Primoris Services
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Primoris Services (PRIM) investor relations material

Primoris Services 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 summary24 Feb, 2026

Executive summary

  • Achieved record revenue, earnings, and backlog in 2025, with strong performance in Utilities and Renewables, and double-digit growth in both Energy and Utilities segments.

  • Increased labor force by over 2,800, focusing on talent attraction and retention to support growth in key markets.

  • Utilities margins improved due to higher productivity and favorable revenue mix, though partially offset by lower storm response activity.

  • Renewables revenue reached $3.0 billion, including over $250 million from battery storage.

  • Full-year net income rose 52% to $274.9 million, or $5.02 per diluted share, driven by higher operating income and lower interest expense.

Financial highlights

  • Full-year 2025 revenue was $7,574.9 million, up from $6,366.8 million in 2024, with Q4 revenue nearly $1.9 billion, up 7% year-over-year.

  • Net income for 2025 was $274.9 million, with adjusted net income at $308.2 million and adjusted EBITDA at $531.1 million.

  • Diluted EPS for 2025 was $5.02; adjusted EPS was $5.62.

  • SG&A expense for 2025 was 5.3% of revenue, down from 6% prior year.

  • Ended 2025 with $535.5 million in cash and $409 million in long-term debt, resulting in a net cash positive position.

Outlook and guidance

  • 2026 EPS guidance: $5.35–$5.55; adjusted EPS: $5.80–$6.00; adjusted EBITDA: $560–$580 million.

  • Utility and Energy segment gross margins expected at 10%–12% for 2026.

  • CapEx for 2026 projected at $120–$140 million, with $90–$110 million for equipment.

  • SG&A as a percentage of revenue expected in the mid-to-high 5% range.

  • Operating cash flow margin expected to trend toward 4%–5% of revenue.

Detail Energy segment renewables project cost issues.
Why did fixed backlog decrease, MSA backlog increase?
Why no share repurchases in 2025?
Renewables project execution confidence
Gas generation project conversion outlook
M&A strategy and capital deployment
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Frequently asked questions

Primoris Services Corporation is a specialty contractor providing a wide range of construction, engineering, and maintenance services. The company operates across several sectors, including utilities, energy, and infrastructure. Its services include pipeline construction, power delivery, renewable energy installations, industrial facilities construction, and water and wastewater systems. The company is headquartered in Dallas, Texas, and its shares are listed on the NASDAQ.

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