Centuri revenue surges 31.5% to $723M; backlog jumps to $6.5B on Connect acquisition

Filed May 6, 2026 · Period ending March 29, 2026 · Compared to 10-Q May 12, 2025 · ~1 min read

Key Changes

• high

  Q1 2026 revenue reached $723M, up 31.5% year-over-year, driven by improved weather, new bid projects, and the November 2025 Connect acquisition which added $23M in revenue. Backlog grew 44% to $6.5B from $4.5B.

  MD&A: Revenue and Backlog verify on EDGAR →
• high

  Gross margin improved to 4.9% from 3.7% prior year, reflecting higher volumes, better weather, and improved crew productivity. U.S. Gas segment margin recovered to -2.2% from -7.5%, reversing prior-year deterioration.

  MD&A: Gross Margin verify on EDGAR →
• high

  Southwest Gas Holdings fully divested its 81% stake in Centuri as of September 2025, ending controlled company status. Company now operates as independent public entity.

  MD&A: Ownership Structure verify on EDGAR →