Earnings summaries and quarterly performance for Primoris Services.
Executive leadership at Primoris Services.
Board of directors at Primoris Services.
Research analysts who have asked questions during Primoris Services earnings calls.
Brent Thielman
D.A. Davidson
6 questions for PRIM
Also covers: AAON, ACA, APOG +27 more
AT
Adam Thalhimer
Thompson, Davis & Company, Inc.
4 questions for PRIM
Also covers: ACM, AZZ, CX +17 more
DC
Drew Chamberlain
JPMorgan Chase & Co.
4 questions for PRIM
Also covers: AGX, ARRY, CTRI +3 more
JR
Jerry Revich
Goldman Sachs Group Inc.
3 questions for PRIM
Also covers: AGCO, ALSN, ATMU +28 more
LJ
Lee Jagoda
CJS Securities
3 questions for PRIM
Also covers: GFF, HLMN, MODV +3 more
PL
Peter Lukas
CJS Securities
3 questions for PRIM
Also covers: ACVA, BWXT, CENT +5 more
SJ
Sangita Jain
KeyBanc Capital Markets
3 questions for PRIM
Also covers: ACM, CTRI, DY +10 more
SF
Steven Fisher
UBS
3 questions for PRIM
Also covers: ACM, AGCO, BBCP +23 more
AB
Adam Bubes
Goldman Sachs Group, Inc.
2 questions for PRIM
Also covers: ACM, CAMP, CLH +9 more
AU
Adam Uhlman
Goldman Sachs
2 questions for PRIM
BR
Brian Russo
Jefferies
2 questions for PRIM
Also covers: AEE, ALE, AVA +9 more
JO
Joseph Osha
Guggenheim Partners
2 questions for PRIM
Also covers: AMRC, ARRY, CHPT +12 more
Julio Romero
Sidoti & Company, LLC
2 questions for PRIM
Also covers: AAON, ACA, APOG +14 more
KG
Kevin Gainey
Thompson, Davis & Company, Inc.
2 questions for PRIM
Also covers: GLDD, GVA, GXO +3 more
PS
Philip Shen
ROTH MKM
2 questions for PRIM
Also covers: ARRY, CSIQ, DQ +13 more
AM
Aadit Madan
Mizuho
1 question for PRIM
AD
Alexander Dwyer
KeyBanc Capital Markets
1 question for PRIM
Also covers: EME, FIX, PSN
Alex Hantman
Sidoti & Company
1 question for PRIM
Also covers: AAON, ACA, ASTE +8 more
AJ
Avi Jaroslawicz
UBS Group
1 question for PRIM
Also covers: CNH, CTRI, EME +4 more
AJ
Avinatan Jaroslawicz
UBS
1 question for PRIM
Also covers: CMI, DY, MTZ +1 more
JA
Judah Aronovitz
UBS Group AG
1 question for PRIM
Also covers: ACM, FLR, J +2 more
Julien Dumoulin-Smith
Jefferies
1 question for PRIM
Also covers: AEE, AEP, AES +60 more
MS
Manish Samaya
Cantor Fitzgerald
1 question for PRIM
Also covers: PWR
MS
Manish Somaiya
Cantor
1 question for PRIM
Also covers: CTRI, ECG, MYRG +3 more
NH
Natalie Han
KeyBanc Capital Markets
1 question for PRIM
SD
Stephen D. Dumoulin-Smith
Jefferies
1 question for PRIM
SS
Stephen Smith
Jefferies
1 question for PRIM
William Dezellem
Tieton Capital Management
1 question for PRIM
Also covers: ACIC, ADTN, BGSF +15 more
Recent press releases and 8-K filings for PRIM.
Primoris Reports Record Full Year 2025 Results
PRIM
Earnings
Revenue Acceleration/Inflection
New Projects/Investments
- Primoris achieved record revenue, earnings, and total backlog for the full year 2025.
- For Q4 2025, revenue increased to $1,857.7 million from $1,741.3 million in Q4 2024, while Diluted EPS was $0.95 compared to $0.99 in Q4 2024.
- Full year 2025 revenue grew to $7,574.9 million from $6,366.8 million in 2024, with Diluted EPS significantly increasing to $5.02 from $3.31 in 2024.
- The company generated $470 million in cash flow from operations for the full year 2025, and maintained a trailing twelve-month net debt to EBITDA ratio of -0.1x.
- Renewables revenue reached $3.0 billion in 2025, including over $250 million from battery storage.
