Tutor Perini Reports Strong Fourth Quarter and Full Year 2025 Results
-
Record operating cash flow of
$748.1 million in 2025, up 49% Y/Y -
Record revenue of
$5.5 billion in 2025, up 28% Y/Y -
Income from construction operations of
$232.0 million in 2025, up significantly compared to a loss from construction operations of$103.8 million in 2024, reflecting continued strong operating performance and contributions from higher-margin projects -
Diluted earnings per share (“EPS”) of
$1.51 in 2025, up substantially compared to a diluted loss per share of$3.13 in 2024 -
Adjusted EPS of
$4.29 in 2025, up significantly compared to adjusted diluted loss per share of$2.37 in 2024 -
Reduced total debt by
$126.8 million , or 24%, during 2025 -
Strong backlog of
$20.6 billion as ofDecember 31, 2025 , up 10% Y/Y, driven by$7.4 billion of new awards and contract adjustments in 2025 -
Provides 2026 guidance, including double-digit revenue growth and adjusted EPS range of
$4.90 to$5.30
Fourth Consecutive Year of Record Operating Cash Flow
The Company utilized a portion of its strong cash flow in 2025 to pay down its total debt by
Solid Revenue Growth Across All Segments in 2025
Revenue for 2025 was
Returned to Strong Profitability in 2025
Income from construction operations for 2025 was
Net income attributable to the Company for 2025 was
Robust Backlog with Significant Bidding Opportunities Ahead
Consolidated backlog was
-
$1.87 billion Midtown Bus Terminal Replacement - Phase 1 project inNew York ; -
$1.18 billion Manhattan Tunnel project inNew York ; -
Healthcare facility project in
California valued at approximately$1 billion ; -
$538 million healthcare project inCalifornia ; -
$241 million of additional funding for the Apra Harbor Waterfront Repairs project inGuam ; -
$182 million military defense project inGuam ; -
$155 million education facility project inCalifornia ; -
$131 million of additional funding for an electrical project inTexas ; and -
Another electrical project in
Texas valued at more than$100 million .
The Company anticipates booking approximately
The Company continues to have considerable Civil and Building segment bidding opportunities that it expects to pursue over the next 12 to 18 months. These include, among others, the multi-billion-dollar Penn Station Transformation project in
Further Balance Sheet Improvements
Total debt as of
In addition, the Company's balance of costs and estimated earnings in excess of billings ("CIE") was
Management Remarks
“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. We booked
“With our strong backlog and significant future bidding opportunities, we remain well-positioned to deliver solid, double-digit revenue and earnings growth and higher operating margins in 2026, with further growth and even higher earnings expected in 2027,” added
2026 Outlook and Guidance
The Company’s strong backlog provides excellent visibility and confidence for significant revenue and earnings growth.
The Company continues to experience high demand from customers, supported by substantial funding in place at the local, state and federal levels. Overall, funding levels are anticipated to remain strong for an extended time period, as the Company believes that
Because of its strong backlog and ample bidding opportunities, the Company remains highly selective when bidding on additional attractive projects that create value for shareholders, prioritizing opportunities that it expects will drive continued growth and margin enhancement. The Company anticipates winning additional significant projects in 2026 and beyond.
Based on its assessment of the current market and business outlook, the Company anticipates 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, the Company expects adjusted EPS in the range of
The Company also continues to expect strong operating cash generation in 2026 and beyond, as a result of increased project execution activities and the anticipated resolution of remaining legacy disputes.
Non-GAAP Financial Measures
To supplement our audited Consolidated Financial Statements presented under GAAP, we are presenting certain non-GAAP financial measures. These non-GAAP financial measures are intended to provide additional insights that facilitate the comparison of our past and present performance, and they are among the indicators management uses to assess the Company’s financial performance and to forecast future performance. By presenting these non-GAAP financial measures, we aim to provide investors and stakeholders with a clearer understanding of our operating results and enhance transparency with respect to the key financial metrics used by our management in its financial and operational decision-making.
