Tutor Perini Corporation

tutorperini.com

What Do They Do?

Builds highways, bridges and transit systems for public agencies, and constructs buildings and installs electrical, mechanical and plumbing systems for public and private customers.

How Do They Make Money?

Public agencies and private owners hire Tutor Perini for long-term construction projects; contract revenue and fees build as the company completes the work.

revenue

Segment	Share	How money arrives
Civil Recurring	51% FY2022: 46%	Recurring
Building Recurring	33% FY2022: 33%	Recurring
Specialty Contractors Recurring	15% FY2022: 21%	Recurring

Who Are Their Customers?

State and local and federal agencies award competitively bid contracts; private owners use negotiated contracts or competitive bids. Specialty Contractors also performs work for the Civil and Building segments.

Customers above 10% of revenue, FY2025

of revenue from two customers (14%, 11%)

FY2023: 16% from one customer

Do Revenues Turn Into Profits?

Yes. It kept 1 cent of every revenue dollar as net income in FY2025 and turned 10 cents into free cash flow.

Operating income, FY2025

4% of revenue

▲ Now profitable vs FY2024 (−$103.8M, −2%)

Net income, FY2025

1% of revenue

▲ Now profitable vs FY2024 (−$163.7M, −4%)

Free cash flow, FY2025

10% of revenue

▲ +22% vs FY2024 ($466.1M, 11%)

How Are They Changing?

Since the FY2025 annual report

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

Revenue: ▲ +19%; vs $1.4B in Q2 FY2025
Net income: ▲ +229%; vs $20M in Q2 FY2025

Civil share of revenue vs 53.5% in Q2 FY2025

Aug 5, 2026 Tutor Perini raised its 2026 adjusted EPS guidance It raised the 2026 adjusted EPS range to $5.15 to $5.45 and said 2027 adjusted EPS would be substantially higher than the increased range.

Growing. Revenue grew 19% in 4 years, from $4.6B in FY2021 to $5.5B in FY2025, about 5% a year.

Revenue over time

Civil Building Specialty Contractors

$10B$5B$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with FlatironDragados USA, Kiewit, Lane Construction, OHL USA, Skanska USA, The Walsh Group, AECOM, Balfour Beatty Construction, Clark Construction Group, DPR Construction, Gilbane, Hensel Phelps Construction, M. A. Mortenson, PCL Constructors, Suffolk Construction, Swinerton, Turner Construction, and The Whiting-Turner Contracting

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