Centuri Records $78M Q4 EBITDA on 20% Revenue Growth, Backlog Up 59%
Centuri reported Q4 net income of $30 million ($0.32/share) and adjusted EBITDA of $78 million on 20% revenue growth to $859 million. Full-year 2025 revenue hit a record $3.0 billion (13% increase) with backlog up 59% to $5.9 billion and 2026 base revenue guidance of $3.15–3.45 billion.
1. Q4 and Full-Year 2025 Financial Results
Centuri delivered Q4 net income of $30 million, or $0.32 per share, versus $10 million a year earlier, with adjusted net income of $16 million and adjusted EBITDA rising to $78 million from $71 million. Full-year net income was $23 million versus a $7 million loss in 2024, revenue reached $3.0 billion (up 13%), and adjusted EBITDA climbed to $249 million.
2. Backlog and Bookings Momentum
Total bookings surpassed $4.5 billion in 2025, driving backlog to approximately $5.9 billion, a 59% increase year over year, covering over 85% of 2026 base revenue guidance. The company maintained a 1.5x book-to-bill ratio, achieved 100% MSA renewal rates, and built a pipeline of $13 billion across 590 bid opportunities.
3. 2026 Financial Guidance and Leverage Goals
For 2026, Centuri targets base revenue of $3.15–3.45 billion, adjusted EBITDA of $280–310 million, and adjusted net income of $55–75 million. Management plans to reduce net debt/EBITDA leverage to around 2x from 2.5x and allocate $150–180 million to fleet investment, shifting to a roughly 50/50 buy/lease funding mix.
4. Operational and Margin Improvement Initiatives
Centuri aims to boost base gross margin above 8%, addressing gas segment seasonality by expanding warmer-region and indoor work over three years. The company intends to improve fleet efficiency by at least 20%, enhance crew utilization in non-union electric segments, and target higher bid margins through operational execution.