These non-GAAP financial measures, which exclude share-based compensation expense (as well as the tax benefit associated with the expense), consist of adjusted net income (loss) attributable to the Company and adjusted earnings (loss) per share. We exclude share-based compensation expense because this expense could result in significant volatility in our reported earnings, driven primarily by fluctuations in the expense recognized for certain long-term incentive compensation awards with payouts that are indexed to the Company’s common stock. By adjusting for share-based compensation, our non-GAAP measures present a supplemental depiction of our operational performance and financial health. This approach allows stakeholders to focus on our core operational efficiency and profitability without the variable impact to earnings caused by significant changes in our stock price. Our non-GAAP measures are intended to offer a consistent basis for evaluating the Company’s performance, which management believes is meaningful to stakeholders.
The non-GAAP financial measures included in this earnings release as calculated by the Company are not necessarily comparable to similarly titled measures reported by other companies. Additionally, these non-GAAP financial measures are not meant to be considered as indicators of performance in isolation from or as a substitute for the most directly comparable measures prepared in accordance with GAAP and should be read only in conjunction with financial information presented on a GAAP basis.
Reconciliations of these non-GAAP financial measures are found in the table below:
|
Reconciliation of Non-GAAP Financial Measures |
|||||||||||||
|
|
|
|
|
|
|
||||||||
|
|
Three Months Ended
|
|
Year Ended
|
||||||||||
|
(in millions, except per common share amounts) |
|
2025 |
|
|
2024 |
|
|
|
2025 |
|
|
2024 |
|
|
Net income (loss) attributable to |
$ |
28.8 |
|
$ |
(79.4 |
) |
|
$ |
80.4 |
|
$ |
(163.7 |
) |
|
Plus: Share-based compensation expense(a) |
|
29.3 |
|
|
1.4 |
|
|
|
150.0 |
|
|
40.4 |
|
|
Less: Tax benefit provided on share-based compensation expense |
|
(0.4 |
) |
|
(0.2 |
) |
|
|
(1.3 |
) |
|
(0.7 |
) |
|
Adjusted net income (loss) attributable to |
$ |
57.7 |
|
$ |
(78.2 |
) |
|
$ |
229.1 |
|
$ |
(124.0 |
) |
|
|
|
|
|
|
|
||||||||
|
Diluted earnings (loss) per common share, as reported |
$ |
0.54 |
|
$ |
(1.51 |
) |
|
$ |
1.51 |
|
$ |
(3.13 |
) |
|
Plus: Share-based compensation expense impact per diluted share |
|
0.55 |
|
|
0.03 |
|
|
|
2.81 |
|
|
0.77 |
|
|
Less: Tax benefit provided on share-based compensation expense per diluted share |
|
(0.02 |
) |
|
(0.01 |
) |
|
|
(0.03 |
) |
|
(0.01 |
) |
|
Adjusted diluted earnings (loss) per common share |
$ |
1.07 |
|
$ |
(1.49 |
) |
|
$ |
4.29 |
|
$ |
(2.37 |
) |
| ____________________ | |
|
(a) |
The amount represents share-based compensation expense recorded during the three months and year ended |
