ECG earnings analysis
What we found in ECG's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Everus Construction Group (ECG) delivered strong Q1 2026 results with revenues of $1.04 billion, exceeding expectations by 13.2%, and a notable EPS of $1.14, beating estimates by 37.3%. The company also raised its full-year revenue and EBITDA guidance reflecting robust growth driven by significant project demand, particularly in the data center and renewables markets.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Surge
- Total revenue increased 25.4% YoY to $1.04 billion, up from $826.6 million.
- Record EPS
- Diluted EPS rose 58.9% YoY to $1.14, compared to $0.72 in the prior year.
- Strong Gross Margin Improvement
- Gross margin improved to 12.6%, up from 11.2% a year ago.
- Operating Income Boost
- Operating income increased by 52.4% YoY to $77.7 million.
- Cash Flow Turnaround
- Operating cash flow increased to $143.7 million, from $7.1 million last year.
- Increased Guidance
- Raised 2026 revenue guidance from $4.1-$4.2 billion to $4.3-$4.4 billion.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Rising Operating Expenses
- SG&A expenses surged 27.7% YoY to $53.0 million, impacting margins.
- Labor Market Pressures
- Labor costs increased significantly due to expanded workloads, potentially affecting margins.
- Market Volatility Risks
- Economic fluctuations and potential geopolitical tensions may impact future project demand.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $1.14
- Gross margin
- 12.6%
- Operating margin
- 7.5%
- Segment
- E&M
- Segment
- T&D
What they said about what is next.
2026 revenue guidance raised to $4.3B-$4.4B from $4.1B-$4.2B.
The filing reads better than the one before it.
What came before.
- 10-K · February 25, 2026
- Everus (ECG) recorded material scale-up in 2025 with operating revenues of $3.75 billion (2025) versus $2.85 billion (2024) and expanded its national footprint and workforce (≈10,000 peak employees in 2025). The…
- 10-Q · August 13, 2025
- Everus reported a strong Q2 with operating revenues of $921,466,000 (up $218,093,000, +31.0% vs Q2 2024) and diluted EPS of $1.03 (up $0.27 vs $0.76 in Q2 2024). Gross profit increased to $119,869,000 and gross margin…
- 10-Q · May 15, 2025
- Everus reported a strong Q1 with operating revenues of $826,629,000 (Q1 2024: $625,689,000), a 32.1% year-over-year increase, and diluted EPS of $0.72 (Q1 2024: $0.55). Gross profit rose to $92,493,000 while gross…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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