Matrix Service Co

matrixservicecompany.com

What Do They Do?

Builds and maintains storage and terminal facilities, and sells specialty tank products to energy and industrial customers.

How Do They Make Money?

Customers pay for engineering, procurement, fabrication and construction projects through milestone bills. Repair and maintenance work is billed monthly, or when a short project ends.

revenue

Segment	Share	Revenue
Utility and Power Infrastructure	32% FY2023: 21%
Process and Industrial Facilities	15% FY2023: 47%
Storage and Terminal Solutions	52% FY2023: 32%
Corporate Segment	0.0% FY2023: 0.0%

Who Are Their Customers?

Utilities, energy producers, data center customers, and industrial and energy businesses hire Matrix for infrastructure projects; work is usually won through competitive bids or preferred-provider agreements, with some work as a subcontractor.

Do Revenues Turn Into Profits?

Not on paper. It lost $2.6M in FY2026, but brought in more cash than it spent: $1.4M of free cash flow.

Operating income, FY2026

−1% of revenue

▼ −73% (Loss) vs FY2025 (−$35.1M, −5%)

Net income, FY2026

0% of revenue

▼ −91% (Loss) vs FY2025 (−$29.5M, −4%)

Free cash flow, FY2026

0% of revenue

▼ −99% vs FY2025 ($109.8M, 14%)

How Are They Changing?

Growing. Revenue grew 23% in 4 years, from $707.8M in FY2022 to $873.6M in FY2026, about 5% a year.

More data center work The earlier utility segment described work for utilities and power generation; the latest also describes power infrastructure systems for data center customers.

More construction-only work The earlier report described engineering, procurement, fabrication and construction offerings; the latest says it is accelerating construction-only services and offering customers more project delivery models.

Revenue over time

Utility and Power Infrastructure Process and Industrial Facilities Storage and Terminal Solutions Corporate Segment Utility and Power Infrastructure Member

$1B$500M$0

FY2022 FY2023 FY2024 FY2025 FY2026

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