MYR Group Inc. (MYRG): Business Model Canvas [Dec-2025 Updated]

You're looking to map out the actual engine driving the massive grid upgrades happening across North America, and honestly, the business model for MYR Group Inc. is a masterclass in specialized execution. Forget abstract strategy; this is about deploying over 8,000 pieces of heavy equipment and a mobile workforce of approximately 8,500 people to secure long-term contracts, evidenced by their $3.51 billion Trailing Twelve Month revenue as of September 30, 2025. We're talking about the full-service capability-from design to emergency repair-that utilities and developers of AI data centers desperately need right now, with recurring Master Service Agreements making up about 60% of their Transmission & Distribution revenue. Dive into the nine blocks below to see exactly how they structure their costs and lock in those high-value customer relationships.

MYR Group Inc. (MYRG) - Canvas Business Model: Key Partnerships

You're looking at the core relationships that keep MYR Group Inc. running smoothly, especially when securing massive, multi-year contracts. These aren't just handshake deals; they are deeply integrated operational necessities for a company with a total backlog of $2.64 billion as of June 30, 2025.

IBEW Local Union Jurisdictions and JATC for Skilled Labor Supply

The relationship with organized labor is fundamental for MYR Group Inc. The majority of its subsidiaries operate within IBEW Local Union jurisdictions. This partnership extends to active participation at national and local levels with Joint Apprenticeship Training Committees (JATC). Honestly, this access to a pipeline of highly skilled workers is a distinct competitive edge, letting them staff projects of nearly any size.

This collaboration isn't just passive; leadership involvement shapes the training itself. For example, in Detroit, a collaboration involving MYR Group subsidiary Harlan Electric Company, IBEW Local 17, and the Public Lighting Authority of Detroit (PLA) helped launch the PLANT pre-apprenticeship program.

• Active participation on JATC committees and boards.
• Guarantees access to highly skilled electrical construction workers.
• Harlan Electric co-developed the Detroit PLANT program.
• Non-union subsidiary Great Southwestern Construction runs its own paid apprenticeship in Alvarado, Texas.

Strategic Alliance Agreements with Key Customers for Long-Term Project Flow

Securing long-term, recurring revenue through Master Service Agreements (MSAs) with major utilities is a critical partnership strategy. This provides revenue visibility well into the future, which is key when your T&D segment backlog alone was $927 million as of June 30, 2025.

Here's a look at a recent, significant customer partnership that solidifies future work:

Customer/Type	Agreement Detail	Anticipated Value/Term	Effective Period
Xcel Energy (Major Utility)	Five-year design, build, electric distribution MSA	In excess of $500 million	Through 2029
Major Utilities (Northeast/Midwest)	Two additional MSAs awarded	Not publicly specified	Ongoing

The company continues to expand these relationships, which contributed to the $3.45 billion trailing twelve-month revenue ending June 30, 2025. That's real stability you can bank on.

Suppliers of Specialized Equipment and High-Voltage Materials

While specific supplier names aren't always public, the operational structure implies deep partnerships for specialized needs. The ability to draw upon centralized fleet and tooling resources across the network is a form of internal supply chain strength. Furthermore, the company's focus on complex projects-like 230 kV and 345 kV transmission line rebuilds in South Carolina and Missouri, respectively-demands established relationships with high-voltage material providers.

Joint Ventures (JVs) for Large-Scale, Complex EPC Projects

MYR Group Inc. uses JVs, often fixed-price, to tackle the most complex Engineering, Procurement, and Construction (EPC) contracts, sometimes acting as the prime contractor while using a subcontractor for the engineering component. This structure allows them to manage risk and leverage specialized expertise from partners or fellow subsidiaries.

For instance, subsidiary L.E. Myers partnered with MYR Energy Services (MYRE) to manage and construct an EPC project in Marysville, Ohio, connecting clean energy sources to the grid. In another example, subsidiary E.S. Boulos (ESB) partnered with an engineering firm to build three battery storage facilities, delivering a combined 30 megawatts of energy storage across Maine and New Hampshire.

