Short answer
TUTOR PERINI CORP (TPC) filed its fiscal 2025 10-K annual report with the SEC on Feb 26, 2026. It reported revenue of $5.5B (+28.1% year over year) and net income of $80M.
- Top risk flagged: Legal risk from $101.6 million non-cash charge due to October 2024 adverse arbitration decision on legacy California Civil bridge project
FY2025 key financial metrics · XBRL
- Revenue
- $5.5B
- +28.1% YoY
- Net income
- $80M
- +149.1% YoY
- Operating margin
- 4.2%
- +6.6 pp YoY
- Gross margin
- 11.7%
- +7.1 pp YoY
- EPS (diluted)
- $1.51
- +148.2% YoY
- ROE
- 6.6%
- +21.0 pp YoY
- Operating cash flow
- $748M
- +48.6% YoY
Source: XBRL data from the TUTOR PERINI CORP (TPC) FY2025 10-K on SEC EDGAR. USD.
TUTOR PERINI CORP FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: diversified general contracting, construction management, design-build services globally
- No new products, services, or segments introduced or emphasized this year
- Strategic positioning unchanged, continues focus on private customers and public agencies
- Employee count and R&D spend not disclosed; geographic presence in U.S. and territories
- Legacy dating to 1894 with formation via 2008 merger remains central to corporate identity
Management Discussion & Analysis
- Revenue $5.5B in 2025, up 28% YoY from $4.3B in 2024
- Operating margin 4.2% in 2025 ($232M income from operations on $5.5B revenue) vs loss margin in 2024 (-$103.8M); Civil segment best at 13.7% margin, Specialty Contractors worst at (0.9)% margin
- Civil revenue $2.85B (+34%), income from operations $390.9M vs $138.3M in 2024; Specialty Contractors revenue $844M (+43%), loss narrowed to $7.5M from $103.3M
- Operating cash flow record $748.1M in 2025; $121.9M Term Loan B debt prepaid; no dividend or buyback details disclosed
- Backlog $20.6B (+10%); strong future revenue visibility with $6B (29% backlog) expected in 2026; management expects continued favorable market with strong public funding and low competition for large projects
Risk Factors
- Legal risk from $101.6 million non-cash charge due to October 2024 adverse arbitration decision on legacy California Civil bridge project
- Geopolitical exposure includes $489.7 million (9%) 2025 revenue from international projects with risks like political instability and trade restrictions
- Supply chain vulnerability from performing extra work beyond initial contract scope causing disputes and significant cash flow constraints
- Competitive risk from shift to progressive design-build project delivery reducing margins and increasing competition in construction market
- Financial risk from $407.4 million total debt with restrictive covenants requiring two amendments due to leverage ratio compliance challenges
Generated from the filing text; verify against the original. How to read a 10-K
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