Primoris Services (PRIM) FY2025 results: revenue $7.6 billion, up 19.0% on the year

Primoris Services Corp. (PRIM) reported revenue of $7.6 billion for fiscal 2025, the year ended 31 December 2025, up 19.0% on the year before. Net income was $275 million, up 52.0%, and diluted earnings per share $5.02. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2026.

Revenue

$7.6 billion

+19.0% on the year

FY2018FY2025

Operating margin

5.4%

5.0% a year earlier

FY2018FY2025

Net income

$275 million

+52.0% on the year

FY2018FY2025

Diluted EPS

$5.02

+51.7% on the year

FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ million	FY2025	FY2024	FY2023	On the year
Revenue	7,575	6,367	5,715	+19.0%
Cost of revenue	6,762	5,664	5,128	+19.4%
Gross profit	813	703	587	+15.6%
Gross margin	10.7%	11.0%	10.3%
Selling, general and administrative	399	383	329	+4.1%
Operating income	412	317	253	+29.6%
Operating margin	5.4%	5.0%	4.4%
Interest expense	28.7	65.3	78.2	-56.1%
Pre-tax income	384	255	178	+50.6%
Income tax	109	74.0	51.5	+47.4%
Effective tax rate	28.4%	29.0%	29.0%
Net income	275	181	126	+52.0%
Net margin	3.6%	2.8%	2.2%
Diluted EPS	$5.02	$3.31	$2.33	+51.7%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2025	FY2024	FY2023	On the year
Operating cash flow	470	508	199	-7.5%
Capital expenditure	130	127	103	+2.6%
Free cash flow	340	382	95.5	-10.8%
Free cash flow margin	4.5%	6.0%	1.7%
Cash from investing	-93.9	-27.2	-30.0
Cash from financing	-296	-244	-205
Depreciation and amortisation	91.9	95.5	107	-3.8%
Share-based compensation	20.6	15.1	11.8	+36.4%
Dividends paid	17.3	12.9	12.8	+34.1%
Dividend per share	$0.32	$0.26	$0.24	+23.1%
Diluted shares, weighted	55m	55m	54m	+0.4%
Shares outstanding at period end	54m	54m	53m	+0.6%

Balance sheet

$ million	FY2025	FY2024	FY2023	On the year
Shareholders' equity	1,681	1,410	1,236	+19.3%
Debt	470	735	958	-36.1%
Operating lease liabilities	326	333	263	-2.3%
Other liabilities	1,931	1,718	1,370	+12.4%
Total liabilities and equity	4,408	4,196	3,827	+5.1%
Fixed assets	531	488	476	+8.8%
Goodwill	857	857	858	+0.0%
Intangible assets	190	208	228	-8.5%
Cash and equivalents	536	456	218	+17.5%
Receivables	723	834	112	-13.3%
Other assets	1,571	1,353	1,936	+16.1%
Total assets	4,408	4,196	3,827	+5.1%

10-K for the year ended 31 December 2025, filed 24 February 2026: the filing.