Primoris Services Corporation reported weak second-quarter 2026 results as renewable energy projects sharply reduced profitability, but backlog and liquidity remained strong. Revenue for the quarter was $1,688.2 million, down 10.7% from $1,890.7 million a year earlier, leading to an operating loss of $26.8 million. Net loss was $24.2 million, or $(0.45) per diluted share, compared with net income of $84.3 million, or $1.54 per diluted share, in 2025. Adjusted net loss was $14.6 million and adjusted diluted EPS was $(0.27), while Adjusted EBITDA fell to $11.4 million from $154.6 million, primarily due to cost overruns and lower volumes on six renewable energy projects and softer margins in Utilities.
Despite this, total backlog reached a record $13.9 billion as of June 30, 2026, including approximately $7.7 billion in Utilities and $6.2 billion in Energy, up $1.9 billion from year-end 2025 on new fixed awards and added MSA backlog, including contributions from PayneCrest. Liquidity totaled $958.9 million, consisting of $218.2 million of cash and cash equivalents and $740.7 million of available revolving credit capacity, though operating activities used $131.3 million of cash in the first half of 2026 and acquisitions used $401.4 million, reducing cash and restricted cash to $223.9 million.
The company maintained its 2026 outlook, expecting GAAP net income of $71.0–$101.0 million (diluted EPS of $1.30–$1.85), adjusted EPS of $2.05–$2.60, and Adjusted EBITDA of $275.0–$325.0 million, with targeted gross margins of 10–12% in Utilities and 6–8% in Energy and an effective tax rate of 30–32%. The Board declared a quarterly cash dividend of $0.08 per share for stockholders of record on September 30, 2026, payable around October 15, 2026, and the company repurchased 449,287 shares for $50.0 million during the quarter, leaving $100.0 million under its share purchase program.
Primoris Services Corporation reported weak second-quarter 2026 results, with revenue of $1,688.2 million, down $0.2 billion or 10.7% from 2025. The company posted an operating loss of $26.8 million and a net loss of $24.2 million, or ($0.45) diluted EPS, versus prior-year profitability. Adjusted net loss was $14.6 million, Adjusted EPS was ($0.27), and Adjusted EBITDA was $11.4 million, sharply lower than $154.6 million a year earlier, driven mainly by cost overruns and volume declines on six renewable Energy projects and margin compression in Utilities.
Despite this, total backlog reached a record $13.9 billion at June 30, 2026, including approximately $7.7 billion in Utilities and $6.2 billion in Energy, supported by new fixed-award wins and higher MSA backlog. Liquidity totaled $958.9 million, with $218.2 million of cash and $740.7 million of revolver capacity. The board declared a $0.08 per-share cash dividend for stockholders of record on September 30, 2026, payable on or about October 15, 2026, and the company repurchased 449,287 shares for $50.0 million during the quarter. Primoris is maintaining 2026 guidance, expecting net income of $71.0–$101.0 million, Adjusted EPS of $2.05–$2.60, and Adjusted EBITDA of $275–$325 million, with targeted gross margins of 10–12% in Utilities and 6–8% in Energy.
King David Lee reported acquisition or exercise transactions in this Form 4 filing.
Primoris Services Corp director David Lee King received a grant of 356 shares of common stock as part of the company’s non-employee director compensation program. The award has a stated value of $37,500, determined using the average closing price during June 2026. These shares are restricted and cannot be sold for twelve months from the July 31, 2026 grant date. Following this award, King directly holds 15,297 shares of Primoris common stock. The transaction was not reported as made under a Rule 10b5-1 trading plan.
Saluja Harpreet reported acquisition or exercise transactions in this Form 4 filing.
Primoris Services Corp director Harpreet Saluja received a grant of 356 shares of common stock on July 31, 2026 under the non-employee director compensation program. The restricted stock has a stated value of $37,500 and cannot be sold for twelve months, bringing Saluja's direct holdings to 1,719 shares.
MCCALLISTER TERRY D reported acquisition or exercise transactions in this Form 4 filing.
Primoris Services Corp director Terry D. McCallister received a grant of 356 shares of common stock under the non-employee director compensation program, representing restricted stock valued at $37,500. The grant price was based on the average closing price during June 2026, and the shares cannot be sold for 12 months from the grant date. After this award, McCallister directly holds 21,500.055 shares, and an additional 10,000 shares are held indirectly through the Terry D. McCallister Trust dated June 14, 2013.
Wagner Patricia K reported acquisition or exercise transactions in this Form 4 filing.
Primoris Services Corp director Patricia K. Wagner received a grant of 356 shares of restricted common stock on July 31, 2026 under the non-employee director compensation program, with a stated value of $37,500. These shares cannot be sold for 12 months from the grant date.
Following the grant, Wagner holds 3,461 shares directly and 4,495 shares indirectly through the Wagner Family Trust.
MASHINSKI CARLA S reported acquisition or exercise transactions in this Form 4 filing.
Primoris Services Corp reported that director Carla S. Mashinski received a grant of 356 shares of restricted common stock under its non-employee director compensation program. The award has a stated value of $37,500, cannot be sold for twelve months, and brings her direct holdings to 22,448 shares.
Rodriguez Jose Ramon reported acquisition or exercise transactions in this Form 4 filing.
Primoris Services Corp director Jose Ramon Rodriguez received a grant of 356 shares of restricted common stock valued at $37,500 under the non-employee director compensation program. The award increases his direct holdings to 18,041 shares and cannot be sold for twelve months from the grant date. The transaction is not reported as being made under a Rule 10b5-1 trading plan.
Ching Michael E. reported acquisition or exercise transactions in this Form 4 filing.
Primoris Services Corp reported that director Michael E. Ching received a grant of 356 shares of restricted common stock under the non-employee director compensation program, valued at $37,500. The shares cannot be sold for twelve months and increase his direct holdings to 10,754 shares.
Vanguard Portfolio Management reports beneficial ownership of 3,129,788 shares of Primoris Services Corp common stock, representing 5.76% of the class. It has sole voting power over 6,432 shares and sole dispositive power over 3,129,788 shares, with no shared voting or dispositive power.
The position reflects securities beneficially owned or deemed beneficially owned by Vanguard Portfolio Management LLC together with certain Vanguard affiliates and their business divisions, including Vanguard funds and managed accounts. Vanguard Portfolio Management and these accounts may receive dividends or sale proceeds, and no single other person’s interest in the reported securities exceeds 5% of the class.