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Dec 31, 2025
Primoris Q4 2025 Earnings Report
Primoris Services Corporation reported record revenue and backlog for the fourth quarter and full year 2025.
Key Takeaways
Primoris achieved record annual revenue of $7.6 billion and a backlog of $11.9 billion. While Q4 revenue grew by 6.7%, net income and Adjusted EBITDA saw slight year-over-year declines due to increased costs in renewables and lower storm restoration work in the Utilities segment.
Full year 2025 revenue reached a record $7.6 billion, representing 19% year-over-year growth.
Total backlog reached $11.9 billion, driven by a 20.6% increase in Master Service Agreements (MSA) backlog.
Q4 operating income was pressured by challenging soil conditions in renewables projects and reduced high-margin storm work.
The company significantly strengthened its balance sheet, reducing interest expense by over 50% for the full year 2025.
Revenue by Segment
Forward Guidance
Primoris expects continued growth in 2026 with net income between $294 million and $305 million and Adjusted EBITDA rising to a range of $560 million to $580 million.
Positive Outlook
- Targeted segment gross margins of 10% to 12% for both Energy and Utilities.
- Projected Adjusted EPS of $5.80 to $6.00.
- Strong end markets and positioning to capitalize on renewables and natural gas generation.
- Estimated Adjusted EBITDA growth of approximately 5.4% to 9.2% over 2025.
- Significant MSA backlog providing long-term revenue visibility.
Challenges Ahead
- Expected increase in effective tax rate to approximately 29%.
- Anticipated SG&A expense as a percentage of revenue to increase to mid-to-high 5% range.
- Potential variability in state tax mix impacting earnings.
- Potential for continued challenging soil or weather conditions in renewables.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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