Everus raises 2026 forecast as Q3 sales top estimates

Everus (ECG) topped third-quarter estimates for revenue and earnings and raised its 2026 forecast, the company said in a press release on Nov. 3.

Shares were little changed in after-hours trading as of 5:26 p.m. ET, from a regular-session close of $112.95.

Revenue rose 40.3% to $1.38 billion in the quarter, above the $1.2 billion consensus estimate. Diluted earnings per share were $1.79, topping the $1.32 consensus estimate.

Here's how the company did:

• Revenue: $1.38 billion vs. $986.8 million a year earlier, $1.2 billion expected

• Diluted EPS: $1.79 vs. $1.11 a year earlier, $1.32 expected

Net income rose 61.2% to $91.9 million. EBITDA, or earnings before interest, taxes, depreciation and amortization, rose 57.5% to $140.2 million.

Revenue has risen in each of the last three quarters, from $986.8 million in the third quarter of 2025 to $1.23 billion in the second quarter of 2026, according to its SEC filings.

Excluding acquisitions, revenue rose 35.8% on an organic basis. The company completed its acquisition of Epsilon Industries on Sept. 1, 2026.

Gross profit increased 65.1% to $205.0 million, and gross margin was 14.8%, up from 12.6% a year earlier. Selling, general and administrative expenses rose 55.8% to $80.7 million, including $6.7 million of acquisition-related costs.

Jeffrey S. Thiede, president and CEO, said: “Everus delivered another quarter of record financial results, reflecting robust market demand, disciplined execution and our continued focus on our 4EVER strategic priorities.”

Backlog rose to $5.48 billion as of Sept. 30, up 86.1% from $2.95 billion a year earlier.

2026 guidance

The company now expects revenue of $5.0 billion to $5.1 billion, up from the $4.5 billion to $4.7 billion range it gave on Aug. 4.

It now expects EBITDA of $485 million to $495 million, up from the $410 million to $425 million range it gave in August.

Capital expenditures guidance is unchanged at $90 million to $100 million.

Thiede said: “Based on our results and continued confidence in the sustained momentum across our business, we expect a strong finish to the year and are once again raising our full-year outlook.”

Segment results

E&M segment revenue rose 48.0% to $1.14 billion from $767.3 million a year earlier. E&M segment net income increased 73.3% to $88.2 million.

The company attributed the E&M revenue increase mainly to commercial and industrial end markets, particularly the data center and high-tech submarkets.

T&D segment revenue rose 14.4% to $255.6 million. T&D segment EBITDA rose 13.3% to $38.3 million, and T&D backlog was $371.3 million.

Balance sheet and cash flow

As of Sept. 30, the company had $244.8 million of cash and cash equivalents and $571.5 million of gross debt. Net leverage, defined as net debt to trailing 12-month EBITDA, was 0.7x, up from 0.4x at Dec. 31, 2025.

Free cash flow, or operating cash flow less net capital expenditures, was $221.2 million for the nine months ended Sept. 30, compared with $74.8 million a year earlier.