Tutor Perini (TPC) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue reached $1.42 billion, up 31% year-over-year, with strong growth across all segments and record operating cash flow of $289.1 million for the quarter and $574.4 million for the first nine months.

• Backlog reached a record $21.6 billion as of September 30, 2025, up 54% year-over-year, driven by $2 billion in new awards and contract adjustments.

• Net income attributable to the company was $3.6 million for Q3 2025, reversing a net loss of $100.9 million in Q3 2024; adjusted net income was $61.9 million, up from an adjusted net loss of $84.5 million last year.

• Diluted EPS for Q3 2025 was $0.07, up from a loss of $1.92 per share last year; adjusted EPS was $1.15, compared to an adjusted loss of $1.61.

• All segments contributed to improved results, with Specialty Contractor segment returning to profitability ahead of expectations.

Financial highlights

• Gross profit for Q3 2025 was $169.4 million, up from a loss of $25.8 million in Q3 2024; nine-month gross profit was $499.8 million, more than double the prior year.

• Income from construction operations for Q3 2025 was $40.1 million, a turnaround from a $106.8 million loss in Q3 2024.

• Operating cash flow for the first nine months of 2025 was $574.4 million, a record for the company, compared to $174.0 million in 2024.

• Total debt as of September 30, 2025, was $413 million, down 23% from year-end 2024; cash exceeded total debt by $283 million.

• Interest expense for Q3 2025 was $13.5 million, down from $21.2 million in Q3 2024.

Outlook and guidance

• 2025 adjusted EPS guidance raised to $4.00–$4.20, up from $3.65–$3.95, with even higher earnings anticipated in 2026 and 2027.

• Strong double-digit revenue growth and higher earnings expected in 2026 and 2027, with continued robust cash flow.

• Backlog expected to remain strong, with over $25 billion in upcoming bidding opportunities over the next 12–18 months.

• Specialty Contractor segment margins expected to reach 5–8% as new projects ramp up.

• No significant impacts anticipated from tariffs, federal funding changes, or government shutdown; most major projects are state or locally funded.