Tutor Perini Corporation (TPC)

Tutor Perini Prices $400 Million of Senior Notes Due 2033June 23, 2026 4:15 PM
Business Wire Tutor Perini Corporation (NYSE: TPC) (the “Company”), a leading civil, building and specialty construction company, announced today that it has priced $400 million aggregate principal amount of 6.625% senior notes due 2033 (the “Notes”) in a private offering. The sale of the Notes is expected to be completed on or about July 2, 2026, subject to the satisfaction of customary closing conditions. The Notes will be senior unsecured obligations of the Company and will be guaranteed by each of its wholly owned domestic subsidiaries that guarantee its revolving credit facility. The Company intends to use the net proceeds from this offering, together with cash on hand, to redeem $400 million aggregate principal amount of its 11.875% Senior Notes due April 30, 2029 (the “2029 Notes”) and pay related premiums, accrued interest and fees and expenses associated with such redemption. The Company may temporarily invest amounts that are not immediately needed for these purposes in cash or cash equivalents or other short-term investments, including marketable securities. The Notes and related guarantees are being offered only to persons reasonably believed to be qualified institutional buyers in reliance on an exemption from registration pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and outside the United States in accordance with Regulation S under the Securities Act. The Notes and related guarantees have not been, and will not be, registered under the Securities Act, or the securities laws of any other jurisdiction, and may not be offered or sold in the United States without registration or an applicable exemption from registration requirements. This press release does not constitute a redemption notice with respect to the 2029 Notes and shall not constitute an offer to sell or the solicitation of an offer to buy the Notes and the related guarantees, nor shall there be any sale of the Notes and the related guarantees in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Any offers of the Notes and related guarantees will be made only by means of a private offering circular. About Tutor Perini Corporation Tutor Perini Corporation is a leading civil, building and specialty construction company offering diversified general contracting and design-build services to private customers and public agencies throughout the world. We have provided construction services since 1894 and have established a strong reputation within our markets by executing large, complex projects on time and within budget while adhering to strict safety and quality control measures. We offer general contracting, pre-construction planning and comprehensive project management services, and have strong expertise in delivering design-bid-build, design-build, construction management, and public-private partnership (P3) projects. We often self-perform multiple project components, including earthwork, excavation, concrete forming and placement, steel erection, electrical, mechanical, plumbing, heating, ventilation and air conditioning (HVAC), and fire protection. Note Regarding Forward-Looking Statements The statements contained in this press release that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on the Company’s current expectations and beliefs concerning future developments and their potential effects on the Company. While the Company’s expectations, beliefs and projections are expressed in good faith and the Company believes there is a reasonable basis for them, there can be no assurance that future developments affecting the Company will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the control of the Company) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to: this offering of the Notes may not be consummated on the terms described herein or at all, and we may not redeem the 2029 Notes; revisions of estimates of contract risks, revenue or costs; unfavorable outcomes of existing or future litigation or dispute resolution proceedings against us or customers (project owners, developers, general contractors, etc.), subcontractors or suppliers, as well as failure to promptly recover significant working capital invested in projects subject to such matters; contract requirements to perform extra work beyond the initial project scope, which has and in the future could result in disputes or claims and adversely affect our working capital, profits and cash flows; economic factors, such as inflation, tariffs, the timing of new awards, or the pace of project execution, which have resulted and may continue to result in losses or lower than anticipated profit; risks and other uncertainties associated with estimates and assumptions used to prepare our financial statements; a significant slowdown or decline in economic conditions, such as those presented during a recession; failure to meet contractual schedule requirements, which could result in higher costs and reduced profits or, in some cases, exposure to financial liability for liquidated damages and/or damages to customers, as well as damage to our reputation; decreases or delays in the level of federal, state and local government spending for infrastructure and other public projects; possible systems and information technology interruptions and breaches in data security and/or privacy; the impact of inclement weather conditions, disasters and other catastrophic events outside of our control; risks related to government contracts (including government shutdowns and funding considerations) and related procurement regulations; risks related to our international operations, such as uncertainty of U.S. government funding, as well as economic, political, regulatory and other risks, including risks of loss due to acts of war, labor conditions and other unforeseeable events in countries where we do business, which could adversely affect our revenue and earnings; inability to attract and retain our key officers, and to adequately plan for their succession, and hire and retain personnel required to execute and perform on our contracts; failure of our joint venture partners to perform their venture obligations, which could impose additional financial and performance obligations on us, resulting in reduced profits or losses and/or reputational harm; client cancellations of, delays in, or reductions in scope under contracts reported in our backlog, as well as prospective project opportunities, including as a result of government-related mandates; increased competition and failure to secure new contracts; significant fluctuations in the market price of our common stock, which could result in substantial losses for shareholders and potentially subject us to securities litigation; violations of the U.S. Foreign Corrupt Practices Act and similar worldwide anti-bribery laws; public health crises, such as COVID-19, have adversely impacted, and could in the future adversely impact, our business, financial condition and results of operations by, among other things, delaying the timing of project bids and/or awards and the timing of dispute resolutions and associated collections; we cannot guarantee the timing, amount, or payment of dividends on our common stock or that we will repurchase our common stock pursuant to our stock repurchase program; failure to meet our obligations under our debt agreements; downgrades in our credit ratings; the exertion of influence over the Company by our executive chairman due to his position and significant ownership interests; impairment of goodwill or other indefinite-lived intangible assets; physical and regulatory risks related to climate change; our ability to refinance our Senior Notes due 2029, including the timing and terms of a refinancing process, is subject to market and other conditions and may not be successful or may be completed on terms less favorable to the Company than currently anticipated; an inability to obtain bonding could have a negative impact on our operations and results; and other risks and uncertainties discussed under the heading “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 filed on February 26, 2026 and in other reports that we file with the Securities and Exchange Commission from time to time. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. View source version on businesswire.com: https://www.businesswire.com/news/home/20260623999205/en/ Tutor Perini Corporation
Jorge Casado, 818-362-8391
Senior Vice President, Investor Relations and Corporate Communications Original: Tutor Perini Prices $400 Million of Senior Notes Due 2033

