MYR Group is a specialty electrical contractor operating in the U.S. and Canada through two segments: Transmission & Distribution (T&D, ~55% of revenue) and Commercial & Industrial (C&I, ~45% of revenue). In T&D, MYR Group builds and maintains high-voltage transmission lines, substations, and distribution systems for electric utilities. Roughly 60% of T&D revenue comes from multi-year master service agreements (MSAs), under which utilities contract MYR Group to perform maintenance, upgrades, and new construction within a defined geography — providing a recurring revenue base, though most MSAs don't guarantee minimum volumes. In C&I, MYR Group installs and maintains electrical systems for technically complex facilities including data centers, hospitals, airports, and manufacturing plants, typically as a subcontractor to general contractors. MYR Group wins most work through competitive bidding, supported by long-standing customer relationships managed at the local level through a network of regional subsidiaries. Contract types include fixed-price (57% of total revenue, dominant in C&I at ~85%), time-and-materials, and unit-price. Profitability hinges on cost estimation, labor productivity, and change order management — fixed-price jobs carry cost overrun risk, making earnings lumpy quarter to quarter. MYR Group's growth strategy centers on organic investment in its equipment fleet, tuck-in acquisitions in the $50M–$60M revenue range, and opportunistic share repurchases, while the company maintains a conservatively leveraged balance sheet.