Centuri Holdings reported fourth‑quarter 2025 revenue of $858.6 million, a 19.7% year‑over‑year increase that lifted total annual revenue to a record $2.983 billion, up 13% from the prior year. The growth was driven by robust demand in the U.S. Gas and Canadian Operations segments, which together accounted for a large share of the top‑line expansion and helped offset modest headwinds in other areas.
Net income attributable to common stock reached $30.2 million, while adjusted net income was $15.9 million. The company’s adjusted earnings per share of $0.17 fell short of the consensus estimate of $0.20, a miss of $0.03. The shortfall reflects higher operating costs and a shift in the mix toward lower‑margin segments, which weighed on profitability despite the strong revenue beat.
Adjusted EBITDA for the quarter was $77.7 million, and the base gross profit margin improved to 9.3% from 8.0% in the prior year. The margin expansion was largely driven by strong performance in the Electric and U.S. Gas segments, which benefited from higher pricing power and efficient execution, offsetting cost pressures in other parts of the business.
Centuri’s backlog stood at $5.9 billion and its opportunity pipeline reached $13 billion, both record highs that provide multi‑year revenue visibility and underscore sustained demand for its utility infrastructure services across the United States and Canada.
Management guided for 2026 base revenue of $3.15 billion to $3.45 billion and adjusted EBITDA of $280 million to $310 million, signaling confidence in continued growth and margin expansion. The guidance represents an upward revision from prior expectations and reflects the company’s belief that the current pipeline will translate into strong future earnings.
President and CEO Christian Brown said, "2025 was a remarkable year for Centuri and the achievements are a direct result of the dedication and commitment of our employees. We took significant steps forward which position us well for future growth and value creation." He also noted that the company delivered $3 billion of revenue, a record for Centuri, and produced adjusted net income of $39 million, a 49% increase over the prior year.
Investors responded positively to the revenue beat and optimistic 2026 guidance, while the EPS miss tempered enthusiasm. The strong backlog and pipeline reinforced confidence in the company’s ability to sustain top‑line growth, but the earnings miss highlighted the need for continued cost discipline and margin management.
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