serves general contractors and end users in E&M, and utilities and transportation customers in T&D. Customers award work through competitive or negotiated bids and master service agreements.

Customers above 10% of revenue, FY2025

of revenue from one customer

FY2023: 17% from one customer

Do Revenues Turn Into Profits?

Yes. It kept 5 cents of every revenue dollar as net income in FY2025 and turned 2 cents into free cash flow.

Operating income, FY2025

7% of revenue

▲ +39% vs FY2024 ($189.9M, 7%)

Net income, FY2025

5% of revenue

▲ +41% vs FY2024 ($143.4M, 5%)

Free cash flow, FY2025

2% of revenue

▼ −22% vs FY2024 ($115.1M, 4%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +34%; vs $921.5M in Q2 FY2025
Net income: ▲ +59%; vs $52.8M in Q2 FY2025

E&M share of revenue vs 77.2% in Q2 FY2025

Sep 2, 2026 Completed acquisition of Epsilon Industries The acquisition adds off-site modular capabilities and extends geographic reach into key end markets.
Aug 4, 2026 Raised full-year revenue and EBITDA guidance Full-year revenue forecast is $4.5 billion to $4.7 billion, with EBITDA of $410 million to $425 million.
May 5, 2026 Raised full-year revenue and EBITDA guidance Full-year revenue forecast is $4.3 billion to $4.4 billion, with EBITDA of $345 million to $360 million.
Apr 2, 2026 Acquired SE&M and its related businesses Adds mechanical, electrical and plumbing services, including work in pharmaceutical, industrial and health care markets.

Revenue over time

E&M T&D

$5B$2.5B$0

FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Comfort Systems USA, EMCOR Group, IES Holdings, MasTec, MYR Group, Primoris Services, Quanta Services, Sterling Infrastructure, M.C. Dean, Rosendin Electric, Pike, and Archkey Solutions

Comments