Centuri Holdings Inc
centuri.comWhat Do They Do?
Maintains, replaces and installs electric and natural gas utility infrastructure for regulated utilities, alongside infrastructure services for energy customers.
10-K for FY2025, filed Feb 26, 2026We are a leading North American utility and energy infrastructure services company with over 115 years of operating history, and we partner…View ↗
U.S. GasView ↗
Canadian Operations provides comprehensive services, including maintenance, replacement, repair, and installation for local gas and…View ↗
Union Electric provides a comprehensive set of electric utility services encompassing maintenance, replacement, repair, upgrade, and…View ↗
Non-Union Electric provides a comprehensive set of electric utility services encompassing maintenance, replacement, repair, upgrade and…View ↗
How Do They Make Money?
Utility customers pay for completed units of work or services performed, with billing based on unit prices or labor hours, materials and services used. Fixed-price project work is billed as the work progresses.
10-K for FY2025, filed Feb 26, 2026
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10-K for FY2025, filed Feb 26, 2026
FY2025 revenue by product or service ↗
$3B
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10-K for FY2025, filed Feb 26, 2026
$3B ↗
| Segment | Share | Revenue |
|---|---|---|
|
Master services agreements
|
78% |
Master services agreements, FY2025
$2.3B Sources
|
|
Bid contracts
|
22% |
Bid contracts, FY2025
$655.8M Sources
|
Who Are Their Customers?
Regulated electric, gas and combination utilities are the main customers, alongside energy providers and some industrial and other customers. Customers issue work authorizations under master service agreements or award specific projects through bid contracts.
10-K for FY2025, filed Feb 26, 2026We are a leading North American utility and energy infrastructure services company with over 115 years of operating history, and we partner…View ↗
During the fiscal year ended December 28, 2025 (“fiscal 2025”), we served over 400 customers. Our customers include American Electric…View ↗
The Company derives revenue primarily through its diverse array of service solutions to North America’s gas and electric utility providers.…View ↗
The Company generally has two types of agreements with its customers: master services agreements (“MSAs”) and bid contracts.View ↗
An MSA identifies most of the terms describing each party’s rights and obligations that will govern future work authorizations. An MSA is…View ↗
A bid contract is typically a one-time agreement for a specific project that has all necessary terms defining each party’s respective…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 1 cent of every revenue dollar as net income in FY2025, but spent more cash than it brought in: free cash flow was −$8.2M.
10-K for FY2025, filed Feb 26, 2026
$92.8MView ↗
10-K for FY2025, filed Feb 26, 2026
$22.4MView ↗
10-K for FY2025, filed Feb 26, 2026
−$8.2MView ↗
How Are They Changing?
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Aug 4, 2026
Centuri acquired JJ White and raised its full-year 2026 guidance
The acquisition adds capabilities in mechanical and electrical construction and in-plant work, including for data centers.
Sources
8-K, filed Aug 4, 2026
CENTURI REPORTS SECOND QUARTER 2026 RESULTS AND RAISES FULL YEAR 2026 GUIDANCEView ↗
Who Do They Compete With?
Competes with Quanta Services, MYR Group, Mastec, Primoris Services, and Everus Construction Group
10-K for FY2025, filed Feb 26, 2026We operate in a highly competitive and highly fragmented industry, as we compete with many regional and local providers. Some national…View ↗
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