Network of Premier Electrical Contractor Subsidiaries for Cross-Collaboration

MYR Group Inc. is the parent to 12 long-established electrical construction subsidiaries, not 13, based on the latest corporate structure information. This integrated network is a key resource, allowing for cross-collaboration, information sharing, and personnel scaling to meet project demands.

The scale of this network is reflected in the Q3 2025 financial results, where the company is focused on delivering critical electrical infrastructure.

Subsidiary Example	Primary Focus Area	Collaboration Example
The L.E. Myers Co.	Transmission Line Construction	Partnered with MYR Energy Services on Marysville, Ohio EPC project.
MYR Energy Services, Inc.	EPC Management, Clean Energy	Led EPC management for Marysville substation upgrade.
E.S. Boulos Company	Commercial & Industrial / Renewables	Partnered with engineering firm on 3 BESS projects (30 MW total).
Great Southwestern Construction, Inc.	Non-Union Operations, Training	Operates state-of-the-art training facility in Alvarado, Texas.

The C&I segment, which includes several of these subsidiaries, generated $394 million in revenue for Q2 2025.

Finance: draft 13-week cash view by Friday.

MYR Group Inc. (MYRG) - Canvas Business Model: Key Activities

You're looking at the core things MYR Group Inc. actually does to make money, right? It's all about building and fixing the electrical backbone. Here's the quick math on what drove their business through late 2025.

Construction and maintenance of high-voltage transmission lines and substations. This is the bread-and-butter Transmission and Distribution (T&D) work. For the first nine months of 2025, the T&D segment brought in revenues of $1.47 billion. This activity is foundational to grid reliability.

Electrical contracting for high-growth C&I markets like data centers and clean energy. The Commercial and Industrial (C&I) segment is heavily involved here, posting revenues of $1.21 billion for the first nine months of 2025. Management specifically noted capitalizing on the accelerating pace of electrification and future project demand.

Design, engineering, and procurement for electrical infrastructure projects. While not a separate revenue line, the scale of their work implies this is integrated. The total consolidated backlog as of September 30, 2025, stood at $2.66 billion, showing a significant pipeline requiring design and engineering upfront.

Emergency restoration services for utilities following major weather events. This activity is critical for utility relationships, though specific revenue figures aren't broken out separately in the latest reports. It supports the overall T&D segment's ability to maintain long-standing customer relationships.

Project bidding and execution, focusing on high-margin opportunities. The focus on margin is evident in the results. For instance, the gross margin in the first quarter of 2025 reached 11.6 percent, up from 10.6 percent in the first quarter of 2024, partly due to a larger portion of projects progressing at higher contractual margins. The backlog itself is the result of successful bidding.

Here is a snapshot of the key segment performance metrics as of the third quarter of 2025:

Metric	Transmission & Distribution (T&D)	Commercial & Industrial (C&I)
Q3 2025 Revenue	$503.4 million	$447.0 million
Backlog (as of Sep 30, 2025)	$929.0 million	$1.73 billion
Revenue (First Nine Months 2025)	$1.47 billion	$1.21 billion

The execution of these activities resulted in strong financial outcomes for the period ending September 30, 2025:

• Total consolidated revenues for the trailing twelve months were $3.51 Billion USD.
• Quarterly revenues for Q3 2025 were $950.4 million.
• Quarterly net income for Q3 2025 reached $32.1 million.
• The C&I segment backlog of $1.73 billion as of September 30, 2025, shows where the largest future execution lies.
• The company secured multiple master services agreements across core markets in Q2 2025.

The health of the bidding process is definitely reflected in that backlog number.

Finance: draft 13-week cash view by Friday.

MYR Group Inc. (MYRG) - Canvas Business Model: Key Resources

You're looking at the core assets that let MYR Group Inc. (MYRG) execute its complex electrical construction work across North America. These aren't just line items; they are the physical and human capital that drive revenue visibility and operational capacity.

