Orion publishes Financial Statement Release for 2025 and holds a webcast on 12 February 2026

The end of an earnings season can be a great time to discover new stocks and assess how companies are handling the current business environment. Let’s take a look at how WillScot Mobile Mini and the rest of the construction and maintenance services stocks fared in Q3.

Construction and maintenance services companies not only boast technical know-how in specialized areas but also may hold special licenses and permits. Those who work in more regulated areas can enjoy more predictable revenue streams - for example, fire escapes need to be inspected every five years. More recently, services to address energy efficiency and labor availability are also creating incremental demand. But like the broader industrials sector, construction and maintenance services companies are at the whim of economic cycles as external factors like interest rates can greatly impact the new construction that drives incremental demand for these companies’ offerings.

The 13 construction and maintenance services stocks we track reported a strong Q3. As a group, revenues beat analysts’ consensus estimates by 3% while next quarter’s revenue guidance was in line.

Luckily, construction and maintenance services stocks have performed well with share prices up 13.3% on average since the latest earnings results.

Weakest Q3: WillScot Mobile Mini

Originally focusing on mobile offices for construction sites, WillScot provides ready-to-use temporary spaces, largely for longer-term lease.

WillScot Mobile Mini reported revenues of $566.8 million, down 5.8% year on year. This print fell short of analysts’ expectations by 2.3%. Overall, it was a softer quarter for the company with a miss of analysts’ Delivery and Installation revenue estimates and revenue guidance for next quarter missing analysts’ expectations significantly.

Brad Soultz, Chief Executive Officer of WillScot, commented, “Our third quarter 2025 financial results were mixed. We delivered strong cash flow, and the team remains focused on executing the growth and operational excellence initiatives we outlined in March at our 2025 Investor Day. Our customer service team made significant progress improving our collections processes where we are realizing meaningful improvements in customer satisfaction and steady improvements in days sales outstanding, as well as a temporary increase in accounts receivable write-offs. Leasing revenues excluding write-offs were stable sequentially, with favorable rate and mix offsetting year-over-year volume headwinds. With that impact of increased write-offs largely confined to 2025, we are focused on the areas in our portfolio where we believe strong demand and our differentiated products and services will drive growth into 2026, particularly in Enterprise Accounts and more differentiated service offerings. With ongoing uncertainty around the market trajectory, we remain agile in terms of controlling what we can control, specifically adjusting our cost structure and implementing our operating improvement initiatives to maintain our free cash flow and return profile. I want to thank our entire team for its steadfast dedication and hard-work which are the cornerstones to providing value to our customers and shareholders.”

WillScot Mobile Mini delivered the slowest revenue growth of the whole group. Interestingly, the stock is up 3.2% since reporting and currently trades at $20.19.

Read our full report on WillScot Mobile Mini here, it’s free.

Best Q3: Comfort Systems

Formed through the merger of 12 companies, Comfort Systems provides mechanical and electrical contracting services.

Comfort Systems reported revenues of $2.45 billion, up 35.2% year on year, outperforming analysts’ expectations by 13.2%. The business had an incredible quarter with an impressive beat of analysts’ backlog estimates and a beat of analysts’ EPS estimates.

The market seems happy with the results as the stock is up 42.6% since reporting. It currently trades at $1,176.

Matrix Service

Founded in Oklahoma, Matrix Service provides engineering, fabrication, construction, and maintenance services primarily to the energy and industrial markets.

Matrix Service reported revenues of $211.9 million, up 28% year on year, exceeding analysts’ expectations by 2.5%. Still, it was a slower quarter as it posted a significant miss of analysts’ EBITDA estimates and EPS in line with analysts’ estimates.

Matrix Service delivered the weakest full-year guidance update in the group. As expected, the stock is down 8.4% since the results and currently trades at $14.30.

Read our full analysis of Matrix Service’s results here.

Orion

Established in 1994, Orion provides construction services for marine infrastructure and industrial projects.

Orion reported revenues of $225.1 million, flat year on year. This number was in line with analysts’ expectations. Overall, it was a strong quarter as it also logged a beat of analysts’ EPS estimates and full-year EBITDA guidance slightly topping analysts’ expectations.

The stock is up 44.4% since reporting and currently trades at $12.52.

Read our full, actionable report on Orion here, it’s free.

MYR Group

Constructing electrical and phone lines in the American Midwest dating back to the 1890s, MYR Group is a specialty contractor in the electrical construction industry.

MYR Group reported revenues of $950.4 million, up 7% year on year. This result topped analysts’ expectations by 2.8%. It was a strong quarter as it also produced a solid beat of analysts’ revenue estimates and an impressive beat of analysts’ adjusted operating income estimates.

The stock is up 12.9% since reporting and currently trades at $254.64.

Read our full, actionable report on MYR Group here, it’s free.

What Happened?

Shares of marine infrastructure company Orion jumped 15.9% in the afternoon session after JPMorgan initiated coverage on the company with an "Overweight" rating and a $16.00 price target. 

The investment bank's positive view came after a site visit to Orion's Tampa office and Clearwater Marina project. According to the bank's analysis, Orion was seen as a key beneficiary of U.S. infrastructure and data center construction cycles. JPMorgan's report highlighted the company's focus on marine construction, dredging, and large-scale concrete services. The $16 price target represented a potential upside of approximately 45% from the stock's price at the time of the report, signaling strong confidence in the company's prospects.

