Everus raises 2026 revenue outlook to $5.1 billion after third-quarter growth of 40.3%
Key Facts
Everus raised its fiscal 2026 revenue forecast to a range of $5.0 billion to $5.1 billion, compared with a previous forecast of $4.5 billion to $4.7 billion, and raised its EBITDA forecast to $485–495 million from $410–425 million. The company said the revised outlook reflects strong results in the first three months of the year and acquisitions completed during 2026. It reported results after the market closed on November 3, when the stock stood at $112.73, up 9.46% in that day's trading. The forecast revision came as revenue and earnings accelerated in the third quarter, alongside an expanding backlog. Management is scheduled to discuss the results in a webcast on November 4 at 11 a.m. Eastern time.
Third-quarter revenue totaled $1.38 billion, up 40.3% from $986.8 million in the same period of 2025. The company said revenue rose 35.8% organically, excluding contributions from acquisitions completed during 2026. The gap between the total and organic growth rates indicates that acquisitions added to the quarter's expansion, while most growth also came from increased activity in existing operations. Chief Executive Jeffrey S. Thiede described organic growth in the quarter as 36%, saying it came from the electrical and mechanical and transmission and distribution segments. These figures put sales growth in the context of the company's higher annual forecast, which was based on results so far this year and completed acquisitions.
Third-quarter net income rose to $91.9 million from $57.0 million a year earlier, while diluted earnings per share increased to $1.79 from $1.11. Everus said net income grew 61.2%, and the net income margin was 6.6% for the period. EBITDA also climbed to $140.2 million, up 57.5% from $89.0 million in the third quarter of 2025. The EBITDA margin widened to 10.1% from 9.0% a year earlier, reflecting higher operating earnings alongside revenue growth. The quarterly results accompanied the company's increase in its full-year EBITDA forecast to $485–495 million, from the previous range of $410–425 million.
Expansion in the electrical and mechanical segment was the larger growth driver of the two segments for which the company reported results, with revenue up 48.0% to $1.14 billion in the third quarter. Everus attributed the performance primarily to commercial and industrial markets, particularly continued growth in data centers and advanced technologies. In the transmission and distribution segment, revenue increased 14.4% to $255.6 million. Thiede said organic growth of 36% came from both segments, pointing to a broader base of revenue growth during the quarter. The comparison between the growth rates shows that expansion was faster in electrical and mechanical, while transmission and distribution also posted a year-over-year increase.
Backlog rose to $5.48 billion on September 30, 2026, up 86.1% from its level on September 30, 2025, and 69.8% compared with the end of 2025. The balance indicates the volume of work listed by the company at the end of the third quarter, alongside revenue growth and the higher annual forecast. The company said project opportunities were strong in data centers, advanced technologies and hospitality. Those areas align with the demand sources it cited as supporting the electrical and mechanical segment, particularly data centers and advanced technologies. The quarter's performance therefore combined realized growth in revenue and earnings with a larger backlog, while the company's annual outlook remained tied to nine-month results and completed acquisitions.
Everus completed its acquisition of Epsilon Industries on September 1, 2026, saying the deal expands its capabilities in off-site modular construction and prefabrication. The company added that Epsilon's integration is progressing according to plan, and included acquisitions completed during the year among the reasons for raising its forecast. That came alongside third-quarter organic revenue growth of 35.8%, showing that deal contributions were not the only factor behind sales growth. Management will present and discuss third-quarter results in a webcast scheduled for November 4 at 11 a.m. Eastern time.