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MYR Group, Inc. is an electrical contractor operating through subsidiaries in the United States and Canada. Its larger business builds, upgrades and repairs transmission lines, distribution networks and substations, usually contracting directly with utilities and power generation companies. Commercial and industrial electrical work supplies much of the remaining revenue: it installs and maintains wiring in facilities such as data centers, hospitals and factories, usually as a subcontractor to general contractors, but sometimes directly for facility owners.
MYR Group wins most contracts through competitive bidding, and customers pay for specified work or units of work completed. Most revenue comes from fixed-price contracts, particularly in commercial and industrial construction. Other work is paid by the unit, at negotiated labor and equipment rates, or at cost plus a margin. Profit on fixed-price work depends on keeping completion costs within the price agreed with the customer.
The business depends on customers commissioning projects and releasing maintenance work, rather than on one dominant customer. Multi-year service agreements generally do not guarantee work volumes. Utility regulation and permitting can delay or prevent projects, and work requires the necessary permits and site access.
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Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Quanta Services and MYR both earn fees from electric utilities for engineering, building, upgrading and maintaining infrastructure, tying both to grid spending. Quanta’s electric-utility contracts offer a read on demand for the network construction and maintenance MYR performs.
Everus Construction Group competes with MYR for utility transmission and distribution work and commercial electrical contracts, serving utilities, general contractors and end customers. Watch its electrical construction work separately from its utility network work: the two overlap with different parts of MYR.
EMCOR competes with MYR for work installing and maintaining electrical systems in commercial and industrial facilities. Its U.S. electrical construction and facilities-services results are the relevant comparison for MYR’s work for general contractors and facility owners, rather than EMCOR’s broader mechanical and building services.
MasTec overlaps with MYR in building electrical utility and clean-energy infrastructure for energy and utility customers. Its Power Delivery and Clean Energy and Infrastructure results are the parts to watch for demand shared with MYR, rather than its communications or pipeline work.
Primoris Services and MYR both build and maintain electric utility networks and undertake clean-energy projects, exposing them to the same customers’ construction spending. Primoris’s U.S. electric transmission and distribution work is the closest comparison; its Energy segment also serves renewable-energy and storage customers.
Centuri Holdings competes with MYR for utilities’ spending on building, upgrading and maintaining electric transmission and distribution networks. Its Union Electric and Non-Union Electric businesses are the useful comparison for MYR’s grid work, rather than its gas-network services.
Comfort Systems USA shares MYR’s exposure to commercial, industrial and institutional customers paying for electrical installation and servicing. Its manufacturing-customer revenue offers a comparison for MYR’s factory work, but Comfort’s revenue also includes mechanical and plumbing systems.
IES Holdings and MYR both earn revenue designing, installing and maintaining electrical systems for data centers and commercial and industrial facilities. IES’s Commercial & Industrial results offer a closer comparison for MYR’s facility work than its residential business does.
Sterling Infrastructure competes with MYR for electrical construction serving data center and manufacturing customers. Watch the electrical work within its E-Infrastructure Solutions business, whose results also include large-scale site development rather than electrical services alone.
Legence competes in building-system electrical installation and maintenance for markets also served by MYR’s commercial and industrial business. Its data center and technology customers accounted for 42.7% of 2025 revenue, making that customer group worth watching, although Legence also supplies mechanical and plumbing services.
Eaton shares MYR’s exposure to utility and data center investment: Eaton sells electrical and power-distribution products into those markets, while MYR earns fees building their electrical infrastructure. Eaton’s data center power-distribution business is a useful demand signal, not evidence of a direct supply relationship with MYR.
nVent Electric and MYR draw business from utility and data center projects, with nVent selling electrical protection and power-distribution equipment and MYR providing electrical construction. Watch nVent’s Systems Protection sales to utilities and hyperscalers for a view of those customers’ equipment demand.
Preformed Line Products shares MYR’s exposure to electric-network construction and maintenance, making hardware that supports, protects and connects the cables and wires in those networks while MYR performs the engineering and construction. Energy products accounted for approximately 71% of its 2025 revenue, making that revenue line the one to watch.
Argan and MYR participate in electricity-supply investment at different points: Argan builds power plants for power producers and utilities, while MYR builds electrical networks and clean-energy infrastructure. Argan’s Power-segment projects offer a view of generation investment, rather than a direct comparison with MYR’s grid contracts.
Vertiv shares MYR’s exposure to data center electrical investment: Vertiv sells power systems to that market, while MYR installs electrical infrastructure for facility owners and general contractors. Vertiv’s switchgear and power-distribution sales are more relevant to that tie than its cooling products.
Comfort Systems USA, Inc. earningsFIX
Comfort Systems USA’s manufacturing-customer revenue offers a read on factory spending that can feed MYR Group’s electrical work.
Watch whether Comfort Systems USA’s manufacturing-customer revenue grows or weakens. Growth says factory customers are still spending on facility work, a supportive backdrop for MYR Group’s factory electrical projects; weakness points to a possible cooling in that customer spending. Comfort also does mechanical and plumbing work, so its figures are not a direct measure of MYR’s electrical demand.
MYR Group, Inc. earningsThis company
MYR Group’s report will show whether growth in utility and commercial electrical work is turning into stronger segment profits.
Read revenue alongside operating margin in both T&D and C&I. Rising revenue with steady or improving margins says MYR is delivering more work without giving up its profit on each dollar; rising revenue with falling margins says costs, project mix or cost estimates are eating into the gains, especially on fixed-price jobs.
Vertiv Holdings Co earningsVRT
Vertiv’s power-distribution sales show whether data center investment is also creating demand for MYR Group’s electrical construction.
Focus on Vertiv’s switchgear and power-distribution sales, not its cooling products. Stronger sales say data center customers are still buying power equipment, supporting the demand backdrop for MYR Group’s related electrical construction; weaker sales suggest that investment may be slowing. Equipment sales and construction revenue need not move at the same time, so this is a demand signal, not a direct reading of MYR’s orders.
Quanta Services, Inc. earningsPWR
Quanta Services’ utility work shows whether grid spending is supporting the network projects MYR Group performs.
Read Quanta Services’ utility-work revenue alongside its backlog. Strength in both says utilities are still moving ahead with grid construction and maintenance, supporting demand for MYR Group’s T&D work; weakness in both suggests fewer or delayed customer projects and potentially less work to bid for. Quanta’s figures show market conditions, not MYR’s own awards or profits.
EMCOR Group, Inc. earningsEME
EMCOR’s U.S. electrical-construction results show how commercial and industrial demand—and competition facing MYR Group—are holding up.
Read EMCOR’s U.S. electrical-construction revenue and operating income together. Growth in both says commercial and industrial customers are still commissioning electrical work, while showing that a competitor to MYR Group is executing well; weaker revenue or pressured income may point to softer projects or tougher cost and pricing conditions. The takeaway is whether demand is holding up and whether competition is making the work harder to profit from.
