Primoris Services (PRIM) Q4 2025 earnings summary

Executive summary

• Achieved record revenue, earnings, and backlog in 2025, with strong performance in Utilities and Renewables, and double-digit growth in both Energy and Utilities segments.

• Increased labor force by over 2,800, focusing on talent attraction and retention to support growth in key markets.

• Utilities margins improved due to higher productivity and favorable revenue mix, though partially offset by lower storm response activity.

• Renewables revenue reached $3.0 billion, including over $250 million from battery storage.

• Full-year net income rose 52% to $274.9 million, or $5.02 per diluted share, driven by higher operating income and lower interest expense.

Financial highlights

• Full-year 2025 revenue was $7,574.9 million, up from $6,366.8 million in 2024, with Q4 revenue nearly $1.9 billion, up 7% year-over-year.

• Net income for 2025 was $274.9 million, with adjusted net income at $308.2 million and adjusted EBITDA at $531.1 million.

• Diluted EPS for 2025 was $5.02; adjusted EPS was $5.62.

• SG&A expense for 2025 was 5.3% of revenue, down from 6% prior year.

• Ended 2025 with $535.5 million in cash and $409 million in long-term debt, resulting in a net cash positive position.

Outlook and guidance

• 2026 EPS guidance: $5.35–$5.55; adjusted EPS: $5.80–$6.00; adjusted EBITDA: $560–$580 million.

• Utility and Energy segment gross margins expected at 10%–12% for 2026.

• CapEx for 2026 projected at $120–$140 million, with $90–$110 million for equipment.

• SG&A as a percentage of revenue expected in the mid-to-high 5% range.

• Operating cash flow margin expected to trend toward 4%–5% of revenue.