The physical assets are substantial. MYR Group maintains an extensive, centralized fleet of over 8,000 pieces of specialized Transmission & Distribution (T&D) equipment. This scale allows for rapid mobilization across diverse geographies and project types, a critical advantage in the utility sector.

Complementing the machinery is the human element. The highly mobile, skilled workforce of MYR Group Inc. is approximately 8,500 employees strong, operating throughout the US and Canada. This deep pool of technical talent is what allows the company to tackle the most demanding infrastructure builds.

Financially, the company backs this operational scale with a strong balance sheet. As of the second quarter of 2025, MYR Group Inc. reported liquidity with $383 million in availability under its $490 million credit facility. This financial footing supports ongoing organic growth and the ability to pursue strategic opportunities.

The reputation built over decades is itself a key resource. MYR Group Inc. is a recognized leader in electrical construction, consistently ranked as one of the top five specialty electrical contracting firms by Engineering News-Record. This legacy translates directly into deep technical expertise for complex electrical work.

Furthermore, the structure of their customer relationships provides revenue certainty. The company secures work through Master Service Agreements (MSAs), which lock in high-visibility, recurring revenue streams. This is evidenced by the total backlog, which stood at $2.66 billion as of September 30, 2025.

Here's a quick look at the scale and financial underpinning of these Key Resources as of late 2025:

Key Resource Metric	Value / Amount	Reporting Period Reference
Specialized T&D Equipment Fleet	Over 8,000 pieces	Stated Key Resource
Total Workforce	Approximately 8,500 employees	As of late 2025
Credit Facility Availability	$383 million	Q2 2025
Total Credit Facility Size	$490 million	Q2 2025
Total Contract Backlog	$2.66 billion	Q3 2025

The operational capacity is further defined by the segment breakdown supporting that backlog:

• T&D Segment Backlog: $929 million as of September 30, 2025.
• C&I Segment Backlog: $1.73 billion as of September 30, 2025.

This combination of tangible assets, human capital, financial flexibility, and contractual visibility forms the foundation of MYR Group Inc.'s ability to deliver on large-scale energy infrastructure projects. Finance: draft 13-week cash view by Friday.

MYR Group Inc. (MYRG) - Canvas Business Model: Value Propositions

You're looking at the core reasons clients choose MYR Group Inc. (MYRG) over others in the electrical infrastructure space. It boils down to comprehensive capability, proven scale, and an unwavering focus on safety, all backed by solid financial performance heading into late 2025.

Full-service, end-to-end electrical infrastructure solutions (design-to-repair)

MYR Group Inc. (MYRG) offers a complete lifecycle of services, meaning you can rely on them from the initial concept through to final repair and maintenance. This end-to-end capability is supported by the breadth of their segment offerings.

The Transmission and Distribution (T&D) segment provides comprehensive services including design, engineering, procurement, construction, upgrade, maintenance, and repair services on transmission and distribution networks and substation facilities. The Commercial and Industrial (C&I) segment similarly covers design, installation, maintenance, and repair of wiring for various facilities.

Metric	Value as of Late 2025	Segment
Total Backlog	$2.66 billion	Consolidated (as of September 30, 2025)
T&D Backlog	$929.0 million	Transmission & Distribution (as of September 30, 2025)
C&I Backlog	$1.73 billion	Commercial & Industrial (as of September 30, 2025)
LTM Revenue	$3.45 billion	Last Twelve Months (ending June 30, 2025)

Work performed under Master Service Agreements represented approximately 60% of T&D revenue in Q2 2025. That's a lot of recurring, trusted work.

Ability to execute large, complex projects like 345 kV transmission line rebuilds

The company demonstrates capacity for high-voltage, complex work, which is a key differentiator. They aren't just handling routine maintenance; they are tackling major grid upgrades.

MYR Group Inc. (MYRG) subsidiaries have experience with very high-voltage construction. For example, one subsidiary safely completed 765kV work in Ohio. Furthermore, another project involved performing 345kV transmission construction, including new monopoles.

