Tutor Perini Corporation Earnings Recaps
Q1 2026
May 9, 2026
The stock plunged 14.6% post-earnings as investors were disappointed by margin pressures and cautious segmentation outlooks despite revenue growth and record cash flow, signaling concerns about profitability sustainability and project execution risks.
Key takeaways
- Revenues rose 11% year-over-year to $1.4 billion, the highest first quarter since 2009, driven by early-stage, large, higher-margin projects with significant remaining scope.
- Operating cash flow hit a record $147 million, reflecting strong collections on new and ongoing projects.
- Civil segment operating income increased 10% with a 12.6% margin, while the Building segment saw a 56% jump in operating income but only a 3.5% margin, indicating ongoing margin pressure.
- Specialty Contractors segment was only marginally profitable this quarter, raising questions about the pace of its planned margin improvements.
- Backlog remains robust at $19.8 billion with significant new awards; however, investor caution appears tied to the outlook for margin sustainability and execution risks on large, complex projects.
Q3 2025
Nov 6, 2025
Tutor Perini Corporation reported exceptional third-quarter performance with record-breaking revenue, operating cash flow, and a substantial increase in backlog, positioning the company for robust growth in the coming years.
Key takeaways
- Q3 revenue surged 31% year-over-year, driven by strong contributions from Civil and Building segments, marking the highest revenue performance since 2009.
- Operating cash flow reached $289 million for the quarter, a record for both the quarter and the first nine months of 2025, highlighting effective project collections.
- Backlog rose to a record $21.6 billion, a 54% increase year-over-year, bolstered by $2 billion in new awards and contract adjustments.
- Adjusted earnings per share of $1.15 reflect significant operational improvements, compared to an adjusted loss of $1.61 per share in Q3 2024.
- The Specialty Contractors segment returned to profitability, and management anticipates continued strong performance from large, higher-margin projects in the pipeline.