Tutor Perini Announces Proposed Offering of $400 Million of Senior Notes Due 2033June 22, 2026 7:39 AM
Business Wire Tutor Perini Corporation (NYSE: TPC) (the “Company”), a leading civil, building and specialty construction company, announced today that it is offering $400 million aggregate principal amount of senior notes due 2033 (the “Notes”) in a private offering. The Notes will be senior unsecured obligations of the Company and will be guaranteed by each of its wholly owned domestic subsidiaries that guarantee its revolving credit facility. The Company intends to use the net proceeds from this offering, together with cash on hand, to redeem $400 million aggregate principal amount of its 11.875% Senior Notes due April 30, 2029 (the “2029 Notes”) and pay related premiums, accrued interest and fees and expenses associated with such redemption. The Company may temporarily invest amounts that are not immediately needed for these purposes in cash or cash equivalents or other short-term investments, including marketable securities. The Notes and related guarantees are being offered only to persons reasonably believed to be qualified institutional buyers in reliance on an exemption from registration pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and outside the United States in accordance with Regulation S under the Securities Act. The Notes and related guarantees have not been, and will not be, registered under the Securities Act, or the securities laws of any other jurisdiction, and may not be offered or sold in the United States without registration or an applicable exemption from registration requirements. This press release does not constitute a redemption notice with respect to the 2029 Notes and shall not constitute an offer to sell or the solicitation of an offer to buy the Notes and the related guarantees, nor shall there be any sale of the Notes and the related guarantees in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Any offers of the Notes and related guarantees will be made only by means of a private offering circular. About Tutor Perini Corporation Tutor Perini Corporation is a leading civil, building and specialty construction company offering diversified general contracting and design-build services to private customers and public agencies throughout the world. We have provided construction services since 1894 and have established a strong reputation within our markets by executing large, complex projects on time and within budget while adhering to strict safety and quality control measures. We offer general contracting, pre-construction planning and comprehensive project management services, and have strong expertise in delivering design-bid-build, design-build, construction management, and public-private partnership (P3) projects. We often self-perform multiple project components, including earthwork, excavation, concrete forming and placement, steel erection, electrical, mechanical, plumbing, heating, ventilation and air conditioning (HVAC), and fire protection. Note Regarding Forward-Looking Statements The statements contained in this press release that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on the Company’s current expectations and beliefs concerning future developments and their potential effects on the Company. While the Company’s expectations, beliefs and projections are expressed in good faith and the Company believes there is a reasonable basis for them, there can be no assurance that future developments affecting the Company will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the control of the Company) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to: this offering of the Notes may not be consummated on the terms described herein or at all, and we may not redeem the 2029 Notes; revisions of estimates of contract risks, revenue or costs; unfavorable outcomes of existing or future litigation or dispute resolution proceedings against us or customers (project owners, developers, general contractors, etc.), subcontractors or suppliers, as well as failure to promptly recover significant working capital invested in projects subject to such matters; contract requirements to perform extra work beyond the initial project scope, which has and in the future could result in disputes or claims and adversely affect our working capital, profits and cash flows; economic factors, such as inflation, tariffs, the timing of new awards, or the pace of project execution, which have resulted and may continue to result in losses or lower than anticipated profit; risks and other uncertainties associated with estimates and assumptions used to prepare our financial statements; a significant slowdown or decline in economic conditions, such as those presented during a recession; failure to meet contractual schedule requirements, which could result in higher costs and reduced profits or, in some cases, exposure to financial liability for liquidated damages and/or damages to customers, as well as damage to our reputation; decreases or delays in the level of federal, state and local government spending for infrastructure and other public projects; possible systems and information technology interruptions and breaches in data security and/or privacy; the impact of inclement weather conditions, disasters and other catastrophic events outside of our control; risks related to government contracts (including government shutdowns and funding considerations) and related procurement regulations; risks related to our international operations, such as uncertainty of U.S. government funding, as well as economic, political, regulatory and other risks, including risks of loss due to acts of war, labor conditions and other unforeseeable events in countries where we do business, which could adversely affect our revenue and earnings; inability to attract and retain our key officers, and to adequately plan for their succession, and hire and retain personnel required to execute and perform on our contracts; failure of our joint venture partners to perform their venture obligations, which could impose additional financial and performance obligations on us, resulting in reduced profits or losses and/or reputational harm; client cancellations of, delays in, or reductions in scope under contracts reported in our backlog, as well as prospective project opportunities, including as a result of government-related mandates; increased competition and failure to secure new contracts; significant fluctuations in the market price of our common stock, which could result in substantial losses for shareholders and potentially subject us to securities litigation; violations of the U.S. Foreign Corrupt Practices Act and similar worldwide anti-bribery laws; public health crises, such as COVID-19, have adversely impacted, and could in the future adversely impact, our business, financial condition and results of operations by, among other things, delaying the timing of project bids and/or awards and the timing of dispute resolutions and associated collections; we cannot guarantee the timing, amount, or payment of dividends on our common stock or that we will repurchase our common stock pursuant to our stock repurchase program; failure to meet our obligations under our debt agreements; downgrades in our credit ratings; the exertion of influence over the Company by our executive chairman due to his position and significant ownership interests; impairment of goodwill or other indefinite-lived intangible assets; physical and regulatory risks related to climate change; our ability to refinance our Senior Notes due 2029, including the timing and terms of a refinancing process, is subject to market and other conditions and may not be successful or may be completed on terms less favorable to the Company than currently anticipated; an inability to obtain bonding could have a negative impact on our operations and results; and other risks and uncertainties discussed under the heading “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 filed on February 26, 2026 and in other reports that we file with the Securities and Exchange Commission from time to time. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. View source version on businesswire.com: https://www.businesswire.com/news/home/20260619470067/en/ Tutor Perini Corporation
Jorge Casado, 818-362-8391
Senior Vice President, Investor Relations and Corporate Communications Original: Tutor Perini Announces Proposed Offering of $400 Million of Senior Notes Due 2033

Tutor Perini Backlog Bolstered with Award of $651.8 Million Project to Modernize and Protect Critical Power Infrastructure on Naval Base GuamJune 11, 2026 8:00 AM
Business Wire Tutor Perini Corporation (NYSE: TPC) (the “Company”), a leading civil, building and specialty construction company, announced today that it has been awarded a task order valued at approximately $651.8 million by the Naval Facilities Engineering Systems Command (NAVFAC) Pacific for Project P-1181, Harden Critical Feeders on Naval Base Guam. The project was awarded under NAVFAC Pacific’s Facilities and Infrastructure Multiple Award Construction Contract. The purpose of the project is to replace existing primary and secondary overhead electrical distribution feeders with new underground circuit conductors within concrete-encased duct banks to improve electrical system resiliency and reliability for facilities on Naval Base Guam. The project will be executed through a joint venture involving the Company and its Guam-based wholly owned subsidiary, Black Construction Corporation. Gary Smalley, Tutor Perini’s CEO and President commented, “This new award represents our latest major project in Guam, and we are continuing to pursue various other significant opportunities there and throughout the Indo-Pacific region. We are pleased to continue supporting the U.S. government’s infrastructure priorities, including those under the Pacific Deterrence Initiative.” Design will begin in August 2026 with construction to begin in April 2027. Substantial completion is anticipated in June 2031. The task order value will be included in the Company’s backlog for the second quarter of 2026. About Tutor Perini Corporation Tutor Perini Corporation is a leading civil, building and specialty construction company offering diversified general contracting and design-build services to private customers and public agencies throughout the world. We have provided construction services since 1894 and have established a strong reputation within our markets by executing large, complex projects on time and within budget while adhering to strict safety and quality control measures. We offer general contracting, pre-construction planning and comprehensive project management services, and have strong expertise in delivering design-bid-build, design-build, construction management, and public-private partnership (P3) projects. We often self-perform multiple project components, including earthwork, excavation, concrete forming and placement, steel erection, electrical, mechanical, plumbing, heating, ventilation and air conditioning (HVAC), and fire protection. View source version on businesswire.com: https://www.businesswire.com/news/home/20260609660993/en/ Tutor Perini Corporation
Jorge Casado, 818-362-8391
Senior Vice President, Investor Relations and Corporate Communications
www.tutorperini.com Original: Tutor Perini Backlog Bolstered with Award of $651.8 Million Project to Modernize and Protect Critical Power Infrastructure on Naval Base Guam

Roy Anderson Corp Awarded $114 Million Jones Hall Project at the University of MississippiJune 9, 2026 12:00 PM
Business WireTutor Perini Corporation (NYSE: TPC) (the “Company”), a leading civil, building and specialty construction company, announced today that its subsidiary, Roy Anderson Corp, has been awarded a contract valued at approximately $114 million for the Jones Hall Project at the University of Mississippi (“Ole Miss”) in Oxford, MS.This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260608291392/en/Rendering of Jones Hall at the University of Mississippi (Ole Miss) (Source: University of Mississippi Foundation)The scope of work includes construction of a new four-story, approximately 110,000-square-foot academic facility that will serve as the home of the nationally recognized Patterson School of Accountancy. Located adjacent to the university's iconic Grove, the project includes modern classrooms, auditoriums, collaborative learning spaces, faculty and administrative offices, and student support areas designed to accommodate future program growth and enhance the educational experience for generations of Ole Miss students.Work is expected to commence in June 2026 with substantial completion anticipated in December 2028. The contract value will be reflected in the Company's backlog for the second quarter of 2026.About Tutor Perini CorporationTutor Perini Corporation is a leading civil, building and specialty construction company offering diversified general contracting and design-build services to private customers and public agencies throughout the world. We have provided construction services since 1894 and have established a strong reputation within our markets by executing large, complex projects on time and within budget while adhering to strict safety and quality control measures. We offer general contracting, pre-construction planning and comprehensive project management services, and have strong expertise in delivering design-bid-build, design-build, construction management, and public-private partnership (P3) projects. We often self-perform multiple project components, including earthwork, excavation, concrete forming and placement, steel erection, electrical, mechanical, plumbing, heating, ventilation and air conditioning (HVAC), and fire protection.View source version on businesswire.com: https://www.businesswire.com/news/home/20260608291392/en/Tutor Perini Corporation
Jorge Casado, 818-362-8391
Senior Vice President, Investor Relations and Corporate Communications
www.tutorperini.com Original: Roy Anderson Corp Awarded $114 Million Jones Hall Project at the University of Mississippi

