Tutor Perini Corporation reported a record‑setting fourth‑quarter and full‑year 2025 performance, with revenue climbing 28% to $5.5 billion and operating cash flow reaching $748.1 million, a 49% year‑over‑year increase. Operating income turned positive at $232.0 million, reversing a $103.8 million loss in 2024, while net income attributable to the company rose to $80.4 million, or $1.51 per share, compared with a $3.13‑diluted loss per share in 2024. The company’s backlog expanded to $20.6 billion, up 10% from $18.7 billion at the end of 2024, driven by $7.4 billion in new awards and contract adjustments. Total debt fell to $407 million, a 24% decline, and cash exceeded debt by $327 million, giving Tutor Perini a net cash position for the first time since 2010.
The three operating segments—Civil, Building, and Specialty Contractors—contributed to the robust results. In the fourth quarter, Civil revenue reached $732 million, Building $512 million, and Specialty Contractors $263 million, collectively generating $1.51 billion in revenue, a 41.2% year‑over‑year increase from the $1.1 billion reported in Q4 2024. Over the full year, Civil revenue totaled $2.8 billion, Building $1.9 billion, and Specialty Contractors $844 million, reflecting the highest annual revenue for each segment. The operating margin for the quarter rose to 3.3% from –8% in the same period a year earlier, underscoring the impact of higher‑margin projects and improved cost control.
The earnings beat was driven by a combination of factors. Higher‑margin projects in the Civil and Specialty Contractors segments lifted operating income, while the resolution of legacy disputes removed a significant cost burden. Cost discipline and a favorable segment mix—particularly the strong performance of Specialty Contractors, which grew 63% in Q4—helped the company convert revenue growth into profitability. The company’s disciplined capital allocation, reflected in the 24% debt reduction, further supported the positive cash flow and net income figures.
Management outlined a bullish outlook for 2026, stating, "we anticipate double‑digit revenue growth and strong earnings in 2026 with even higher earnings expected in 2027, by which time newer large projects should be in the construction phase. For 2026, we expect adjusted EPS in the range of $4.90 to $5.30." The guidance signals confidence in continued demand and the ability to sustain margin expansion. The CFO added, "we generated a new record operating cash flow of $748 million for the year, up 49% compared to the previous record of $504 million for 2024."
CEO Gary Smalley emphasized the significance of the results, saying, "Tutor Perini had perhaps its best year ever in 2025, delivering exceptional results that featured our highest‑ever annual revenue and operating cash flow, as well as a return to strong profitability." The statements highlight the company’s strategic focus on high‑margin projects and effective debt management as key drivers of the turnaround.
Market reaction to the earnings was mixed, with some investors taking profits after a recent rally, but overall sentiment remained positive. The results reinforced the company’s trajectory of growth and financial strength, while investors noted the continued headwinds of backlog lumpiness and the inherent risks of mega‑projects.
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