Fourth Quarter 2025 Conference Call
The Company will host a conference call at
The conference call will be webcast live over the Internet and can be accessed by all interested parties on
About
Forward-Looking Statements
The statements contained in this release, including those set forth in the section “2026 Outlook and Guidance,” that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including without limitation, statements
regarding the Company’s expectations, hopes, beliefs, intentions or strategies regarding the future and statements regarding future guidance or estimates and non-historical performance. These forward-looking statements are based on the Company’s current expectations and beliefs concerning future developments and their potential effects on the Company. While the Company’s expectations, beliefs and projections are expressed in good faith and the Company believes there is a reasonable basis for them, there can be no assurance that future developments affecting the Company will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the control of the Company) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to: revisions of estimates of contract risks, revenue or costs; unfavorable outcomes of existing or future litigation or dispute resolution proceedings against us or customers (project owners, developers, general contractors, etc.), subcontractors or suppliers, as well as failure to promptly recover significant working capital invested in projects subject to such matters; contract requirements to perform extra work beyond the initial project scope, which has and in the future could result in disputes or claims and adversely affect our working capital, profits and cash flows; economic factors, such as inflation, tariffs, the timing of new awards, or the pace of project execution, which have resulted and may continue to result in losses or lower than anticipated profit; risks and other uncertainties associated with estimates and assumptions used to prepare our financial statements; a significant slowdown or decline in economic conditions, such as those presented during a recession; failure to meet contractual schedule requirements, which could result in higher costs and reduced profits or, in some cases, exposure to financial liability for liquidated damages and/or damages to customers, as well as damage to our reputation; decreases or delays in the level of federal, state and local government spending for infrastructure and other public projects; possible systems and information technology interruptions and breaches in data security and/or privacy; inability to attract and retain our key officers, and to adequately plan for their succession, and hire and retain personnel required to execute and perform on our contracts; the impact of inclement weather conditions, disasters and other catastrophic events outside of our control on projects; risks related to government contracts (including government shutdowns and funding considerations) and related procurement regulations; risks related to our international operations, such as uncertainty of
