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Tutor Perini (TPC) investor relations material
Tutor Perini Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.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.
Backlog ended at $20.6 billion, up 10% year-over-year, driven by $7.4 billion in new awards and contract adjustments.
Debt reduced by 24%, ending 2025 with a net cash position of $327 million.
Management expects continued double-digit revenue and earnings growth in 2026 and 2027.
Financial highlights
Revenue grew 28% to $5.5 billion, with Civil segment revenue up 34% to $2.8 billion, Building up 15% to $1.9 billion, and Specialty Contractors up 43% to $844 million.
Net income was $80.4 million ($1.51 GAAP EPS); adjusted net income was $229.1 million ($4.29 adjusted EPS).
Gross profit rose to $647.5 million from $197.0 million year-over-year.
Fourth quarter revenue was $1.5 billion, up 41% year-over-year.
Debt at year-end was $407 million, down from $534 million in 2024.
Outlook and guidance
Double-digit revenue and earnings growth expected in 2026, with adjusted EPS guidance of $4.90–$5.30.
Strong operating cash generation and higher operating margins anticipated in 2026 and 2027.
Backlog may show near-term lumpiness but is expected to grow over the medium to long term.
2027 earnings expected to surpass 2026 as large projects ramp up.
Significant future bidding opportunities and strong backlog provide visibility for future growth.
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