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Centuri Holding (CTRI) investor relations material

Centuri Holding Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary5 Nov, 2025

Executive summary

  • Achieved record quarterly revenue of $850 million, up 18.1% year-over-year, with base revenue growth of 25% and net income of $2.1 million, reversing a prior year loss.

  • Adjusted net income rose to $16.7 million and adjusted diluted EPS to $0.19, compared to $5.3 million and $0.06 last year.

  • Bookings for Q3 totaled $815 million, driving a record backlog of $5.9 billion and a $13 billion opportunity pipeline.

  • Completed full separation from Southwest Gas Holdings, becoming a fully independent public company and appointing new leadership.

  • Revenue mix remains diversified: 52% gas utility services, 48% electric utility services, and 80% from regulated utility customers.

Financial highlights

  • Q3 2025 gross profit was $78 million (9.2% margin), up 2.9% year-over-year; base gross profit rose 28% to $77.6 million.

  • Adjusted EBITDA for Q3 was $75.2 million (8.8% margin), down from $78.8 million (10.9% margin) last year.

  • Free cash flow was negative $16.3 million, impacted by prior year’s $125 million one-time receivables benefit.

  • Ended Q3 with $16.1 million in cash and a net debt-to-adjusted EBITDA ratio of 3.8x, expected to improve to 3.3–3.4x by year-end.

  • Capital expenditures for the nine months were $68.7 million.

Outlook and guidance

  • Full-year 2025 revenue guidance raised to $2.8–$2.9 billion, reflecting strong base business growth and robust backlog.

  • Adjusted EBITDA guidance set at $240–$250 million, revised down due to lower storm restoration activity.

  • Net capex guidance maintained at $75–$90 million.

  • Double-digit revenue and base gross profit growth expected in 2026, with at least 10% revenue growth from FY 2025 to FY 2026.

  • Management believes capital resources and credit facilities are sufficient for obligations over the next 12 months.

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Frequently asked questions

Centuri Holdings, Inc. is a utility infrastructure services company dedicated to maintaining, upgrading, and expanding the energy networks that power homes and businesses across the United States and Canada. The company provides a comprehensive range of services through its Gas Utility Services and Electric Utility Services segments. These services include the maintenance, repair, installation, and modernization of natural gas and electric utility systems. Headquartered in Phoenix, Arizona, Centuri Holdings, Inc. trades on the New York Stock Exchange.

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