Tutor Perini (TPC) investor relations material

Executive summary

• Achieved record revenue of $5.5 billion in 2025, up 28% year-over-year, with strong profitability and operating cash flow of $748.1 million, a 49% increase from 2024, and strong growth across all segments.

• Adjusted EPS reached $4.29, and GAAP net income was $80.4 million, reversing a prior year loss of $163.7 million.

• Backlog ended at $20.6 billion, up 10% year-over-year, driven by $7.4 billion in new awards and contract adjustments.

• Reduced total debt by 24% ($126.8 million), ending the year with cash exceeding total debt by $327 million.

• Management expects continued double-digit revenue and earnings growth in 2026 and 2027, supported by robust backlog and favorable market conditions.

Financial highlights

• Operating cash flow reached a record $748.1 million, up 49% from 2024.

• Adjusted EPS was $4.29 in 2025, up from an adjusted diluted loss per share of $2.37 in 2024.

• Net income attributable to the company was $80.4 million ($1.51 GAAP EPS), compared to a net loss of $163.7 million in 2024.

• Gross profit rose to $647.5 million from $197.0 million year-over-year.

• Paid down total debt by 24% and ended the year with a net cash position of $327 million.

Outlook and guidance

• Double-digit revenue growth and strong earnings expected in 2026, with adjusted EPS guidance of $4.90–$5.30.

• Even higher earnings anticipated in 2027 as large projects ramp up.

• Guidance includes significant contingency for project delays, legal outcomes, and ramp-up risks.

• Continued strong operating cash generation and higher operating margins expected in 2026 and beyond.

• Significant future bidding opportunities and strong backlog provide visibility for future growth.