Tutor Perini Reports Record Third Quarter 2026 Financial Results; Raises 2026 Adjusted EPS Guidance
The higher annual outlook accompanies growth across all three construction segments and a second consecutive quarter of awards exceeding revenue.
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-
Record operating cash flow of
$330.9 million $665.1 million 14% and16% Y/Y, respectively -
Record Q3 2026 revenue of
$1.7 billion 22% Y/Y -
Record Q3 2026 income from construction operations of
$125.4 million 213% Y/Y reflecting continued strong operating performance and contributions from higher-margin projects -
Q3 2026 diluted earnings per share ("EPS") of
$0.39 457% Y/Y -
Q3 2026 adjusted EPS of
$1.83 59% Y/Y -
High-quality, near-record backlog of
$20.4 billion -
Raising 2026 adjusted EPS guidance to
$5.90 $6.10 $5.15 $5.45 - Tutor Perini anticipates continued strong revenue and adjusted EPS growth in 2027 due to clear visibility provided by long-duration backlog
Record Cash Flow, Revenue, and Operating Income
Tutor Perini generated
Revenue for the third quarter of 2026 was a record
Income from construction operations for the third quarter of 2026 was a record
Net income attributable to the Company for the third quarter of 2026 was
The Company's strong results this year continue to demonstrate the impressive quality and magnitude of earnings embedded within the Company's backlog. With many of the projects in backlog still in their early phases, management believes the backlog provides strong visibility into future profitability and supports its latest increased 2026 guidance. (Please refer to the Non-GAAP Financial Measures section below for further information and a reconciliation of the Company's financial results reported under generally accepted accounting principles in
Highly Profitable Backlog
The Company booked approximately
The largest additions to backlog in the third quarter of 2026 included the following:
-
$1.0 billion -
$577 million -
$145 million -
$126 million -
$108 million Oklahoma ; and -
$89 million California .
Tutor Perini continues to have numerous significant project bidding opportunities this year and beyond, particularly in the Indo-Pacific region, as well as in
Overall, the Company's pipeline of potential projects over the next three to four years totals more than
Strong Balance Sheet
Total debt as of September 30, 2026 was
Raising 2026 Guidance
Based on the Company's record results through the third quarter of 2026 and management's strong confidence in its performance trajectory for the remainder of the year, the Company is raising its 2026 Adjusted EPS guidance to the range of
The Company also anticipates continued strong revenue and adjusted EPS growth in 2027 due to solid visibility provided by its high-quality, long-duration backlog. Demand for the Company's services remains robust, driven by well-funded state, local and federal customers that have numerous large-scale, high-priority infrastructure projects planned over the next several years, as well as by certain commercial customers that continue to advance projects for new or renovated buildings in vibrant end markets, such as healthcare, education, and hospitality and gaming.
The Company’s adjusted EPS for 2026 excludes the impact of share-based compensation expense, as well as a loss on extinguishment of debt associated with the Company's debt refinancing completed in July 2026 and a pension settlement charge related to the Company's termination of its defined benefit pension plan, net of the associated tax benefit of these adjustments, none of which are reflective of ongoing business operations. As previously disclosed, the Company is not providing forward-looking guidance for GAAP EPS or a quantitative reconciliation of adjusted EPS guidance to GAAP EPS guidance due to the difficulty in forecasting share-based compensation expense, which fluctuates with future share price movements. Variations in share-based compensation expense could have a material impact on GAAP EPS for the guidance period.
The Company's guidance continues to factor in contingency for various unknown or unexpected developments.