Reliability and scale to support critical national trends like electrification and AI data centers

The financial scale and focus on specific growth sectors confirm their reliability to handle large, modern infrastructure demands. The market is clearly betting on this trend, as evidenced by external forecasts.

The C&I segment is directly capitalizing on AI demand, having secured a large-scale data center project in Colorado valued at over $90 million. Management noted robust bidding activity driven by growing electrification demand.

• Deloitte forecast: $1.4 trillion of capital investments projected in the US power sector from 2025 to 2030.
• Projected power demand increase by 2030: 10% to 17% from 2024 levels.
• C&I segment LTM Revenue (ending June 30, 2025): $1.55 billion.

The company's Q3 2025 gross margin reached 11.8 percent, up from 8.7 percent in Q3 2024, suggesting improved operational efficiency while handling this scale.

Safety-focused operations and high-quality service execution

Safety isn't just a talking point; it's quantified through industry recognition across their operating districts. They have multiple districts achieving the highest OSHA recognition.

For performance in 2024, MYR Group Inc. (MYRG) saw significant safety achievements:

• 14 districts attained Recognition of Achievement in Safety Excellence from the National Electrical Contractors Association (NECA).
• Nine districts were awarded Recognition of Achievement of Zero Injury by NECA.
• Multiple districts have earned OSHA VPP STAR Status, the agency's highest grade.

This commitment supports their high-quality service delivery, as evidenced by their Q3 2025 gross margin of 11.8 percent.

Geographic reach across the United States and Canada

MYR Group Inc. (MYRG) is structured as a holding company of contractors serving markets across the entire continent, providing broad coverage for national clients.

The company explicitly serves electric utility infrastructure, commercial, and industrial construction markets throughout the United States and Canada. The specific locations recognized for safety in 2024 show this wide operational spread, including districts in Pennsylvania, New Jersey, Arizona, Colorado, Nevada, Utah, California, Maine, and Iowa.

To be fair, while the exact number of states isn't listed here, the sheer number of recognized subsidiaries confirms a deep, multi-state presence. Finance: draft 13-week cash view by Friday.

MYR Group Inc. (MYRG) - Canvas Business Model: Customer Relationships

You're looking at how MYR Group Inc. keeps the work flowing, and honestly, it's all about locking in those long-term commitments. They don't just bid on one-off jobs; they focus on deep, ongoing partnerships.

Long-term, collaborative relationships built on Master Service Agreements (MSAs).

Master Service Agreements (MSAs) are key here. They give MYR Group visibility and a steady flow of work, which is great for managing resources. For instance, work performed under MSAs represented approximately $\text{60%}$ of the Transmission and Distribution (T&D) segment revenue during the second quarter of $\text{2025}$.

One major example is the five-year Design-Build Electric Distribution MSA signed with Xcel Energy, effective through $\text{2029}$. This single agreement is anticipated to generate revenues in excess of $\text{500 million MYR}$ over that five-year term. To be fair, most MSAs don't guarantee volume, but they often give MYR Group a right of first refusal for certain work, which is a solid advantage.

Here's a look at the total work secured as of late $\text{2025}$ to show the scale of these relationships:

Metric	Amount as of September 30, 2025
Total Backlog	$\text{2.66 billion MYR}$
Transmission & Distribution (T&D) Backlog	$\text{929.0 million MYR}$
Commercial & Industrial (C&I) Backlog	$\text{1.73 billion MYR}$

Dedicated project teams for large utility and industrial clients.

MYR Group Inc. structures its service delivery around its client types, which means they deploy specialized teams based on the segment. Their T&D segment serves customers like investor-owned utilities, cooperatives, and independent transmission companies. Meanwhile, the C&I segment focuses on clients such as data centers, hospitals, manufacturing plants, and general contractors.

The company emphasizes enhancing relationships with its preferred customers to capitalize on long-term growth opportunities, like the accelerating pace of electrification.

