Tutor Perini (TPC) Q4 2025 earnings summary

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.

• 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.

• Reduced total debt by 24% in 2025, with cash exceeding total debt by $327 million at year-end.

• Management expects continued double-digit revenue and earnings growth in 2026 and 2027.

Financial highlights

• Operating cash flow reached a record $748.1 million, up 49% from 2024.

• Revenue for 2025 was $5.5 billion, up 28% year-over-year.

• Civil segment revenue was $2.8 billion (+34%), Building $1.9 billion (+15%), Specialty Contractors $844 million (+43%).

• Adjusted net income was $229.1 million, or $4.29 per share; GAAP net income was $80.4 million, or $1.51 per share.

• Gross profit rose to $647.5 million, and income from construction operations was $232 million, a turnaround from a loss 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.

• Significant future bidding opportunities and strong backlog provide visibility for future growth.

• 2027 earnings expected to surpass 2026 as large projects ramp up.