Everus Stock Falls 29% Day After Record Q3 Results and Raised Guidance

Everus Construction Group (NYSE: ECG) shares fell 29.3% on Wednesday, Nov. 4, 2026, closing at $79.71 from a previous close of $112.73 on volume about 5.9 times normal, while the S&P 500 ETF (SPY) rose 1.65%. The drop came the session after the company reported third-quarter results and raised its full-year outlook in an 8-K accepted at 4:34 p.m. ET on Nov. 3. The company has not given a reason for the decline.

Revenue, earnings and backlog all rose sharply

The press release furnished with the filing reported third-quarter revenue of $1.38 billion, up 40.3%, net income of $91.9 million, and diluted earnings per share of $1.79, up 61.3%. Backlog reached $5.48 billion as of Sept. 30, 2026, up 86.1% from a year earlier. Management called it another quarter of record results.

Guidance moved higher

The company raised its 2026 revenue forecast to $5.0 billion to $5.1 billion, from $4.5 billion to $4.7 billion, and its EBITDA forecast to $485 million to $495 million, from $410 million to $425 million. It cited strong first-three-quarter results and 2026 acquisitions.

Growth came from data centers and an acquisition

Electrical and mechanical revenue rose 48.0% to $1.14 billion, or 42.3% on an organic basis. Management pointed to data center and high-tech demand. Everus completed its acquisition of Epsilon Industries on Sept. 1, 2026. Net leverage was 0.7x at quarter end.

Management is scheduled to discuss the results on a webcast at 11 a.m. ET on Nov. 4, the day the shares fell.