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Sep 30, 2025
Tutor Perini Q3 2025 Earnings Report
Tutor Perini reported strong third quarter 2025 results, with significant increases in revenue, income from construction operations, and EPS, and further raised its 2025 Adjusted EPS guidance.
Key Takeaways
Tutor Perini delivered outstanding third-quarter results, driven by strong operating performance and contributions from higher-margin projects. The company achieved record operating cash flow and backlog, leading to a substantial increase in revenue and a return to profitability across all segments.
Revenue for Q3 2025 was $1.42 billion, a 31% increase year-over-year.
Diluted EPS was $0.07, a significant improvement from a loss of $1.92 in Q3 2024.
Record operating cash flow of $289.1 million was generated in Q3 2025.
Backlog reached a new record of $21.6 billion at the end of Q3 2025, up 54% year-over-year.
Revenue by Segment
Forward Guidance
Tutor Perini is raising its 2025 Adjusted EPS guidance for the third consecutive quarter, now expecting a range of $4.00 to $4.20, and anticipates significantly higher Adjusted EPS for 2026 and 2027.
Positive Outlook
- Increased 2025 Adjusted EPS guidance to $4.00 - $4.20 (up from $3.65 - $3.95).
- Expects significantly higher Adjusted EPS for 2026 and 2027 than the upper end of 2025 guidance.
- Anticipates solid operating performance and financial results for the remainder of 2025.
- Strong demand for services driven by well-funded state, local, and federal customers.
- Significant project bidding opportunities, particularly on the West Coast, in the Midwest, and in the Indo-Pacific region.
Challenges Ahead
- No longer providing forward-looking guidance for GAAP EPS due to difficulty in forecasting share-based compensation expense.
- Variations in share-based compensation expense could materially impact GAAP reported results.
- Guidance continues to factor in a significant amount of contingency for unknown or unexpected developments.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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