|
|
||||||||||||||||
|
Consolidated Statements of Operations |
||||||||||||||||
|
|
||||||||||||||||
|
|
Quarter Ended
|
|
Year Ended
|
|||||||||||||
|
(in thousands, except per common share amounts) |
|
|
2025 |
|
|
|
2024 |
|
|
|
2025 |
|
|
|
2024 |
|
|
REVENUE |
|
$ |
1,507,365 |
|
|
$ |
1,067,649 |
|
|
$ |
5,543,039 |
|
|
$ |
4,326,922 |
|
|
COST OF OPERATIONS |
|
|
(1,359,641 |
) |
|
|
(1,077,111 |
) |
|
|
(4,895,524 |
) |
|
|
(4,129,884 |
) |
|
GROSS PROFIT (LOSS) |
|
|
147,724 |
|
|
|
(9,462 |
) |
|
|
647,515 |
|
|
|
197,038 |
|
|
General and administrative expenses |
|
|
(97,612 |
) |
|
|
(76,783 |
) |
|
|
(415,554 |
) |
|
|
(300,791 |
) |
|
INCOME (LOSS) FROM CONSTRUCTION OPERATIONS |
|
|
50,112 |
|
|
|
(86,245 |
) |
|
|
231,961 |
|
|
|
(103,753 |
) |
|
Other income, net |
|
|
9,163 |
|
|
|
4,242 |
|
|
|
27,512 |
|
|
|
19,878 |
|
|
Interest expense |
|
|
(13,476 |
) |
|
|
(25,519 |
) |
|
|
(54,965 |
) |
|
|
(89,133 |
) |
|
INCOME (LOSS) BEFORE INCOME TAXES |
|
|
45,799 |
|
|
|
(107,522 |
) |
|
|
204,508 |
|
|
|
(173,008 |
) |
|
Income tax (expense) benefit |
|
|
(11,401 |
) |
|
|
31,314 |
|
|
|
(61,427 |
) |
|
|
50,669 |
|
|
NET INCOME (LOSS) |
|
|
34,398 |
|
|
|
(76,208 |
) |
|
|
143,081 |
|
|
|
(122,339 |
) |
|
LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS |
|
|
5,561 |
|
|
|
3,223 |
|
|
|
62,641 |
|
|
|
41,382 |
|
|
NET INCOME (LOSS) ATTRIBUTABLE TO TUTOR PERINI CORPORATION |
|
$ |
28,837 |
|
|
$ |
(79,431 |
) |
|
$ |
80,440 |
|
|
$ |
(163,721 |
) |
|
BASIC EARNINGS (LOSS) PER COMMON SHARE |
|
$ |
0.55 |
|
|
$ |
(1.51 |
) |
|
$ |
1.53 |
|
|
$ |
(3.13 |
) |
|
DILUTED EARNINGS (LOSS) PER COMMON SHARE |
|
$ |
0.54 |
|
|
$ |
(1.51 |
) |
|
$ |
1.51 |
|
|
$ |
(3.13 |
) |
|
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING: |
|
|
|
|
|
|
|
|
||||||||
|
BASIC |
|
|
52,765 |
|
|
|
52,460 |
|
|
|
52,693 |
|
|
|
52,322 |
|
|
DILUTED |
|
|
53,782 |
|
|
|
52,460 |
|
|
|
53,413 |
|
|
|
52,322 |
|
|
|
|||||||||||||||||||||||
|
Segment Information |
|||||||||||||||||||||||
|
|
|||||||||||||||||||||||
|
Reportable Segments |
|
|
|
|
|||||||||||||||||||
|
(in thousands) |
Civil |
Building |
Specialty
|
Total |
|
Corporate |
|
Consolidated
|
|||||||||||||||
|
Quarter ended |
|
|
|
|
|
|
|
|
|||||||||||||||
|
Total revenue |
$ |
799,770 |
|
$ |
543,154 |
|
$ |
263,290 |
|
$ |
1,606,214 |
|
|
$ |
— |
|
|
$ |
1,606,214 |
|
|||
|
Elimination of intersegment revenue |
|
(67,402 |
) |
|
(31,447 |
) |
|
— |
|
|
(98,849 |
) |
|
|
— |
|
|
|
(98,849 |
) |
|||
|
Revenue from external customers |
$ |
732,368 |
|
$ |
511,707 |
|
$ |
263,290 |
|
$ |
1,507,365 |
|
|
$ |
— |
|
|
$ |
1,507,365 |
|
|||
|
Reconciliation of revenue to income (loss) from construction operations |
|
|
|
|
