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Jun 30, 2025
Primoris Q2 2025 Earnings Report
Primoris Services Corporation reported strong financial results for the second quarter ended June 30, 2025, with significant increases in revenue, net income, and adjusted EBITDA, driven by growth in its Energy and Utilities segments.
Key Takeaways
Primoris Services Corporation delivered a robust second quarter in 2025, with revenue climbing 20.9% to $1.89 billion and net income increasing by 70.2% to $84.3 million. Adjusted EPS rose to $1.68, and Adjusted EBITDA grew by 32.2% to $154.8 million, reflecting strong performance in both the Energy and Utilities segments and improved margins in Utilities.
Revenue increased by 20.9% to $1,890.7 million in Q2 2025 compared to Q2 2024, primarily due to growth in the Energy and Utilities segments.
Net income rose significantly by 70.2% to $84.3 million, resulting in diluted EPS of $1.54, up from $0.91 in the prior year.
Adjusted EBITDA increased by 32.2% to $154.8 million, demonstrating improved operational performance.
The company raised its full-year 2025 EPS guidance to $4.40-$4.60 and Adjusted EPS guidance to $4.90-$5.10, reflecting confidence in continued strong performance.
Revenue by Segment
Forward Guidance
Primoris is raising its full-year 2025 estimates for net income, EPS, Adjusted EPS, and Adjusted EBITDA, reflecting confidence in continued strong performance and strategic execution.
Positive Outlook
- Raising full-year 2025 EPS guidance to a range of $4.40 to $4.60 per diluted share.
- Raising full-year 2025 Adjusted EPS guidance to a range of $4.90 to $5.10 per diluted share.
- Full-year 2025 Adjusted EBITDA expected to range from $490 million to $510 million.
- Targeting SG&A expense as a percentage of revenue in the high five percent range for the full year 2025.
- Targeted gross margins of 10% to 12% for both Utilities and Energy segments for the full year 2025.
Challenges Ahead
- Interest expense for the full year 2025 is expected to be between $33 million and $37 million.
- Effective tax rate for 2025 is expected to be approximately 29%, which may vary based on state operations.
- The decrease in Total Backlog from year-end 2024 is primarily due to the timing of fixed backlog awards in the Energy segment.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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