Management Remarks
“Tutor Perini delivered another quarter of excellent results, highlighted by record operating cash flow, revenue, operating income and earnings, as well as solid operating margins across all segments. Our results demonstrated the continued momentum in our business, as well as the significant earnings and cash flow potential embedded in our near-record backlog. As a result of our record performance and continued favorable outlook, we are raising our full-year 2026 adjusted EPS guidance to
“Our
Non-GAAP Financial Measures
To supplement our unaudited Condensed Consolidated Financial Statements presented under GAAP, we are presenting certain non-GAAP financial measures. These non-GAAP financial measures exclude items that are not reflective of ongoing business operations, including share-based compensation expense, loss on extinguishment of debt and pension settlement charges (as well as the associated tax benefits of these adjustments) for the three and nine months ended September 30, 2026 and 2025. 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 consist of adjusted net income attributable to the Company and adjusted diluted earnings 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. 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. We also exclude the loss on extinguishment of debt and the pension settlement charge, as these represent one-time charges that are not reflective of the Company’s operational performance. By adjusting for these expenses, our non-GAAP measures present a supplemental depiction of our operational performance and financial health. 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 |
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|
|
|
|
||||||||
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||
(in millions, except per common share amounts) |
|
2026 |
|
|
2025 |
|
|
|
2026 |
|
|
2025 |
|
Net income attributable to Tutor Perini Corporation, as reported |
$ |
20.7 |
|
$ |
3.6 |
|
|
$ |
112.1 |
|
$ |
51.6 |
|
Plus: Share-based compensation expense(a) |
|
19.3 |
|
|
58.7 |
|
|
|
77.2 |
|
|
120.7 |
|
Plus: Loss on extinguishment of debt(b) |
|
51.4 |
|
|
— |
|
|
|
51.4 |
|
|
— |
|
Plus: Pension settlement charge(c) |
|
33.8 |
|
|
— |
|
|
|
33.8 |
|
|
— |
|
Less: Tax benefit of adjustments |
|
(27.6 |
) |
|
(0.4 |
) |
|
|
(28.6 |
) |
|
(0.9 |
) |
Adjusted net income attributable to Tutor Perini Corporation |
$ |
97.6 |
|
$ |
61.9 |
|
|
$ |
245.9 |
|
$ |
171.4 |
|
|
|
|
|
|
|
||||||||
Diluted earnings per common share, as reported |
$ |
0.39 |
|
$ |
0.07 |
|
|
$ |
2.09 |
|
$ |
0.97 |
|
Plus: Share-based compensation expense impact per diluted share |
|
0.36 |
|
|
1.09 |
|
|
|
1.44 |
|
|
2.26 |
|
Plus: Loss on extinguishment of debt impact per diluted share |
|
0.96 |
|
|
— |
|
|
|
0.96 |
|
|
— |
|
Plus: Pension settlement charge impact per diluted share |
|
0.63 |
|
|
— |
|
|
|
0.63 |
|
|
— |
|
Less: Tax benefit of adjustments per diluted share |
|
(0.51 |
) |
|
(0.01 |
) |
|
|
(0.53 |
) |
|
(0.01 |
) |
Adjusted diluted earnings per common share |
$ |
1.83 |
|
$ |
1.15 |
|
|
$ |
4.59 |
|
$ |
3.22 |
|
| _______________________________ | ||
| (a) | The amount represents share-based compensation expense recorded during the three and nine months ended September 30, 2026 and 2025. This includes expense associated with certain long-term incentive compensation awards that have payouts indexed to the Company’s common stock. As such, significant fluctuations in the price of the Company’s common stock during any reporting period have caused and could continue to cause significant fluctuations in the reported expense. |
|
| (b) |
The amount represents a |
|
| (c) | The amount represents a non-cash charge incurred resulting from the settlement of obligations under the Company’s pension plan during the third quarter of 2026. |
|
Third Quarter 2026 Conference Call
The Company will host a conference call at 2:00 PM Pacific Time on Wednesday, November 4, 2026, to discuss the third quarter 2026 results. To participate in the conference call, please dial 877-407-8293 five to ten minutes prior to the scheduled time. International callers should dial +1-201-689-8349.
The conference call will be webcast live over the Internet and can be accessed by all interested parties on Tutor Perini's website at www.tutorperini.com. For those unable to participate during the live call, the webcast will be available for replay on the website shortly after the call.