4 days ago
Primoris Services Reports Record 2025 Results and Provides Strong 2026 Guidance
PRIM
Earnings
Guidance Update
New Projects/Investments
- Primoris Services Corporation reported a strong Q4 and full year 2025, achieving record revenue, earnings, and backlog. Full year 2025 revenue reached almost $7.6 billion, an increase of $1.2 billion from the prior year, with gross profit rising by $110 million. The company concluded the year with over $11.9 billion in total backlog and a net cash positive position, holding $536 million in cash against $470 million in long-term debt.
- For Q4 2025, revenue increased almost 7% to almost $1.9 billion. However, gross profit declined by approximately 5% to $175 million, resulting in lower gross margins of 9.4% compared to 10.6% in the prior year. This decline was primarily attributed to cost overruns on certain renewables projects due to unanticipated ground conditions, with expectations for margin improvement in 2026.
- The company issued 2026 guidance, projecting earnings per fully diluted share between $5.35 and $5.55, and adjusted EPS between $5.80 and $6.00 per share. Adjusted EBITDA for 2026 is forecasted to be between $560 million and $580 million.
- Primoris is strategically positioned for future growth, driven by significant market demand in utility infrastructure, renewables (including a battery storage business that grew to over $250 million in 2025), and natural gas generation. The company is actively bidding on $1.5 billion to $2 billion in natural gas generation awards for the first half of 2026 and plans to invest in expanding its Premier PV (eBOS) business capacity in 2026.
4 days ago
Primoris Services Reports Q4 and Full-Year 2025 Results, Provides 2026 Guidance
PRIM
Earnings
Guidance Update
M&A
- Primoris Services reported Q4 2025 revenue of almost $1.9 billion, an increase of almost 7% year-over-year, and full-year 2025 revenue of almost $7.6 billion, up $1.2 billion, with Q4 gross margins at 9.4%.
- For the full year 2025, Gas Operations revenue reached $1 billion for the first time, and renewables grew over 50%. However, Q4 renewables margins were impacted by cost overruns on certain projects due to unanticipated rock and soil conditions.
- The company ended 2025 with a strong balance sheet, including $536 million in cash and a net cash positive position, and a total backlog of over $11.9 billion, with MSA backlog up over 20%.
- Primoris Services provided 2026 guidance, projecting earnings per fully diluted share between $5.35 and $5.55, and adjusted EBITDA between $560 million and $580 million.
- Management highlighted a focus on improving margins in power delivery, continued growth in natural gas generation, and a strategic approach to M&A to accelerate growth in subscale markets, leveraging its strong balance sheet.
4 days ago
Primoris Services Reports Record 2025 Results and Provides 2026 Guidance
PRIM
Earnings
Guidance Update
New Projects/Investments
- Primoris Services achieved record revenue, earnings, and backlog for the full year 2025, with total revenue reaching almost $7.6 billion.
- For Q4 2025, revenue was almost $1.9 billion, an increase of almost 7% year-over-year, though gross profit declined by approximately 5% to $175 million due to lower gross margins of 9.4%.
- The company concluded 2025 with over $11.9 billion in total backlog and a net cash positive position.
- Primoris provided 2026 guidance, expecting earnings per fully diluted share between $5.35 and $5.55, adjusted EPS between $5.80 and $6.00, and adjusted EBITDA between $560 million and $580 million.
- Growth in 2025 was driven by double-digit increases in both the Utility and Energy segments, with renewables growing over 50% and the battery storage business expanding to over $250 million.
4 days ago
Primoris Services Corporation Announces Q4 and Full Year 2025 Results and 2026 Outlook
PRIM
Earnings
Guidance Update
Dividends
- Primoris Services Corporation reported full year 2025 revenue of $7.6 billion, an increase of 19.0% from 2024, with net income of $274.9 million or $5.02 per diluted share, up 52.0%. For the fourth quarter of 2025, revenue was $1.9 billion, up 6.7% from Q4 2024, while net income decreased by 4.1% to $51.8 million, or $0.95 per diluted share.
- The company's total backlog reached $11.9 billion at December 31, 2025, an increase of $0.1 billion from year-end 2024.
- For full year 2026, Primoris expects net income between $294.0 million and $305.0 million, and EPS between $5.35 and $5.55 per diluted share. Adjusted EBITDA is projected to be $560 million to $580 million.
- The Board of Directors declared a cash dividend of $0.08 per share on February 17, 2026, payable around April 15, 2026.
4 days ago
Primoris Services Reports Q4 and Full Year 2025 Results, Declares Dividend
PRIM
Earnings
Dividends
Guidance Update
- Primoris Services declared a $0.08-per-share quarterly cash dividend on February 17, 2026.
- For Q4/CY2025, the company reported non-GAAP EPS of $1.08 and revenue of roughly $1.86–$1.9 billion, surpassing analyst expectations.
- Full year 2025 revenue reached $7.6 billion, an increase of approximately 19% year-over-year, with the company delivering record revenue, earnings, and backlog.