What Is The Market Telling Us

Orion’s shares are extremely volatile and have had 38 moves greater than 5% over the last year. But moves this big are rare even for Orion and indicate this news significantly impacted the market’s perception of the business.

The previous big move we wrote about was 17 days ago when the stock gained 5.9% on the news that the company announced it was awarded an $86.3 million project from the U.S. Army Corps of Engineers (USACE) for a coastal protection project in Texas. 

The project involved constructing new breakwaters and replenishing the shoreline at the mouth of the Colorado River. The scope of the work included using about one million cubic yards of beach-quality dredged materials to combat erosion and restore public access to the beach. This significant contract award appeared to boost investor confidence in the company's future revenue stream. Work on the project was scheduled to begin in the first quarter of 2026.

Orion is up 30.6% since the beginning of the year, and at $13.05 per share, has set a new 52-week high. Investors who bought $1,000 worth of Orion’s shares 5 years ago would now be looking at an investment worth $2,231.

Wrapping up Q3 earnings, we look at the numbers and key takeaways for the construction and maintenance services stocks, including Orion and its peers.

Construction and maintenance services companies not only boast technical know-how in specialized areas but also may hold special licenses and permits. Those who work in more regulated areas can enjoy more predictable revenue streams - for example, fire escapes need to be inspected every five years. More recently, services to address energy efficiency and labor availability are also creating incremental demand. But like the broader industrials sector, construction and maintenance services companies are at the whim of economic cycles as external factors like interest rates can greatly impact the new construction that drives incremental demand for these companies’ offerings.

The 13 construction and maintenance services stocks we track reported a strong Q3. As a group, revenues beat analysts’ consensus estimates by 3% while next quarter’s revenue guidance was in line.

Thankfully, share prices of the companies have been resilient as they are up 8.4% on average since the latest earnings results.

Orion

Established in 1994, Orion provides construction services for marine infrastructure and industrial projects.

Orion reported revenues of $225.1 million, flat year on year. This print was in line with analysts’ expectations, and overall, it was a strong quarter for the company with a beat of analysts’ EPS estimates and full-year EBITDA guidance slightly topping analysts’ expectations.

“We delivered another strong third quarter marked by top- and bottom-line results, robust cash generation, good bookings, and market-leading safety. We have also continued to advance strategic priorities, including expanding our bonding capacity by $400 million, continuing to strengthen our board with the appointment of Robert Ledford, and closing the sale of the East and West Jones property in October. With a strong balance sheet, disciplined capital deployment strategy, and focus on long-term strategic execution, our team is laying the foundation for Orion’s next phase of growth,” said Travis Boone, President and Chief Executive Officer of Orion Group Holdings.

Interestingly, the stock is up 23.1% since reporting and currently trades at $10.67.

Best Q3: Comfort Systems

Formed through the merger of 12 companies, Comfort Systems provides mechanical and electrical contracting services.

Comfort Systems reported revenues of $2.45 billion, up 35.2% year on year, outperforming analysts’ expectations by 13.2%. The business had an incredible quarter with a solid beat of analysts’ backlog estimates and a beat of analysts’ EPS estimates.

The market seems happy with the results as the stock is up 27.5% since reporting. It currently trades at $1,053.

Weakest Q3: WillScot Mobile Mini

Originally focusing on mobile offices for construction sites, WillScot provides ready-to-use temporary spaces, largely for longer-term lease.

WillScot Mobile Mini reported revenues of $566.8 million, down 5.8% year on year, falling short of analysts’ expectations by 2.3%. It was a softer quarter as it posted a miss of analysts’ Delivery and Installation revenue estimates and revenue guidance for next quarter missing analysts’ expectations significantly.

WillScot Mobile Mini delivered the slowest revenue growth in the group. Interestingly, the stock is up 12.9% since the results and currently trades at $22.07.

Read our full analysis of WillScot Mobile Mini’s results here.

Construction Partners

Founded in 2001, Construction Partners is a civil infrastructure company that builds and maintains roads, highways, and other infrastructure projects.

Construction Partners reported revenues of $899.8 million, up 67.2% year on year. This print was in line with analysts’ expectations. Taking a step back, it was a mixed quarter as it also recorded full-year EBITDA guidance beating analysts’ expectations but a significant miss of analysts’ organic revenue estimates.

Construction Partners scored the fastest revenue growth among its peers. The stock is up 9.1% since reporting and currently trades at $113.69.

Read our full, actionable report on Construction Partners here, it’s free.

Tutor Perini

Known for constructing the Philadelphia Eagles’ Stadium, Tutor Perini is a civil and building construction company offering diversified general contracting and design-build services.

Tutor Perini reported revenues of $1.42 billion, up 30.7% year on year. This number beat analysts’ expectations by 2.3%. It was a stunning quarter as it also put up a beat of analysts’ EPS estimates and a solid beat of analysts’ EBITDA estimates.

The stock is up 7.7% since reporting and currently trades at $73.16.

Read our full, actionable report on Tutor Perini here, it’s free.