|
|
|
|
|||||||||||||||
|
Less: |
|
|
|
|
|
|
|
|
|||||||||||||||
|
Cost of operations |
$ |
638,213 |
|
$ |
487,052 |
|
$ |
235,587 |
|
$ |
1,360,852 |
|
|
$ |
(1,211 |
) |
|
$ |
1,359,641 |
|
|||
|
General and administrative expenses |
|
22,145 |
|
|
13,776 |
|
|
16,228 |
|
|
52,149 |
|
|
|
45,463 |
|
|
|
97,612 |
|
|||
|
Income (loss) from construction operations |
$ |
72,010 |
|
$ |
10,879 |
|
$ |
11,475 |
|
$ |
94,364 |
|
|
$ |
(44,252 |
) |
|
$ |
50,112 |
|
|||
|
Capital expenditures |
$ |
27,967 |
|
$ |
113 |
|
$ |
3,036 |
|
$ |
31,116 |
|
|
$ |
43,847 |
|
|
$ |
74,963 |
|
|||
|
Depreciation and amortization(a) |
$ |
10,850 |
|
$ |
526 |
|
$ |
440 |
|
$ |
11,816 |
|
|
$ |
312 |
|
|
$ |
12,128 |
|
|||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Quarter ended |
|
|
|
|
|
|
|
|
|||||||||||||||
|
Total revenue |
$ |
599,238 |
|
$ |
353,748 |
|
$ |
161,670 |
|
$ |
1,114,656 |
|
|
$ |
— |
|
|
$ |
1,114,656 |
|
|||
|
Elimination of intersegment revenue |
|
(44,833 |
) |
|
(1,734 |
) |
|
(440 |
) |
|
(47,007 |
) |
|
|
— |
|
|
|
(47,007 |
) |
|||
|
Revenue from external customers |
$ |
554,405 |
|
$ |
352,014 |
|
$ |
161,230 |
|
$ |
1,067,649 |
|
|
$ |
— |
|
|
$ |
1,067,649 |
|
|||
|
Reconciliation of revenue to income (loss) from construction operations |
|
|
|
|
|
|
|
|
|||||||||||||||
|
Less: |
|
|
|
|
|
|
|
|
|||||||||||||||
|
Cost of operations |
$ |
529,006 |
|
$ |
378,775 |
|
$ |
166,625 |
|
$ |
1,074,406 |
|
|
$ |
2,705 |
|
|
$ |
1,077,111 |
|
|||
|
General and administrative expenses |
|
20,923 |
|
|
14,648 |
|
|
14,881 |
|
|
50,452 |
|
|
|
26,331 |
|
|
|
76,783 |
|
|||
|
Income (loss) from construction operations |
$ |
4,476 |
|
$ |
(41,409 |
) |
$ |
(20,276 |
) |
$ |
(57,209 |
) |
|
$ |
(29,036 |
) |
|
$ |
(86,245 |
) |
|||
|
Capital expenditures |
$ |
5,193 |
|
$ |
90 |
|
$ |
204 |
|
$ |
5,487 |
|
|
$ |
3,656 |
|
|
$ |
9,143 |
|
|||
|
Depreciation and amortization(a) |
$ |
10,822 |
|
$ |
521 |
|
$ |
592 |
|
$ |
11,935 |
|
|
$ |
754 |
|
|
$ |
12,689 |
|
|||
| ____________________ | |
|
(a) |
Depreciation and amortization is included in income (loss) from construction operations. |
|
|
|||||||||||||||||||||||
|
Segment Information (continued) |
|||||||||||||||||||||||
|
|
|||||||||||||||||||||||
|
Reportable Segments |
|
|
|
|
|||||||||||||||||||
|
(in thousands) |
Civil |
Building |
Specialty
|
Total |
|
Corporate |
|
Consolidated
|
|||||||||||||||
|
Year ended |
|
|
|
|
|
|
|
|
|||||||||||||||
|
Total revenue |
$ |
3,062,354 |
|
$ |
1,955,446 |
|
$ |
843,972 |
|
$ |
5,861,772 |
|
|
$ |
— |
|
|
$ |
5,861,772 |
|
|||
|
Elimination of intersegment revenue |
|
(215,524 |
) |
|
(103,209 |
) |
|
— |
|
|
(318,733 |
) |
|
|
— |
|
|
|
(318,733 |
) |
|||
|
Revenue from external customers |
$ |
2,846,830 |
|
$ |
1,852,237 |
|
$ |
843,972 |
|
$ |
5,543,039 |
|
|
$ |
— |
|
|
$ |
5,543,039 |
|
|||
|
Reconciliation of revenue to income (loss) from construction operations |
