Tutor Perini (TPC) investor relations material

Executive summary

• Achieved record Q1 operating cash flow of $147 million, up 542% year-over-year, driven by strong collections and working capital management.

• Revenue grew 11.5% year-over-year to $1.4 billion, the highest Q1 since 2009, fueled by large, higher-margin projects across all segments.

• Adjusted EPS for Q1 was $1.03, up 58% year-over-year; GAAP EPS was $0.48, down from $0.53 last year due to higher share-based compensation.

• Backlog remains robust at $19.8 billion, supporting expectations for higher revenue, earnings, and profitability in 2026 and beyond.

• Affirmed 2026 adjusted EPS guidance of $4.90–$5.30, with even higher earnings expected in 2027.

Financial highlights

• Operating income for Q1 was $59 million, down 9% year-over-year due to a $23 million increase in share-based compensation expense.

• Net income attributable to the company was $25.7 million, compared to $28 million in Q1 2025.

• Adjusted net income was $55.3 million, up from $34.4 million in Q1 2025.

• Gross profit increased to $154.6 million from $134.4 million year-over-year.

• Cash and cash equivalents exceeded total debt by $404 million, a $533 million improvement year-over-year.

Outlook and guidance

• Double-digit revenue growth and strong earnings expected in 2026, with higher earnings in 2027 as large projects ramp up.

• Affirmed 2026 Adjusted EPS guidance of $4.90 to $5.30, excluding share-based compensation and certain non-recurring costs.

• Continued strong operating cash generation anticipated in 2026 and beyond.

• Guidance includes contingencies for project delays, lower win rates, and legal outcomes.

• Margins expected to rise across all segments as new projects progress.