Primoris Q4 Revenue Rises to $1.86B but Free Cash Margin Slumps to 6.5%
Primoris reported Q4 2025 revenue of $1.86 billion and adjusted EPS of $1.08, topping estimates of $1.80 billion and $0.99. However, adjusted EPS declined from $1.13 year-over-year and free cash flow margin plunged to 6.5% from 15.5%, highlighting slowing growth concerns.
1. Q4 2025 Financial Results
Primoris delivered Q4 revenue of $1.86 billion and adjusted EPS of $1.08, beating consensus of $1.80 billion and $0.99. Despite surpassing estimates, adjusted EPS fell from $1.13 in Q4 2024, indicating pressure on profitability.
2. Margin Contraction and Cash Flow
The company’s free cash flow margin collapsed to 6.5% from 15.5% a year earlier, driven by higher working capital needs and project cost inflation. This sharp decline raised investor concerns about long-term cash generation.
3. 2026 Guidance and Market Reaction
Primoris issued revenue growth guidance for 2026 that exceeded street forecasts but warned of continuing margin compression. Shares dropped over 6% in response as investors weighed slower growth against strong top-line beats.