Centuri (CTRI) Q2 2026 earnings summary

Executive summary

• Achieved record Q2 2026 revenue of $962 million, up 33% year-over-year, with base revenue up 36% and adjusted net income rising 44% to $24.4 million; adjusted EPS increased 26% to $0.24.

• Completed the $62 million acquisition of JJ White, expanding Union Electric and mechanical services, expected to contribute over $20 million in annualized gross profit and $315 million in backlog.

• Backlog reached $6.4 billion, up 21% year-over-year, and the opportunity pipeline expanded to $16 billion, a 23% increase from Q1.

• Workforce expanded by 1,700 employees year-to-date, supporting growth and mitigating seasonality.

• Net income attributable to common stock was $6.1 million, down from $8.1 million last year, impacted by a $9 million revenue reversal related to a legacy Chicago contract dispute.

Financial highlights

• Q2 2026 gross profit was $69.1 million (7.2% margin), up 2% year-over-year; base gross profit was $75.7 million (7.9% margin), up 21%.

• Adjusted EBITDA for Q2 2026 was $75.7 million (7.9% margin), up 5% year-over-year.

• Adjusted EBIT rose 8% to $40.5 million.

• Free cash flow for the quarter was negative $6.9 million, improved from negative $47.1 million in Q2 2025.

• Six-month 2026 revenue was $1.69 billion, up 32.3% year-over-year.

Outlook and guidance

• Full-year 2026 guidance raised: revenue expected at $3.59–$3.79 billion, base revenue at $3.5–$3.7 billion, and base gross profit at $270–$290 million.

• Adjusted EBITDA guidance: $285–$310 million; adjusted net income: $60–$75 million; net capital expenditures: $60–$75 million.

• Book-to-bill ratio targeted at 1.2x for full year 2026.

• Second-half 2026 base gross profit margin projected at approximately 9.0%.

• Guidance includes JJ White acquisition and $5 million incremental fuel expense through Q3.