Everus Construction Group, Inc.

Everus said second-quarter revenue was a record $1.23 billion, up 34% year over year, and EBITDA was $128.6 million, up 53%, with EBITDA margin expanding to 10.4% from 9.1% last year. E&M revenue rose 42% to $1.01 billion and E&M EBITDA increased 72% to $109.3 million, while T&D revenue grew 7.1% to $227.5 million and T&D EBITDA rose 7.9% to $32.8 million. Backlog was $4.55 billion, up 53% year over year, including about $100 million from SE&M. For 2026, management raised guidance to revenue of $4.5 billion-$4.7 billion and EBITDA of $410 million-$425 million; the guidance excludes Epsilon, which is expected to close later this year.

Jeff Thiede struck an upbeat tone, saying momentum continued on the back of sustained demand, strong execution and record results. He emphasized the company’s diversified growth strategy, especially exposure to data centers, semiconductor and industrial markets, and said Everus is positioning itself through geographic expansion and acquisitions. He also framed SE&M and the pending Epsilon deal as part of a disciplined strategy to expand footprint, diversify the business and deepen market presence.

Max Marcy focused on the numbers and balance sheet. He cited Q2 revenue of $1.23 billion, EBITDA of $128.6 million and EBITDA margin of 10.4%, along with E&M margin of 10.8% and T&D margin of 14.4%. On liquidity, he said Everus had $157 million of unrestricted cash, $278 million of gross debt and $223 million available on its credit facility, with net leverage at 0.3x versus a 1.5x to 2x target range. He also noted $196.8 million of operating cash flow in the first six months, $35.6 million of CapEx, and $167 million of free cash flow, while warning first-half free cash flow included timing benefits and the rest of the year should be more normalized.

Analysts pressed on Epsilon synergies, E&M margin drivers, backlog conversion, data center concentration, and whether long-term targets were too conservative. Management said Epsilon should add modular capabilities, new geographies and cross-selling opportunities, while E&M margins are being helped by planning, upfront deal quality, contract reviews, estimates and a repeatable execution playbook. On backlog, Jeff said roughly 80% burns within 12 months and margins are comparable to prior periods; he also said the backlog is diversified sequentially across many end markets, though data centers remain the largest part. On leverage, Max said the company wants to operate in the 1.5x to 2x range even after transactions, and long-term growth targets are meant to cover a cycle of more than 3 years, probably more than 5 years.