Centuri (CTRI) Q4 2025 earnings summary

Executive summary

• Achieved record annual revenue of $3 billion in 2025, up 13.1% year-over-year, with adjusted net income rising 49% to $39 million and a 59% increase in backlog to $5.9 billion, supported by a $13 billion opportunity pipeline.

• Completed full separation from former parent and acquired Connect Atlantic Utility Services for ~$58 million, expanding Canadian electric platform and dual electric & gas capabilities.

• Bookings exceeded $4.5 billion in 2025, with a 1.5x book-to-bill ratio and bookings nearly 4x 2024.

• Initiated a balanced 50/50 lease vs. buy fleet funding model to enhance free cash flow and capital efficiency.

Financial highlights

• 2025 total revenue: $2,982.8 million (+13.1% YoY); gross profit: $247 million (8.3% margin); adjusted EBITDA: $249 million (+4.5% YoY); adjusted net income: $39 million (+48.7% YoY).

• Q4 revenue reached $859 million, up 20% year-over-year; base revenue up 28%.

• Free cash flow for 2025 was $35.7 million; Q4 free cash flow was $105.7 million.

• Net debt to adjusted EBITDA reduced to 2.5x at year-end from 3.6x in 2024.

• Adjusted diluted EPS for 2025 was $0.43, up from $0.32 in 2024.

Outlook and guidance

• 2026 base revenue guidance: $3.15–$3.45 billion; base gross profit: $255–$285 million.

• Including storm restoration, 2026 revenue expected at $3.24–$3.54 billion, adjusted EBITDA $280–$310 million, adjusted net income $55–$75 million.

• Net capital expenditures projected at $75–$90 million for 2026.

• Double-digit base revenue growth expected, with capital allocated to expand scale and scope.