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Centuri (CTRI) investor relations material

Centuri Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary25 Feb, 2026

Executive summary

  • Achieved record annual revenue of $3 billion in 2025, up 13.1% year-over-year, with adjusted net income rising 49% to $39 million and adjusted EBITDA of $249 million.

  • Bookings exceeded $4.5 billion, with a 1.5x book-to-bill ratio and backlog up 59% to $5.9 billion, supported by a $13 billion opportunity pipeline.

  • Completed full separation from former parent and acquired Connect Atlantic Utility Services for ~$58 million, expanding Canadian electric platform.

  • Initiated a balanced 50/50 buy vs. lease fleet funding model to enhance free cash flow and capital efficiency.

  • Raised $251 million in equity and private placement, using proceeds for acquisition and debt reduction.

Financial highlights

  • 2025 total revenue: $2,982.8 million (+13.1% YoY); gross profit: $247 million (8.3% margin); adjusted net income: $39 million; adjusted EBITDA: $249 million.

  • Q4 revenue reached $859 million, up 20% year-over-year; base revenue up 28%.

  • Free cash flow for Q4 was $106 million; for the year, $35.7 million.

  • Adjusted diluted EPS for 2025 was $0.43, up from $0.32 in 2024.

  • Net debt to adjusted EBITDA improved to 2.5x at year-end from 3.6x in 2024.

Outlook and guidance

  • 2026 base revenue guidance: $3.15–$3.45 billion; base gross profit: $255–$285 million.

  • Including storm restoration, 2026 revenue expected at $3.24–$3.54 billion, adjusted EBITDA $280–$310 million, adjusted net income $55–$75 million.

  • Net CapEx forecasted at $75–$90 million; further deleveraging planned with net debt/EBITDA targeted at ~2x by end of 2026.

  • Double-digit base revenue growth expected, with capital allocated to expand scale and scope.

Progress on gas business Q1 seasonality reduction?
Data center pipeline conversion to bookings timing?
How to scale workforce for double-digit growth?
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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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