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Tutor Perini (TPC) investor relations material
Tutor Perini Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.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.
Net income attributable to the company was $4 million for Q3 2025, reversing a net loss of $101 million last year; adjusted EPS was $1.15, up from an adjusted loss of $1.61.
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.
Specialty contractor segment returned to profitability ahead of expectations, with $6 million income and 2.7% margin, compared to a $57 million loss last year.
All segments contributed to improved results, with civil and specialty contractor segments achieving record revenues and margins.
Financial highlights
Third-quarter revenue was $1.42 billion, up 31% year-over-year; civil segment revenue up 41%, specialty contractor revenue up 124%.
Operating cash flow for the first nine months of 2025 was $574.4 million, a record for the company, compared to $174 million in 2024.
Net income attributable to the company was $3.6 million for Q3 2025 and $51.6 million for the nine months, compared to net losses of $100.9 million and $84.3 million in 2024.
Gross profit for Q3 2025 was $169.4 million, up from a loss of $25.8 million in Q3 2024.
Total debt as of September 30, 2025, was $413 million, down 23% from year-end 2024; cash exceeded debt by $283 million.
Outlook and guidance
2025 adjusted EPS guidance raised to $4.00–$4.20, up from $3.65–$3.95, with even higher earnings anticipated for 2026 and 2027.
Strong double-digit revenue growth and higher earnings expected in 2026 and 2027, supported by record backlog and new project ramp-ups.
Operating cash flow expected to remain strong beyond 2025, with continued organic collections and occasional dispute resolutions.
Capital expenditures for 2025 anticipated at $170–$180 million, mostly for large equipment on new projects.
Share-based compensation expense is expected to decrease in 2026 and 2027 as certain awards vest; future awards will be equity-classified to reduce earnings volatility.
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