Fisk Electric Awarded $48 Million Electrical Project for Advanced Manufacturing and Data Center Infrastructure Facility in HoustonJune 8, 2026 10:59 AM
Business Wire Tutor Perini Corporation (NYSE: TPC) (the “Company”), a leading civil, building and specialty construction company, announced today that its subsidiary, Fisk Electric Company (“Fisk”), has been awarded an electrical project for an advanced manufacturing and data center infrastructure facility in Houston, TX. The contract value is approximately $48 million. The project encompasses 115,000 square feet of space within a 273,000 gross-square-foot facility and is being delivered on a fast-paced schedule with completion targeted by the end of 2026. The facility manufactures and assembles high-tech electronics and data center infrastructure products with a heavy focus on AI-related hardware, requiring highly reliable, scalable, and resilient electrical systems to support next-generation manufacturing environments. Fisk’s electrical scope of work supports advanced production and AI hardware assembly, emphasizing power density, system redundancy, and future expandability. Due to the aggressive schedule and technical complexity, the project team is executing overlapping phases of design coordination, procurement, and construction to maintain schedule certainty while meeting strict quality and safety standards. The contract value will be reflected in the Company's backlog for the second quarter of 2026. About Tutor Perini Corporation Tutor Perini Corporation is a leading civil, building and specialty construction company offering diversified general contracting and design-build services to private customers and public agencies throughout the world. We have provided construction services since 1894 and have established a strong reputation within our markets by executing large, complex projects on time and within budget while adhering to strict safety and quality control measures. We offer general contracting, pre-construction planning and comprehensive project management services, and have strong expertise in delivering design-bid-build, design-build, construction management, and public-private partnership (P3) projects. We often self-perform multiple project components, including earthwork, excavation, concrete forming and placement, steel erection, electrical, mechanical, plumbing, heating, ventilation and air conditioning (HVAC), and fire protection. View source version on businesswire.com: https://www.businesswire.com/news/home/20260605936408/en/ Tutor Perini Corporation
Jorge Casado, 818-362-8391
Senior Vice President, Investor Relations and Corporate Communications
www.tutorperini.com Original: Fisk Electric Awarded $48 Million Electrical Project for Advanced Manufacturing and Data Center Infrastructure Facility in Houston

Perini Management Services, Inc. Awarded $81.8 Million U.S. Coast Guard Family Housing Project in Kodiak, AKMay 27, 2026 4:40 PM
Business Wire Tutor Perini Corporation (NYSE: TPC) (the “Company”), a leading civil, building and specialty construction company, announced today that its subsidiary, Perini Management Services, Inc. (PMSI), has been awarded a contract valued at approximately $81.8 million by the U.S. Coast Guard (USCG), for the design and construction of the Family Housing Phase IV and Aviation Hill Water Tank at Nemetz Park Site, USCG Base Kodiak in Alaska. The project scope of work includes design and construction of 30 family housing units (20 three-bedroom and 10 four-bedroom units) in 15 duplex configurations. The project includes demolition, utilities, roads, sidewalks, and other site improvements. The project also includes the replacement of the existing 653,800-gallon Aviation Hill water storage tank and associated tie-ins to the Base Kodiak water system to support fire protection and domestic water services. Work is expected to begin immediately with substantial completion anticipated in November 2028. The contract value will be added to the Company’s backlog in the second quarter of 2026. About Tutor Perini Corporation Tutor Perini Corporation is a leading civil, building and specialty construction company offering diversified general contracting and design-build services to private customers and public agencies throughout the world. We have provided construction services since 1894 and have established a strong reputation within our markets by executing large, complex projects on time and within budget while adhering to strict safety and quality control measures. We offer general contracting, pre-construction planning and comprehensive project management services, and have strong expertise in delivering design-bid-build, design-build, construction management, and public-private partnership (P3) projects. We often self-perform multiple project components, including earthwork, excavation, concrete forming and placement, steel erection, electrical, mechanical, plumbing, heating, ventilation and air conditioning (HVAC), and fire protection. View source version on businesswire.com: https://www.businesswire.com/news/home/20260527487929/en/ Tutor Perini Corporation
Jorge Casado, 818-362-8391
Senior Vice President, Investor Relations and Corporate Communications
www.tutorperini.com Original: Perini Management Services, Inc. Awarded $81.8 Million U.S. Coast Guard Family Housing Project in Kodiak, AK

Perini Management Services, Inc. Awarded $61.6 Million Child Development Center ProjectMay 18, 2026 11:52 AM
Business Wire Tutor Perini Corporation (NYSE: TPC) (the “Company”), a leading civil, building and specialty construction company, announced today that its subsidiary, Perini Management Services, Inc. (PMSI), has been awarded a contract valued at approximately $61.6 million by the U.S. Coast Guard (USCG), for the design and construction of a new Child Development Center (CDC) at USCG Base Kodiak in Alaska. The contract includes the design and construction of a Child Development Center with capacity for 232 children, totaling approximately 34,000 square feet. The scope of work also includes site development, utility installations, outdoor play areas, parking facilities, and supporting site improvements necessary for CDC operations. Additional work includes demolition of existing housing structures, environmental compliance activities, and required permitting and approvals. Work is expected to commence in May 2026 with substantial completion anticipated in January 2029. The contract value will be added to the Company’s backlog in the second quarter of 2026. About Tutor Perini Corporation Tutor Perini Corporation is a leading civil, building and specialty construction company offering diversified general contracting and design-build services to private customers and public agencies throughout the world. We have provided construction services since 1894 and have established a strong reputation within our markets by executing large, complex projects on time and within budget while adhering to strict safety and quality control measures. We offer general contracting, pre-construction planning and comprehensive project management services, and have strong expertise in delivering design-bid-build, design-build, construction management, and public-private partnership (P3) projects. We often self-perform multiple project components, including earthwork, excavation, concrete forming and placement, steel erection, electrical, mechanical, plumbing, heating, ventilation and air conditioning (HVAC), and fire protection. View source version on businesswire.com: https://www.businesswire.com/news/home/20260515924149/en/ Tutor Perini Corporation
Jorge Casado, 818-362-8391
Senior Vice President, Investor Relations and Corporate Communications
www.tutorperini.com Original: Perini Management Services, Inc. Awarded $61.6 Million Child Development Center Project

Rudolph and Sletten Awarded Contract for Sutter’s Advanced Orthopedics & Sports Medicine Care ComplexMay 13, 2026 12:00 PM
Business Wire Tutor Perini Corporation (NYSE: TPC) (the “Company”), a leading civil, building and specialty construction company, announced today that its subsidiary, Rudolph and Sletten, has been awarded a contract by Sutter Health for its future Advanced Orthopedics & Sports Medicine Care Complex in Sacramento, California. The project scope of work includes the conversion of the existing 660 J Street office building into a new approximately 120,000 square-foot ambulatory surgical center and medical office building to help meet growing demand for Sutter’s advanced orthopedics and sports medicine capabilities. The new facility will help enhance access for patients through expanded medical offices and exam rooms, concussion clinics, a performance lab, physical therapy, and spaces for research, as well as five operating rooms, sterile processing and advanced imaging areas. The project will include significant structural upgrades to the existing cast-in-place post-tensioned structure to meet current seismic requirements. All new mechanical, electrical and plumbing systems will replace the existing building systems. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260512319504/en/Rendering of the Sutter Health Advanced Orthopedics & Sports Medicine Care Complex (Source: Cushman and Wakefield) Pre-construction work on this project commenced in the spring of 2025 and the project recently entered the construction phase with substantial completion anticipated in the fall of 2027. The undisclosed contract value was reflected in the Company’s backlog at the end of the first quarter of 2026. About Rudolph and Sletten In the last six decades, Rudolph and Sletten has constructed thousands of projects across our five California offices, from research centers designed to cure diseases, to institutions that educate future generations of leadership. As we have grown, we have built all aspects of life science, higher education, health care, high-tech, government and everything in between. Our success is owed to our diverse, talented personnel combined with our technological expertise, honest estimates, innovative schedules and ethical business practices. Headquartered in Menlo Park, Rudolph and Sletten has regional offices in Roseville, Irvine, Los Angeles and San Diego, California. About Tutor Perini Corporation Tutor Perini Corporation is a leading civil, building and specialty construction company offering diversified general contracting and design-build services to private customers and public agencies throughout the world. We have provided construction services since 1894 and have established a strong reputation within our markets by executing large, complex projects on time and within budget while adhering to strict safety and quality control measures. We offer general contracting, pre-construction planning and comprehensive project management services, and have strong expertise in delivering design-bid-build, design-build, construction management, and public-private partnership (P3) projects. We often self-perform multiple project components, including earthwork, excavation, concrete forming and placement, steel erection, electrical, mechanical, plumbing, heating, ventilation and air conditioning (HVAC), and fire protection. View source version on businesswire.com: https://www.businesswire.com/news/home/20260512319504/en/ Tutor Perini Corporation
Jorge Casado, 818-362-8391
Senior Vice President, Investor Relations and Corporate Communications
www.tutorperini.com Original: Rudolph and Sletten Awarded Contract for Sutter’s Advanced Orthopedics & Sports Medicine Care Complex

