Q4 2025 Tutor Perini Corp Earnings Call Transcript
Key Points
- Tutor Perini Corp (TPC) achieved a record $5.5 billion in revenue for 2025, marking a 28% increase year-over-year.
- The company reported a fourth consecutive year of record operating cash flow, generating $748 million, up 49% from the previous year.
- The civil segment, TPC's highest margin segment, generated more than $2.8 billion in revenue, the highest-ever annual revenue for the segment.
- TPC concluded 2025 with a robust backlog of $20.6 billion, up 10% year-over-year, driven by $7.4 billion in new awards and contract adjustments.
- The company anticipates double-digit revenue growth and strong earnings in 2026, with even higher earnings expected in 2027.
- The company expects some lumpiness in backlog growth due to the timing of significant prospective opportunities.
- There is a potential for project delays and slower ramp-ups for newer projects, which could impact future earnings.
- TPC experienced a $110 million increase in share-based compensation expense due to the near tripling of its stock price in 2025.
- The specialty contractor segment posted a slight operating loss of $7 million for 2025, although it returned to profitability in the second half of the year.
- The company is still resolving legacy disputes, with about a dozen significant cases remaining, which could impact financial results.
Good day, ladies and gentlemen, and welcome to the Tutor Perini Corporation's fourth-quarter 2025 earnings conference call. My name is Latania, and I will be your coordinator for today. (Operator Instructions) As a reminder, this conference is being recorded for replay purposes. (Operator Instructions)
I would now turn the conference over to your host today, Jorge Casado, Senior Vice President of Investor Relations. Thank you. You may proceed.
Hello, everyone, and thank you for joining us. With us today are Gary Smalley, CEO and President; Ron Tudor, Executive Chairman; and Ryan Soroka, Executive Vice President and CFO.
Before we discuss our results, I will remind everyone that during this call, we will be making forward-looking statements, which are based on management's current assessment of existing trends and information. There is an inherent risk that our actual results could differ materially. You can find our disclosures about
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