- While full-year profitability was strong with net income of $274.9 million, Q4 net income fell 4.1% to $51.8 million and adjusted EBITDA declined 7.2% to $108.2 million.
- Backlog reached approximately $11.95 billion, supporting management’s multi-year growth outlook.
4 days ago
Primoris Services Corporation Reports Strong Full Year 2025 Results and Provides 2026 Outlook
PRIM
Earnings
Guidance Update
Revenue Acceleration/Inflection
- Primoris Services Corporation achieved record revenue of $7.6 billion for the full year 2025, marking a 19.0% increase compared to 2024, driven by double-digit growth in the Energy and Utilities segments.
- Full year 2025 net income rose 52.0% to $274.9 million, or $5.02 per diluted share, while Adjusted EBITDA increased 22.0% to $531.1 million.
- For the fourth quarter of 2025, revenue grew 6.7% to $1.9 billion, though net income decreased 4.1% to $51.8 million, or $0.95 per diluted share, compared to the same period in 2024.
- The company's total backlog stood at $11.9 billion as of December 31, 2025, an increase of $0.1 billion from the prior year.
- For the full year 2026, Primoris anticipates Adjusted EPS to be between $5.80 and $6.00 and Adjusted EBITDA to range from $560 million to $580 million.
4 days ago
Primoris Discusses Growth Drivers, Margin Strategy, and M&A Outlook at CJS Conference
PRIM
New Projects/Investments
M&A
Guidance Update
- Primoris anticipates natural gas power generation to be its highest percentage growth driver, with a resurgence in the pipeline business expected to contribute significantly in 2026 and 2027, tracking $4.5 billion in projects. The solar PV business is projected to be flattish to down in 2026 before returning to growth in 2027.
- The company expects margin appreciation from a strategic shift in power delivery towards higher-margin transmission and substation work, and from more equitable contract terms in gas power generation projects.
- Primoris prioritizes organic growth and debt paydown, and is cautiously optimistic about a "nice acquisition" in 2026 as M&A opportunities improve, with typical multiples in the 8-10 times range.
- The company is also focusing on AI and automation in back-office processes to decouple SG&A growth from revenue growth.
Jan 14, 2026, 7:20 PM
Primoris Discusses Growth Drivers, Margin Appreciation, and Capital Allocation at CJS Conference
PRIM
New Projects/Investments
Revenue Acceleration/Inflection
M&A
- Primoris is strategically positioned in markets with long-term tailwinds, with natural gas generation and power delivery identified as major growth drivers over the next five to seven years. The company also anticipates a resurgence in its pipeline business in 2026 and 2027, with an opportunity funnel of approximately $4.5 billion in projects.
- The company expects margin appreciation from a mix shift in power delivery towards higher-margin transmission and substation work, and from the continued growth of natural gas generation and pipeline projects, which generally offer better-than-average margins. Structural improvements in the utilities business, such as better resource utilization and renegotiated contract terms, have also contributed to improved profitability.
- Primoris's capital allocation priorities are organic growth, debt reduction, M&A, and return of capital. The company is cautiously optimistic about a potential acquisition in 2026, as the quality of M&A opportunities has increased, with target multiples generally in the 8-10x range.
- The company is investing in AI and automation in 2025 and 2026 to build foundational capabilities, focusing on standardizing back-office processes to decouple SG&A growth from revenue growth and enhance efficiency.
Jan 14, 2026, 7:20 PM
Primoris Discusses Segment Performance, Growth Drivers, and Capital Allocation Strategy
PRIM
New Projects/Investments
Revenue Acceleration/Inflection
M&A
- Primoris, an engineering construction company, reported $2.7 billion in trailing 12-month revenue for its Utilities segment (power delivery, gas utility, communications) with 10%-12% target margins, and $4.9 billion for its Energy segment (renewables, natural gas power, pipeline, heavy civil).
- The company expects natural gas power generation to be its highest percentage growth driver, with pipeline also projected to become a more significant contributor in 2026 and 2027 due to a $4.5 billion project funnel. Solar PV is anticipated to be flat to slightly down in 2026 before resuming growth in 2027.
- Primoris's capital allocation strategy prioritizes organic growth, debt reduction, M&A, and return of capital. The company is cautiously optimistic about M&A opportunities in 2026, with typical acquisition multiples ranging from 8-10 times.
- The company is implementing AI and automation initiatives in 2025-2026 to standardize back-office processes, aiming to improve efficiency and decouple SG&A growth from revenue growth. It is also shifting its CapEx strategy, moving from 25% purchased and 75% leased last year to a 60% purchased and 40% leased split this year.
Jan 14, 2026, 7:20 PM
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