Tutor Perini Declares Quarterly DividendMay 6, 2026 4:16 PM
Business Wire Tutor Perini Corporation (NYSE: TPC), a leading civil, building and specialty construction company, announced today that its Board of Directors has declared a quarterly cash dividend in the amount of $0.06 per share of Tutor Perini common stock payable on June 4, 2026, to shareholders of record as of the close of business on May 21, 2026. About Tutor Perini Corporation Tutor Perini Corporation is a leading civil, building and specialty construction company offering diversified general contracting and design-build services to private customers and public agencies throughout the world. We have provided construction services since 1894 and have established a strong reputation within our markets by executing large, complex projects on time and within budget while adhering to strict safety and quality control measures. We offer general contracting, pre-construction planning and comprehensive project management services, and have strong expertise in delivering design-bid-build, design-build, construction management, and public-private partnership (P3) projects. We often self-perform multiple project components, including earthwork, excavation, concrete forming and placement, steel erection, electrical, mechanical, plumbing, heating, ventilation and air conditioning (HVAC), and fire protection. View source version on businesswire.com: https://www.businesswire.com/news/home/20260506883459/en/ Tutor Perini Corporation
Jorge Casado, 818-362-8391
Senior Vice President, Investor Relations and Corporate Communications www.tutorperini.com Original: Tutor Perini Declares Quarterly Dividend

Tutor Perini Announces Conference Call to Discuss First Quarter 2026 ResultsApril 28, 2026 11:03 AM
Business Wire
Tutor Perini Corporation (NYSE: TPC) (the “Company”), a leading civil, building and specialty construction company, announced today that it will host a conference call at 2:00 PM Pacific Time on Wednesday, May 6, 2026, to discuss the Company's first quarter 2026 results.


Participants on the call from Tutor Perini will be Gary Smalley, CEO and President; Ryan Soroka, Executive Vice President and CFO; and Ronald Tutor, Executive Chairman. The Company plans to issue its earnings announcement the same day after the market close.


To participate in the conference call, please dial 877-407-8293 five to ten minutes prior to the scheduled time. International callers should dial +1-201-689-8349.


The conference call will be webcast live over the Internet and can be accessed by all interested parties on Tutor Perini's website at www.tutorperini.com. To listen to the webcast, please visit Tutor Perini's website at least fifteen minutes prior to the start of the call to register and to download and install any necessary software. For those unable to participate during the live call, the webcast will be available for replay shortly after the call on Tutor Perini's website.


About Tutor Perini Corporation


Tutor Perini Corporation is a leading civil, building and specialty construction company offering diversified general contracting and design-build services to private customers and public agencies throughout the world. We have provided construction services since 1894 and have established a strong reputation within our markets by executing large, complex projects on time and within budget while adhering to strict safety and quality control measures. We offer general contracting, pre-construction planning and comprehensive project management services, and have strong expertise in delivering design-bid-build, design-build, construction management, and public-private partnership (P3) projects. We often self-perform multiple project components, including earthwork, excavation, concrete forming and placement, steel erection, electrical, mechanical, plumbing, heating, ventilation and air conditioning (HVAC), and fire protection.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260427940578/en/
Tutor Perini Corporation

Jorge Casado, 818-362-8391

Senior Vice President, Investor Relations & Corporate Communications

www.tutorperini.com


Original: Tutor Perini Announces Conference Call to Discuss First Quarter 2026 Results

Perini Management Services, Inc. Awarded the Right to Compete for Task Orders Under $2 Billion USACE Energy Resilience and Conservation Investment ProgramApril 27, 2026 12:00 PM
Business Wire
Tutor Perini Corporation (NYSE: TPC) (the “Company”), a leading civil, building and specialty construction company, announced today that its subsidiary, Perini Management Services, Inc. (“PMSI”), has been awarded a construction multiple-award task order contract (“MATOC”) by the U.S. Army Corps of Engineers (“USACE”), Louisville District. The contract provides a shared capacity of $2 billion over 10 years (a three-year base period and seven one-year option periods) for design-build and design-bid-build construction services supporting the Energy Resilience and Conservation Investment Program (“ERCIP”) nationwide.


This MATOC enables PMSI to compete for task orders under the ERCIP, and the scope of services may include the construction of new electrical and water infrastructure, as well as the repair, replacement, and modification of existing systems at U.S. military facilities within the contiguous United States and the Commonwealth of Puerto Rico.


Electrical infrastructure projects may include components such as fossil fuel electrical power generation and cogeneration; solar photovoltaic power generation; power distribution, switching, and protective devices; and microgrid communications and control systems. Water infrastructure projects may include components such as water distribution lines, water purification systems, water storage tanks, and smart water grids.


This ERCIP MATOC award strengthens PMSI’s position within the federal market and enables PMSI to continue supporting USACE’s mission-critical energy and utility infrastructure programs nationwide.


About Tutor Perini Corporation


Tutor Perini Corporation is a leading civil, building and specialty construction company offering diversified general contracting and design-build services to private customers and public agencies throughout the world. We have provided construction services since 1894 and have established a strong reputation within our markets by executing large, complex projects on time and within budget while adhering to strict safety and quality control measures. We offer general contracting, pre-construction planning and comprehensive project management services, and have strong expertise in delivering design-bid-build, design-build, construction management, and public-private partnership (P3) projects. We often self-perform multiple project components, including earthwork, excavation, concrete forming and placement, steel erection, electrical, mechanical, plumbing, heating, ventilation and air conditioning (HVAC), and fire protection.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260427422507/en/
Tutor Perini Corporation

Jorge Casado, 818-362-8391

Senior Vice President, Investor Relations and Corporate Communications

www.tutorperini.com


Original: Perini Management Services, Inc. Awarded the Right to Compete for Task Orders Under $2 Billion USACE Energy Resilience and Conservation Investment Program

Tutor Perini Reports Strong Fourth Quarter and Full Year 2025 ResultsFebruary 26, 2026 4:15 PM
Business Wire

Record operating cash flow of $748.1 million in 2025, up 49% Y/Y



Record revenue of $5.5 billion in 2025, up 28% Y/Y



Income from construction operations of $232.0 million in 2025, up significantly compared to a loss from construction operations of $103.8 million in 2024, reflecting continued strong operating performance and contributions from higher-margin projects



Diluted earnings per share (“EPS”) of $1.51 in 2025, up substantially compared to a diluted loss per share of $3.13 in 2024



Adjusted EPS of $4.29 in 2025, up significantly compared to adjusted diluted loss per share of $2.37 in 2024



Reduced total debt by $126.8 million, or 24%, during 2025



Strong backlog of $20.6 billion as of December 31, 2025, up 10% Y/Y, driven by $7.4 billion of new awards and contract adjustments in 2025



Provides 2026 guidance, including double-digit revenue growth and adjusted EPS range of $4.90 to $5.30



Tutor Perini Corporation (the “Company”) (NYSE: TPC), a leading civil, building and specialty construction company, reported results today for the fourth quarter and year ended December 31, 2025 (see attached tables).


Fourth Consecutive Year of Record Operating Cash Flow


Tutor Perini delivered its fourth consecutive year of record operating cash flow, generating $748.1 million of net cash provided by operating activities in 2025, which was up 49% year-over-year, shattering the previous record of $503.5 million set in 2024. The strong increase in 2025, as compared to 2024, was primarily driven by strong collections on newer and ongoing projects, reflecting a significant increase in project execution and improved working capital management, with additional contributions from the resolution of certain legacy matters.


The Company utilized a portion of its strong cash flow in 2025 to pay down its total debt by $126.8 million, or 24%, since the end of 2024, including the full payoff of its Term Loan B in the first quarter of 2025.


