MYR Group (MYRG)

Electrical construction (MYR Group) — utility transmission + commercial electrical

AI exposure 14% — derived from reported segment revenue, not asserted.

Where it sits

Physical Infrastructure → Grid Infrastructure Contractors · figures rebased to Q2 2026, reported 2026-07-29

Electric transmission & distribution construction (grid for data-center power) leads 2 businesses in this sub-tier that together are 100% of revenue, so Grid Infrastructure Contractors is effectively the whole company rather than one leg of it.

Reported segments

• Commercial & Industrial (C&I) — 51.6% of revenue
• Transmission & Distribution (T&D) — 48.5% of revenue

MYR Group ($1.08B Q2 2026 — record revenue with backlog at a record $3.16B). The two segments have swapped: Commercial & Industrial 51.6% (a record $557.7M, up $163.6M YoY on fixed-price contracts) is now larger than Transmission & Distribution 48.5% ($524.0M, up only $17.7M), where a year ago the split was 45/55 the other way. C&I is where the data-centre electrical construction sits, and it grew nine times faster than the utility line business.

How the 14% is built

• Commercial & Industrial (C&I) — 51.6% of revenue × 20% AI-driven (disclosed). Data-centre electrical construction is the fastest part of this segment, on a base of conventional commercial and industrial work
• Transmission & Distribution (T&D) — 48.5% of revenue × 8% AI-driven (disclosed). Utility line construction, which benefits from data-centre load growth only indirectly

Investment read

Moat. Utility T&D and commercial/industrial electrical construction — and the mix has flipped: C&I is now $1.89B of the record $3.16B backlog against T&D's $1.27B, with the $328M Valley Electric/Comet acquisition (closed July 1, 2026, ~$400M annualised revenue) doubling the Western US C&I footprint where hyperscaler construction concentrates. The advantage is crews and prequalification, not technology.

Bottleneck / pricing power. Moderate pricing power, but for the first time it is visible in the numbers: H1 2026 gross margin 13.3% versus 11.6%, a second consecutive quarter of ~170bps YoY expansion, with Q2 net income nearly doubling. Electrician scarcity is the scarce input underneath it; favourable job closeouts flatter the print and are lumpy by nature.

Role in the AI stack. The utility-transmission + electrical-construction layer.

Connected companies

• Equinix (EQIX) — MYRG supplies: electrical construction for DCs
• Quanta Services (PWR) — MYRG competes with: Electrical T&D + grid construction (PWR largest, MYRG specialist)
• EMCOR Group (EME) — MYRG competes with: Overlap in commercial/industrial electrical construction (incl. data centers); MYR smaller and T&D-weighted vs EMCOR's broad MEP scale
• Dycom Industries (DY) — MYRG competes with: specialty electrical/telecom construction overlap
• Digital Realty Trust (DLR) — MYRG supplies: electrical construction for data centers
• Microsoft (MSFT) — MYRG supplies: electrical construction for Microsoft data centers
• Meta Platforms (META) — MYRG supplies: electrical construction for META AI data centers
• Alphabet (GOOGL) — MYRG supplies: electrical construction for GOOGL AI data centers
• Amazon (AMZN) — MYRG supplies: electrical construction (C&I segment) for data-center campuses serving AMZN
• Oracle (ORCL) — MYRG supplies: utility transmission and commercial electrical construction supporting data-center power delivery

Others in Grid Infrastructure Contractors

• Quanta Services (PWR)
• EMCOR Group (EME)
• Comfort Systems USA (FIX)
• Dycom Industries (DY)

All 174 companies · What moved this quarter · How the map is built