“Finally, the company has begun the process of winding down our Northeast transmission and distribution service line.”
— John Hewitt
03Detailed Report
MTRX
Company MTRX
Period
Q3 2025
CurrencyUSD
Report TypeQuarterly Earnings
GeneratedJun 14, 2026
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Executive Summary
Matrix Service Company delivered a fiscally challenging yet strategically constructive Q3 2025. Revenue rose 21% year over year to $200.2 million, supported by stronger activity in Storage & Terminal Solutions and Utility & Power Infrastructure, while Process & Industrial Facilities lagged on a large renewable diesel project completion. Gross margin expanded to 6.4% from 3.4% a year ago, aided by improved construction overhead absorption, though the company continued to contend with under-recovery headwinds and a one-time labor productivity shortfall on a crude terminal project. Net income of -$3.4 million and an adjusted EBITDA of breakeven marked a meaningful narrowing of losses versus Q3 2024, signaling progress toward profitability as the revenue ramp broadens.
Key Performance Indicators
Revenue
Increasing
200.16M
QoQ: 6.94% | YoY: 20.57%
Gross Profit
Increasing
12.85M
6.42% margin
QoQ: 17.98% | YoY: 130.37%
Operating Income
Increasing
-4.88M
QoQ: 23.74% | YoY: 66.07%
Net Income
Increasing
-3.43M
QoQ: 37.94% | YoY: 76.45%
EPS
Increasing
-0.12
QoQ: 40.00% | YoY: 77.36%
Revenue Trend
Margin Analysis
Financial Highlights
Quarterly results: Revenue $200.161M, YoY +20.6%, QoQ +6.9%; Gross Profit $12.85M, Gross Margin 6.42% (vs. 3.4% in Q3 2024); Operating Income -$4.88M; Net Income -$3.43M; EPS -$0.12; EBITDA -$4.88M; Adjusted EBITDA Breakeven. Backlog >$1.4B with Book-to-Bill 1.5 for the quarter and 1.0 year-to-date. Segment performance: Storage & Terminal Solutions revenue $96.1M (gross margin 3.9%), Utility & Power Infrastructure revenue $58.7M (gross margin 9.4%), Process & Industrial Facilities revenue $45.4M (gross margin 8.3%). Liquidity and cash flow: Net cash from operating activities $31.2M in Q3; YTD $76.8M; free cash flow $28.68M; cash at period-end $210.54M; available liquidity $247.1M (unrestricted cash $185.5M; revolver availability $61.5M; restricted cash $25M). Debt: Total debt $21.47M; Net debt $21.47M; no near-term liquidity pressure. Full-year guidance revised to $770–$800M, with anticipated mid-to-high single-digit to low-double-digit growth in 4Q and a path to annual growth >20% despite the T&D exit.
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
200.16M
20.57%
6.94%
Gross Profit
12.85M
130.37%
17.98%
Operating Income
-4.88M
66.07%
23.74%
Net Income
-3.43M
76.45%
37.94%
EPS
-0.12
77.36%
40.00%
Key Financial Ratios
Gross Profit Margin
Weak
6.42%
Gross profit margin is below industry norms, profitability concerns
Operating Profit Margin
Weak
-0.02%
Operating margin is below industry norms, profitability concerns
Net Profit Margin
Weak
-0.02%
Net profit margin is below industry norms, profitability concerns
Return on Equity
Weak
-0.02%
Return on equity suggests inefficient capital allocation
Debt to Equity
Conservative
0.14
Debt-to-equity shows conservative leverage and low financial risk
P/E Ratio
Negative
-25.19x
Negative earnings make P/E ratio not meaningful
Price to Book
Fair Value
2.30x
Price-to-book ratio reasonable for profitable companies
Management Insights Available for Members
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