• T&D Customers include: investor-owned utilities, cooperatives, government-funded utilities.
• C&I Customers include: commercial and industrial facility owners, general contractors, developers.

Direct engagement with preferred customers to secure ongoing work.

This isn't just transactional; it's about history. The new Xcel Energy MSA, for example, strengthens a relationship that the company notes is nearly $\text{70-year}$ long. Direct engagement helps them execute work at a high level and create value, which is how they secure follow-on business. The stock performance reflects this strategy, surging $\text{55%}$ in $\text{2025}$ alone.

Relationship-based bidding process for new, large-scale contracts.

Bidding activity remains healthy across both segments, but the focus is strategic. They selectively pursue projects that fit their portfolio, which includes MSAs and a healthy mix of smaller to mid-sized jobs. Working under these longer-term master service agreements and other long-term deals is what provides high visibility and, importantly, larger margins.

MYR Group Inc. (MYRG) - Canvas Business Model: Channels

You're looking at how MYR Group Inc. gets its work done and delivers value to the market as of late 2025. The channels here are less about retail shelf space and more about direct engagement with massive infrastructure clients.

Direct sales force and business development teams targeting large clients are key to securing the biggest, multi-year commitments. For instance, a subsidiary executed a five-year Design-Build Electric Distribution Master Service Agreement (MSA) with Xcel Energy Inc., effective through 2029, which is anticipated to generate work in excess of $500 million over that five-year period. This shows the direct, relationship-driven channel for major utility work. To put the scale of these large client relationships in context, for the year ended December 31, 2023, the top 10 customers accounted for 37.9% of total revenues, indicating a reliance on a concentrated base of major accounts.

The reality for securing much of this work is the competitive bid process for most new contract awards. The company enters into contracts principally through a competitive bid process, and most government contracts are awarded this way after a regulated procedure. This means the channel success relies heavily on pre-bid preparation, technical expertise, and competitive pricing.

The delivery channel is deeply rooted in its network of operating subsidiaries with local market presence. This structure allows MYR Group Inc. to maintain local management controls while leveraging the resources of the whole organization. Harlan Electric Company is one part of this integrated network, which also includes entities like The L.E. Myers Co., Sturgeon Electric Company, Inc., and Huen Electric, Inc., among others.

This network supports a direct project delivery model across the US and Canada. The company's operations span both countries, delivering services through its Transmission and Distribution (T&D) and Commercial and Industrial (C&I) segments. The scale of this delivery is reflected in the latest reported figures.

Here's a quick look at the scale of operations feeding through these channels as of late 2025:

Metric	Value (As of Late 2025 Data)
Trailing Twelve Month Revenue	$3.51 billion
Total Project Backlog (as of June 30, 2025)	$2.64 billion
Q3 2025 Revenue	$950.4 million
Total Employees	Exceeding 8,500
Geographic Focus	United States and Canada

The types of customers reached through these channels are diverse, spanning both segments:

• T&D Customers: Investor-owned utilities, cooperatives, private developers, and government-funded utilities.
• C&I Customers: General contractors, data center owners, hospitals, hotels, and manufacturing plants.
• Contract Types Utilized: Fixed-price, time-and-materials, time-and-equipment, and cost-plus agreements.

If onboarding new project teams takes longer than expected, project margin realization slows down. Finance: draft 13-week cash view by Friday.

MYR Group Inc. (MYRG) - Canvas Business Model: Customer Segments

You're looking at the core customer base for MYR Group Inc. as of late 2025. This isn't just a list; it's where the $3.45 billion in revenue for the last twelve months ending June 30, 2025, actually came from. The business model clearly segments its work across regulated utilities and the rapidly expanding commercial/industrial space, especially where power demand is spiking.

The company's total backlog as of September 30, 2025, stood at $2.66 billion, showing strong forward visibility across these customer groups. Here's how those customers break down based on the two primary operating segments, Transmission & Distribution (T&D) and Commercial & Industrial (C&I).

