TUTOR PERINI CORP (TPC) FY2025 10-K Annual Report
TUTOR PERINI CORP (TPC) 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.
TUTOR PERINI CORP FY2025 10-K Analysis
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
TUTOR PERINI CORP FY2025 Key Financial MetricsXBRL
Revenue
$5.5B
▲ +28.1% YoY
Net Income
$80M
▲ +149.1% YoY
Gross Margin
11.7%
▲ +713bp YoY
Operating Margin
4.2%
▲ +658bp YoY
Net Margin
1.5%
▲ +523bp YoY
ROE
6.6%
▲ +2103bp YoY
Total Assets
$5.2B
▲ +21.6% YoY
EPS (Diluted)
$1.51
▲ +148.2% YoY
Operating Cash Flow
$748M
▲ +48.6% YoY
Source: XBRL data from TUTOR PERINI CORP FY2025 10-K filing on SEC EDGAR. All figures in USD.
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