Tutor Perini (TPC) Q3 FY2026 earnings: revenue $1.7 billion, up 21.5% on the year

Tutor Perini Corp. (TPC) reported revenue of $1.7 billion for Q3 FY2026, the quarter ended 30 September 2026, up 21.5% on the same quarter a year earlier. Net income was $21 million, up 470.1% on the year, and diluted earnings per share $0.39. The figures are the company's own, from the 10-Q it filed with the SEC on 4 November 2026.

Revenue

$1.7 billion

+21.5% on the year · +5.1% on the quarter

Q4 FY2024Q3 FY2026

Operating margin

7.3%

2.8% a year earlier

Q4 FY2024Q3 FY2026

Net income

$21 million

+470.1% on the year · -68.5% on the quarter

Q4 FY2024Q3 FY2026

Diluted EPS

$0.39

+457.1% on the year · -68.3% on the quarter

Q4 FY2024Q3 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 1 raised.

Record revenue, up 22%: Revenue was $1.7 billion, up 22% from $1.4 billion a year earlier. Management described it as the highest revenue of any quarter in company history.
Record income from construction operations: Income from construction operations was $125.4 million, up 213% from $40.1 million. Management cited higher-margin project contributions as a driver.
Lower share-based compensation boosted income: Share-based compensation expense was $39.5 million lower than in the third quarter of 2025, or $0.73 per diluted share net of tax benefit.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Revenue	1,720	1,637	1,415	+5.1%	+21.5%
Cost of revenue	1,499	1,426	1,246	+5.1%	+20.3%
Gross profit	221	211	169	+4.8%	+30.7%
Gross margin	12.9%	12.9%	12.0%
Operating income	125	118	40.1	+6.5%	+212.8%
Operating margin	7.3%	7.2%	2.8%
Interest expense	7.3	13.7	13.5	-46.9%	-46.2%
Pre-tax income	49.0	115	34.0	-57.3%	+44.1%
Income tax	11.1	30.8	15.2	-63.8%	-26.6%
Effective tax rate	22.7%	26.8%	44.6%
Net income	20.7	65.7	3.6	-68.5%	+470.1%
Net margin	1.2%	4.0%	0.3%
Diluted EPS	$0.39	$1.23	$0.07	-68.3%	+457.1%

$ 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	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Operating cash flow	331	187	289	+76.7%	+14.5%
Capital expenditure	39.6	33.7	49.0	+17.6%	-19.1%
Free cash flow	291	154	240	+89.7%	+21.3%
Free cash flow margin	16.9%	9.4%	17.0%
Cash from investing	-65.6	-47.9	-63.3
Cash from financing	-63.9	-21.0	-14.8
Depreciation and amortisation	10.3	10.2	12.2	+0.9%	-15.6%
Share-based compensation	19.3	27.9	58.7	-30.8%	-67.1%
Buybacks	0.0	10.0	0.0
Dividends paid	4.7	3.2	0.0	+48.8%
Dividend per share	$0.09	$0.06	n/a	+50.0%
Diluted shares, weighted	53m	53m	54m	-0.0%	-0.4%
Shares outstanding at period end	53m	53m	53m	0.0%	-0.3%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Shareholders' equity	1,301	1,266	1,192	+2.8%	+9.2%
Non-controlling interest	73.6	68.9	61.8	+6.9%	+19.2%
Debt	404	396	413	+1.8%	-2.3%
Operating lease liabilities	58.0	55.3	48.9	+4.8%	+18.6%
Other liabilities	3,903	3,574	3,450	+9.2%	+13.1%
Total liabilities and equity	5,740	5,361	5,165	+7.1%	+11.1%
Fixed assets	607	578	491	+5.1%	+23.7%
Goodwill	205	205	205	0.0%	0.0%
Intangible assets	62.2	62.7	64.4	-0.9%	-3.5%
Securities held for sale or to maturity	524	467	314	+12.2%	+66.9%
Cash and equivalents	1,111	938	696	+18.4%	+59.7%
Receivables	1,350	1,181	1,300	+14.2%	+3.8%
Other assets	1,881	1,929	2,095	-2.5%	-10.2%
Total assets	5,740	5,361	5,165	+7.1%	+11.1%

Questions

What was Tutor Perini's revenue in Q3 FY2026?

