ITG Revenue Rises 49% to $461.5 Million; Raises 2026 Forecast
Key Facts
ITG reported full third-quarter results on November 11, confirming revenue of $461.5 million, up 49% year over year, and adjusted EBITDA of $64.5 million, up 64%. CEO Andy Parrott said revenue and adjusted earnings reached "record levels" and exceeded the expectations the company provided in the previous quarter. The October 22 announcement had presented preliminary revenue and adjusted earnings figures at the same levels, but the company published final results on November 10. ITG raised its fiscal 2026 forecast after the results, targeting revenue of $1.578 billion and adjusted earnings of $203 million. That equates to expected year-over-year growth of about 37% for both revenue and adjusted earnings.
Actual revenue exceeded the company's previous quarterly forecast of $440 million by $21.5 million, or 4.9%. Adjusted EBITDA also topped the forecast of $63 million by $1.5 million, or 2.4%. The company said in October that preliminary revenue rose about 49% year over year to $461.5 million, while adjusted earnings increased about 64% to $64.5 million. The full results thus confirmed the preliminary figures and added a net loss attributable to ITG of $6.1 million for the quarter. That loss puts the net result in a different context from the growth in revenue and adjusted earnings, the measures the company said reached record levels.
Free cash flow improved to $62.8 million in the third quarter, compared with $26.2 million in the same period of 2025. Parrott said the adjusted earnings margin improved year over year and quarter over quarter, attributing the gains to higher activity levels, better asset utilization and strong execution by operations teams. Growth in free cash flow provides an additional performance measure alongside revenue and adjusted earnings, while the net loss remains part of the period's final results. The company said demand remained generally healthy in the telecommunications and digital infrastructure markets. Parrott added that demand was strongest in wireline broadband infrastructure deployments.
Contracted revenue backlog for the next twelve months stood at $1.539 billion on September 30, 2026, compared with $1.209 billion on the same date a year earlier. The backlog had stood at $1.517 billion on June 30, 2026, meaning it also rose between the end of the second quarter and the end of the third quarter. ITG said new order activity was strong, including broadband fiber deployment contracts with several new customers. The company attributed demand particularly to wireline broadband infrastructure deployments and customer investment in networks and data center connectivity. The increase in contracted obligations provides an indication of work scheduled to generate revenue over the next twelve months, alongside the company's higher annual forecast.
ITG expects fourth-quarter 2026 revenue of $378 million and adjusted EBITDA of $51 million. The company's priorities, according to Parrott, include converting awarded work into profitable revenue, improving earnings-to-cash conversion and maintaining discipline in capital allocation. ITG provides integrated services to the telecommunications and digital infrastructure sectors in the United States, with operations spanning broadband, wireless communications, data centers, utilities and civil construction. Its workforce operates across 49 states, according to the company. Management held a call to discuss the results on November 11, 2026, at 8:00 a.m. Eastern Time, with a replay to be made available later.