MYR Group
22 named things its latest annual report says its results depend on, each in the company's own words. 20 of them are also named by other companies we've read.
Customers
Electric utility industry
earns from · 54.7%named as a riskBecause most of our T&D revenue is derived from the electric utility industry, regulatory and environmental requirements affecting that industry could adversely affect our business, financial condition, results of operations and cash flows.Risk factors (Item 1A)
Top 10 customers
concentrated in · 38.0%For the years ended December 31, 2025, 2024 and 2023, our top 10 customers accounted for 38.0%, 37.8%, and 37.9%, of our revenues, respectively.Business (Item 1)
Also named by AESI, CLS, COR, ECG, JBHT, MTSI, Q, VEEV and 1 more
General contractors (C&I)
earns from · 45.3%We are a subcontractor to a general contractor for the majority of our C&I projects, but may contract directly with facility owners.Business (Item 1)
Also named by SMID
Master service agreements (MSAs)
earns fromnamed as a riskMost of our contracts, including MSAs, may be terminated by our customers on short notice, typically 30 to 90 days, even if we are not in default under the contract.Business (Item 1)
Also named by PRIM
Data centers
earns fromTypical 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, intelligent transportation systems, roadway lighting, signalization and electric vehicle charging infrastructure.Business (Item 1)
Also named by AESI, AGX, BKR, BSM, CBRE, CEG, CMI, CNP and 26 more
Suppliers
Surety bonding providers
depends on · approximately $1.85 billion for projects in our C&I segmentnamed as a riskAs of December 31, 2025, we had approximately $491.5 million in original face amount of bonds outstanding for projects in our T&D segment and approximately $1.85 billion for projects in our C&I segment.Business (Item 1)
Also named by AGX
Partners and platforms
Unconsolidated joint ventures
$176.1 millionnamed as a riskOur backlog as of December 31, 2025 and 2024 included our proportionate share of unconsolidated joint venture backlog totaling $176.1 million and $172.3 million, respectively.Business (Item 1)
Other companies
Credit Facility (variable rate borrowings)
exposed to its price · $47.4 million in borrowingsnamed as a riskAs of December 31, 2025, we had $47.4 million in borrowings under our Facility.Market risk (Item 7A)
Also named by AM, AR, AROC, BSM, CGBD, CLS, CVLG, CWST and 5 more
International Brotherhood of Electrical Workers (IBEW)
depends on · Approximately 85% of our craft employeesnamed as a riskApproximately 85% of our craft employees are members of unions, with the majority being members of the International Brotherhood of Electrical Workers (“IBEW”), who are represented by many local unions under agreements with generally uniform terms and varying expiration dates.Business (Item 1)
Also named by AEE, EIX, ES, EVRG, FE, NEE, PNW, SO and 2 more
Fixed-price contracts
57.0% of total revenuenamed as a riskFixed-price contracts accounted for 57.0% of total revenue for the year ended December 31, 2025, including 34.3% of our total revenue for our T&D segment and 84.5% of our total revenue for our C&I segment.Business (Item 1)
National Electrical Contractors Association (NECA)
We generally are not direct parties to such local agreements, but instead these agreements are entered into by and between the IBEW local unions and the National Electrical Contractors Association (“NECA”), of which the majority of our subsidiaries are members.Business (Item 1)
Places
Canada
operates innamed as a riskChanges in the value of the Canadian dollar could increase or decrease the U.S. dollar value of our profits earned or assets held in Canada or potentially limit our ability to reinvest earnings from our operations in Canada to fund the financing requirements of our operations in the United States.Risk factors (Item 1A)
Also named by AAP, AJG, ALL, AMRC, AOS, ARE, BBY, BF/B and 97 more
Ontario
operates inOur 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 and maintenance and repair services, with a particular focus on construction, maintenance and repair, to customers in the electric utility industry throughout the United States and Ontario, Canada.Business (Item 1)
Hazards
Wildfires
operates innamed as a riskFurthermore, we perform a significant amount of services for customers that operate electrical power infrastructure assets in locations and climates that are more susceptible to wildfires or other natural disasters.Risk factors (Item 1A)
Also named by AAON, AMRC, AZO, BRK/B, CCI, CDNS, CINF, CNP and 17 more
Commodities and inputs
Canadian dollar
exposed to its pricenamed as a riskChanges in the value of the Canadian dollar could increase or decrease the U.S. dollar value of our profits earned or assets held in Canada or potentially limit our ability to reinvest earnings from our operations in Canada to fund the financing requirements of our operations in the United States.Risk factors (Item 1A)
Also named by ABBV, ADBE, AMG, AYI, BBY, BWXT, CBRE, CDRE and 67 more
Laws and programs
U.S. Foreign Corrupt Practices Act (FCPA)
subject tonamed as a riskLimits on our ability to repatriate earnings, exchange controls, and complex U.S. and Canadian laws and treaties including laws related to the U.S. Foreign Corrupt Practices Act (“FCPA”) and similar laws could also adversely impact our operations.Risk factors (Item 1A)
Also named by A, ADBE, ADP, AIR, AJG, ALB, AME, AMZN and 112 more
U.S. tariffs
exposed to its pricenamed as a riskIncreases in the cost of imported raw materials or finished goods as a result of tariffs or trade policies may impact customer spending, indirect inflationary impacts, and reductions in customer spending could lead to fewer project awards and more competition.Risk factors (Item 1A)
Also named by A, AAPL, ACHR, ADI, AEHR, AEP, AIOT, AKAM and 170 more
Employee Retirement Income Security Act of 1974 (ERISA)
subject tonamed as a riskTo the extent that we participate in any multi-employer pension plans that are underfunded, the Employee Retirement Income Security Act of 1974, as amended by the Multi-Employer Pension Plan Amendments Act of 1980, may subject us to substantial liabilities under those plans if we were to withdraw from them, if they were terminated or experience a mass withdrawal.Risk factors (Item 1A)
Pension Protection Act of 2006
subject tonamed as a riskFurthermore, the Pension Protection Act of 2006, as amended, imposes additional funding and operational rules applicable to plan years beginning after 2007 for multi-employer pension plans that are classified as either “endangered,” “seriously endangered” or “critical” status.Risk factors (Item 1A)
Greenhouse gas emissions regulation (mobile sources)
subject tonamed as a riskIf new regulations are adopted regulating greenhouse gas emissions from mobile sources such as cars and trucks, we could experience a significant increase in environmental compliance costs due to our large fleet.Risk factors (Item 1A)
State renewable portfolio standards (clean energy mandates)
subject tonamed as a riskIn addition, while many states have mandates in place that require specified percentages of electricity to be generated from clean energy sources, states could reduce those mandates or make them optional, which could reduce, delay or eliminate clean energy development in the affected states.Risk factors (Item 1A)
Also named by NXT