Earnings Per Share

12 Months Ended

Dec. 31, 2025

Prior to the Separation, Everus Construction had 1,000 common shares issued and outstanding. On October 31, 2024, as part of the Distribution, 50,972,059 shares of Everus common stock were issued and outstanding. Basic and diluted EPS for periods prior to the Separation and Distribution have been retrospectively adjusted to incorporate the Everus shares outstanding on the Distribution date. For comparative purposes, and to provide meaningful insight into the weighted average common

shares calculation, the Distribution date share count was assumed to be outstanding throughout periods prior to the Separation and Distribution in the calculation of basic weighted average common shares outstanding. In addition, for periods prior to the Separation and Distribution, it was assumed that there were no dilutive or anti-dilutive equity instruments as there were no Everus stock-based awards outstanding during those periods.

Basic EPS is calculated by dividing net income by the weighted average number of shares of common stock outstanding during the applicable period. The Company calculates diluted EPS using the treasury stock method. Diluted EPS is calculated by dividing net income by the total of the weighted average number of shares of common stock outstanding during the applicable period, plus the effect of any potentially dilutive securities, except in cases where the effect of such securities would be anti-dilutive.

Basic and diluted EPS were calculated as follows, based on a reconciliation of the weighted average common shares outstanding on a basic and diluted basis:


	Year ended December 31,
	2025		2024		2023
	(In thousands, except per share amounts)
Net income	$	201,770	$	143,421	$	137,230

Weighted average common shares outstanding - basic	51,045		50,973		50,972
Effect of dilutive securities - share-based awards	78		99		0
Weighted average common shares outstanding - diluted	51,123		51,072		50,972

EPS - basic	$	3.95	$	2.81	$	2.69
EPS - diluted	$	3.95	$	2.81	$	2.69

For the years ended December 31, 2025, 2024 and 2023, there were no shares excluded from the calculation of diluted EPS due to their anti-dilutive effect.