Short answer
Centuri Holdings, Inc. (CTRI) filed its fiscal 2025 10-K annual report with the SEC on Feb 26, 2026. It reported revenue of $3.0B (+13.1% year over year) and net income of $22M.
- Top risk flagged: Regulatory risk: U.S. federal and state mandates on system integrity management programs driving multi-year utility replacement programs
FY2025 key financial metrics · XBRL
- Revenue
- $3.0B
- +13.1% YoY
- Net income
- $22M
- +433.1% YoY
- Operating margin
- 3.1%
- −0.2 pp YoY
- Gross margin
- 8.3%
- −0.1 pp YoY
- EPS (diluted)
- $0.25
- +412.5% YoY
- ROE
- 2.6%
- +3.8 pp YoY
- Operating cash flow
- $78M
- −50.6% YoY
Source: XBRL data from the Centuri Holdings, Inc. (CTRI) FY2025 10-K on SEC EDGAR. USD.
Centuri Holdings, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
Generated from the filing text; verify against the original. How to read a 10-K
Ask about this 10-K
Compare years, dig into a risk factor or check the numbers against insider trades and fund holders.