Primoris Services Corporation

prim.com

What Do They Do?

Provides engineering, construction and maintenance services for energy, renewable-energy and industrial businesses, as well as transportation agencies.

How Do They Make Money?

Customers buy project and service work under fixed-price, per-unit, time-and-material, or cost-plus contracts. Primoris earns money as defined-scope work progresses; some other contracts are measured by costs or completed units.

revenue

Segment	Share	Revenue
Utilities	36% FY2022: 46%
Energy	66% FY2022: 54%

Who Are Their Customers?

Utilities and communications companies, energy and industrial businesses, and project developers and public agencies buy infrastructure services through multi-year service agreements or contracts for specific jobs.

Customers above 10% of revenue, FY2025

of revenue from one customer

FY2024: no customer at 10% or more of revenue

Do Revenues Turn Into Profits?

Yes. It kept 4 cents of every revenue dollar as net income in FY2025 and turned 4 cents into free cash flow.

Operating income, FY2025

5% of revenue

▲ +30% vs FY2024 ($317.4M, 5%)

Net income, FY2025

4% of revenue

▲ +52% vs FY2024 ($180.9M, 3%)

Free cash flow, FY2025

4% of revenue

▼ −11% vs FY2024 ($381.8M, 6%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −11%; vs $1.9B in Q2 FY2025
Net income: ▼ Now a loss; vs $84.3M in Q2 FY2025

Energy share of revenue vs 65.4% in Q2 FY2025

Jun 22, 2026 Cuts 2026 earnings outlook after renewables project cost overruns Expected 2026 net income fell to $71.0 million–$101.0 million from $223.0 million–$234.0 million amid continued cost overruns on renewables projects.
May 5, 2026 Completes acquisition of PayneCrest Electric

Growing. Revenue grew 2.2x in 4 years, from $3.5B in FY2021 to $7.6B in FY2025, about 21% a year.

Revenue over time

Utilities Energy

$10B$5B$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Quanta Services, Dycom Industries, MYR Group, MasTec, PCL, Kiewit, Performance Contractors, Boh Brothers, Blattner Energy, Mortenson, Sterling Construction, and Zachry Construction

Comments