Earnings Releases·Nov 4, 2026, 4:16 PM ET

Tutor Perini — Third Quarter 2026 Earnings Summary

Q3 2026 revenue reached a record $1.7 billion (up 22% YoY), while income from construction operations surged 213% YoY to $125.4 million; adjusted EPS rose 59% YoY to $1.83, and diluted EPS increased 457% YoY to $0.39.
The Company raised full-year 2026 adjusted EPS guidance to $5.90–$6.10 (from $5.15–$5.45) and anticipates continued strong revenue and earnings growth in 2027 driven by a $20.4 billion backlog and a $200 billion-plus project pipeline.
Q3 new awards and contract adjustments totaled approximately $2.2 billion, achieving a book-to-burn ratio greater than 1.0x for the second consecutive quarter, with major additions including a $1.0 billion Civil segment project and $577 million in federal government work.
Capital allocation included $11.2 million in dividends and $30 million in stock repurchases during the first nine months of 2026; total debt decreased 1% to $404 million, while cash exceeded total debt by $707 million.
Management noted significant declines in share-based compensation expense expected in 2027 as liability-classified awards vest, though GAAP EPS guidance was omitted due to forecasting difficulties regarding these expenses.