EarningsQ2 2026 Earnings Report
DE:1PM Q2 2026 EPS Results
Actual EPS-€0.24
Consensus EPS-€0.32
Beat/MissBeat by +€0.07
One Year Ago EPS€1.50
DE:1PM Q2 2026 Revenue Results
Actual Revenue€1.51B
Expected Revenue€1.55B
Beat/MissMissed by -€40.97M
YoY Revenue Growth-10.71%
Earnings Announcement Details
QuarterQ2 2026
Date08/04/2026
TimeAfter Close
Conference CallTuesday, August 4, 2026
DE:1PM Upcoming Earnings
Primoris Services's next earnings date is estimated for November 3, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
DE:1PM Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Neutral
The call had a mixed but forward-looking tone. Current-quarter results were materially pressured by renewable project cost overruns, lower revenue, sharply reduced gross margins, weaker operating cash flow, and higher leverage. However, management emphasized record bookings and backlog, strong demand in utilities, natural gas generation, pipeline, and electrical services, better-than-expected PayneCrest performance, substantial liquidity, and expected sequential improvement through the second half of 2026. The positive outlook and backlog momentum were balanced by the severity of the renewables reset and the gradual pace of margin recovery.Company Guidance
Progress on Challenged Renewable Projects
Primoris achieved mechanical completion on one additional challenged renewable project and expects to submit another for mechanical completion this week. Three projects are still expected to reach substantial completion during Q3 2026, while the sixth and final project is expected to reach mechanical completion in early November and substantial completion by year-end. The remainder of the renewables portfolio is performing, on average, within expectations.
Large Renewables Opportunity Set
Primoris sees more than $16 billion of solar and battery-storage opportunities across its core geographic markets. Management said demand remains strong and that it is maintaining discipline in risk assessment, contract structure, project selection, and execution.
Record Bookings and Backlog
The company secured more than $3.9 billion of new awards in Q2, including approximately $1.5 billion in utilities and $2.4 billion in energy. Total backlog reached just under $13.9 billion, up approximately $2.2 billion sequentially and a record for Primoris. Fixed backlog increased $1.5 billion and MSA backlog increased approximately $700 million from Q1.
Strong Utility Segment Demand
Utility revenue increased $19.6 million, or 2.8%, year-over-year, driven by higher activity in gas operations and power delivery. Power delivery benefited from improved productivity and a favorable mix that included substation and transmission scopes, while demand remained particularly strong in transmission, substation, and distribution work.
Gas Operations Continued to Perform Well
The gas operations business exceeded market revenue growth expectations in the quarter. Strong productivity, effective execution, and high equipment utilization supported healthy operating performance, and Primoris is pursuing new programs in the Midwest and Southern regions.
Natural Gas Generation Bookings and Pipeline Expanded
Natural gas power generation accounted for approximately $1.4 billion of the sequential energy backlog increase. The natural gas generation opportunity funnel increased from a little over $6 billion to $7 billion-$8 billion, with management also describing it as over $8 billion. The company expects approximately $500 million-$600 million of natural gas generation revenue in 2026 and $800 million to comfortably $1 billion in 2027.
Pipeline Recovery Gained Momentum
Pipeline delivered another quarter of double-digit revenue growth with substantial margin improvement. Management said recovery from the cyclical trough experienced in 2025 continues to gain momentum, with a multi-year addressable project funnel exceeding $7 billion in total contract value.
PayneCrest Performance Exceeded Expectations
During its two months as part of Primoris in the quarter, PayneCrest delivered stronger-than-anticipated revenue and margins. PayneCrest added $250 million of bookings during the quarter beyond the backlog acquired with the transaction, and management cited a positive strategic and cultural fit, backlog growth, and a robust customer opportunity pipeline.
Industrial Segment Expected to Exceed Full-Year Expectations
Although industrial revenue was modestly lower year-over-year because of project-completion timing, management said demand remains strong, project activity is developing as expected, and the segment remains on track to exceed full-year expectations with a meaningful activity ramp in the second half of 2026.
Communications Growth Opportunities Emerging
Primoris is tracking a line of sight to a few hundred million dollars of BEAD funding opportunities. Data-center fiber and connectivity work remain important growth drivers, with approximately $300 million of BEAD-related projects being tracked and additional opportunity from fiber interconnecting AI data centers.
Renewables Bookings Expected in the Second Half
Management continues to expect $1.5 billion-$2 billion of renewables bookings in the second half of 2026, primarily in Q4. The company said the Q4 opportunity funnel remains strong and could support modest renewables growth in 2027.
Liquidity and Financial Flexibility
Primoris maintained liquidity of $959 million, including a little over $218 million of cash and approximately $741 million of available revolver capacity. Management said the company remains in a very good position with respect to its financial covenants and has capacity to invest organically, pursue tuck-in M&A, and potentially repurchase shares.
Sequential Improvement Expected
The company maintained full-year guidance of EPS of $1.30-$1.85, adjusted EPS of $2.05-$2.60, and adjusted EBITDA of $275-$325 million. Management expects Q2 to be the low point for the year, with adjusted EBITDA guidance of $90-$110 million in Q3 and $100-$120 million in Q4, and expects sequential improvement in revenue and earnings through the remainder of 2026.
Operational Controls and Accountability Strengthened
In response to the renewable project challenges, Primoris said it has strengthened operational oversight, enhanced pre-construction planning and risk management, sharpened accountability, and adjusted compensation mechanisms to align project teams with longer-term value creation and execution.
Expanded Natural Gas Generation Capacity
Primoris increased its natural gas generation workforce from approximately a half dozen teams to eight or nine unique teams and expects to continue adding talent. Management said customer demand is outstripping supply in this market.
DE:1PM Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed