Primoris Services Corp (PRIM) FY2025 10-K Annual Report
Primoris Services Corp (PRIM) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 24, 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.
Primoris Services Corp FY2025 10-K Analysis
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 revenue or YoY change figures disclosed in this section
- • No profitability or margin percentages provided
- • No segment performance data available
- • 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
Primoris Services Corp FY2025 Key Financial MetricsXBRL
Revenue
$7.6B
▲ +19.0% YoY
Net Income
$275M
▲ +52.0% YoY
Gross Margin
10.7%
▼ -31bp YoY
Operating Margin
5.4%
▲ +45bp YoY
Net Margin
3.6%
▲ +79bp YoY
ROE
16.4%
▲ +352bp YoY
Total Assets
$4.4B
▲ +5.1% YoY
EPS (Diluted)
$5.02
▲ +51.7% YoY
Operating Cash Flow
$470M
▼ -7.5% YoY
Source: XBRL data from Primoris Services Corp FY2025 10-K filing on SEC EDGAR. All figures in USD.
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