Solid Revenue Growth Across All Segments in 2025


Revenue for 2025 was $5.5 billion, up 28% compared to 2024 and the Company’s highest annual revenue ever. Revenue for the Civil, Building, and Specialty Contractors segments grew 34%, 15%, and 43%, respectively, in 2025, driven by increased project execution activities on certain large, newer projects in the Northeast, Hawaii, and Guam. The Civil segment’s annual revenue was also its highest ever.


Returned to Strong Profitability in 2025


Income from construction operations for 2025 was $232.0 million, up significantly compared to a loss from construction operations of $103.8 million in 2024. The increase was principally due to higher-margin contributions related to the increased project execution activities discussed above, as well as the absence of certain net unfavorable adjustments that impacted results for 2024. The Company's income from construction operations for 2025 reflected a $109.6 million ($2.02 per diluted share, net of associated tax benefit) increase in share-based compensation expense compared to 2024, primarily due to the significant increase in the Company’s stock price, which was up 177% in 2025, affecting the fair value of liability-classified awards. Share-based compensation expense is expected to decrease in 2026 and decline much more significantly in 2027, as some of these awards have recently vested and most of the remaining liability-classified awards will vest by the end of 2026.


Net income attributable to the Company for 2025 was $80.4 million, or EPS of $1.51, up substantially compared to net loss attributable to the Company of $163.7 million, or a $3.13 diluted loss per share, for 2024. Adjusted net income attributable to the Company, which excludes the impact of share-based compensation expense, net of associated tax benefit, for 2025 was $229.1 million, or $4.29 of adjusted EPS, compared to adjusted net loss attributable to the Company, which also excludes the impact of share-based compensation expense, net of associated tax benefit, of $124.0 million, or $2.37 of adjusted diluted loss per share, for 2024. Please refer to the Non-GAAP Financial Measures section below for further information and a reconciliation of the Company's financial results reported under generally accepted accounting principles in the United States (“GAAP”) to the reported adjusted results.


Robust Backlog with Significant Bidding Opportunities Ahead


Consolidated backlog was $20.6 billion as of December 31, 2025, up 10% compared to $18.7 billion as of December 31, 2024. New awards and contract adjustments in 2025 totaled $7.4 billion, and the largest additions included:



$1.87 billion Midtown Bus Terminal Replacement - Phase 1 project in New York;



$1.18 billion Manhattan Tunnel project in New York;



Healthcare facility project in California valued at approximately $1 billion;



$538 million healthcare project in California;



$241 million of additional funding for the Apra Harbor Waterfront Repairs project in Guam;



$182 million military defense project in Guam;



$155 million education facility project in California;



$131 million of additional funding for an electrical project in Texas; and



Another electrical project in Texas valued at more than $100 million.



The Company anticipates booking approximately $1 billion into backlog later this year for the finished trades scope of work for Phase 1 of the Midtown Bus Terminal project in New York City. In addition, Rudolph and Sletten, the Company’s subsidiary, was recently selected for a large new multi-billion-dollar healthcare project in California, which is currently in the preconstruction phase. The Company expects to book significant additional backlog as this and several other Building segment projects also currently in the preconstruction phase advance to the construction phase over the next several years.


The Company continues to have considerable Civil and Building segment bidding opportunities that it expects to pursue over the next 12 to 18 months. These include, among others, the multi-billion-dollar Penn Station Transformation project in New York, Newark-Liberty International Airport Terminal B in New Jersey, the Metro Gold Line Foothill Extension, the Sepulveda Transit Corridor and the Southeast Gateway Line projects in California, the I-535 Blatnik Bridge project in Minnesota, the I-69 ORX Section 2 project connecting Indiana and Kentucky, and several large hospitality and gaming projects. There are also significant opportunities that the Company is pursuing in the Indo-Pacific region, many of which are funded under the U.S. government’s Pacific Deterrence Initiative.


Further Balance Sheet Improvements


Total debt as of December 31, 2025 was $407 million, down 24% compared to $534 million at the end of 2024. As a result of the record operating cash flow in 2025, the Company's cash exceeded its total debt by $327 million as of December 31, 2025, positioning the Company with significant financial flexibility to support growth, return capital to shareholders, and further strengthen the balance sheet. In November 2025, the Company’s Board of Directors declared a quarterly cash dividend of $0.06 per share and authorized a share repurchase program totaling $200 million.


In addition, the Company's balance of costs and estimated earnings in excess of billings ("CIE") was $819 million as of December 31, 2025, down $123 million, or 13%, compared to the balance at the end of 2024 and at the lowest level it has been since the second quarter of 2016. This reduction in CIE was primarily driven by billings and collections, including those associated with the resolution of various previously disputed matters.


Management Remarks


“Tutor Perini had perhaps its best year ever in 2025, delivering exceptional results that featured our highest-ever annual revenue and operating cash flow, as well as a return to strong profitability. We booked $7.4 billion of new awards during 2025, resulting in double-digit backlog growth that provides strong visibility into future revenue and earnings growth,” said Gary Smalley, Chief Executive Officer and President. “This was our fourth consecutive year of record cash flow, with $748 million of operating cash generated in 2025. We have been and continue to be laser-focused on cash, and the $1.8 billion of operating cash flow generated over the past four years provides significant capital allocation flexibility to create value for our shareholders. We continue to look confidently to the future.”


“With our strong backlog and significant future bidding opportunities, we remain well-positioned to deliver solid, double-digit revenue and earnings growth and higher operating margins in 2026, with further growth and even higher earnings expected in 2027,” added Mr. Smalley.


2026 Outlook and Guidance


The Company’s strong backlog provides excellent visibility and confidence for significant revenue and earnings growth.


The Company continues to experience high demand from customers, supported by substantial funding in place at the local, state and federal levels. Overall, funding levels are anticipated to remain strong for an extended time period, as the Company believes that the United States is still in the early stages of undertaking numerous major infrastructure projects that have long been planned and developed. The Company currently does not anticipate any significant impacts related to federal budget and tariff concerns, based on its assessment of contractual terms and project execution practices that include buyouts of materials and equipment at the onset of projects.


Because of its strong backlog and ample bidding opportunities, the Company remains highly selective when bidding on additional attractive projects that create value for shareholders, prioritizing opportunities that it expects will drive continued growth and margin enhancement. The Company anticipates winning additional significant projects in 2026 and beyond.


Based on its assessment of the current market and business outlook, the Company anticipates double-digit revenue growth and strong earnings in 2026, with even higher earnings expected in 2027, by which time newer large projects should be in the construction phase. For 2026, the Company expects adjusted EPS in the range of $4.90 to $5.30. The Company’s adjusted EPS for 2026 will exclude the impact of share-based compensation expense, net of the associated tax benefit, as well as certain pension settlement, debt extinguishment and refinancing costs, net of tax, that are anticipated in 2026 and which are not reflective of ongoing business operations. The Company is not providing forward-looking guidance for GAAP EPS or a quantitative reconciliation of adjusted EPS guidance to GAAP EPS guidance due to the difficulty in forecasting share-based compensation expense, which fluctuates with future share price movements. Variations in share-based compensation expense could have a material impact on GAAP EPS for the guidance period.


The Company also continues to expect strong operating cash generation in 2026 and beyond, as a result of increased project execution activities and the anticipated resolution of remaining legacy disputes.


Non-GAAP Financial Measures


To supplement our audited Consolidated Financial Statements presented under GAAP, we are presenting certain non-GAAP financial measures. These non-GAAP financial measures are intended to provide additional insights that facilitate the comparison of our past and present performance, and they are among the indicators management uses to assess the Company’s financial performance and to forecast future performance. By presenting these non-GAAP financial measures, we aim to provide investors and stakeholders with a clearer understanding of our operating results and enhance transparency with respect to the key financial metrics used by our management in its financial and operational decision-making.


These non-GAAP financial measures, which exclude share-based compensation expense (as well as the tax benefit associated with the expense), consist of adjusted net income (loss) attributable to the Company and adjusted earnings (loss) per share. We exclude share-based compensation expense because this expense could result in significant volatility in our reported earnings, driven primarily by fluctuations in the expense recognized for certain long-term incentive compensation awards with payouts that are indexed to the Company’s common stock. By adjusting for share-based compensation, our non-GAAP measures present a supplemental depiction of our operational performance and financial health. This approach allows stakeholders to focus on our core operational efficiency and profitability without the variable impact to earnings caused by significant changes in our stock price. Our non-GAAP measures are intended to offer a consistent basis for evaluating the Company’s performance, which management believes is meaningful to stakeholders.


