Earnings Recap — Q4 FY2026
CY Q3 2026 · Reported September 2, 2026 · Beat 2 of last 7 quarters
Matrix Service Company reported Q4 FY2026 revenue of $245M, a miss of 1.0% against consensus, and EPS of $0.04, a miss of 75.8%.
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Matrix's results underscore the accelerating demand for energy infrastructure to power AI data centers, with the company citing substation projects in the Virginia data center alley and a growing pipeline in power generation and LNG/NGL storage. The company's positioning in LNG peak-shaving and backup fuel infrastructure directly supports the reliability needs of data center power plants. The America First Refining FEED award signals a broader industrial buildout that could drive multi-year demand for storage and terminal solutions.
Matrix Service returned to profitability in Q4 FY26, with revenue up 13% to $244.5 million and adjusted EPS of $0.16, driven by strong growth in Storage & Terminal Solutions (revenue +43%) and improved margins across most segments. The company ended the year with $953 million in backlog, a 0.7x book-to-bill, and a $7 billion+ opportunity pipeline, including a significant mining award taken into backlog. Management highlighted the FEED award for the America First Refining storage tank farm, the first new major US refinery in over 50 years, and continued momentum in power/data center infrastructure with substation projects in Virginia and Pennsylvania. SG&A was down 11% year-over-year, and the company ended with no debt and $283.9 million in liquidity.
Management did not provide formal FY27 guidance, citing the CFO transition and the need for the new CFO to assess the business. They emphasized a strong opportunity pipeline of over $7 billion, with more than 40% in LNG/NGL projects, and expect to convert FEED work on the America First Refining storage tank farm into a lump-sum award in the future. They expect 70-80% of current backlog to be worked off during FY27, with revenue strength in the first half supported by existing projects, and are focused on replenishing backlog for the back half. Restructuring costs are expected to be minimal going forward, and the company is actively evaluating a stock buyback given its strong balance sheet and return to profitability.
“Our results represented a good finish to fiscal 26 as well as positive indicators of the opportunity ahead.”
on Quarterly performance
“We are extremely proud to have been selected to complete this major step for AFR in reaching financial investment decision.”
on America First Refining FEED award
“The year end backlog level is supportive of strong revenue performance as we move into fiscal 27 and we are heavily focused on the awards that are required to maintain strong revenue through the back half of fiscal 27 and to build a strong foundation for fiscal 28.”
on Backlog and outlook
Are you satisfied with the current cost structure or do you envision additional restructuring charges?
Shawn Payne said the organization is now properly sized and structured, with only potential future tweaks. Kevin Cavanah added that restructuring charges will be insignificant going forward, as the major changes were implemented over the past 18 months.
Why has the order book been diminishing over the past four quarters, and how much of the $950 million backlog is deliverable in the next 12 months?
Shawn Payne explained that the lower bookings were expected due to project timelines (FEED, permitting) and not a reflection of demand. Kevin Cavanah noted that 70-80% of backlog will be worked off during fiscal 27.
Can you provide more color on the America First Refining FEED award, including size and timeline?
Shawn Payne said the FEED is due at the end of fiscal Q2, with FID expected after that, and conversion to a lump-sum award in late Q3 or early Q4 FY27. He noted early site work could begin before calendar year-end to support the client's schedule.