Tutor Perini (TPC) investor relations material

Executive summary

• Achieved record Q1 2026 operating cash flow of $146.9 million, up 542% year-over-year, driven by strong collections and project execution.

• Revenue grew 11.5% year-over-year to $1.4 billion, the highest Q1 since 2009, fueled by large, higher-margin projects across all segments.

• Backlog remained robust at $19.8 billion, with significant new awards and contract adjustments, supporting expectations for higher revenue and profitability in 2026 and beyond.

• Adjusted EPS increased 58% year-over-year to $1.03, while reported EPS was $0.48, down from $0.53 in Q1 2025 due to higher share-based compensation.

• Declared a $0.06 quarterly dividend and executed $20 million in share repurchases in Q1 2026.

Financial highlights

• Net income attributable to the company was $25.7 million, compared to $28.0 million in Q1 2025.

• Adjusted net income was $55.3 million, up from $34.4 million in Q1 2025.

• Gross profit increased to $154.6 million from $134.4 million year-over-year.

• Cash and cash equivalents exceeded total debt by $404 million, with $320.9 million available for corporate purposes.

• Total debt at quarter-end was $399 million; interest expense decreased to $13.4 million year-over-year.

Outlook and guidance

• Affirmed 2026 adjusted EPS guidance of $4.90-$5.30, with double-digit revenue growth anticipated and even higher earnings expected in 2027.

• Management expects continued strong revenue growth and operating cash flow, supported by robust backlog and new project awards.

• Guidance includes contingencies for project delays, lower win rates, and legal outcomes.

• No material adverse impacts expected from federal funding scrutiny or tariffs; most major projects are state or locally funded.

• Anticipate continued strong backlog growth and major project opportunities over the medium to long term.