The non-GAAP financial measures included in this earnings release as calculated by the Company are not necessarily comparable to similarly titled measures reported by other companies. Additionally, these non-GAAP financial measures are not meant to be considered as indicators of performance in isolation from or as a substitute for the most directly comparable measures prepared in accordance with GAAP and should be read only in conjunction with financial information presented on a GAAP basis.


Reconciliations of these non-GAAP financial measures are found in the table below:




Reconciliation of Non-GAAP Financial Measures








 






 






 






 






 






 








 






Three Months Ended

December 31,






 






Year Ended

December 31,








(in millions, except per common share amounts)






 






2025






 






 






2024






 






 






 






2025






 






 






2024






 








Net income (loss) attributable to Tutor Perini Corporation, as reported






$






28.8






 






$






(79.4






)






 






$






80.4






 






$






(163.7






)








Plus: Share-based compensation expense(a)






 






29.3






 






 






1.4






 






 






 






150.0






 






 






40.4






 








Less: Tax benefit provided on share-based compensation expense






 






(0.4






)






 






(0.2






)






 






 






(1.3






)






 






(0.7






)








Adjusted net income (loss) attributable to Tutor Perini Corporation






$






57.7






 






$






(78.2






)






 






$






229.1






 






$






(124.0






)








 






 






 






 






 






 








Diluted earnings (loss) per common share, as reported






$






0.54






 






$






(1.51






)






 






$






1.51






 






$






(3.13






)








Plus: Share-based compensation expense impact per diluted share






 






0.55






 






 






0.03






 






 






 






2.81






 






 






0.77






 








Less: Tax benefit provided on share-based compensation expense per diluted share






 






(0.02






)






 






(0.01






)






 






 






(0.03






)






 






(0.01






)








Adjusted diluted earnings (loss) per common share






$






1.07






 






$






(1.49






)






 






$






4.29






 






$






(2.37






)








____________________



(a)






The amount represents share-based compensation expense recorded during the three months and year ended December 31, 2025 and 2024. This includes expense associated with certain long-term incentive compensation awards that have payouts indexed to the Company’s common stock. As such, significant fluctuations in the price of the Company’s common stock during any reporting period have caused and could continue to cause significant fluctuations in the reported expense. The increase in the expense for the three months and year ended December 31, 2025 as compared to the prior-year periods was driven by the substantial increase in the price of the Company’s stock during the 2025 periods.







Fourth Quarter 2025 Conference Call


The Company will host a conference call at 2:00 PM Pacific Time on Thursday, February 26, 2026, to discuss the fourth quarter and full year 2025 results. To participate in the conference call, please dial 877-407-8293 five to ten minutes prior to the scheduled time. International callers should dial +1-201-689-8349.


The conference call will be webcast live over the Internet and can be accessed by all interested parties on Tutor Perini's website at www.tutorperini.com. For those unable to participate during the live call, the webcast will be available for replay shortly after the call on the website.


About Tutor Perini Corporation


Tutor Perini Corporation is a leading civil, building and specialty construction company offering diversified general contracting and design-build services to private customers and public agencies throughout the world. We have provided construction services since 1894 and have established a strong reputation within our markets by executing large, complex projects on time and within budget while adhering to strict safety and quality control measures. We offer general contracting, pre-construction planning and comprehensive project management services, and have strong expertise in delivering design-bid-build, design-build, construction management, and public-private partnership (P3) projects. We often self-perform multiple project components, including earthwork, excavation, concrete forming and placement, steel erection, electrical, mechanical, plumbing, heating, ventilation and air conditioning (HVAC), and fire protection.


Forward-Looking Statements


The statements contained in this release, including those set forth in the section “2026 Outlook and Guidance,” that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including without limitation, statements regarding the Company’s expectations, hopes, beliefs, intentions or strategies regarding the future and statements regarding future guidance or estimates and non-historical performance. These forward-looking statements are based on the Company’s current expectations and beliefs concerning future developments and their potential effects on the Company. While the Company’s expectations, beliefs and projections are expressed in good faith and the Company believes there is a reasonable basis for them, there can be no assurance that future developments affecting the Company will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the control of the Company) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to: revisions of estimates of contract risks, revenue or costs; unfavorable outcomes of existing or future litigation or dispute resolution proceedings against us or customers (project owners, developers, general contractors, etc.), subcontractors or suppliers, as well as failure to promptly recover significant working capital invested in projects subject to such matters; contract requirements to perform extra work beyond the initial project scope, which has and in the future could result in disputes or claims and adversely affect our working capital, profits and cash flows; economic factors, such as inflation, tariffs, the timing of new awards, or the pace of project execution, which have resulted and may continue to result in losses or lower than anticipated profit; risks and other uncertainties associated with estimates and assumptions used to prepare our financial statements; a significant slowdown or decline in economic conditions, such as those presented during a recession; failure to meet contractual schedule requirements, which could result in higher costs and reduced profits or, in some cases, exposure to financial liability for liquidated damages and/or damages to customers, as well as damage to our reputation; decreases or delays in the level of federal, state and local government spending for infrastructure and other public projects; possible systems and information technology interruptions and breaches in data security and/or privacy; inability to attract and retain our key officers, and to adequately plan for their succession, and hire and retain personnel required to execute and perform on our contracts; the impact of inclement weather conditions, disasters and other catastrophic events outside of our control on projects; risks related to government contracts (including government shutdowns and funding considerations) and related procurement regulations; risks related to our international operations, such as uncertainty of U.S. government funding, as well as economic, political, regulatory and other risks, including risks of loss due to acts of war, labor conditions, and other unforeseeable events in countries where we do business, which could adversely affect our revenue and earnings; failure of our joint venture partners to perform their venture obligations, which could impose additional financial and performance obligations on us, resulting in reduced profits or losses and/or reputational harm; client cancellations of, delays in, or reductions in scope under contracts reported in our backlog, as well as prospective project opportunities, including as a result of government-related mandates; increased competition and failure to secure new contracts; violations of the U.S. Foreign Corrupt Practices Act and similar worldwide anti-bribery laws; public health crises, such as COVID-19, have adversely impacted, and could in the future adversely impact, our business, financial condition and results of operations by, among other things, delaying the timing of project bids and/or awards and the timing of dispute resolutions and associated collections; physical and regulatory risks related to climate change; impairment of our goodwill or other indefinite-lived intangible assets; an inability to obtain bonding could have a negative impact on our operations and results; failure to meet our obligations under our debt agreements; downgrades in our credit ratings; the exertion of influence over the Company by our executive chairman due to his position and significant ownership interests; significant fluctuations in the market price of our common stock, which could result in substantial losses for shareholders and potentially subject us to securities litigation; we cannot guarantee the timing, amount, or payment of dividends on our common stock or that we will repurchase our common stock pursuant to our stock repurchase program; and other risks and uncertainties discussed under the heading “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025 filed on February 26, 2026 and in subsequent reports that we file with the Securities and Exchange Commission from time to time. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.



 



Tutor Perini Corporation








Consolidated Statements of Operations








 









 






Quarter Ended

December 31,






 






Year Ended

December 31,








(in thousands, except per common share amounts)






 






 






2025






 






 






 






2024






 






 






 






2025






 






 






 






2024






 








REVENUE






 






$






1,507,365






 






 






$






1,067,649






 






 






$






5,543,039






 






 






$






4,326,922






 








COST OF OPERATIONS






 






 






(1,359,641






)






 






 






(1,077,111






)






 






 






(4,895,524






)






 






 






(4,129,884






)








GROSS PROFIT (LOSS)






 






 






147,724






 






 






 






(9,462






)






 






 






647,515






 






 






 






197,038






 








General and administrative expenses






 






 






(97,612






)






 






 






(76,783






)






 






 






(415,554






)






 






 






(300,791






)








INCOME (LOSS) FROM CONSTRUCTION OPERATIONS






 






 






50,112






 






 






 






(86,245






)






 






 






231,961






 






 






 






(103,753






)








Other income, net






 






 






9,163






 






 






 






4,242






 






 






 






27,512






 






 






 






19,878






 








Interest expense






 






 






(13,476






)






 






 






(25,519






)






 






 






(54,965






)






 






 






(89,133






)








INCOME (LOSS) BEFORE INCOME TAXES






 






 






45,799






 






 






 






(107,522






)






 






