Centuri (CTRI) Q3 2025 earnings summary

Executive summary

• Achieved record quarterly revenue of $850 million, up 18.1% year-over-year, with base revenue growth of 25% and net income of $2.1 million, reversing a prior year loss.

• Adjusted net income rose to $16.7 million and adjusted EBITDA was $75.2 million, with adjusted diluted EPS at $0.19.

• Bookings for Q3 were $815 million, driving a record backlog of $5.9 billion and a $13 billion opportunity pipeline.

• Completed separation from Southwest Gas Holdings, becoming a fully independent public company, and appointed new leadership.

Financial highlights

• Q3 gross profit was $78 million (9.2% margin), with base gross profit up 28% to $77.6 million.

• Adjusted EBITDA was $75.2 million (8.8% margin), down from $78.8 million (10.9% margin) last year.

• Net income attributable to common stockholders was $2.1 million, or $0.02 per share, compared to a net loss of $3.7 million last year.

• Free cash flow was $(16.3) million, compared to $163.3 million in Q3 2024, which included a $125 million one-time benefit.

• Q3 included $7.9–$8.2 million in charges related to debt refinancing.

Outlook and guidance

• Full-year 2025 revenue guidance raised to $2.8–$2.9 billion, with adjusted EBITDA guidance at $240–$250 million.

• Net capital expenditures outlook maintained at $75–$90 million.

• Management expects double-digit revenue growth in 2026, supported by robust backlog and pipeline.

• Free cash flow expected to normalize and be meaningful in Q4, with year-end leverage ratio targeted at 3.3–3.4x.