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Tutor Perini (TPC) investor relations material

Tutor Perini Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary6 Aug, 2025

Executive summary

  • Q2 2025 revenue rose 22% year-over-year to $1.37B–$1.4B, with all segments contributing and record backlog of $21.1B, up 102% year-over-year and 9% sequentially, driven by $3.1B in new awards and major project wins.

  • Net income attributable to the company was $20.0M (EPS $0.38), up from $0.8M (EPS $0.02) in Q2 2024; adjusted EPS was $1.41, up from $0.34, reflecting strong operational performance.

  • Operating cash flow for Q2 was $262M, with YTD cash flow at $285M, both among the highest in company history.

  • Adjusted EPS introduced to exclude volatile share-based compensation, providing clearer insight into core performance.

  • Backlog records set in Civil and Specialty Contractors segments, with major new awards including the $1.87B Midtown Bus Terminal and $538M healthcare project.

Financial highlights

  • Q2 2025 revenue: $1.37B (up 22% year-over-year); six-month revenue: $2.62B (up 20.4%).

  • Operating income for Q2 2025 was $76M–$76.4M, up 89% year-over-year.

  • Gross profit for Q2 2025 was $196M, up from $117.1M in Q2 2024.

  • Operating cash flow for Q2 was $262M; YTD cash flow at $285M.

  • Total debt reduced 21% year-over-year to $419M; cash exceeded debt by $107M at quarter end.

Outlook and guidance

  • 2025 GAAP EPS guidance raised to $1.70–$2.00; adjusted EPS guidance set at $3.65–$3.95.

  • 2026 and 2027 EPS expected to be significantly higher than 2025 guidance upper end.

  • Strong operating cash flow projected for 2025 and beyond, with capital expenditures of $140M–$150M focused on large equipment.

  • Management expects continued strong revenue growth, supported by robust backlog and favorable market dynamics.

  • Share-based compensation expense projected to decrease after 2025 as certain awards vest.

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Frequently asked questions

Tutor Perini Corporation is a leading construction company that provides a broad range of general contracting, construction management, and design-build services. It operates across several sectors, including civil, building, and specialty contracting. The company’s civil division focuses on large-scale public infrastructure projects such as highways, bridges, and mass transit systems. The building division serves both private and public sectors, delivering projects like hotels, healthcare facilities, and educational institutions. Its specialty contracting services cover electrical, mechanical, and plumbing systems for complex projects. The company is headquartered in Los Angeles, California, and its shares are listed on the NYSE.

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