Tutor Perini Posts 34% Civil Growth, $5.5B Revenue, $200M Buyback
Tutor Perini’s Civil segment revenue rose 34% to $2.8 billion in 2025 with $391 million operating income and 13.7% margin. Full-year revenue reached a record $5.5 billion with $4.29 EPS and $748 million cash flow; net cash of $327 million, board approved $200 million buyback and $0.06 dividend.
1. Strong Civil Segment Performance
Tutor Perini’s Civil segment generated $2.8 billion in 2025 revenue, a 34% increase, with operating income rising to $391 million from $138 million and delivering a 13.7% margin. Growth was driven by change order settlements and improved performance on mass transit projects, offset in part by a tunneling dispute adjustment.
2. Record Full-Year Results and Capital Returns
Full-year revenue reached a record $5.5 billion, delivering $4.29 adjusted EPS and $748 million in operating cash flow, up 49%. Total debt fell 24%, resulting in net cash of $327 million, while the board authorized a $200 million share buyback and a $0.06 quarterly dividend.
3. Backlog and Mega Projects
Year-end backlog stood at $20.6 billion, up 10% with a 1.34x book-to-burn ratio. The backlog includes nine mega projects totaling roughly $16 billion, such as the $1.87 billion Midtown Bus Terminal Replacement Phase I and the $1 billion UCSF Benioff Children’s Hospital.
4. 2026 Outlook and Guidance
For 2026, Tutor Perini guided adjusted EPS of $4.90 to $5.30 with double-digit revenue growth anticipated. Management highlighted no need for major new awards to meet targets, noting key modeling assumptions for G&A expenses, interest, tax rate and capital expenditures.