Murphy has published its Annual Report for the year ended 31 December 2025, highlighting a year of steady growth as the company celebrated its 75th anniversary. Revenue rose 13% to £1,581m (2024: £1,399m) and operating profit increased 8% to £86.1m (2024: £79.6m). Net cash was up 3% at £412.4m (FY24: £400.5m), supported by disciplined working capital management.

John Murphy, Chief Executive Officer of Murphy, commented: "This year marks the 75th anniversary of my grandfather founding our business, so it is fitting that we have delivered a year of progressive growth across the company. I would like to thank all our colleagues, customers, partners and suppliers who have contributed to this performance.

"We are pleased to have delivered improvements across our key financial and operational targets, thanks in large part to our 'One Murphy' approach that has seen us remain focused on our direct delivery model, progressively investing in our people, facilities, equipment and the latest technology.

"We have continued to deliver world-class infrastructure across our core sectors and geographies in the period while also expanding our geographic reach into Australia, a new market for our business."

He noted that, while mindful of wider market uncertainty, the Group views the outlook with confidence given the continued need for investment in asset renewals, population growth, energy demand and sustainability. He added that Murphy has entered the current financial year with a strong order book and net cash position, and that its selective approach to contracting provides a solid foundation for future performance.

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Operationally, Murphy reported strong progress across its portfolio. In the UK, Beaulieu Park station entered service ahead of schedule in October 2025, becoming the first station to open on the Great Eastern Mainline in over a century. The Group also broke ground on its first project under SSE's Accelerated Strategic Transmission Investment (ASTI) framework to bolster grid resilience, and began design and enabling works on the Lower Thames Crossing, where it will play a central role in what is set to be the UK's longest road tunnel.

In energy and renewables, Murphy advanced the Norfolk Offshore Wind Zone by completing all trenchless crossings and ducting and restoring the entire 60km cable route. Work continued on National Grid's Yorkshire Green Energy Enablement project—at award, the largest substation contract secured by Murphy—spanning nine sites across North Yorkshire. In Ireland, the business delivered 21 call-off contracts for Dublin Port Company under its single-party framework.

Internationally, the Kenaidan Murphy joint venture in Ontario progressed design development on the Toronto Transit Commission's Bloor–Yonge Station Upgrade, while the Oakville Station project for Metrolinx moved forward with detailed design substantially complete. In the United States, WHC Energy Services' partnership with Chevron Energy was strengthened through two major solar schemes—Greater Bryant and Delaware Ranch—in West Texas. Murphy also extended its geographic reach by investing in a 40% share of Australia's Abergeldie Complex Infrastructure.

The Group continued to grow and invest in its workforce, with employee numbers up 16% to 4,709 (2024: 4,060). It invested £6.54m in training during 2025 and reported that 26.7% of employees are from under-represented groups, while 10% are classed as emerging talent. Safety performance remained industry leading, with a Lost Time Injury Frequency Rate of 0.06—down 65% over five years—across 22.6m hours worked.

On sustainability, Murphy achieved a further 3% reduction in carbon emissions versus 2024, taking the total cut since 2019 to 57%. It invested £30.9m in modern, lower-emission plant and equipment—£7.9m more than in 2024—and reported that its UK business now sources 100% of its electricity from renewable providers.

Looking ahead, the company said its outlook is supported by a record order book of £8.17bn across the UK, Ireland and North America, a strong balance sheet and targeted investments to underpin growth. It reported a robust start to 2026 despite broader market uncertainty and reaffirmed its ambition to be a family-owned business recognised internationally as a leader in engineering and infrastructure solutions.