|
|
|
|
|
|
|
|
|||||||||||||||
|
Less: |
|
|
|
|
|
|
|
|
|||||||||||||||
|
Cost of operations |
$ |
2,366,197 |
|
$ |
1,741,533 |
|
$ |
788,970 |
|
$ |
4,896,700 |
|
|
$ |
(1,176 |
) |
|
$ |
4,895,524 |
|
|||
|
General and administrative expenses |
|
89,756 |
|
|
52,473 |
|
|
62,482 |
|
|
204,711 |
|
|
|
210,843 |
|
|
|
415,554 |
|
|||
|
Income (loss) from construction operations |
$ |
390,877 |
|
$ |
58,231 |
|
$ |
(7,480 |
) |
$ |
441,628 |
|
|
$ |
(209,667 |
) |
|
$ |
231,961 |
|
|||
|
Capital expenditures |
$ |
125,357 |
|
$ |
1,663 |
|
$ |
6,864 |
|
$ |
133,884 |
|
|
$ |
46,970 |
|
|
$ |
180,854 |
|
|||
|
Depreciation and amortization(a) |
$ |
43,342 |
|
$ |
2,136 |
|
$ |
2,339 |
|
$ |
47,817 |
|
|
$ |
1,998 |
|
|
$ |
49,815 |
|
|||
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Year ended |
|
|
|
|
|
|
|
|
|||||||||||||||
|
Total revenue |
$ |
2,248,659 |
|
$ |
1,666,862 |
|
$ |
590,822 |
|
$ |
4,506,343 |
|
|
$ |
— |
|
|
$ |
4,506,343 |
|
|||
|
Elimination of intersegment revenue |
|
(129,706 |
) |
|
(49,325 |
) |
|
(390 |
) |
|
(179,421 |
) |
|
|
— |
|
|
|
(179,421 |
) |
|||
|
Revenue from external customers |
$ |
2,118,953 |
|
$ |
1,617,537 |
|
$ |
590,432 |
|
$ |
4,326,922 |
|
|
$ |
— |
|
|
$ |
4,326,922 |
|
|||
|
Reconciliation of revenue to income (loss) from construction operations |
|
|
|
|
|
|
|
|
|||||||||||||||
|
Less: |
|
|
|
|
|
|
|
|
|||||||||||||||
|
Cost of operations |
$ |
1,897,741 |
|
$ |
1,593,509 |
|
$ |
634,271 |
|
$ |
4,125,521 |
|
|
$ |
4,363 |
|
|
$ |
4,129,884 |
|
|||
|
General and administrative expenses |
|
82,951 |
|
|
48,165 |
|
|
59,506 |
|
|
190,622 |
|
|
|
110,169 |
|
|
|
300,791 |
|
|||
|
Income (loss) from construction operations |
$ |
138,261 |
|
$ |
(24,137 |
) |
$ |
(103,345 |
) |
$ |
10,779 |
|
|
$ |
(114,532 |
) |
|
$ |
(103,753 |
) |
|||
|
Capital expenditures |
$ |
27,040 |
|
$ |
613 |
|
$ |
530 |
|
$ |
28,183 |
|
|
$ |
9,226 |
|
|
$ |
37,409 |
|
|||
|
Depreciation and amortization(a) |
$ |
42,521 |
|
$ |
2,270 |
|
$ |
2,333 |
|
$ |
47,124 |
|
|
$ |
6,663 |
|
|
$ |
53,787 |
|
|||
| ____________________ | |
|
(a) |
Depreciation and amortization is included in income (loss) from construction operations. |
|
|
||||||||
|
Consolidated Balance Sheets |
||||||||
|
|
||||||||
|
|
|
As of |
||||||
|
(in thousands, except share and per share amounts) |
|
|
2025 |
|
|
|
2024 |
|
|
ASSETS |
||||||||
|
CURRENT ASSETS: |
||||||||
|
Cash and cash equivalents ( |
|
$ |
734,553 |
|
|
$ |
455,084 |
|
|
Restricted cash |
|
|
35,641 |
|
|
|
9,104 |
|
|
Restricted investments |
|
|
228,959 |
|
|
|
139,986 |
|
|
Accounts receivable ( |
|
|
1,218,609 |
|
|
|
986,893 |
|
|
Retention receivable ( |
|
|
668,894 |
|
|
|
560,163 |
|
|
Costs and estimated earnings in excess of billings ( |
|
|
819,199 |
|
|
|
942,522 |
|
|
Other current assets ( |
|
|
411,030 |
|
|
|
192,915 |
|
|
Total current assets |
|
|
4,116,885 |
|
|
|
3,286,667 |
|
|
