Primoris Services shares are sharply lower today after the company’s May 5, 2026 quarterly update triggered a reset in expectations. Q1 2026 performance deteriorated versus last year, and management reduced its full-year 2026 profitability outlook, which is pressuring the stock as investors reprice near-term earnings and margin risk. (ir.prim.com)

For Q1 2026 (ended March 31, 2026), Primoris reported revenue of about $1.6 billion (down 5.4% year over year), net income of $17.4 million ($0.32 per diluted share), and adjusted EPS of $0.59 (down from $0.98 a year ago). Adjusted EBITDA was $60.5 million, down 39.1% year over year, and total backlog was $11.6 billion, down about $0.3 billion from Q4 2025. (ir.prim.com)

The larger catalyst is the revised 2026 outlook. Primoris lowered full-year 2026 guidance to adjusted EPS of $4.80–$5.00 and adjusted EBITDA of $480–$500 million. Management attributed the quarter’s shortfall primarily to cost pressures on a limited number of renewables projects, noting it is actively managing these projects and expects them to reach substantial completion during 2026. (ir.prim.com)

Primoris ended Q1 with $361.5 million of unrestricted cash and cash equivalents (down from $535.5 million at year-end 2025). The company also closed its PayneCrest Electric acquisition on May 1, 2026 in an all-cash transaction valued at approximately $399.5 million (net of cash acquired), adding another major variable to near-term cash and integration focus as the company works through renewables project cost pressure. (ir.prim.com)