NYSE: PRIM
Primoris Services CorpCIK 0001361538 · SIC 1623 · Water, Sewer, Pipeline, Comm & Power Line Construction
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Latest financial statements
From 10-Q filed Aug 5, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Condensed Consolidated Statements of Operations (Unaudited)
(In Millions, Except Per Share Amounts)
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| Revenue | 1,688.2 | 1,890.7 | 3,248.1 | 3,538.8 |
| Cost of revenue | 1,605.8 | 1,659.0 | 3,031.0 | 3,136.4 |
| Gross profit | 82.4 | 231.7 | 217.1 | 402.4 |
| Selling, general and administrative expenses | 106.3 | 104.6 | 212.0 | 204.1 |
| Transaction and related costs | 2.9 | 0.5 | 7.4 | 1.3 |
| Operating (loss) income | (26.8) | 126.6 | (2.3) | 197.0 |
| Other income (expense): | ||||
| Foreign exchange gain (loss), net | 0.6 | (0.4) | 0.6 | (0.6) |
| Other income, net | 0.2 | — | 0.3 | — |
| Interest expense, net | (10.6) | (7.5) | (15.2) | (15.3) |
| (Loss) income before benefit (provision) for income taxes | (36.6) | 118.7 | (16.6) | 181.1 |
| Benefit (provision) for income taxes | 12.4 | (34.4) | 9.9 | (52.5) |
| Net (loss) income | (24.2) | 84.3 | (6.7) | 128.6 |
| Dividends per common share | 0.08 | 0.08 | 0.16 | 0.16 |
| (Loss) earnings per share: | ||||
| Basic | (0.45) | 1.56 | (0.12) | 2.38 |
| Diluted | (0.45) | 1.54 | (0.12) | 2.35 |
| Weighted average common shares outstanding: | ||||
| Basic | 54.0 | 54.0 | 54.1 | 53.9 |
| Diluted | 54.0 | 54.8 | 54.1 | 54.8 |
Condensed Consolidated Balance Sheets (Unaudited)
(In Millions, Except Share Amounts)
| Description | June 30, 2026 | December 31, 2025 |
|---|---|---|
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | 218.2 | 535.5 |
| Accounts receivable, net | 839.1 | 723.4 |
| Contract assets | 937.7 | 936.9 |
| Prepaid expenses and other current assets | 168.2 | 137.8 |
| Total current assets | 2,163.2 | 2,333.6 |
| Property and equipment, net | 543.3 | 531.2 |
| Operating lease assets | 492.3 | 488.9 |
| Intangible assets, net | 375.2 | 190.2 |
| Goodwill | 1,051.5 | 856.9 |
| Other long-term assets | 13.3 | 7.0 |
| Total assets | 4,638.8 | 4,407.8 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| Current liabilities: | ||
| Accounts payable | 691.7 | 744.3 |
| Contract liabilities | 683.1 | 633.6 |
| Accrued liabilities | 407.1 | 405.4 |
| Dividends payable | 4.3 | 4.3 |
| Current portion of long-term debt | 45.0 | 60.9 |
| Total current liabilities | 1,831.2 | 1,848.5 |
| Long-term debt, net of current portion | 752.0 | 409.0 |
| Noncurrent operating lease liabilities, net of current portion | 314.5 | 325.6 |
| Deferred tax liabilities | 54.5 | 71.4 |
| Other long-term liabilities | 80.3 | 72.3 |
| Total liabilities | 3,032.5 | 2,726.8 |
| Commitments and contingencies (See Note 13) | ||
| Stockholders’ equity | ||
| Common stock—$0.0001 par value; 90,000,000 shares authorized: 53,828,741 and 54,045,067 issued and outstanding as of June 30, 2026, and December 31, 2025, respectively | — | — |
| Additional paid-in capital | 239.1 | 296.9 |
| Retained earnings | 1,370.2 | 1,385.6 |
| Accumulated other comprehensive loss | (3.0) | (1.5) |
| Total stockholders’ equity | 1,606.3 | 1,681.0 |
| Total liabilities and stockholders’ equity | 4,638.8 | 4,407.8 |
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In Millions)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| Cash flows from operating activities: | ||
| Net (loss) income | (6.7) | 128.6 |
| Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities (net of effect of acquisitions): | ||
| Depreciation and amortization | 54.4 | 43.9 |
| Stock-based compensation expense | 10.9 | 10.4 |
| Gain on sale of property and equipment | (9.0) | (9.9) |
| Other non-cash items | 1.0 | 1.1 |
| Changes in assets and liabilities: | ||
| Accounts receivable | (20.0) | (185.8) |
| Contract assets | 24.2 | (145.9) |
| Other current assets | (36.7) | (31.7) |
| Other long-term assets | (1.2) | 1.3 |
| Accounts payable | (102.5) | 204.2 |
| Contract liabilities | (23.7) | 56.8 |
| Operating lease assets and liabilities, net | (2.3) | (0.5) |
| Accrued liabilities | (27.1) | 67.5 |
| Other long-term liabilities | 7.4 | 4.6 |
| Net cash (used in) provided by operating activities | (131.3) | 144.6 |
| Cash flows from investing activities: | ||
| Purchase of property and equipment | (50.3) | (73.7) |
| Proceeds from sale of assets | 12.5 | 14.6 |
| Proceeds from repayment of note receivable | 8.0 | — |
| Cash paid for acquisitions, net of cash acquired | (401.4) | — |
| Net cash used in investing activities | (431.2) | (59.1) |
| Cash flows from financing activities: | ||
| Proceeds from issuance of debt | 411.8 | — |
| Payments on long-term debt | (21.0) | (182.7) |
| Borrowings under revolving line of credit | 160.0 | — |
| Payments on revolving line of credit | (160.0) | — |
| Payments on pledged accounts receivable under securitization facility | (62.5) | — |
| Proceeds from pledge of accounts receivable under securitization facility | — | 50.0 |
| Payments related to tax withholding for stock-based compensation | (19.8) | (10.2) |
| Stock purchases | (50.0) | — |
| Dividends paid | (8.7) | (8.6) |
| Other | (5.2) | (0.2) |
| Net cash provided by (used in) financing activities | 244.6 | (151.7) |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 0.5 | 1.0 |
| Net change in cash, cash equivalents and restricted cash | (317.4) | (65.2) |
| Cash, cash equivalents and restricted cash at beginning of the period | 541.3 | 461.4 |
| Cash, cash equivalents and restricted cash at end of the period | 223.9 | 396.2 |
Amounts as printed on the EDGAR/iXBRL face — (In Millions, Except Per Share Amounts); (In Millions, Except Share Amounts); (In Millions). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