 






204,508






 






 






 






(173,008






)








Income tax (expense) benefit






 






 






(11,401






)






 






 






31,314






 






 






 






(61,427






)






 






 






50,669






 








NET INCOME (LOSS)






 






 






34,398






 






 






 






(76,208






)






 






 






143,081






 






 






 






(122,339






)








LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS






 






 






5,561






 






 






 






3,223






 






 






 






62,641






 






 






 






41,382






 








NET INCOME (LOSS) ATTRIBUTABLE TO TUTOR PERINI CORPORATION






 






$






28,837






 






 






$






(79,431






)






 






$






80,440






 






 






$






(163,721






)








BASIC EARNINGS (LOSS) PER COMMON SHARE






 






$






0.55






 






 






$






(1.51






)






 






$






1.53






 






 






$






(3.13






)








DILUTED EARNINGS (LOSS) PER COMMON SHARE






 






$






0.54






 






 






$






(1.51






)






 






$






1.51






 






 






$






(3.13






)








WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING:






 






 






 






 






 






 






 






 








BASIC






 






 






52,765






 






 






 






52,460






 






 






 






52,693






 






 






 






52,322






 








DILUTED






 






 






53,782






 






 






 






52,460






 






 






 






53,413






 






 






 






52,322






 























 







Tutor Perini Corporation








Segment Information








 









Reportable Segments






 






 






 






 








(in thousands)






Civil







Building







Specialty

Contractors







Total






 






Corporate






 






Consolidated

Total








Quarter ended December 31, 2025






 







 







 







 






 






 






 






 








Total revenue






$






799,770






 







$






543,154






 







$






263,290






 







$






1,606,214






 






 






$






—






 






 






$






1,606,214






 








Elimination of intersegment revenue






 






(67,402






)







 






(31,447






)







 






—






 







 






(98,849






)






 






 






—






 






 






 






(98,849






)








Revenue from external customers






$






732,368






 







$






511,707






 







$






263,290






 







$






1,507,365






 






 






$






—






 






 






$






1,507,365






 








Reconciliation of revenue to income (loss) from construction operations






 







 







 







 






 






 






 






 








Less:






 







 







 







 






 






 






 






 








Cost of operations






$






638,213






 







$






487,052






 







$






235,587






 







$






1,360,852






 






 






$






(1,211






)






 






$






1,359,641






 








General and administrative expenses






 






22,145






 







 






13,776






 







 






16,228






 







 






52,149






 






 






 






45,463






 






 






 






97,612






 








Income (loss) from construction operations






$






72,010






 







$






10,879






 







$






11,475






 







$






94,364






 






 






$






(44,252






)






 






$






50,112






 








Capital expenditures






$






27,967






 







$






113






 







$






3,036






 







$






31,116






 






 






$






43,847






 






 






$






74,963






 








Depreciation and amortization(a)






$






10,850






 







$






526






 







$






440






 







$






11,816






 






 






$






312






 






 






$






12,128






 








 






 







 







 







 






 






 






 






 








Quarter ended December 31, 2024






 







 







 







 






 






 






 






 








Total revenue






$






599,238






 







$






353,748






 







$






161,670






 







$






1,114,656






 






 






$






—






 






 






$






1,114,656






 








Elimination of intersegment revenue






 






(44,833






)







 






(1,734






)







 






(440






)







 






(47,007






)






 






 






—






 






 






 






(47,007






)








Revenue from external customers






$






554,405






 







$






352,014






 







$






161,230






 







$






1,067,649






 






 






$






—






 






 






$






1,067,649






 








Reconciliation of revenue to income (loss) from construction operations






 







 







 







 






 






 






 






 








Less:






 







 







 







 






 






 






 






 








Cost of operations






$






529,006






 







$






378,775






 







$






166,625






 







$






1,074,406






 






 






$






2,705






 






 






$






1,077,111






 








General and administrative expenses






 






20,923






 







 






14,648






 







 






14,881






 







 






50,452






 






 






 






26,331






 






 






 






76,783






 








Income (loss) from construction operations






$






4,476






 







$






(41,409






)







$






(20,276






)







$






(57,209






)






 






$






(29,036






)






 






$






(86,245






)








Capital expenditures






$






5,193






 







$






90






 







$






204






 







$






5,487






 






 






$






3,656






 






 






$






9,143






 








Depreciation and amortization(a)






$






10,822






 







$






521






 







$






592






 







$






11,935






 






 






$






754






 






 






$






12,689






 








____________________



(a)






Depreciation and amortization is included in income (loss) from construction operations.












Tutor Perini Corporation








Segment Information (continued)








 









Reportable Segments






 






 






 






 








(in thousands)






Civil







Building







Specialty

Contractors







Total






 






Corporate






 






Consolidated

Total








Year ended December 31, 2025






 







 







 







 






 






 






 






 








Total revenue






$






3,062,354






 







$






1,955,446






 







$






843,972






 







$






5,861,772






 






 






$






—






 






 






$






5,861,772






 








Elimination of intersegment revenue






 






(215,524






)







 






(103,209






)







 






—






 







 






(318,733






)






 






 






—






 






 






 






(318,733






)








Revenue from external customers






$






2,846,830






 







$






1,852,237






 







$






843,972






 







$






5,543,039






 






 






$






—






 






 






$






5,543,039






 








Reconciliation of revenue to income (loss) from construction operations






 







 







 







 






 






 






 






 








Less:






 







 







 







 






 






 






 






 








Cost of operations






$






2,366,197






 







$






1,741,533






 







$






788,970






 







$






4,896,700






 






 






$






(1,176






)






 






$






4,895,524






 








General and administrative expenses






 






89,756






 







 






52,473






 







 






62,482






 







 






204,711






 






 






 






210,843






 






 






 






415,554






 








Income (loss) from construction operations






$






390,877






 







$






58,231






 







$






(7,480






)







$






441,628






 






 






$






(209,667






)






 






$






231,961






 








Capital expenditures






$






125,357






 







$






1,663






 







$






6,864






 







$






133,884






 






 






$






46,970






 






 






$






180,854






 








Depreciation and amortization(a)






$






43,342






 







$






2,136






 







$






2,339






 







$






47,817






 






 






$






1,998






 






 






$






49,815






 









 







 







 







 






 






 






 






 








Year ended December 31, 2024






 







 







 







 






 






 






 






 








Total revenue






$






2,248,659






 







$






1,666,862






 







$






590,822






 







$






4,506,343






 






 






$






—






 






 






$






4,506,343






 








Elimination of intersegment revenue






 






(129,706






)







 






(49,325






)







 






(390






)







 






(179,421






)






 






 






—






 






 






 






(179,421






)








Revenue from external customers






$






2,118,953






 







$






1,617,537






 







$






590,432






 







$






4,326,922






 






 






$






—






 






 






$






4,326,922






 








Reconciliation of revenue to income (loss) from construction operations






 







 







 







 






 






 






 






 








Less:






 







 







 







 






 






 






 






 








Cost of operations






$






1,897,741






 







$






1,593,509






 







$






634,271






 







$






4,125,521






 






 






$






4,363






 






 






$






4,129,884






 








General and administrative expenses






 






82,951






 







 






48,165






 







 






59,506






 







 






190,622






 






 






 






110,169






 






 






 






300,791






 








Income (loss) from construction operations






$






138,261






 







$






(24,137






)







$






(103,345






)







$






10,779






 






 






$






(114,532






)






 






$






(103,753






)








Capital expenditures






$






27,040






 







$






613






 







$






530






 







$






28,183






 






 






$






9,226






 






 






$






37,409






 








Depreciation and amortization(a)






$






42,521






 







$






2,270






 







$






2,333






 







$






47,124






 






 






$






6,663






 






 






$






53,787






 








____________________



(a)






Depreciation and amortization is included in income (loss) from construction operations.












