Tutor Perini (TPC) Q4 2025 earnings summary

Executive summary

• Achieved record revenue of $5.5 billion in 2025, up 28% year-over-year, with strong profitability and operating cash flow of $748.1 million, a 49% increase from 2024, and strong growth across all segments.

• Adjusted EPS reached $4.29, and GAAP net income was $80.4 million, reversing a prior year loss.

• Backlog ended at $20.6 billion, up 10% year-over-year, driven by $7.4 billion in new awards and contract adjustments.

• Debt reduced by 24%, ending 2025 with a net cash position of $327 million.

• Management expects continued double-digit revenue and earnings growth in 2026 and 2027.

Financial highlights

• Revenue grew 28% to $5.5 billion, with Civil segment revenue up 34% to $2.8 billion, Building up 15% to $1.9 billion, and Specialty Contractors up 43% to $844 million.

• Net income was $80.4 million ($1.51 GAAP EPS); adjusted net income was $229.1 million ($4.29 adjusted EPS).

• Gross profit rose to $647.5 million from $197.0 million year-over-year.

• Fourth quarter revenue was $1.5 billion, up 41% year-over-year.

• Debt at year-end was $407 million, down from $534 million in 2024.

Outlook and guidance

• Double-digit revenue and earnings growth expected in 2026, with adjusted EPS guidance of $4.90–$5.30.

• Strong operating cash generation and higher operating margins anticipated in 2026 and 2027.

• Backlog may show near-term lumpiness but is expected to grow over the medium to long term.

• 2027 earnings expected to surpass 2026 as large projects ramp up.

• Significant future bidding opportunities and strong backlog provide visibility for future growth.