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Jun 30, 2025
Tutor Perini Q2 2025 Earnings Report
Tutor Perini reported strong second quarter 2025 results, with significant increases in revenue, income from construction operations, and EPS, and raised its 2025 EPS guidance.
Key Takeaways
Tutor Perini delivered exceptional second-quarter results, driven by strong revenue growth across all segments and higher-margin projects. The company achieved record operating cash flow and a record backlog, leading to increased confidence and a raised EPS guidance for 2025, with expectations for even higher earnings in 2026 and 2027.
Revenue increased by 22% year-over-year to $1.37 billion, with solid growth across all three segments.
Income from construction operations surged by 89% year-over-year to $76.4 million, reflecting strong operating performance.
Diluted EPS rose substantially to $0.38, while Adjusted EPS increased by 315% to $1.41.
The company achieved a record backlog of $21.1 billion, up 102% year-over-year, and generated record second-quarter operating cash flow of $262.4 million.
Revenue by Segment
Forward Guidance
Tutor Perini increased its 2025 GAAP EPS guidance to $1.70-$2.00 and Adjusted EPS guidance to $3.65-$3.95, expecting significantly higher revenue and earnings in 2026 and 2027.
Positive Outlook
- Increased 2025 GAAP EPS guidance to $1.70 to $2.00 (from $1.60 to $1.95).
- Increased 2025 Adjusted EPS guidance to $3.65 to $3.95 (from $2.45 to $2.80).
- Expects both GAAP EPS and Adjusted EPS for 2026 and 2027 to be higher than the upper end of increased 2025 guidance.
- Anticipates continued strong operating performance and financial results for the remainder of 2025.
- Strong demand for services driven by well-funded state, local, and federal customers for infrastructure projects, and commercial customers for building projects.
Challenges Ahead
- Share-based compensation expense is expected to be higher than previously anticipated for the full year of 2025.
- Significant impact of share-based compensation expense on reported GAAP financial results through the end of 2026.
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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