Investors and others should note that we announce material financial and operational information to our investors using our investor relations website (https://investors.tutorperini.com/investor-overview/default.aspx), press releases, SEC filings, and public conference calls and webcasts. The information we post through these channels may be deemed material. Accordingly, investors should monitor our investor relations website in addition to following our press releases, SEC filings, and public conference calls and webcasts. The channels that we intend to use as a means of disclosing the information described above may be updated from time to time on our investor relations website.
About Tutor Perini Corporation
Tutor Perini Corporation is a leading civil, building and specialty construction company offering diversified general contracting and design-build services to private customers and public agencies throughout the world. We have provided construction services since 1894 and have established a strong reputation within our markets by executing large, complex projects on time and within budget while adhering to strict safety and quality control measures. We offer general contracting, pre-construction planning and comprehensive project management services, and have strong expertise in delivering design-bid-build, design-build, construction management, and public-private partnership (P3) projects. We often self-perform multiple project components, including earthwork, excavation, concrete forming and placement, steel erection, electrical, mechanical, plumbing, heating, ventilation and air conditioning (HVAC), and fire protection.
Forward-Looking Statements
The statements contained in this release, including those set forth in the section “Raising 2026 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; risks related to our international operations, such as uncertainty of
Tutor Perini Corporation |
||||||||||||||||
Condensed Consolidated Statements of Operations |
||||||||||||||||
Unaudited |
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|||||||||||||
(in thousands, except per common share amounts) |
|
|
2026 |
|
|
|
2025 |
|
|
|
2026 |
|
|
|
2025 |
|
REVENUE |
|
$ |
1,720,256 |
|
|
$ |
1,415,360 |
|
|
$ |
4,746,761 |
|
|
$ |
4,035,674 |
|
COST OF OPERATIONS |
|
|
(1,498,794 |
) |
|
|
(1,245,965 |
) |
|
|
(4,159,388 |
) |
|
|
(3,535,883 |
) |
GROSS PROFIT |
|
|
221,462 |
|
|
|
169,395 |
|
|
|
587,373 |
|
|
|
499,791 |
|
General and administrative expenses |
|
|
(96,043 |
) |
|
|
(129,301 |
) |
|
|
(285,037 |
) |
|
|
(317,942 |
) |
INCOME FROM CONSTRUCTION OPERATIONS |
|
|
125,419 |
|
|
|
40,094 |
|
|
|
302,336 |
|
|
|
181,849 |
|
Other income, net |
|
|
16,016 |
|
|
|
7,457 |
|
|
|
37,575 |
|
|
|
18,349 |
|
Interest expense |
|
|
