The Daily Dig
Tutor Perini closed out 2025 with $5.5 billion in revenue, a 28% increase over 2024. Operating cash flow hit $748.1 million, up 49% year over year and the fourth straight year the company set a record for operating cash generation. Income from construction operations came in at $232.0 million, a sharp reversal from the $103.8 million loss posted in 2024.
Backlog on December 31, 2025 stood at $20.6 billion, up 10% from the prior year, driven by $7.4 billion in new awards and contract adjustments. The company cut total debt by $126.8 million, or 24%, bringing it down to $407 million, with cash exceeding total debt by $327 million at year end. For 2026, Tutor Perini is guiding to double digit revenue growth and adjusted EPS in the range of $4.90 to $5.30.
Snapshot:
Company / Platform: Tutor Perini Corporation
Time Period: Full Year 2025 (ended December 31, 2025)
Revenue: $5.5 billion (up 28% Y/Y)
Operating Cash Flow: $748.1 million (up 49% Y/Y; fourth consecutive record year)
Income from Construction Operations: $232.0 million (vs. $103.8M loss in 2024)
Net Income Attributable to Company: $80.4 million ($1.51 diluted EPS)
Adjusted EPS: $4.29
Backlog: $20.6 billion (up 10% Y/Y; $7.4B in new awards and adjustments)
Total Debt: $407 million (down 24% Y/Y)
Cash Position: Cash exceeded total debt by $327 million on Dec. 31, 2025
2026 Guidance: Double-digit revenue growth; adjusted EPS range $4.90-$5.30
TheJobWalk Thoughts
A $20.6 billion backlog paired with four straight years of record operating cash flow tells you this isn't a one-year recovery story. Tutor Perini is executing across civil, building, and specialty work, and the award mix points to transit, healthcare, defense, and infrastructure programs that run long and spend hard. For subs and suppliers, that backlog represents funded procurement pipelines with real runway, not just signed contracts sitting on a shelf. Strong liquidity and reduced leverage matter on these jobs because they directly affect how a GC manages early buyouts, advances to subs, and cash flow on projects that may run three to five years. For BD teams targeting Tutor Perini work, the window matters: a contractor entering 2026 with this much visibility and capital flexibility is actively bidding, and getting on their approved vendor list now is worth more than chasing individual RFPs after award.
Courtesy of Tutor Perini
