MYR GROUP INC.MYRG
MYR GROUP INC. Segments Disclosure
Segment Information
MYR Group is a holding company of specialty contractors serving electrical utility infrastructure and commercial construction markets in the United States and Canada. The Company has two reporting segments, each a separate operating segment, which are referred to as T&D and C&I. Operating segments are defined as components of an enterprise about which separate financial information is evaluated regularly by the chief operating decision maker (“CODM”) in deciding how to allocate resources and in assessing performance. The Company’s CODM is the Chief Executive Officer. The CODM uses segment revenue and income from operations, over multiple time periods, along with a comparison to the corresponding budgeted and prior year periods, as the primary basis for assessing segment performance and deciding how to allocate resources. Income from operations is the Company’s reported measure of segment profit or loss, as summarized in the table below, and excludes general corporate expenses. General corporate expenses reflect items that are generally viewed as Company-wide operating costs by the CODM and include items such as corporate facility and staffing costs, which includes safety costs, professional fees, IT expenses and certain management fees. The CODM also considers many other factors, such as contract terms, individual project performance, project location and other items, to support the CODM’s assessment of segment performance and resource allocation decisions.
Transmission and Distribution: The T&D segment provides a broad range of services on electric transmission and distribution networks and substation facilities which include design, engineering, procurement, construction, upgrade, maintenance and repair services with a particular focus on construction, maintenance and repair. T&D services include the construction and maintenance of high voltage transmission lines, substations and lower voltage underground and overhead distribution systems, clean energy projects and electric vehicle charging infrastructure. The T&D segment also provides emergency restoration services. T&D customers include investor-owned utilities, cooperatives, private developers, government-funded utilities, independent power producers, independent transmission companies, industrial facility owners and other contractors.
Commercial and Industrial: The C&I segment provides services such as the design, installation, maintenance and repair of commercial and industrial wiring, the installation of intelligent transportation systems, roadway lighting, signalization and electric vehicle charging infrastructure. Typical C&I contracts cover electrical contracting services for data centers, airports, hospitals, hotels, stadiums, commercial and industrial facilities, clean energy projects, manufacturing plants, processing facilities, water/waste-water treatment facilities, mining facilities, and transportation control and management systems. The C&I segment generally provides electric construction and maintenance services as a subcontractor to general contractors in the C&I industry, but also contracts directly with facility owners.
The information in the following tables are derived from the segment’s internal financial reports used for corporate management purposes:
| For the Year ended December 31, 2025 | ||||||||||||||||||||||||||
| (in thousands) | T&D | C&I | General Corporate | Consolidated | ||||||||||||||||||||||
| Contract revenues | $ | 2,002,440 | $ | 1,655,449 | $ | — | $ | 3,657,889 | ||||||||||||||||||
Operating costs (1) | 1,844,830 | 1,558,242 | 87,945 | 3,491,017 | ||||||||||||||||||||||
| Income from operations | 157,610 | 97,207 | (87,945) | 166,872 | ||||||||||||||||||||||
| Other income (expense): | ||||||||||||||||||||||||||
| Interest income | 723 | |||||||||||||||||||||||||
| Interest expense | (5,648) | |||||||||||||||||||||||||
| Other expense, net | (663) | |||||||||||||||||||||||||
| Income before provision for income taxes | 161,284 | |||||||||||||||||||||||||
| Income tax expense | 42,868 | |||||||||||||||||||||||||
| Net income | $ | 118,416 | ||||||||||||||||||||||||
| For the Year ended December 31, 2024 | ||||||||||||||||||||||||||
| (in thousands) | T&D | C&I | General Corporate | Consolidated | ||||||||||||||||||||||
| Contract revenues | $ | 1,880,501 | $ | 1,481,789 | $ | — | $ | 3,362,290 | ||||||||||||||||||
Operating costs (1) | 1,811,127 | 1,433,748 | 63,333 | 3,308,208 | ||||||||||||||||||||||
| Income from operations | 69,374 | 48,041 | (63,333) | 54,082 | ||||||||||||||||||||||
| Other income (expense): | ||||||||||||||||||||||||||
| Interest income | 415 | |||||||||||||||||||||||||
| Interest expense | (6,525) | |||||||||||||||||||||||||
| Other expense, net | (1,479) | |||||||||||||||||||||||||
| Income before provision for income taxes | 46,493 | |||||||||||||||||||||||||
| Income tax expense | 16,230 | |||||||||||||||||||||||||
| Net income | $ | 30,263 | ||||||||||||||||||||||||
| For the Year ended December 31, 2023 | ||||||||||||||||||||||||||
| (in thousands) | T&D | C&I | General Corporate | Consolidated | ||||||||||||||||||||||
| Contract revenues | $ | 2,089,196 | $ | 1,554,709 | $ | — | $ | 3,643,905 | ||||||||||||||||||
Operating costs (1) | 1,939,493 | 1,508,820 | 66,499 | 3,514,812 | ||||||||||||||||||||||
| Income from operations | 149,703 | 45,889 | (66,499) | 129,093 | ||||||||||||||||||||||
| Other income (expense): | ||||||||||||||||||||||||||
| Interest income | 888 | |||||||||||||||||||||||||
| Interest expense | (4,939) | |||||||||||||||||||||||||
| Other expense, net | (38) | |||||||||||||||||||||||||
| Income before provision for income taxes | 125,004 | |||||||||||||||||||||||||
| Income tax expense | 34,014 | |||||||||||||||||||||||||
| Net income | $ | 90,990 | ||||||||||||||||||||||||
(1) Operating costs include T&D, C&I and general corporate portion of contract costs, selling, general and administrative expenses, amortization of intangible assets and gain on sale of property and equipment. The expenses found in these other segment items are generally viewed as operating costs by the CODM and are not considered individually significant segment reporting items.
The Company does not identify capital expenditures and total assets by segment in its internal financial reports due in part to the shared use of a centralized fleet of vehicles and specialized equipment. Identifiable assets consist of contract receivables, contract assets, construction materials inventory, goodwill and intangibles. As of December 31, 2025 and 2024, there were $169.0 million and $177.9 million, respectively, of identifiable assets attributable to Canadian operations. The table below reflects the identifiable assets for each segment as of December 31:
| (in thousands) | 2025 | 2024 | ||||||||||||
| T&D | $ | 553,597 | $ | 543,558 | ||||||||||
| C&I | 474,791 | 512,420 | ||||||||||||
| General Corporate | 615,691 | 432,826 | ||||||||||||
| $ | 1,644,079 | $ | 1,488,804 | |||||||||||
An allocation of total depreciation, including depreciation of shared construction equipment, and amortization to each segment is as follows:
| For the Year ended December 31, | ||||||||||||||||||||
| (in thousands) | 2025 | 2024 | 2023 | |||||||||||||||||
| Depreciation and amortization | ||||||||||||||||||||
| T&D | $ | 58,042 | $ | 56,624 | $ | 51,470 | ||||||||||||||
| C&I | 8,470 | 8,565 | 7,668 | |||||||||||||||||
| $ | 66,512 | $ | 65,189 | $ | 59,138 | |||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 25, 2026 | Showing above |
| 2024 | Feb 26, 2025 | |
| 2023 | Feb 28, 2024 | |
| 2022 | Feb 22, 2023 | |
| 2021 | Feb 23, 2022 | |
| 2020 | Mar 3, 2021 | |
| 2019 | Mar 4, 2020 | |
| 2018 | Mar 6, 2019 | |
| 2017 | Mar 7, 2018 | |
| 2016 | Mar 9, 2017 | |
| 2015 | Mar 3, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.