Tutor Perini (TPC) reported revenue of $1.7 billion for Q3 FY2026, the quarter ended 30 September 2026, up 21.5% on the same quarter a year earlier.

How much did Tutor Perini earn in Q3 FY2026?

Net income for Q3 FY2026 was $21 million, up 470.1% on the year, and diluted earnings per share $0.39.

When did Tutor Perini report Q3 FY2026 results?

Tutor Perini filed its 10-Q for the quarter ended 30 September 2026 with the SEC on 4 November 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	1,037	952	861	1,071	907	776	1,022	1,061	1,021	1,049	1,127	1,083	1,068	1,247	1,374	1,415	1,507	1,389	1,637	1,720
Cost of revenue	922	902	895	1,021	943	800	957	1,010	973	934	1,010	1,109	1,077	1,112	1,178	1,246	1,360	1,235	1,426	1,499
Gross profit	114	50.3	-34.2	50.3	-36.9	-24.2	65.0	50.9	48.9	115	117	-25.8	-9.5	134	196	169	148	155	211	221
Gross margin	11%	5%	-4%	5%	-4%	-3%	6%	5%	5%	11%	10%	-2%	-1%	11%	14%	12%	10%	11%	13%	13%
Operating income	56.3	-9.9	-90.6	-6.9	-97.4	-81.9	2.4	-12.6	-22.5	48.8	40.5	-107	-86.2	65.3	76.4	40.1	50.1	59.2	118	125
Operating margin	5%	-1%	-11%	-1%	-11%	-11%	0%	-1%	-2%	5%	4%	-10%	-8%	5%	6%	3%	3%	4%	7%	7%
Interest expense	16.6	16.5	16.2	17.0	19.9	21.5	22.0	20.3	21.3	19.3	23.1	21.2	25.5	14.4	13.6	13.5	13.5	13.4	13.7	7.3
Pre-tax income	40.5	-22.7	-106	-23.5	-116	-97.0	-16.6	-29.9	-39.0	34.8	23.2	-124	-108	55.7	69.0	34.0	45.8	56.5	115	49.0
Tax rate	-2%	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	21%	31%	n/a	n/a	23%	32%	45%	25%	30%	27%	23%
Net income	29.3	-21.6	-63.0	-32.5	-92.9	-49.2	-37.5	-36.9	-47.5	15.8	0.8	-101	-79.4	28.0	20.0	3.6	28.8	25.7	65.7	20.7
Net margin	3%	-2%	-7%	-3%	-10%	-6%	-4%	-3%	-5%	2%	0%	-9%	-7%	2%	1%	0%	2%	2%	4%	1%
Diluted EPS	$0.57	-$0.42	-$1.23	-$0.63	-$1.80	-$0.95	-$0.72	-$0.71	-$0.91	$0.30	$0.02	-$1.92	-$1.51	$0.53	$0.38	$0.07	$0.54	$0.48	$1.23	$0.39
Operating cash flow	4.2	121	58.0	72.6	-44.3	21.3	56.3	103	128	98.3	53.1	22.6	330	22.9	262	289	174	147	187	331
Capital expenditure	11.4	12.0	16.8	14.0	17.0	17.8	12.8	15.0	7.4	10.4	10.9	6.9	9.1	30.1	26.8	49.0	75.0	18.0	33.7	39.6
Free cash flow	-7.3	109	41.1	58.6	-61.3	3.5	43.5	88.2	120	87.8	42.2	15.6	320	-7.2	236	240	98.7	129	154	291
Buybacks	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	0.0	0.0	0.0	n/a	20.0	10.0	0.0
Dividends paid	n/a	n/a	n/a	n/a	n/a	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	3.2	3.3	3.2	4.7
Shares outstanding	51m	51m	51m	51m	52m	52m	52m	52m	52m	52m	52m	52m	52m	53m	53m	53m	53m	53m	53m	53m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 September 2026, filed 4 November 2026: the filing.