Skip to main content

Go Premium in Our Biggest Sale Ever

UPGRADE NOW
TipRanks
Go Ultimate75% OFF

Tutor Perini (TPC) Q3 2026 Earnings Report

461 Followers

TPC Q3 2026 EPS Results

Actual EPS
$0.39
Consensus EPS
$0.80
Beat/Miss
Missed by -$0.41
One Year Ago EPS
$0.07

TPC Q3 2026 Revenue Results

Actual Revenue
$1.72B
Expected Revenue
$1.63B
Beat/Miss
Beat by +$90.29M
YoY Revenue Growth
+21.54%

Earnings Announcement Details

Quarter
Q3 2026
Date
11/04/2026
Time
After Close
Conference Call
Wednesday, November 4, 2026
TPC Upcoming Earnings

Tutor Perini's next earnings date is estimated for March 4, 2027, based on past reporting schedules.

Q3 2026 Earnings Call Audio

TPC Q3 2026 Earnings Call
0:00 / 0:00

Q3 2026 Earnings Slide Deck

No slide deck is available for this earnings event.

Q3 2026 Earnings Call Summary

Q3 2026
Earnings Call Date:Nov 04, 2026|% Change Since:20.69%|
Earnings Call Sentiment|Positive

The call was strongly positive, supported by record revenue, operating income and operating cash flow, double-digit growth across segments, a near-record $20.4 billion backlog, a $200 billion-plus opportunity pipeline, improved liquidity and higher 2026 adjusted EPS guidance. Management also expressed confidence in double-digit growth for 2027 and beyond. The main negatives were nonoperating refinancing and pension charges, Specialty Contractors margins remaining below the 5% to 8% target, potential winter seasonality in the fourth quarter and timing uncertainty around certain government awards. Highlights significantly outweighed the lowlights.

Company Guidance

Management raised 2026 adjusted EPS guidance to the range of $5.90 to $6.10 per share, up from the previous range of $5.15 to $5.45, with guidance continuing to factor in contingency for unknown or unexpected outcomes and developments this year. Management expects strong operating cash generation for the remainder of 2026 and beyond, 2027 double-digit revenue and earnings growth, Civil margins in the 12% to 15% range, Building margins in the 3% to 6% margin range, and Specialty margins eventually sustaining in the 5% to 8% range. For 2026, G&A expense is expected to be between $380 million and $400 million, depreciation and amortization expense approximately $45 million, interest expense between $40 million and $42 million, effective income tax rate approximately 26% to 29%, noncontrolling interest between $65 million and $75 million, approximately 54 million weighted average diluted shares outstanding, and capital expenditures approximately $125 million to $135 million, with approximately $75 million to $85 million being owner-funded for large equipment items on certain large new projects.

