Centuri Q2 revenue +32.9% to $962M; net income -24.3% on $9M Chicago reversal, fuel costs

Filed August 4, 2026 · Period ending June 28, 2026 · Compared to 10-Q Aug 6, 2025 · ~2 min read

Key Changes

• high

  $9.0M revenue reversal on legacy City of Chicago contract following April 2026 court order reduced Q2 net income by $6.7M; company disagrees with order and continues to pursue claims.

  MD&A: City of Chicago reversal verify on EDGAR →
• high

  Acquired JJ White for ~$62M cash on July 20, 2026 (post-quarter), adding mechanical/electrical construction services across power generation, data centers, and industrial markets to Union Electric segment.

  Notes: JJ White acquisition view on EDGAR →
• high

  Gross margin compressed from 9.4% to 7.2% (100 bp decline) despite 32.9% revenue growth, driven by the Chicago reversal, elevated fuel costs (~75-140 bp impact across segments), and workforce scale-up inefficiencies (~60 bp in U.S. Gas).

  MD&A: Gross margin verify on EDGAR →