MYR Group's Backlog Hits Record in Q2: Can the Growth Trend Continue?
MYR Group MYRG ended the second quarter of 2026 with a record backlog, providing visibility into future revenues. MYRG’s backlog was at $3.16 billion at the quarter’s end, up 19.6% year over year and 11% above the prior record of $2.84 billion reported at the end of the first quarter.
The acceleration in backlog growth over the past few quarters strengthens the case for a sustained upward trend. MYR Group’s backlog was $2.64 billion in both the first and second quarters of 2025, before edging up to $2.66 billion in the third quarter and ending 2025 with a backlog of $2.82 billion. Backlog increased further to $2.84 billion at the end of the first quarter of 2026 and then surged to $3.16 billion in the second quarter. The progression suggests that the company is experiencing improving order activity rather than benefiting from a one-quarter spike.
The backlog composition also supports the potential for sustained growth. Transmission and Distribution (T&D) segment’s backlog stood at $1.27 billion, while the Commercial and Industrial (C&I) backlog reached $1.89 billion at the end of June. MYRG continues to benefit from investments in transmission and distribution infrastructure, grid modernization, data centers, manufacturing reshoring, transportation and clean energy.
The July acquisition of Valley Electric and Comet Electric is expected to expand its C&I capabilities and geographic reach. While project timing, execution challenges and cost pressures remain potential risks, MYRG's accelerating revenue trend and strong end-market fundamentals provide a constructive outlook for continued top-line expansion.
Peer Quanta Services PWR reported a record total backlog of $53.4 billion at the end of the second quarter, up 49% from the prior year. Its electric backlog was particularly strong, accounting for 82% of Quanta Services’ total backlog, reflecting continued investment in power infrastructure.
MasTec MTZ reported an 18-month record backlog of $21.4 billion, up 30% year over year. Clean Energy and Infrastructure backlog increased to $7.8 billion, while Power Delivery backlog reached $6.3 billion, underscoring strong demand across power-related infrastructure markets.
MYRG’s Price Performance, Valuation & Estimates
MYR Group shares have gained 54.6% in the past year, outperforming the industry's 74.4% fall.
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MYRG is currently trading at a forward 12-month P/E of 20.04X, a premium compared with the industry’s 18.57X.
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The Zacks Consensus Estimate for 2026 points to year-over-year earnings growth of 54.1%, while the 2027 estimate implies growth of around 12.9%.
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Earnings estimates for both years have moved up over the past 60 days.
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MYR Group stock currently sports a Zacks Rank #1 (Strong Buy).
You can see the complete list of today’s Zacks #1 Rank stocks here.
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This article originally published on Zacks Investment Research (zacks.com).
