Short answer
Primoris Services Corp (PRIM) filed its fiscal 2025 10-K annual report with the SEC on Feb 24, 2026. It reported revenue of $7.6B (+19.0% year over year) and net income of $275M.
- Top risk flagged: Regulatory risk from environmental laws delaying/cancelling pipeline projects, affecting timing of revenue recognition for Energy segment
FY2025 key financial metrics · XBRL
- Revenue
- $7.6B
- +19.0% YoY
- Net income
- $275M
- +52.0% YoY
- Operating margin
- 5.4%
- +0.4 pp YoY
- Gross margin
- 10.7%
- −0.3 pp YoY
- EPS (diluted)
- $5.02
- +51.7% YoY
- ROE
- 16.4%
- +3.5 pp YoY
- Operating cash flow
- $470M
- −7.5% YoY
Source: XBRL data from the Primoris Services Corp (PRIM) FY2025 10-K on SEC EDGAR. USD.
Primoris Services Corp FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: infrastructure construction and maintenance services for utilities and energy sectors in US and Canada
- New emphasis on renewable energy, energy storage, and electric transmission expansion within Energy segment
- Strategic focus sharpened on multi-year Master Service Agreements for recurring revenue and selective bidding to reduce project risk
- Workforce stability with skilled, cross-trained craft professionals supporting diverse project types across segments
- Continued investment in equipment ownership and long-term leasing to ensure competitive market position and cost control
Management Discussion & Analysis
- No profitability or margin percentages provided
- No cash flow, buyback, dividend, or capex information mentioned
- Key risks: potential tax rate increases affecting profitability and liquidity; $4.4M interest expense sensitivity to 1% interest rate change on variable debt; stock dilution risk from acquisitions, Employee Stock Purchase Plan (945,700 shares available), and 2023 Equity Incentive Plan (5.5M shares available); anti-takeover provisions may limit change of control benefits to stockholders
Risk Factors
- Regulatory risk from environmental laws delaying/cancelling pipeline projects, affecting timing of revenue recognition for Energy segment
- Macroeconomic exposure to inflation with $4.4M annual interest expense impact from 1% rate increase on variable rate debt at Dec 31, 2025
- Operational risk of $201.2M unapproved contract modifications, with $179.5M revenue recognized cumulatively, subject to negotiation and potential volatility
- Competitive risk from demand volatility in pipeline services driven by shale basin production declines and oil/gas price fluctuations
- Financial risk due to no economic hedging on variable rate debt as of Dec 31, 2025, exposing $4.4M interest expense change on 1% rate move
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.