Centuri (CTRI) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue rose 31–31.5% year-over-year to $723.2 million, with gross profit up 75.9–76% and adjusted EBITDA up 34–35%.

• Net loss narrowed to $9–$9.5 million ($0.09/share), with adjusted net loss at $2 million ($0.02/share).

• Bookings reached $1.3 billion (1.8x book-to-bill), and backlog hit a record $6.5 billion, up 44% year-over-year.

• All segments posted revenue growth, with U.S. Gas and Canadian Operations leading, aided by improved weather and the Connect acquisition.

• Reaffirmed full-year 2026 guidance and outlined a conservative, growth-focused multi-year strategy.

Financial highlights

• Q1 2026 revenue: $723.2 million; base revenue: $688.7–$689 million.

• Gross profit: $35.8 million (4.9% margin), up from $20.3 million (3.7%) year-over-year.

• Adjusted EBITDA: $32.6–$33 million, up 34–35% year-over-year.

• Free cash flow was negative $54 million, driven by working capital timing; full-year free cash flow expected to exceed $60 million.

• Net debt to adjusted EBITDA improved to 2.7x from 3.5x a year ago.

Outlook and guidance

• 2026 revenue guidance: $3.24–$3.54 billion; adjusted EBITDA: $280–$310 million; adjusted net income: $55–$75 million.

• Base revenue guidance: $3.15–$3.45 billion; base gross profit: $255–$285 million.

• Net CapEx outlook: $75–$90 million; net debt to adjusted EBITDA targeted at ~2x by year-end.

• Long-term targets (2025–2029 CAGR): base revenue 10–15%, adjusted EBITDA 9–17%, adjusted EPS 30–45%.

• Free cash flow conversion targeted at 40–50% by 2029.