Centuri Holdings, Inc. (CTRI) FY2025 10-K Annual Report
Centuri Holdings, Inc. (CTRI) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 26, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Centuri Holdings, Inc. FY2025 10-K Analysis
Business Overview
- • Core business: North American utility and energy infrastructure services, focused on modernization of electric and gas utility infrastructure under long-term customer partnerships
- • New emphasis: Expanded Canadian Operations segment to include Connect Atlantic acquisition, broadening services beyond gas to electric utilities and renewable energy projects
- • Strategic shift: Separation from Southwest Gas Holdings via IPO in April 2024, full divestiture and independent Board Chair appointed in Sept 2025
- • Quantitative highlight: Workforce grew to 9,687 full-time employees across 46 U.S. states and 6 Canadian provinces, 57% unionized
- • Noteworthy fact: Maintained low fixed-price contract exposure at 21% of fiscal 2025 revenue, among the lowest in the industry to reduce project execution risk
Risk Factors
- • Regulatory risk: U.S. federal and state mandates on system integrity management programs driving multi-year utility replacement programs
- • Macroeconomic threat: Rising fuel, labor, and material costs potentially unrecouped due to capped price escalation provisions on contracts
- • Operational vulnerability: Seasonality with Q1 revenues lowest due to winter weather; severe weather delays projects but may increase restoration demand
- • Competitive risk: Decrease in storm restoration services revenue by $77.0 million in Non-Union Electric segment due to market activity shifts
- • Financial risk: High leverage with $2.74 billion cost of revenue and interest expense $78.4 million partly driven by refinancing costs in fiscal 2025
Centuri Holdings, Inc. FY2025 Key Financial MetricsXBRL
Revenue
$3.0B
▲ +13.1% YoY
Net Income
$22M
▲ +433.1% YoY
Gross Margin
8.3%
▼ -10bp YoY
Operating Margin
3.1%
▼ -18bp YoY
Net Margin
0.8%
▲ +101bp YoY
ROE
2.6%
▲ +378bp YoY
Total Assets
$2.4B
▲ +16.1% YoY
EPS (Diluted)
$0.25
▲ +412.5% YoY
Operating Cash Flow
$78M
▼ -50.6% YoY
Source: XBRL data from Centuri Holdings, Inc. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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