(7,290 |
) |
|
|
(13,549 |
) |
|
|
(34,407 |
) |
|
|
(41,489 |
) |
Loss on extinguishment of debt |
|
|
(51,386 |
) |
|
|
— |
|
|
|
(51,386 |
) |
|
|
— |
|
Pension settlement charge |
|
|
(33,753 |
) |
|
|
— |
|
|
|
(33,753 |
) |
|
|
— |
|
INCOME BEFORE INCOME TAXES |
|
|
49,006 |
|
|
|
34,002 |
|
|
|
220,365 |
|
|
|
158,709 |
|
Income tax expense |
|
|
(11,127 |
) |
|
|
(15,154 |
) |
|
|
(58,890 |
) |
|
|
(50,026 |
) |
NET INCOME |
|
|
37,879 |
|
|
|
18,848 |
|
|
|
161,475 |
|
|
|
108,683 |
|
LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS |
|
|
17,178 |
|
|
|
15,217 |
|
|
|
49,336 |
|
|
|
57,080 |
|
NET INCOME ATTRIBUTABLE TO TUTOR PERINI CORPORATION |
|
$ |
20,701 |
|
|
$ |
3,631 |
|
|
$ |
112,139 |
|
|
$ |
51,603 |
|
BASIC EARNINGS PER COMMON SHARE |
|
$ |
0.39 |
|
|
$ |
0.07 |
|
|
$ |
2.13 |
|
|
$ |
0.98 |
|
DILUTED EARNINGS PER COMMON SHARE |
|
$ |
0.39 |
|
|
$ |
0.07 |
|
|
$ |
2.09 |
|
|
$ |
0.97 |
|
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING: |
|
|
|
|
|
|
|
|
||||||||
BASIC |
|
|
52,569 |
|
|
|
52,743 |
|
|
|
52,635 |
|
|
|
52,669 |
|
DILUTED |
|
|
53,451 |
|
|
|
53,664 |
|
|
|
53,557 |
|
|
|
53,290 |
|
Earnings per Share Information |
|||||||||||||
Unaudited |
|||||||||||||
|
|
|
|
|
|
|
|
|
|||||
|
|
Three Months Ended
|
|
Nine Months Ended
|
|||||||||
|
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
DILUTED EARNINGS PER COMMON SHARE |
|
$ |
0.39 |
|
$ |
0.07 |
|
$ |
2.09 |
|
$ |
0.97 |
|
ADJUSTED DILUTED EARNINGS PER COMMON SHARE(a) |
|
$ |
1.83 |
|
$ |
1.15 |
|
$ |
4.59 |
|
$ |
3.22 |
|
| _________________________ | ||
| (a) | Please refer to the Non-GAAP Financial Measures section above for a reconciliation of the Company's financial results reported under GAAP to the reported adjusted results. |
|
Tutor Perini Corporation |
||||||||||||||||||||
Segment Information |
||||||||||||||||||||
Unaudited |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||
Reportable Segments |
|
|
|
|
||||||||||||||||
(in thousands) |
Civil |
Building |
Specialty Contractors |
Total |
|
Corporate |
|
Consolidated Total |
||||||||||||
Three Months Ended September 30, 2026 |
|
|
|
|
|
|
|
|
||||||||||||
Total revenue |
$ |
960,065 |
|
$ |
625,589 |
|
$ |
286,208 |
$ |
1,871,862 |
|
|
$ |
— |
|
|
$ |
1,871,862 |
|
|
Elimination of intersegment revenue |
|
(66,561 |
) |
|
(85,045 |
) |
|
— |
|
(151,606 |
) |
|
|
— |
|
|
|
(151,606 |
) |
|
Revenue from external customers |
$ |
893,504 |
|
$ |
540,544 |
|
$ |
286,208 |
$ |
1,720,256 |
|
|
$ |
— |
|
|
$ |
1,720,256 |
|
|
Reconciliation of revenue to income (loss) from construction operations |
|
|
|
|
|
|
|
|
||||||||||||
Less: |
|
|
|
|
|
|
|
|
||||||||||||
Cost of operations |
$ |
745,151 |
|
$ |
500,083 |
|
$ |
253,560 |
$ |
1,498,794 |
|
|
$ |
— |
|
|
$ |
1,498,794 |
|
|
General and administrative expenses |
|
23,117 |
|
|
13,302 |
|
|
22,538 |
|
58,957 |
|
|
|
37,086 |
|
|
|
96,043 |
|
|
Income (loss) from construction operations |
$ |
125,236 |
|
$ |
27,159 |
|
$ |
10,110 |
$ |
162,505 |
|
|
$ |
(37,086 |
) |
|
$ |
125,419 |
|
|
Capital expenditures |
$ |
21,148 |
|
$ |
547 |
|
$ |
988 |
$ |
22,683 |
|
|
$ |
16,910 |
|
|
$ |
39,593 |
|
|
Depreciation and amortization(a) |
$ |
8,680 |
|
$ |
538 |
|
$ |
723 |
$ |
9,941 |
|
|
$ |
372 |
|
|
$ |
10,313 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Three Months Ended September 30, 2025 |
|
|
|
|
|
|
|
|
||||||||||||
Total revenue |
$ |
832,966 |
|
$ |
437,933 |
|
$ |
226,462 |
$ |
1,497,361 |
|
|
$ |
— |
|
|
$ |
1,497,361 |
|
|
Elimination of intersegment revenue |
|
(62,732 |
) |
|
(19,269 |
) |
|
— |
|
(82,001 |
) |
|
|
— |
|
|
|
(82,001 |
) |
|
Revenue from external customers |
$ |
770,234 |
|
$ |
418,664 |
|
$ |
226,462 |
$ |
1,415,360 |
|
|
$ |
— |
|
|
$ |
1,415,360 |
|
|
Reconciliation of revenue to income (loss) from construction operations |
|
|
|
|
|
|
|
|
||||||||||||
Less: |
|
|
|
|
|
|
|
|
||||||||||||
Cost of operations |
$ |
649,094 |
|
$ |
391,601 |
|
$ |
205,270 |
$ |
1,245,965 |
|
|
$ |
— |
|
|
$ |
1,245,965 |
|
|
General and administrative expenses |
|
21,988 |
|
|
12,620 |
|
|
15,020 |
|
49,628 |
|
|
|
79,673 |
|
|
|
129,301 |
|
|
Income (loss) from construction operations |
$ |
99,152 |
|
$ |
14,443 |
|
$ |
6,172 |
$ |
119,767 |
|
|
$ |
(79,673 |
) |
|
$ |
40,094 |
|
|
Capital expenditures |
$ |
45,982 |
|
$ |
12 |
|
$ |
1,728 |
$ |
47,722 |
|
|
$ |
1,229 |
|
|
$ |
48,951 |
|
|
Depreciation and amortization(a) |
$ |
10,724 |
|
$ |
540 |
|
$ |
624 |
$ |
11,888 |
|
|
$ |
324 |
|
|
$ |
12,212 |
|
|
| ______________________________ | ||
| (a) | Depreciation and amortization is included in income (loss) from construction operations. |
|
Tutor Perini Corporation |
||||||||||||||||||||
Segment Information |
||||||||||||||||||||
Unaudited |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||
Reportable Segments |
|
|
|
|
||||||||||||||||
(in thousands) |
Civil |
Building |
Specialty Contractors |
Total |
|
Corporate |
|
Consolidated Total |
||||||||||||
Nine Months Ended September 30, 2026 |
|
|
|
|
|
|
|
|
||||||||||||
Total revenue |
$ |
2,585,827 |
|
$ |
1,730,514 |
|
$ |
766,266 |
|
$ |
5,082,607 |
|
|
$ |
— |
|
|
$ |
5,082,607 |
|
Elimination of intersegment revenue |
|
(178,442 |
) |
|
(157,404 |
) |
|
— |
|
|
(335,846 |
) |
|
|
— |
|
|
|
(335,846 |
) |
Revenue from external customers |
$ |
2,407,385 |
|
$ |
1,573,110 |
|
$ |
766,266 |
|
$ |
4,746,761 |
|
|
$ |
— |
|
|
$ |
4,746,761 |
|
Reconciliation of revenue to income (loss) from construction operations |
|
|
|
|
|
|
|
|
||||||||||||
Less: |
|
|
|
|
|
|
|
|
||||||||||||
Cost of operations |
$ |
2,001,371 |
|
$ |
1,457,992 |
|
$ |
697,955 |
|
$ |
4,157,318 |
|
|
$ |
2,070 |
|
|
$ |
4,159,388 |
|
General and administrative expenses |
|
68,521 |
|
|
40,337 |
|
|
51,913 |
|
|
160,771 |
|
|
|
124,266 |
|
|
|
285,037 |
|
Income (loss) from construction operations |
$ |
337,493 |
|
$ |
74,781 |
|
$ |
16,398 |
|
$ |
428,672 |
|
|
$ |
(126,336 |
) |
|
$ |
302,336 |
|
Capital expenditures |
$ |
58,292 |
|
$ |
1,018 |
|
$ |
3,747 |
|
$ |
63,057 |
|
|
$ |
28,208 |
|
|
$ |
91,265 |
|
Depreciation and amortization(a) |
$ |
27,406 |
|
$ |
1,590 |
|
$ |
1,998 |
|
$ |
30,994 |
|
|
$ |
1,006 |
|
|
$ |
32,000 |
|
|
|
|
|
|
|
|
|
|
||||||||||||
Nine Months Ended September 30, 2025 |
|
|
|
|
|
|
|
|
||||||||||||
Total revenue |
$ |
2,262,584 |
|
$ |
1,412,292 |
|
$ |
580,682 |
|
$ |
4,255,558 |
|
|
$ |
— |
|
|
$ |
4,255,558 |
|
Elimination of intersegment revenue |
|
(148,122 |
) |
|
(71,762 |
) |
|
— |
|
|
(219,884 |
) |
|
|
— |
|
|
|
(219,884 |
) |
Revenue from external customers |
$ |
2,114,462 |
|
$ |
1,340,530 |
|
$ |
580,682 |
|
$ |
4,035,674 |
|
|
$ |
— |
|
|
$ |
4,035,674 |
|
Reconciliation of revenue to income (loss) from construction operations |
|
|
|
|
|
|
|
|
||||||||||||
Less: |
|
|
|
|
|
|
|
|
||||||||||||
Cost of operations |
$ |
1,727,984 |
|
$ |
1,254,481 |
|
$ |
553,383 |
|
$ |
3,535,848 |
|
|
$ |
35 |
|
|
$ |
3,535,883 |
|
General and administrative expenses |
|
67,611 |
|
|
38,697 |
|
|
46,254 |
|
|
152,562 |
|
|
|
165,380 |
|
|
|
317,942 |
|
Income (loss) from construction operations |
$ |
318,867 |
|
$ |
47,352 |
|
$ |
(18,955 |
) |
$ |
347,264 |
|
|
$ |
(165,415 |
) |
|
$ |
181,849 |
|
Capital expenditures |
$ |
97,390 |
|
$ |
1,550 |
|
$ |
3,828 |
|
$ |
102,768 |
|
|
$ |
3,123 |
|
|
$ |
105,891 |
|
Depreciation and amortization(a) |
$ |
32,492 |
|
$ |
1,610 |
|
$ |
1,899 |
|
$ |
36,001 |
|
|
$ |
1,686 |
|
|
$ |
37,687 |
|
| _____________________________________ | ||
| (a) | Depreciation and amortization is included in income (loss) from construction operations. |
|
Tutor Perini Corporation |
||||||||
Condensed Consolidated Balance Sheets |
||||||||
Unaudited |
||||||||
(in thousands, except share and per share amounts) |
|
As of September 30,
|
|
As of December 31,
|
||||
ASSETS |
||||||||
CURRENT ASSETS: |
|
|
|
|
||||
Cash and cash equivalents ( |
|
$ |
1,111,049 |
|
|
$ |
734,553 |
|
Restricted cash |
|
|
35,495 |
|
|
|
35,641 |
|
Restricted investments |
|
|
292,316 |
|
|
|
228,959 |
|
Accounts receivable ( |
|
|
1,349,832 |
|
|
|
1,218,609 |
|
Retention receivable ( |
|
|
739,717 |
|
|
|
668,894 |
|
Costs and estimated earnings in excess of billings ( |
|
|
767,432 |
|
|
|
819,199 |
|
Other current assets ( |
|
|
384,814 |
|
|
|
411,030 |
|
Total current assets |
|
|
4,680,655 |
|
|
|
4,116,885 |
|
PROPERTY AND EQUIPMENT ("P&E"), net of accumulated depreciation of |
|
|
607,203 |
|
|
|
547,995 |
|
GOODWILL |
|
|
205,143 |
|
|
|
205,143 |
|
INTANGIBLE ASSETS, NET |
|
|
62,154 |
|
|
|
63,832 |
|
DEFERRED INCOME TAXES |
|
|
29,158 |
|
|
|
96,573 |
|
OTHER ASSETS ( |
|
|
155,356 |
|
|
|
129,994 |
|
TOTAL ASSETS |
|
$ |
5,739,669 |
|
|
$ |
5,160,422 |
|
LIABILITIES AND EQUITY |
||||||||
CURRENT LIABILITIES: |
|
|
|
|
||||
Current maturities of long-term debt |
|
$ |
4,563 |
|
|
$ |
14,589 |
|
Accounts payable ( |
|
|
880,939 |
|
|
|
724,932 |
|
Retention payable ( |
|
|
288,831 |
|
|
|
265,246 |
|
Billings in excess of costs and estimated earnings ( |
|
|
2,044,207 |
|
|
|
1,838,610 |
|
Accrued expenses and other current liabilities ( |
|
|
460,159 |
|
|
|
396,121 |
|
Total current liabilities |
|
|
3,678,699 |
|
|
|
3,239,498 |
|
LONG-TERM DEBT, less current maturities, net of unamortized discount and debt issuance costs totaling |
|
|
399,078 |
|
|
|
392,785 |
|
OTHER LONG-TERM LIABILITIES ( |
|
|
286,972 |
|
|
|
265,477 |
|
TOTAL LIABILITIES |
|
|
4,364,749 |
|
|
|
3,897,760 |
|
COMMITMENTS AND CONTINGENCIES |
|
|
|
|
||||
EQUITY |
|
|
|
|
||||
Stockholders' equity: |
|
|
|
|
||||
Preferred stock - authorized 1,000,000 shares ( |
|
|
— |
|
|
|
— |
|
Common stock - authorized 112,500,000 shares ( |
|
|
52,569 |
|
|
|
52,791 |
|
Additional paid-in capital |
|
|
1,139,052 |
|
|
|
1,148,634 |
|
Retained earnings |
|
|
126,244 |
|
|
|
46,443 |
|
Accumulated other comprehensive loss |
|
|
(16,561 |
) |
|
|
(29,234 |
) |
Total stockholders' equity |
|
|
1,301,304 |
|
|
|
1,218,634 |
|
Noncontrolling interests |
|
|
73,616 |
|
|
|
44,028 |
|
TOTAL EQUITY |
|
|
1,374,920 |
|
|
|
1,262,662 |
|
TOTAL LIABILITIES AND EQUITY |
|
$ |
5,739,669 |
|
|
$ |
5,160,422 |
|
Tutor Perini Corporation |
|||||||
Condensed Consolidated Statements of Cash Flows |
|||||||
Unaudited |
|||||||
Nine Months Ended September 30, |
|||||||
(in thousands) |
|
2026 |
|
|
|
2025 |
|
Cash Flows from Operating Activities: |
|
|
|
||||
Net income |
$ |
161,475 |
|
|
$ |
108,683 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
||||
Depreciation |
|
30,322 |
|
|
|
36,009 |
|
Amortization of intangible assets |
|
1,678 |
|
|
|
1,678 |
|
Share-based compensation expense |
|
77,179 |
|
|
|
120,676 |
|
Pension settlement charge |
|
33,753 |
|
|
|
— |
|
Loss on extinguishment of debt |
|
51,386 |
|
|
|
— |
|
Change in debt discounts and deferred debt issuance costs |
|
2,843 |
|
|
|
3,364 |
|
Deferred income taxes |
|
57,460 |
|
|
|
39,268 |
|
Gain on sale of property and equipment |
|
(1,042 |
) |
|
|
(3,783 |
) |
Changes in other components of working capital |
|
249,832 |
|
|
|
263,469 |
|
Other long-term liabilities |
|
17,299 |
|
|
|
2,189 |
|
Other, net |
|
(17,122 |
) |
|
|
2,843 |
|
NET CASH PROVIDED BY OPERATING ACTIVITIES |
|
665,063 |
|
|
|
574,396 |
|
|
|
|
|||||
Cash Flows from Investing Activities: |
|
|
|
||||
Acquisition of property and equipment |
|
(91,265 |
) |
|
|
(105,891 |
) |
Proceeds from sale of property and equipment |
|
5,091 |
|
|
|
5,133 |
|
Investments in securities |
|
(111,513 |
) |
|
|
(56,299 |
) |
Proceeds from maturities and sales of investments in securities |
|
40,409 |
|
|
|
26,109 |
|
NET CASH USED IN INVESTING ACTIVITIES |
|
(157,278 |
) |
|
|
(130,948 |
) |
|
|
|
|||||
Cash Flows from Financing Activities: |
|
|
|
||||
Proceeds from debt |
|
400,000 |
|
|
|
188,215 |
|
Repayment of debt |
|
(414,272 |
) |
|
|
(312,215 |
) |
Cash payments related to share-based compensation |
|
(11,275 |
) |
|
|
(5,152 |
) |
Payment of dividends |
|
(11,202 |
) |
|
|
— |
|
Repurchase of common stock |
|
(30,000 |
) |
|
|
— |
|
Distributions paid to noncontrolling interests |
|
(23,800 |
) |
|
|
(27,900 |
) |
Contributions from noncontrolling interests |
|
4,994 |
|
|
|
7,500 |
|
Debt issuance and extinguishment costs |
|
(45,880 |
) |
|
|
— |
|
NET CASH USED IN FINANCING ACTIVITIES |
|
(131,435 |
) |
|
|
(149,552 |
) |
|
|
|
|||||
Net increase in cash, cash equivalents and restricted cash |
|
376,350 |
|
|
|
293,896 |
|
Cash, cash equivalents and restricted cash at beginning of period |
|
770,194 |
|
|
|
464,188 |
|
Cash, cash equivalents and restricted cash at end of period |
$ |
1,146,544 |
|
|
$ |
758,084 |
|
Tutor Perini Corporation |
||||||||||||||
Backlog Information |
||||||||||||||
Unaudited |
||||||||||||||
(in millions) |
|
Backlog at
|
|
New Awards in the
|
|
Revenue Recognized in the
|
|
Backlog at
|
||||||
Civil |
|
$ |
9,834.1 |
|
$ |
1,066.3 |
|
$ |
(893.5 |
) |
|
$ |
10,006.9 |
|
Building |
|
|
7,003.4 |
|
|
720.2 |
|
|
(540.6 |
) |
|
|
7,183.0 |
|
Specialty Contractors |
|
|
3,023.6 |
|
|
426.0 |
|
|
(286.2 |
) |
|
|
3,163.4 |
|
Total |
|
$ |
19,861.1 |
|
$ |
2,212.5 |
|
$ |
(1,720.3 |
) |
|
$ |
20,353.3 |
|
(in millions) |
|
Backlog at
|
|
New Awards in the
|
|
Revenue Recognized in the
|
|
Backlog at
|
||||||
Civil |
|
$ |
10,153.7 |
|
$ |
2,260.6 |
|
$ |
(2,407.4 |
) |
|
$ |
10,006.9 |
|
Building |
|
|
7,333.4 |
|
|
1,422.7 |
|
|
(1,573.1 |
) |
|
|
7,183.0 |
|
Specialty Contractors |
|
|
3,072.7 |
|
|
857.0 |
|
|
(766.3 |
) |
|
|
3,163.4 |
|
Total |
|
$ |
20,559.8 |
|
$ |
4,540.3 |
|
$ |
(4,746.8 |
) |
|
$ |
20,353.3 |
|
| _______________________________ | ||
| (a) | New awards consist of the original contract price of projects added to 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/20261104290465/en/
Tutor Perini Corporation
Jorge Casado, 818-362-8391
Senior Vice President, Investor Relations & Corporate Communications
www.tutorperini.com
Source: Tutor Perini Corporation