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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.
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Q3 2025 earnings summary5 Nov, 2025

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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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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