PROPERTY AND EQUIPMENT: |
|
|
|
|
||||
|
Land |
|
|
44,132 |
|
|
|
44,132 |
|
|
Building and improvements |
|
|
149,973 |
|
|
|
138,799 |
|
|
Construction equipment |
|
|
681,300 |
|
|
|
609,495 |
|
|
Other equipment |
|
|
242,776 |
|
|
|
196,870 |
|
|
|
|
|
1,118,181 |
|
|
|
989,296 |
|
|
Less accumulated depreciation |
|
|
(570,186 |
) |
|
|
(566,308 |
) |
|
Total property and equipment, net ( |
|
|
547,995 |
|
|
|
422,988 |
|
|
|
|
|
205,143 |
|
|
|
205,143 |
|
|
INTANGIBLE ASSETS, NET |
|
|
63,832 |
|
|
|
66,069 |
|
|
DEFERRED INCOME TAXES |
|
|
96,573 |
|
|
|
143,289 |
|
|
OTHER ASSETS |
|
|
129,994 |
|
|
|
118,554 |
|
|
TOTAL ASSETS |
|
$ |
5,160,422 |
|
|
$ |
4,242,710 |
|
|
LIABILITIES AND EQUITY |
||||||||
|
CURRENT LIABILITIES: |
|
|
|
|
||||
|
Current maturities of long-term debt |
|
$ |
14,589 |
|
|
$ |
24,113 |
|
|
Accounts payable ( |
|
|
724,932 |
|
|
|
631,468 |
|
|
Retention payable ( |
|
|
265,246 |
|
|
|
240,971 |
|
|
Billings in excess of costs and estimated earnings ( |
|
|
1,838,610 |
|
|
|
1,216,623 |
|
|
Accrued expenses and other current liabilities ( |
|
|
396,121 |
|
|
|
219,525 |
|
|
Total current liabilities |
|
|
3,239,498 |
|
|
|
2,332,700 |
|
|
LONG-TERM DEBT, less current maturities, net of unamortized discount and debt issuance costs totaling |
|
|
392,785 |
|
|
|
510,025 |
|
|
OTHER LONG-TERM LIABILITIES |
|
|
265,477 |
|
|
|
241,379 |
|
|
TOTAL LIABILITIES |
|
|
3,897,760 |
|
|
|
3,084,104 |
|
|
COMMITMENTS AND CONTINGENCIES |
|
|
|
|
||||
|
EQUITY |
|
|
|
|
||||
|
Stockholders' equity: |
|
|
|
|
||||
|
Preferred stock – authorized 1,000,000 shares ( |
|
|
— |
|
|
|
— |
|
|
Common stock – authorized 112,500,000 shares ( |
|
|
52,791 |
|
|
|
52,486 |
|
|
Additional paid-in capital |
|
|
1,148,634 |
|
|
|
1,146,800 |
|
|
Retained earnings (deficit) |
|
|
46,443 |
|
|
|
(30,575 |
) |
|
Accumulated other comprehensive loss |
|
|
(29,234 |
) |
|
|
(33,988 |
) |
|
Total stockholders' equity |
|
|
1,218,634 |
|
|
|
1,134,723 |
|
|
Noncontrolling interests |
|
|
44,028 |
|
|
|
23,883 |
|
|
TOTAL EQUITY |
|
|
1,262,662 |
|
|
|
1,158,606 |
|
|
TOTAL LIABILITIES AND EQUITY |
|
$ |
5,160,422 |
|
|
$ |
4,242,710 |
|
|
|
|||||||
|
Consolidated Statements of Cash Flows |
|||||||
|
|
|||||||
|
Year Ended |
|||||||
|
(in thousands) |
|
2025 |
|
|
|
2024 |
|
|
Cash Flows from Operating Activities: |
|
|
|
||||
|
Net income (loss) |
$ |
143,081 |
|
|
$ |
(122,339 |
) |
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
|
|
|
||||
|
Depreciation |
|
47,578 |
|
|
|
51,551 |
|
|
Amortization of intangible assets |
|
2,237 |
|
|
|
2,236 |
|
|
Share-based compensation expense |
|
150,002 |
|
|
|
40,356 |
|
|
Change in debt discounts and deferred debt issuance costs |
|
4,553 |
|
|
|
14,068 |
|
|
Deferred income taxes |
|
46,861 |
|
|
|
(78,008 |
) |
|
(Gain) loss on sale of property and equipment |
|
(2,050 |
) |
|
|
116 |
|
|
Changes in other components of working capital |
