Tutor Perini (TPC) FY2025 results: revenue $5.5 billion, up 28.1% on the year
Tutor Perini Corp. (TPC) reported revenue of $5.5 billion for fiscal 2025, the year ended 31 December 2025, up 28.1% on the year before. Net income was $80 million, and diluted earnings per share $1.51. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2026.
Revenue
$5.5 billion
+28.1% on the year
FY2018FY2025
Operating margin
4.2%
-2.4% a year earlier
FY2018FY2025
Net income
$80 million
FY2018FY2025
Diluted EPS
$1.51
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 2 new.
Full-year revenue reached $5.5 billion: Revenue for 2025 was $5.5 billion, up 28% from 2024, the highest annual revenue in the company's history.
Income from construction operations turned to profit: Income from construction operations was $232.0 million in 2025, against a loss of $103.8 million in 2024.
Diluted and adjusted EPS turned positive: Diluted EPS was $1.51 for 2025 and adjusted EPS was $4.29, against a diluted loss of $3.13 and an adjusted loss of $2.37 in 2024.
Backlog reached $20.6 billion: Backlog was $20.6 billion at year-end, up 10% from $18.7 billion, after $7.4 billion of new awards and contract adjustments in 2025.
Share-based compensation up $109.6 million: Share-based compensation expense rose $109.6 million, or $2.02 per diluted share, versus 2024, mainly because the stock price rose 177% in 2025.
$ million except per share. Read moreFree 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
Last 8 years
Operating cash flow
748
504
308
+48.6%
Capital expenditure
181
37.4
53.0
+383.5%
Free cash flow
567
466
256
+21.7%
Free cash flow margin
10.2%
10.8%
6.6%
Cash from investing
-257
-40.7
-78.2
Cash from financing
-185
-393
-109
Depreciation and amortisation
49.8
53.8
45.2
-7.4%
Share-based compensation
150
40.4
12.3
+271.7%
Dividends paid
3.2
0.0
0.0
Dividend per share
$0.06
n/a
n/a
Diluted shares, weighted
53m
52m
52m
+2.1%
Shares outstanding at period end
53m
52m
52m
+0.6%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
1,219
1,135
1,292
+7.4%
Non-controlling interest
44.0
23.9
-7.7
+84.3%
Debt
407
534
900
-23.7%
Operating lease liabilities
51.8
38.6
47.8
+34.0%
Other liabilities
3,439
2,511
2,198
+36.9%
Total liabilities and equity
5,160
4,243
4,430
+21.6%
Fixed assets
548
423
441
+29.6%
Goodwill
205
205
205
0.0%
Intangible assets
63.8
66.1
68.3
-3.4%
Securities held for sale or to maturity
388
247
217
+57.3%
Cash and equivalents
735
455
381
+61.4%
Receivables
1,219
987
1,054
+23.5%
Other assets
2,002
1,860
2,063
+7.7%
Total assets
5,160
4,243
4,430
+21.6%
10-K for the year ended 31 December 2025, filed 26 February 2026: the filing.