The T&D segment is heavily tied to regulated entities. Work performed under Master Service Agreements (MSAs) is a key feature here, representing approximately 60% of T&D revenue in Q2 2025. This suggests deep, ongoing relationships with these utility customers.

The C&I segment is where the high-growth infrastructure work is concentrated. Management noted that the C&I segment is expected to continue growing with high single-digit revenue increases in 2025. This segment is capturing the upside from the AI arms race and broader electrification efforts.

Here is a snapshot of the financial scale across the two main segments based on the latest available LTM and quarterly data:

Customer Segment Focus	MYR Group Segment	Revenue (LTM ended June 30, 2025)	Backlog (as of June 30, 2025)	Q3 2025 Quarterly Revenue
Investor-Owned Utilities (IOUs) and government-funded utilities	Transmission & Distribution (T&D)	$1.90 billion	$927 million	$503.4 million
Commercial & Industrial Facility Owners, Transportation, Municipal Agencies	Commercial & Industrial (C&I)	$1.55 billion	$1.72 billion	$447.0 million
Total Company	Consolidated	$3.45 billion	$2.64 billion	$950.4 million

The customer segments are served by specific capabilities:

• Investor-Owned Utilities (IOUs) and government-funded utilities (T&D segment): Focus on electrical transmission, distribution, and substation facilities, including grid hardening and expansion projects.
• Commercial and industrial facility owners (e.g., hospitals, manufacturing plants): Services include design, installation, maintenance, and repair of commercial and industrial wiring, with specific mention of smart hospitals.
• Developers of high-growth infrastructure like AI data centers and clean energy projects: MYR Group is a go-to contractor for power-hungry AI data centers, with one specific data center project in Colorado valued at $90 million mentioned in Q1 2025 commentary.
• General contractors and independent power producers: These entities engage MYR Group for clean energy construction, including solar capacity projects and energy storage.
• Transportation and municipal agencies for intelligent transportation systems: These are included within the C&I segment scope, alongside airports and commercial offices.

The overall revenue for the first nine months of 2025 reached $2.68 billion, with the C&I segment showing strong growth, contributing $1.21 billion of that total. The T&D segment contributed $1.47 billion over the same nine-month period. The company's trailing twelve-month revenue as of September 30, 2025, was reported at $3.51B. That's a lot of wires and substations being built for these customers. Finance: draft 13-week cash view by Friday.

MYR Group Inc. (MYRG) - Canvas Business Model: Cost Structure

You're looking at the expenses that drive the engine for MYR Group Inc. (MYRG) as they navigate the high-demand infrastructure market of late 2025. The cost structure is heavily weighted toward human capital and the machinery needed to execute massive projects.

High cost of contract labor, including union wages and training expenses.

Labor is a primary cost driver, especially given the reliance on unionized workforces. The majority of MYR Group subsidiaries are large employers in IBEW Local Union jurisdictions and actively participate with Joint Apprenticeship Training Committees (JATC) for recruitment and training. This partnership ensures a supply of highly skilled workers but ties costs to negotiated union rates. Industry-wide, union trades are seeing historically high first-year wage settlements, projected to be between 4.6% and 4.8% for 2025, which directly pressures MYR Group Inc. (MYRG)'s direct project costs. The company noted in Q2 2025 that higher costs related to labor were a factor partially offsetting gross margin improvements.

• Majority of subsidiaries operate under IBEW Local Union jurisdictions.
• Active participation in Joint Apprenticeship Training Committees (JATC).
• Average union first-year wage settlements projected near 4.7% for 2025.
• Non-union subsidiary, Great Southwestern Construction, runs its own paid apprenticeship program.

Significant capital expenditures for specialized equipment fleet maintenance and upgrades.

Maintaining and upgrading the specialized fleet of construction equipment is a non-negotiable, significant capital outlay. For the trailing twelve months (TTM) ending September 2025, MYR Group Inc. (MYRG)'s cash flow used for capital expenditures totaled $-76.77 Million. This investment supports the execution of large-scale Transmission and Distribution (T&D) and Commercial and Industrial (C&I) projects, which require specialized, high-capacity machinery. Higher capital expenditures were cited as partially offsetting the strong operating cash flow in Q2 2025.

Material and subcontractor costs for large-scale construction projects.

Material costs are a variable but substantial component, especially with ongoing market volatility. While specific material costs are not broken out, the company acknowledged challenges in material availability during the Q3 2025 earnings discussion, which can inflate procurement expenses. Subcontractor costs are embedded within the overall Cost of Goods Sold, which, when combined with labor, determines the gross margin. The C&I segment saw revenue growth in Q1 2025 due to an increase in revenue on fixed price contracts, which inherently carries the risk of material cost escalation if not properly hedged or priced.

Operating expenses related to centralized fleet management and regional offices.

General overhead, which includes administrative support for the vast fleet and the maintenance of regional offices, is captured primarily in Selling, General, and Administrative (SG&A) expenses. These expenses are rising as the company supports future growth. For instance, Q3 2025 SG&A reached $65.9 million, up from $57.5 million in Q3 2024. The increase was primarily attributed to higher employee incentive compensation costs and employee-related expenses necessary to support the expanding operational footprint.

Here's a look at the reported quarterly SG&A expenses, which capture these fixed and semi-fixed operating costs:

Period End Date	SG&A Expenses (USD Millions)	Net Income (USD Millions)
March 31, 2025 (Q1)	$62.5 Million	$23.3 Million
June 30, 2025 (Q2)	$63 Million	$27 Million
September 30, 2025 (Q3)	$65.9 Million	$32.1 Million

Project-specific costs and potential overruns on fixed-price contracts.

Project execution risk is a direct cost factor, particularly on fixed-price agreements. Changes in estimates of gross profit on certain projects directly impact reported margins. In Q1 2025, changes in gross profit estimates resulted in a gross margin decrease of 1.1 percent. Similarly, Q3 2025 saw gross margin decreases of 0.6 percent due to changes in estimates. These figures represent the financial impact when initial cost assumptions, common in fixed-price contracts, prove inaccurate due to unforeseen project inefficiencies or unfavorable change orders.

Finance: draft 13-week cash view by Friday.

MYR Group Inc. (MYRG) - Canvas Business Model: Revenue Streams

You're looking at how MYR Group Inc. actually brings in the money, which is almost entirely through contract work across its two main divisions. As of late 2025, the engine is running strong, with the Total Trailing Twelve Month revenue as of Sep 30, 2025, hitting $3.51 billion. This revenue base is built on delivering essential electrical infrastructure and commercial/industrial construction services.

The revenue split between the two primary segments for the third quarter of 2025 shows a nearly even split, reflecting balanced operations across both core areas:

Revenue Source	Q3 2025 Revenue Amount
Transmission & Distribution (T&D) Segment Contract Revenues	$503.4 million
Commercial & Industrial (C&I) Segment Contract Revenues	$447.0 million
Total Quarterly Revenue (Q3 2025)	$950.4 million

The nature of the work dictates how MYR Group Inc. bills its customers, using a mix of contract structures to manage risk and reward. Honestly, this variety helps smooth out the revenue cycle when one type of project hits a snag.

• Fixed-price contracts, where the scope is defined for a set amount.
• Unit-price contracts, where payment is based on a fixed price per unit of work completed.
• Time-and-materials contracts, paying negotiated hourly rates for labor and equipment plus incurred expenses.

For the T&D segment, a significant portion of the revenue comes from ongoing, predictable work, which is a real positive for forecasting. Work performed under long-term Master Service Agreements (MSAs) represents about 60% of T&D revenue. These MSAs typically cover maintenance, upgrades, and extensions, and are usually billed on a unit-price or time-and-materials basis, giving MYR Group Inc. a steady revenue foundation even as large, discrete projects ebb and flow.