Tutor Perini Corporation








Consolidated Balance Sheets








 








 






 






As of December 31,








(in thousands, except share and per share amounts)






 






 






2025






 






 






 






2024






 








ASSETS








CURRENT ASSETS:








Cash and cash equivalents ($361,898 and $131,738 related to variable interest entities (“VIEs”))






 






$






734,553






 






 






$






455,084






 








Restricted cash






 






 






35,641






 






 






 






9,104






 








Restricted investments






 






 






228,959






 






 






 






139,986






 








Accounts receivable ($126,245 and $51,953 related to VIEs)






 






 






1,218,609






 






 






 






986,893






 








Retention receivable ($216,099 and $171,704 related to VIEs)






 






 






668,894






 






 






 






560,163






 








Costs and estimated earnings in excess of billings ($82,426 and $95,219 related to VIEs)






 






 






819,199






 






 






 






942,522






 








Other current assets ($145,473 and $24,954 related to VIEs)






 






 






411,030






 






 






 






192,915






 








Total current assets






 






 






4,116,885






 






 






 






3,286,667






 








PROPERTY AND EQUIPMENT:






 






 






 






 








Land






 






 






44,132






 






 






 






44,132






 








Building and improvements






 






 






149,973






 






 






 






138,799






 








Construction equipment






 






 






681,300






 






 






 






609,495






 








Other equipment






 






 






242,776






 






 






 






196,870






 








 






 






 






1,118,181






 






 






 






989,296






 








Less accumulated depreciation






 






 






(570,186






)






 






 






(566,308






)








Total property and equipment, net ($23,246 and $19,876 related to VIEs)






 






 






547,995






 






 






 






422,988






 








GOODWILL






 






 






205,143






 






 






 






205,143






 








INTANGIBLE ASSETS, NET






 






 






63,832






 






 






 






66,069






 








DEFERRED INCOME TAXES






 






 






96,573






 






 






 






143,289






 








OTHER ASSETS






 






 






129,994






 






 






 






118,554






 








TOTAL ASSETS






 






$






5,160,422






 






 






$






4,242,710






 








LIABILITIES AND EQUITY








CURRENT LIABILITIES:






 






 






 






 








Current maturities of long-term debt






 






$






14,589






 






 






$






24,113






 








Accounts payable ($64,712 and $22,845 related to VIEs)






 






 






724,932






 






 






 






631,468






 








Retention payable ($27,743 and $19,744 related to VIEs)






 






 






265,246






 






 






 






240,971






 








Billings in excess of costs and estimated earnings ($520,455 and $326,561 related to VIEs)






 






 






1,838,610






 






 






 






1,216,623






 








Accrued expenses and other current liabilities ($56,044 and $16,391 related to VIEs)






 






 






396,121






 






 






 






219,525






 








Total current liabilities






 






 






3,239,498






 






 






 






2,332,700






 








LONG-TERM DEBT, less current maturities, net of unamortized discount and debt issuance costs totaling $17,983 and $21,977






 






 






392,785






 






 






 






510,025






 








OTHER LONG-TERM LIABILITIES






 






 






265,477






 






 






 






241,379






 








TOTAL LIABILITIES






 






 






3,897,760






 






 






 






3,084,104






 








COMMITMENTS AND CONTINGENCIES






 






 






 






 








EQUITY






 






 






 






 








Stockholders' equity:






 






 






 






 








Preferred stock – authorized 1,000,000 shares ($1 par value), none issued






 






 






—






 






 






 






—






 








Common stock – authorized 112,500,000 shares ($1 par value), issued and outstanding 52,791,451 and 52,485,719 shares






 






 






52,791






 






 






 






52,486






 








Additional paid-in capital






 






 






1,148,634






 






 






 






1,146,800






 








Retained earnings (deficit)






 






 






46,443






 






 






 






(30,575






)








Accumulated other comprehensive loss






 






 






(29,234






)






 






 






(33,988






)








Total stockholders' equity






 






 






1,218,634






 






 






 






1,134,723






 








Noncontrolling interests






 






 






44,028






 






 






 






23,883






 








TOTAL EQUITY






 






 






1,262,662






 






 






 






1,158,606






 








TOTAL LIABILITIES AND EQUITY






 






$






5,160,422






 






 






$






4,242,710






 















 







Tutor Perini Corporation








Consolidated Statements of Cash Flows








 









Year Ended December 31,








(in thousands)






 






2025






 






 






 






2024






 








Cash Flows from Operating Activities:






 






 






 








Net income (loss)






$






143,081






 






 






$






(122,339






)








Adjustments to reconcile net income (loss) to net cash provided by operating activities:






 






 






 








Depreciation






 






47,578






 






 






 






51,551






 








Amortization of intangible assets






 






2,237






 






 






 






2,236






 








Share-based compensation expense






 






150,002






 






 






 






40,356






 








Change in debt discounts and deferred debt issuance costs






 






4,553






 






 






 






14,068






 








Deferred income taxes






 






46,861






 






 






 






(78,008






)








(Gain) loss on sale of property and equipment






 






(2,050






)






 






 






116






 








Changes in other components of working capital






 






330,633






 






 






 






589,124






 








Other long-term liabilities






 






20,658






 






 






 






14,898






 








Other, net






 






4,512






 






 






 






(8,458






)








NET CASH PROVIDED BY OPERATING ACTIVITIES






 






748,065






 






 






 






503,544






 








 






 






 






 








Cash Flows from Investing Activities:






 






 






 








Acquisition of property and equipment






 






(180,854






)






 






 






(37,409






)








Proceeds from sale of property and equipment






 






8,875






 






 






 






4,752






 








Investments in securities






 






(124,806






)






 






 






(35,643






)








Proceeds from maturities and sales of investments in securities






 






39,476






 






 






 






27,613






 








NET CASH USED IN INVESTING ACTIVITIES






 






(257,309






)






 






 






(40,687






)








 






 






 






 








Cash Flows from Financing Activities:






 






 






 








Proceeds from debt






 






188,215






 






 






 






787,135






 








Repayment of debt






 






(318,974






)






 






 






(1,141,765






)








Cash payments related to share-based compensation






 






(6,788






)






 






 






(5,556






)








Payment of dividends






 






(3,167






)






 






 






—






 








Distributions paid to noncontrolling interests






 






(51,650






)






 






 






(23,300






)








Contributions from noncontrolling interests






 






7,614






 






 






 






15,230






 








Debt issuance, extinguishment and modification costs






 






—






 






 






 






(25,093






)








NET CASH USED IN FINANCING ACTIVITIES






 






(184,750






)






 






 






(393,349






)








 






 






 






 








Net increase in cash, cash equivalents and restricted cash






 






306,006






 






 






 






69,508






 








Cash, cash equivalents and restricted cash at beginning of year






 






464,188






 






 






 






394,680






 








Cash, cash equivalents and restricted cash at end of year






$






770,194






 






 






$






464,188






 














 




 



Tutor Perini Corporation





 



Backlog Information





 



Unaudited





 




 






 






 






 






 






 






 






 





 



(in millions)






 






Backlog at

September 30, 2025






 






New Awards in the

Quarter Ended

December 31, 2025(a)






 






Revenue Recognized

in the

Quarter Ended

December 31, 2025






 






Backlog at

December 31, 2025





 



Civil






 






$






10,509.0






 






$






377.1






 






 






$






(732.4






)






 






$






10,153.7





 



Building






 






 






7,888.7






 






 






(43.6






)






 






 






(511.7






)






 






 






7,333.4





 



Specialty Contractors






 






 






3,243.1






 






 






92.9






 






 






 






(263.3






)






 






 






3,072.7





 



Total






 






$






21,640.8






 






$






426.4






 






 






$






(1,507.4






)






 






$






20,559.8





 




 






 






 






 






 






 






 






 





 



(in millions)






 






Backlog at

December 31, 2024






 






New Awards in the

Year Ended

December 31, 2025(a)






 






Revenue Recognized

in the

Year Ended

December 31, 2025






 






Backlog at

December 31, 2025





 



Civil






 






$






8,835.6






 






$






4,164.9






 






 






$






(2,846.8






)






 






$






10,153.7





 



Building






 






 






7,026.9






 






 






2,158.7






 






 






 






(1,852.2






)






 






 






7,333.4





 



Specialty Contractors






 






 






2,811.4






 






 






1,105.3






 






 






 






(844.0






)






 






 






3,072.7





 



Total






 






$






18,673.9






 






$






7,428.9






 






 






$






(5,543.0






)






 






$






20,559.8





 



____________________



(a)






New awards consist of the original contract price of projects added to our backlog plus or minus subsequent changes to the estimated total contract price of existing contracts.







 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260226357915/en/
Tutor Perini Corporation

Jorge Casado, 818-362-8391

Senior Vice President, Investor Relations & Corporate Communications

www.tutorperini.com


Original: Tutor Perini Reports Strong Fourth Quarter and Full Year 2025 Results