  • Record Operating Cash FlowThird-quarter operating cash flow reached a record $331 million, up 14% year-over-year and the largest quarterly result ever. Operating cash flow for the first nine months of 2026 was $665 million, up 16% year-over-year and the highest first-nine-month result ever. Management attributed the performance to higher volume, strong project execution, record earnings, collections on various large profitable projects and effective working capital management.
  • Record Revenue and Operating IncomeThird-quarter revenue was a record $1.7 billion, up 22% year-over-year, driven primarily by increased project execution activities on higher-margin projects in the Northeast, California, Texas and the Indo-Pacific region. Record operating income was $125 million, up 213% year-over-year and more than triple the prior-year quarter.
  • Strong Earnings GrowthGAAP earnings per share were $0.39, up 457% year-over-year from $0.07. Adjusted earnings per share were $1.83, up 59% from $1.15, reflecting high-margin contributions and operational execution across the project backlog.
  • Healthy Segment PerformanceCivil segment revenue was a record $894 million, up 16%, with a 14% operating margin compared with 12.9% in the prior-year quarter. Building segment revenue was $541 million, up 29%, with operating income of $27 million, up 88%, and a 5% operating margin compared with 3.4% last year. Specialty Contractors revenue was $286 million, up 26%, while operating income increased 64% to $10 million and its operating margin rose to 3.5% from 2.7%.
  • Specialty Contractors Margin ExpansionSpecialty Contractors' margin increased 130 basis points from the prior quarter to 3.5%. Management said newer work is meeting or exceeding the targeted 5% to 8% margin range and expects the segment to reach that range sometime in 2027 as legacy items rotate off.
  • Significant New Awards and Backlog GrowthThe company booked $2.2 billion of new awards and contract adjustments during the quarter, producing a 1.3x book-to-burn ratio. Backlog ended the quarter at a near-record $20.4 billion, including nine mega projects with $16 billion of awarded value and improved contractual terms.
  • Major Backlog AdditionsKey backlog additions included $1 billion of additional work on a Civil project with substantial electrical and mechanical work for Specialty Contractors, $577 million of federal government awards for Perini Management Services, $145 million for military facility projects in the Indo-Pacific region, $126 million for Midwest bridge projects, $108 million for the Choctaw Casino and Resort Pocola project, and $89 million for mass transit projects in California.
  • Strong Revenue Visibility for 2027Management expects the existing backlog to drive impressive revenue and earnings growth, solid profitability and strong cash flow in 2027 and beyond. More than three-quarters of expected 2027 revenue is already represented in the third-quarter ending backlog, according to management.
  • Large and Diverse Opportunity PipelineThe company reported a pipeline of more than $200 billion in potential project opportunities over the next three to four years, approximately three times larger than the pipeline a couple of years ago. Opportunities are geographically broad and diversified across end markets, including more than $4.6 billion of federal opportunities pursued by Black Construction in the Indo-Pacific region.
  • Significant Bidding OpportunitiesManagement identified potential bids including the approximately $12 billion Sepulveda Transit Corridor program, the Merced to Madera segment of California High-Speed Rail, the $4 billion Southeast Gateway, the $2 billion East Side Transit Corridor Phase 2, the $1.5 billion Sea Line extension to Torrance, the $3 billion Hudson Tunnel Systems and fit-out project, the $3 billion Newark Liberty Airport Terminal B project, and the $1.2 billion Newark Bay Bridge project.
  • Selective Bidding and Favorable Competitive ConditionsThe company said it remains selective and disciplined in bidding, targeting conservative project budgets with safe costs, adequate contingency, higher margins and favorable contractual terms. Management continues to see limited competition for larger fixed-price projects and expects to pursue work at high margins.
  • Raised 2026 Adjusted EPS GuidanceThe company raised its 2026 adjusted EPS guidance to $5.90 to $6.10 per share from the previous range of $5.15 to $5.45. Management cited stronger-than-expected backlog execution and mitigation of previously identified project risks, while noting that the guidance continues to include contingency for unknown or unexpected outcomes and developments.
  • Expected Double-Digit 2027 GrowthManagement continues to anticipate double-digit revenue and earnings growth in 2027 as construction activities advance on newer large projects in backlog. The company also expects strong operating cash generation for the remainder of 2026 and beyond.
  • Improved Balance Sheet and Net Cash PositionTotal debt was $404 million at quarter-end, while cash and cash equivalents exceeded total debt by $707 million. Management described this as a robust net cash position that was $425 million better than one year ago. Cash available for general corporate purposes was $504 million, up 150% year-over-year.
  • Successful Debt RefinancingThe July refinancing reduced the senior-notes coupon rate from 11.875% to 6.625% and is expected to save $21 million in annual interest expense. Third-quarter interest expense declined to $7 million from $14 million, and the company is now in a net interest income position.
  • Progress on Disputed MattersCost and estimated earnings in excess of billings declined 9% to $767 million from $848 million a year earlier, the lowest balance since the end of 2014. Management attributed the decline to continued progress in resolving and collecting on a reduced number of disputed matters.
  • Lower Corporate G&A ExpenseThird-quarter corporate G&A expense was $37 million compared with $80 million in the prior-year quarter. The decrease was largely due to a $40 million reduction in share-based compensation expense, and management expects share-based compensation expense to be significantly reduced next year.
  • Preconstruction Conversion to BacklogApproximately $3 billion of work from preconstruction activities over the prior two to 2.5 years has been placed into backlog. Management expects roughly $750 million of additional preconstruction work to enter backlog over the next 12 to 15 months and said new opportunities are beginning to replenish the preconstruction pipeline.
  • Black Construction Expansion OpportunityBlack Construction has approximately $1 billion of bids awaiting decisions and is pursuing more than $4.6 billion of federal opportunities. Management said the business could currently accommodate approximately $3 billion to $3.5 billion of that opportunity and is actively recruiting and considering internal talent transfers to expand capacity.
  • Strong Project Execution and Labor PositionManagement said all major Civil and Building projects are running very smoothly, while work awarded during the past two to three years in Specialty Contractors is performing extremely well. Although there are electrician shortages in certain parts of the country, the company said it is not currently facing shortages and does not anticipate those issues.
  • Increased Ability to Pursue Projects IndependentlyWith approximately $1.1 billion of cash at the end of September, management said the company intends to approach larger bids from a sole-source perspective where possible, retaining noncontrolling interest in-house.
  • Potential for Further Margin ImprovementManagement sees upward pressure on Civil margins in the short and medium term and expects margin elevation across other segments. Civil has been operating around 14%, compared with the historical 8% to 10% range several years ago, while the company is evaluating whether to raise its previously guided 12% to 15% Civil margin range.
  • Data Center Strategy Remains SelectiveThe company has booked approximately $70 million of data center projects, representing 0.2% of backlog. Management said data centers will not be a focus because of the larger traditional infrastructure opportunity set, while remaining open to selective and opportunistic work.
  • Limited Impact Assumed from Additional Federal FundingManagement said most current transportation funding is coming from state and local sources and that there is nothing currently holding up awards. The company has not included additional federal funding in its 2027 double-digit growth outlook, so any additional federal transportation funding would be incremental to that outlook.

TPC Earnings History

TPC earnings history
Report DateFiscal QuarterForecast / EPSLast Year's EPSEPS YoY ChangePress Release
Mar 04, 20272026 (Q4)1.01-0.54――
Nov 04, 20262026 (Q3)0.800.390.07457.14% (+0.32)
Aug 05, 20262026 (Q2)0.671.230.38223.68% (+0.85)
May 06, 20262026 (Q1)0.630.480.53-9.43% (-0.05)
Feb 26, 20262025 (Q4)0.580.54-1.51135.76% (+2.05)
Nov 05, 20252025 (Q3)0.460.07-1.92103.65% (+1.99)
Aug 06, 20252025 (Q2)0.340.380.021800.00% (+0.36)
May 07, 20252025 (Q1)0.090.530.376.67% (+0.23)
Feb 27, 20252024 (Q4)0.10-1.51-0.91-65.93% (-0.60)
Nov 06, 20242024 (Q3)-1.89-1.92-0.71-170.42% (-1.21)

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