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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.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.
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.
Net income attributable to the company was $3.6 million for Q3 2025, reversing a net loss of $100.9 million in Q3 2024; adjusted net income was $61.9 million, up from an adjusted net loss of $84.5 million last year.
Diluted EPS for Q3 2025 was $0.07, up from a loss of $1.92 per share last year; adjusted EPS was $1.15, compared to an adjusted loss of $1.61.
All segments contributed to improved results, with Specialty Contractor segment returning to profitability ahead of expectations.
Financial highlights
Gross profit for Q3 2025 was $169.4 million, up from a loss of $25.8 million in Q3 2024; nine-month gross profit was $499.8 million, more than double the prior year.
Income from construction operations for Q3 2025 was $40.1 million, a turnaround from a $106.8 million loss in Q3 2024.
Operating cash flow for the first nine months of 2025 was $574.4 million, a record for the company, compared to $174.0 million in 2024.
Total debt as of September 30, 2025, was $413 million, down 23% from year-end 2024; cash exceeded total debt by $283 million.
Interest expense for Q3 2025 was $13.5 million, down from $21.2 million in Q3 2024.
Outlook and guidance
2025 adjusted EPS guidance raised to $4.00–$4.20, up from $3.65–$3.95, with even higher earnings anticipated in 2026 and 2027.
Strong double-digit revenue growth and higher earnings expected in 2026 and 2027, with continued robust cash flow.
Backlog expected to remain strong, with over $25 billion in upcoming bidding opportunities over the next 12–18 months.
Specialty Contractor segment margins expected to reach 5–8% as new projects ramp up.
No significant impacts anticipated from tariffs, federal funding changes, or government shutdown; most major projects are state or locally funded.
Capital allocation: Board's current view?
Building segment margin inflection point?
Long-term backlog growth potential?
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Next Tutor Perini earnings date
Q4 202526 Feb, 2026
Next Tutor Perini earnings date
Q4 202526 Feb, 2026
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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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