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Sep 30
Primoris Q3 2025 Earnings Report
Primoris Services Corporation reported record third quarter 2025 results with significant revenue and earnings growth.
Key Takeaways
Primoris Services Corporation achieved record revenue and earnings in the third quarter of 2025, driven by strong growth in its Energy and Utilities segments. The company reported a 32.1% increase in revenue and a 62% increase in net income compared to the prior year, leading to raised full-year guidance for net income, EPS, and Adjusted EBITDA.
Revenue increased by 32.1% to $2,178.4 million, primarily due to strong performance in the Energy and Utilities segments.
Net income rose by 62% to $94.6 million, with diluted EPS reaching $1.73, up from $1.07 in the prior year.
Adjusted EBITDA grew by 32.1% to $168.7 million, reflecting improved operational performance.
The company raised its full-year 2025 guidance for net income, EPS, and Adjusted EBITDA, indicating confidence in continued growth.
Primoris
Primoris
Primoris Revenue by Segment
Revenue by Segment
Utilities Segment Revenue
CapyFin.comEnergy Segment Revenue
CapyFin.com Forward Guidance
Primoris is raising its full-year 2025 guidance for net income, EPS, and Adjusted EBITDA, reflecting confidence in continued strong performance and market opportunities.
Positive Outlook
- Net income guidance raised to $260.5 million - $271.5 million.
- EPS guidance raised to $4.75 - $4.95 per diluted share.
- Adjusted EPS guidance raised to $5.35 - $5.55 per diluted share.
- Adjusted EBITDA guidance raised to $510 million - $530 million.
- Targeted gross margins for Utilities and Energy segments are 10.0% to 12.0% for the full year 2025.
Challenges Ahead
- The effective tax rate for 2025 is expected to be approximately 28.5%, which may vary.
- Backlog is not a comprehensive indicator of future revenue, and projects can be cancelled by customers.
- Increased costs in 2025 on certain renewables projects due in part to unfavorable weather conditions.
- Lower storm response activity in the power delivery business compared to the prior year impacted Utilities operating income.
- Decrease in total backlog from year-end 2024 primarily due to timing of fixed backlog awards in the Energy segment.
Revenue & Expenses
Visualization of income flow from segment revenue to net income