|
330,633 |
|
|
|
589,124 |
|
|
Other long-term liabilities |
|
20,658 |
|
|
|
14,898 |
|
|
Other, net |
|
4,512 |
|
|
|
(8,458 |
) |
|
NET CASH PROVIDED BY OPERATING ACTIVITIES |
|
748,065 |
|
|
|
503,544 |
|
|
|
|
|
|
||||
|
Cash Flows from Investing Activities: |
|
|
|
||||
|
Acquisition of property and equipment |
|
(180,854 |
) |
|
|
(37,409 |
) |
|
Proceeds from sale of property and equipment |
|
8,875 |
|
|
|
4,752 |
|
|
Investments in securities |
|
(124,806 |
) |
|
|
(35,643 |
) |
|
Proceeds from maturities and sales of investments in securities |
|
39,476 |
|
|
|
27,613 |
|
|
|
|
(257,309 |
) |
|
|
(40,687 |
) |
|
|
|
|
|
||||
|
Cash Flows from Financing Activities: |
|
|
|
||||
|
Proceeds from debt |
|
188,215 |
|
|
|
787,135 |
|
|
Repayment of debt |
|
(318,974 |
) |
|
|
(1,141,765 |
) |
|
Cash payments related to share-based compensation |
|
(6,788 |
) |
|
|
(5,556 |
) |
|
Payment of dividends |
|
(3,167 |
) |
|
|
— |
|
|
Distributions paid to noncontrolling interests |
|
(51,650 |
) |
|
|
(23,300 |
) |
|
Contributions from noncontrolling interests |
|
7,614 |
|
|
|
15,230 |
|
|
Debt issuance, extinguishment and modification costs |
|
— |
|
|
|
(25,093 |
) |
|
|
|
(184,750 |
) |
|
|
(393,349 |
) |
|
|
|
|
|
||||
|
Net increase in cash, cash equivalents and restricted cash |
|
306,006 |
|
|
|
69,508 |
|
|
Cash, cash equivalents and restricted cash at beginning of year |
|
464,188 |
|
|
|
394,680 |
|
|
Cash, cash equivalents and restricted cash at end of year |
$ |
770,194 |
|
|
$ |
464,188 |
|
|
|
|||||||||||||||
|
Backlog Information |
|||||||||||||||
|
Unaudited |
|||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
(in millions) |
|
Backlog at
|
|
New Awards in the
|
|
Revenue Recognized
|
|
Backlog at
|
|||||||
|
Civil |
|
$ |
10,509.0 |
|
$ |
377.1 |
|
|
$ |
(732.4 |
) |
|
$ |
10,153.7 |
|
|
Building |
|
|
7,888.7 |
|
|
(43.6 |
) |
|
|
(511.7 |
) |
|
|
7,333.4 |
|
|
|
|
|
3,243.1 |
|
|
92.9 |
|
|
|
(263.3 |
) |
|
|
3,072.7 |
|
|
Total |
|
$ |
21,640.8 |
|
$ |
426.4 |
|
|
$ |
(1,507.4 |
) |
|
$ |
20,559.8 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
(in millions) |
|
Backlog at
|
|
New Awards in the
|
|
Revenue Recognized
|
|
Backlog at
|
|||||||
|
Civil |
|
$ |
8,835.6 |
|
$ |
4,164.9 |
|
|
$ |
(2,846.8 |
) |
|
$ |
10,153.7 |
|
|
Building |
|
|
7,026.9 |
|
|
2,158.7 |
|
|
|
(1,852.2 |
) |
|
|
7,333.4 |
|
|
|
|
|
2,811.4 |
|
|
1,105.3 |
|
|
|
(844.0 |
) |
|
|
3,072.7 |
|
|
Total |
|
$ |
18,673.9 |
|
$ |
7,428.9 |
|
|
$ |
(5,543.0 |
) |
|
$ |
20,559.8 |
|
| ____________________ | |
|
(a) |
New awards consist of the original contract price of projects added to our backlog plus or minus subsequent changes to the estimated total contract price of existing contracts. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20260226357915/en/
Senior Vice President, Investor Relations & Corporate Communications
www.tutorperini.com
Source:
