Tutor Perini Reports Strong Second Quarter 2026 Financial Results; Raises 2026 Adjusted EPS Guidance; Increases Quarterly Dividend 50%
-
Record revenue of
$1.6 billion 19% Y/Y -
Record income from construction operations of
$117.7 million 54% Y/Y reflecting continued strong operating performance and growing contributions from higher-margin projects -
Diluted earnings per share ("EPS") of
$1.23 224% compared to$0.38 -
Adjusted EPS of
$1.74 23% compared to$1.41 -
Record first-half 2026 operating cash flow of
$334.1 million 17% Y/Y -
Profitable, near-record backlog of
$19.9 billion -
Raising 2026 Adjusted EPS guidance to
$5.15 $5.45 $4.90 $5.30 -
Board increases quarterly dividend
50% to$0.09 - Tutor Perini remains confident that Adjusted EPS for 2027 will be substantially higher than the upper end of the Company's increased 2026 guidance due to solid earnings visibility provided by current backlog
Revenue for the second quarter of 2026 was a record
Income from construction operations for the second quarter of 2026 was a record
Net income attributable to the Company for the second quarter of 2026 was
Record First-Half 2026 Operating Cash Flow
The Company generated a record
Profitable, Near-Record Backlog
The Company booked approximately
The largest additions to backlog in the second quarter of 2026 included the following:
-
$652 million Guam ; -
$143 million Alaska ; -
$130 million Texas ; -
$114 million Mississippi ; and -
$106 million Minnesota .
The Company continues to have significant project bidding opportunities this year and beyond, particularly in the Indo-Pacific region, as well as in
Strong Balance Sheet
Total debt as of June 30, 2026 was
As previously announced, the Company completed a refinancing of its outstanding debt on July 2, 2026 that significantly strengthens its capital structure and enhances financial flexibility. The transaction extended the Company's debt maturities, is expected to reduce annual interest expense on the Company's senior notes by approximately
During the second quarter of 2026, the Company repurchased 137,374 shares of its common stock on the open market under the Board-authorized
Outlook and Increased Guidance
Based on the Company's strong results through the second quarter of 2026 and management's sustained 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 remains confident that Adjusted EPS for 2027 will be substantially higher than the upper end of its increased 2026 guidance due to solid earnings visibility provided by current backlog.
The Company continues to experience strong demand for its services, 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.
Quarterly Dividend Increased
Tutor Perini also announced that its Board of Directors has declared a
Management Remarks
“We delivered outstanding results for the second quarter of 2026, highlighted by record revenue and operating income, record first half operating cash generation and, importantly, meaningfully and sequentially improved operating margins across all segments. Because of these strong results and our favorable outlook, we are raising our full-year 2026 adjusted EPS guidance to
“Tutor Perini's business momentum continues to grow as we advance work on our megaprojects, enabling us to demonstrate the durable growth and earnings power of our near-record backlog,” added Mr. Smalley. “We expect that this backlog, together with our pipeline of prospective opportunities that has never been larger, will continue to translate into significantly higher revenue and earnings in 2026 and beyond. All combined, we strongly believe Tutor Perini today is a more compelling value investment opportunity than at any other point in our storied history.”
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 for the three and six months ended June 30, 2026 and 2025 (as well as the associated tax benefit), and for the second half of 2026, adjustments will also include certain pension settlement, debt extinguishment and refinancing costs (as well as the associated tax impacts). 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. 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 June 30, |
|
Six Months Ended June 30, |
||||||||||
(in millions, except per common share amounts) |
2026 |
2025 |
|
2026 |
2025 |
||||||||
Net income attributable to Tutor Perini Corporation, as reported |
$ |
65.7 |
|
$ |
20.0 |
|
|
$ |
91.4 |
|
$ |
48.0 |
|
Plus: Share-based compensation expense(a) |
|
27.9 |
|
|
55.4 |
|
|
|
57.9 |
|
|
62.0 |
|
Less: Tax benefit provided on share-based compensation expense |
|
(0.6 |
) |
|
(0.3 |
) |
|
|
(1.0 |
) |
|
(0.5 |
) |
Adjusted net income attributable to Tutor Perini Corporation |
$ |
93.0 |
|
$ |
75.1 |
|
|
$ |
148.3 |
|
$ |
109.5 |
|
|
|
|
|
|
|
||||||||
Diluted earnings per common share, as reported |
$ |
1.23 |
|
$ |
0.38 |
|
|
$ |
1.71 |
|
$ |
0.90 |
|
Plus: Share-based compensation expense impact per diluted share |
|
0.52 |
|
|
1.04 |
|
|
|
1.08 |
|
|
1.17 |
|
Less: Tax benefit provided on share-based compensation expense per diluted share |
|
(0.01 |
) |
|
(0.01 |
) |
|
|
(0.02 |
) |
|
(0.01 |
) |
Adjusted diluted earnings per common share |
$ |
1.74 |
|
$ |
1.41 |
|
|
$ |
2.77 |
|
$ |
2.06 |
|
_______________ |
||
(a) |
The amount represents share-based compensation expense recorded during the three and six months ended June 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. |
|
Second Quarter 2026 Conference Call
The Company will host a conference call at 2:00 PM Pacific Time on Wednesday, August 5, 2026, to discuss the second 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 “Outlook and Increased 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 June 30, |
|
Six Months Ended June 30, |
|||||||||||||
(in thousands, except per common share amounts) |
|
2026 |
|
2025 |
|
2026 |
|
2025 |
||||||||
REVENUE |
|
$ |
1,637,047 |
|
|
$ |
1,373,681 |
|
|
$ |
3,026,505 |
|
|
$ |
2,620,314 |
|
COST OF OPERATIONS |
|
|
(1,425,769 |
) |
|
|
(1,177,686 |
) |
|
|
(2,660,594 |
) |
|
|
(2,289,918 |
) |
GROSS PROFIT |
|
|
211,278 |
|
|
|
195,995 |
|
|
|
365,911 |
|
|
|
330,396 |
|
General and administrative expenses |
|
|
(93,543 |
) |
|
|
(119,565 |
) |
|
|
(188,994 |
) |
|
|
(188,641 |
) |
INCOME FROM CONSTRUCTION OPERATIONS |
|
|
117,735 |
|
|
|
76,430 |
|
|
|
176,917 |
|
|
|
141,755 |
|
Other income, net |
|
|
10,833 |
|
|
|
6,204 |
|
|
|
21,559 |
|
|
|
10,892 |
|
Interest expense |
|
|
(13,720 |
) |
|
|
(13,588 |
) |
|
|
(27,117 |
) |
|
|
(27,940 |
) |
INCOME BEFORE INCOME TAXES |
|
|
114,848 |
|
|
|
69,046 |
|
|
|
171,359 |
|
|
|
124,707 |
|
Income tax expense |
|
|
(30,780 |
) |
|
|
(21,960 |
) |
|
|
(47,763 |
) |
|
|
(34,872 |
) |
NET INCOME |
|
|
84,068 |
|
|
|
47,086 |
|
|
|
123,596 |
|
|
|
89,835 |
|
LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS |
|
|
18,326 |
|
|
|
27,112 |
|
|
|
32,158 |
|
|
|
41,863 |
|
NET INCOME ATTRIBUTABLE TO TUTOR PERINI CORPORATION |
|
$ |
65,742 |
|
|
$ |
19,974 |
|
|
$ |
91,438 |
|
|
$ |
47,972 |
|
BASIC EARNINGS PER COMMON SHARE |
|
$ |
1.25 |
|
|
$ |
0.38 |
|
|
$ |
1.74 |
|
|
$ |
0.91 |
|
DILUTED EARNINGS PER COMMON SHARE |
|
$ |
1.23 |
|
|
$ |
0.38 |
|
|
$ |
1.71 |
|
|
$ |
0.90 |
|
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING: |
|
|
|
|
|
|
|
|
||||||||
BASIC |
|
|
52,601 |
|
|
|
52,724 |
|
|
|
52,668 |
|
|
|
52,631 |
|
DILUTED |
|
|
53,472 |
|
|
|
53,194 |
|
|
|
53,611 |
|
|
|
53,102 |
|
Earnings per Share Information |
||||||||||||||||
Unaudited |
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||
|
|
2026 |
|
2025 |
|
2026 |
|
2025 |
||||||||
DILUTED EARNINGS PER COMMON SHARE |
|
$ |
1.23 |
|
$ |
0.38 |
|
$ |
1.71 |
|
$ |
0.90 |
||||
ADJUSTED DILUTED EARNINGS PER COMMON SHARE(a) |
|
$ |
1.74 |
|
|
$ |
1.41 |
|
|
$ |
2.77 |
|
|
$ |
2.06 |
|
_______________ |
||
(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 June 30, 2026 |
|
|
|
|
|
|
|
|
||||||||||||
Total revenue |
$ |
880,946 |
|
$ |
606,788 |
|
$ |
261,327 |
|
$ |
1,749,061 |
|
|
$ |
— |
|
|
$ |
1,749,061 |
|
Elimination of intersegment revenue |
|
(64,792 |
) |
|
(47,222 |
) |
|
— |
|
|
(112,014 |
) |
|
|
— |
|
|
|
(112,014 |
) |
Revenue from external customers |
$ |
816,154 |
|
$ |
559,566 |
|
$ |
261,327 |
|
$ |
1,637,047 |
|
|
$ |
— |
|
|
$ |
1,637,047 |
|
Reconciliation of revenue to income (loss) from construction operations |
|
|
|
|
|
|
|
|
||||||||||||
Less: |
|
|
|
|
|
|
|
|
||||||||||||
Cost of operations |
$ |
667,566 |
|
$ |
514,878 |
|
$ |
241,255 |
|
$ |
1,423,699 |
|
|
$ |
2,070 |
|
|
$ |
1,425,769 |
|
General and administrative expenses |
|
24,060 |
|
|
13,410 |
|
|
14,351 |
|
|
51,821 |
|
|
|
41,722 |
|
|
|
93,543 |
|
Income (loss) from construction operations |
$ |
124,528 |
|
$ |
31,278 |
|
$ |
5,721 |
|
$ |
161,527 |
|
|
$ |
(43,792 |
) |
|
$ |
117,735 |
|
Capital expenditures |
$ |
21,683 |
|
$ |
98 |
|
$ |
1,609 |
|
$ |
23,390 |
|
|
$ |
10,288 |
|
|
$ |
33,678 |
|
Depreciation and amortization(a) |
$ |
8,693 |
|
$ |
533 |
|
$ |
673 |
|
$ |
9,899 |
|
|
$ |
317 |
|
|
$ |
10,216 |
|
|
|
|
|
|
|
|
|
|
||||||||||||
Three Months Ended June 30, 2025 |
|
|
|
|
|
|
|
|
||||||||||||
Total revenue |
$ |
784,615 |
|
$ |
486,035 |
|
$ |
177,412 |
|
$ |
1,448,062 |
|
|
$ |
— |
|
|
$ |
1,448,062 |
|
Elimination of intersegment revenue |
|
(50,428 |
) |
|
(23,953 |
) |
|
— |
|
|
(74,381 |
) |
|
|
— |
|
|
|
(74,381 |
) |
Revenue from external customers |
$ |
734,187 |
|
$ |
462,082 |
|
$ |
177,412 |
|
$ |
1,373,681 |
|
|
$ |
— |
|
|
$ |
1,373,681 |
|
Reconciliation of revenue to income (loss) from construction operations |
|
|
|
|
|
|
|
|
||||||||||||
Less: |
|
|
|
|
|
|
|
|
||||||||||||
Cost of operations |
$ |
570,117 |
|
$ |
426,592 |
|
$ |
180,942 |
|
$ |
1,177,651 |
|
|
$ |
35 |
|
|
$ |
1,177,686 |
|
General and administrative expenses |
|
23,955 |
|
|
13,040 |
|
|
14,486 |
|
|
51,481 |
|
|
|
68,084 |
|
|
|
119,565 |
|
Income (loss) from construction operations |
$ |
140,115 |
|
$ |
22,450 |
|
$ |
(18,016 |
) |
$ |
144,549 |
|
|
$ |
(68,119 |
) |
|
$ |
76,430 |
|
Capital expenditures |
$ |
24,558 |
|
$ |
522 |
|
$ |
1,260 |
|
$ |
26,340 |
|
|
$ |
496 |
|
|
$ |
26,836 |
|
Depreciation and amortization(a) |
$ |
11,078 |
|
$ |
543 |
|
$ |
671 |
|
$ |
12,292 |
|
|
$ |
609 |
|
|
$ |
12,901 |
|
_______________ |
||
(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 |
||||||||||||
Six Months Ended June 30, 2026 |
|
|
|
|
|
|
|
|
||||||||||||
Total revenue |
$ |
1,625,762 |
|
$ |
1,104,925 |
|
$ |
480,058 |
|
$ |
3,210,745 |
|
|
$ |
— |
|
|
$ |
3,210,745 |
|
Elimination of intersegment revenue |
|
(111,881 |
) |
|
(72,359 |
) |
|
— |
|
|
(184,240 |
) |
|
|
— |
|
|
|
(184,240 |
) |
Revenue from external customers |
$ |
1,513,881 |
|
$ |
1,032,566 |
|
$ |
480,058 |
|
$ |
3,026,505 |
|
|
$ |
— |
|
|
$ |
3,026,505 |
|
Reconciliation of revenue to income (loss) from construction operations |
|
|
|
|
|
|
|
|
||||||||||||
Less: |
|
|
|
|
|
|
|
|
||||||||||||
Cost of operations |
$ |
1,256,220 |
|
$ |
957,909 |
|
$ |
444,395 |
|
$ |
2,658,524 |
|
|
$ |
2,070 |
|
|
$ |
2,660,594 |
|
General and administrative expenses |
|
45,404 |
|
|
27,035 |
|
|
29,375 |
|
|
101,814 |
|
|
|
87,180 |
|
|
|
188,994 |
|
Income (loss) from construction operations |
$ |
212,257 |
|
$ |
47,622 |
|
$ |
6,288 |
|
$ |
266,167 |
|
|
$ |
(89,250 |
) |
|
$ |
176,917 |
|
Capital expenditures |
$ |
37,144 |
|
$ |
471 |
|
$ |
2,759 |
|
$ |
40,374 |
|
|
$ |
11,298 |
|
|
$ |
51,672 |
|
Depreciation and amortization(a) |
$ |
18,726 |
|
$ |
1,052 |
|
$ |
1,275 |
|
$ |
21,053 |
|
|
$ |
634 |
|
|
$ |
21,687 |
|
|
|
|
|
|
|
|
|
|
||||||||||||
Six Months Ended June 30, 2025 |
|
|
|
|
|
|
|
|
||||||||||||
Total revenue |
$ |
1,429,618 |
|
$ |
974,359 |
|
$ |
354,220 |
|
$ |
2,758,197 |
|
|
$ |
— |
|
|
$ |
2,758,197 |
|
Elimination of intersegment revenue |
|
(85,390 |
) |
|
(52,493 |
) |
|
— |
|
|
(137,883 |
) |
|
|
— |
|
|
|
(137,883 |
) |
Revenue from external customers |
$ |
1,344,228 |
|
$ |
921,866 |
|
$ |
354,220 |
|
$ |
2,620,314 |
|
|
$ |
— |
|
|
$ |
2,620,314 |
|
Reconciliation of revenue to income (loss) from construction operations |
|
|
|
|
|
|
|
|
||||||||||||
Less: |
|
|
|
|
|
|
|
|
||||||||||||
Cost of operations |
$ |
1,078,890 |
|
$ |
862,880 |
|
$ |
348,113 |
|
$ |
2,289,883 |
|
|
$ |
35 |
|
|
$ |
2,289,918 |
|
General and administrative expenses |
|
45,623 |
|
|
26,077 |
|
|
31,234 |
|
|
102,934 |
|
|
|
85,707 |
|
|
|
188,641 |
|
Income (loss) from construction operations |
$ |
219,715 |
|
$ |
32,909 |
|
$ |
(25,127 |
) |
$ |
227,497 |
|
|
$ |
(85,742 |
) |
|
$ |
141,755 |
|
Capital expenditures |
$ |
51,408 |
|
$ |
1,538 |
|
$ |
2,100 |
|
$ |
55,046 |
|
|
$ |
1,894 |
|
|
$ |
56,940 |
|
Depreciation and amortization(a) |
$ |
21,768 |
|
$ |
1,070 |
|
$ |
1,275 |
|
$ |
24,113 |
|
|
$ |
1,362 |
|
|
$ |
25,475 |
|
| _______________ | ||
(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 June 30, 2026 |
|
As of December 31, 2025 |
||||
ASSETS |
||||||||
CURRENT ASSETS: |
|
|
|
|
||||
Cash and cash equivalents ( |
|
$ |
938,215 |
|
|
$ |
734,553 |
|
Restricted cash |
|
|
6,939 |
|
|
|
35,641 |
|
Restricted investments |
|
|
270,884 |
|
|
|
228,959 |
|
Accounts receivable ( |
|
|
1,181,473 |
|
|
|
1,218,609 |
|
Retention receivable ( |
|
|
720,480 |
|
|
|
668,894 |
|
Costs and estimated earnings in excess of billings ( |
|
|
845,836 |
|
|
|
819,199 |
|
Other current assets ( |
|
|
340,135 |
|
|
|
411,030 |
|
Total current assets |
|
|
4,303,962 |
|
|
|
4,116,885 |
|
PROPERTY AND EQUIPMENT ("P&E"), net of accumulated depreciation of |
|
|
577,723 |
|
|
|
547,995 |
|
GOODWILL |
|
|
205,143 |
|
|
|
205,143 |
|
INTANGIBLE ASSETS, NET |
|
|
62,714 |
|
|
|
63,832 |
|
DEFERRED INCOME TAXES |
|
|
63,313 |
|
|
|
96,573 |
|
OTHER ASSETS ( |
|
|
148,287 |
|
|
|
129,994 |
|
TOTAL ASSETS |
|
$ |
5,361,142 |
|
|
$ |
5,160,422 |
|
LIABILITIES AND EQUITY |
||||||||
CURRENT LIABILITIES: |
|
|
|
|
||||
Current maturities of long-term debt |
|
$ |
5,004 |
|
|
$ |
14,589 |
|
Accounts payable ( |
|
|
730,651 |
|
|
|
724,932 |
|
Retention payable ( |
|
|
287,064 |
|
|
|
265,246 |
|
Billings in excess of costs and estimated earnings ( |
|
|
1,929,670 |
|
|
|
1,838,610 |
|
Accrued expenses and other current liabilities ( |
|
|
396,374 |
|
|
|
396,121 |
|
Total current liabilities |
|
|
3,348,763 |
|
|
|
3,239,498 |
|
LONG-TERM DEBT, less current maturities, net of unamortized discount and debt issuance costs totaling |
|
|
391,341 |
|
|
|
392,785 |
|
OTHER LONG-TERM LIABILITIES ( |
|
|
285,959 |
|
|
|
265,477 |
|
TOTAL LIABILITIES |
|
|
4,026,063 |
|
|
|
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 |
|
|
1,135,277 |
|
|
|
1,148,634 |
|
Retained earnings |
|
|
110,497 |
|
|
|
46,443 |
|
Accumulated other comprehensive loss |
|
|
(32,133 |
) |
|
|
(29,234 |
) |
Total stockholders' equity |
|
|
1,266,210 |
|
|
|
1,218,634 |
|
Noncontrolling interests |
|
|
68,869 |
|
|
|
44,028 |
|
TOTAL EQUITY |
|
|
1,335,079 |
|
|
|
1,262,662 |
|
TOTAL LIABILITIES AND EQUITY |
|
$ |
5,361,142 |
|
|
$ |
5,160,422 |
|
Tutor Perini Corporation |
|||||||
Condensed Consolidated Statements of Cash Flows |
|||||||
Unaudited |
|||||||
Six Months Ended June 30, |
|||||||
(in thousands) |
2026 |
|
2025 |
||||
Cash Flows from Operating Activities: |
|
|
|
||||
Net income |
$ |
123,596 |
|
|
$ |
89,835 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
||||
Depreciation |
|
20,569 |
|
|
|
24,356 |
|
Amortization of intangible assets |
|
1,118 |
|
|
|
1,119 |
|
Share-based compensation expense |
|
57,927 |
|
|
|
61,970 |
|
Change in debt discounts and deferred debt issuance costs |
|
2,488 |
|
|
|
2,209 |
|
Deferred income taxes |
|
34,054 |
|
|
|
24,903 |
|
Gain on sale of property and equipment |
|
(590 |
) |
|
|
(2,928 |
) |
Changes in other components of working capital |
|
92,154 |
|
|
|
83,171 |
|
Other long-term liabilities |
|
19,157 |
|
|
|
(4,128 |
) |
Other, net |
|
(16,344 |
) |
|
|
4,768 |
|
NET CASH PROVIDED BY OPERATING ACTIVITIES |
|
334,129 |
|
|
|
285,275 |
|
|
|
|
|||||
Cash Flows from Investing Activities: |
|
|
|
||||
Acquisition of property and equipment |
|
(51,672 |
) |
|
|
(56,940 |
) |
Proceeds from sale of property and equipment |
|
4,211 |
|
|
|
4,235 |
|
Investments in securities |
|
(66,504 |
) |
|
|
(33,730 |
) |
Proceeds from maturities and sales of investments in securities |
|
22,285 |
|
|
|
18,754 |
|
NET CASH USED IN INVESTING ACTIVITIES |
|
(91,680 |
) |
|
|
(67,681 |
) |
|
|
|
|||||
Cash Flows from Financing Activities: |
|
|
|
||||
Proceeds from debt |
|
— |
|
|
|
188,215 |
|
Repayment of debt |
|
(13,237 |
) |
|
|
(304,865 |
) |
Cash payments related to share-based compensation |
|
(11,275 |
) |
|
|
(5,152 |
) |
Payment of dividends |
|
(6,471 |
) |
|
|
— |
|
Repurchase of common stock |
|
(30,000 |
) |
|
|
— |
|
Distributions paid to noncontrolling interests |
|
(11,500 |
) |
|
|
(20,400 |
) |
Contributions from noncontrolling interests |
|
4,994 |
|
|
|
7,500 |
|
NET CASH USED IN FINANCING ACTIVITIES |
|
(67,489 |
) |
|
|
(134,702 |
) |
|
|
|
|||||
Net increase in cash, cash equivalents and restricted cash |
|
174,960 |
|
|
|
82,892 |
|
Cash, cash equivalents and restricted cash at beginning of period |
|
770,194 |
|
|
|
464,188 |
|
Cash, cash equivalents and restricted cash at end of period |
$ |
945,154 |
|
|
$ |
547,080 |
|
Tutor Perini Corporation |
||||||||||||||||
Backlog Information |
||||||||||||||||
Unaudited |
||||||||||||||||
(in millions) |
Backlog at March 31, 2026 |
New Awards in the Three Months Ended June 30, 2026(a) |
Revenue Recognized in the Three Months Ended June 30, 2026 |
Backlog at June 30, 2026 |
||||||||||||
Civil |
$ |
9,652.9 |
$ |
997.4 |
$ |
(816.2 |
) |
$ |
9,834.1 |
|||||||
Building |
|
7,212.4 |
|
|
350.5 |
|
|
(559.5 |
) |
|
7,003.4 |
|
||||
Specialty Contractors |
|
2,975.1 |
|
|
309.8 |
|
|
(261.3 |
) |
|
3,023.6 |
|
||||
Total |
$ |
19,840.4 |
|
$ |
1,657.7 |
|
$ |
(1,637.0 |
) |
$ |
19,861.1 |
|
||||
(in millions) |
Backlog at December 31, 2025 |
New Awards in the Six Months Ended June 30, 2026(a) |
Revenue Recognized in the Six Months Ended June 30, 2026 |
Backlog at June 30, 2026 |
||||||||||||
Civil |
$ |
10,153.7 |
|
$ |
1,194.3 |
|
$ |
(1,513.9 |
) |
$ |
9,834.1 |
|
||||
Building |
|
7,333.4 |
|
|
702.5 |
|
|
(1,032.5 |
) |
|
7,003.4 |
|
||||
Specialty Contractors |
|
3,072.7 |
|
|
431.0 |
|
|
(480.1 |
) |
|
3,023.6 |
|
||||
Total |
$ |
20,559.8 |
|
$ |
2,327.8 |
|
$ |
(3,026.5 |
) |
$ |
19,861.1 |
|
||||
| _______________ | ||
(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/20260805447888/en/
Tutor Perini Corporation
Jorge Casado, 818-362-8391
Senior Vice President, Investor Relations & Corporate Communications
www.tutorperini.com
Source: Tutor Perini Corporation