NYSE: TPC
TUTOR PERINI CORPCIK 0000077543 · SIC 1540 · General Bldg Contractors - Nonresidential Bldgs
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TPC: revenue $1.64B, net income $65.7M. TPC Q2 revenue +19%, operating income +54%, but net income +229% on below-the-line factors
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Tutor Perini refinances $400M debt at 6.625%, cuts interest rate by 525 bps from 11.875%
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Tutor Perini launches $400M notes offering to refinance 11.875% debt, doubles credit line
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Tutor Perini adopts executive deferred compensation plan with rabbi trust structure
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revenue $1.39B, net income $25.7M. Tutor Perini Q1 2026: No material changes vs. prior year quarter
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Tutor Perini reports Q1 2026 earnings results
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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 thousands, except per common 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 | 1,637,047 | 1,373,681 | 3,026,505 | 2,620,314 |
| COST OF OPERATIONS | (1,425,769) | (1,177,686) | (2,660,594) | (2,289,918) |
| GROSS PROFIT | 211,278 | 195,995 | 365,911 | 330,396 |
| General and administrative expenses | (93,543) | (119,565) | (188,994) | (188,641) |
| INCOME FROM CONSTRUCTION OPERATIONS | 117,735 | 76,430 | 176,917 | 141,755 |
| Other income, net | 10,833 | 6,204 | 21,559 | 10,892 |
| Interest expense | (13,720) | (13,588) | (27,117) | (27,940) |
| INCOME BEFORE INCOME TAXES | 114,848 | 69,046 | 171,359 | 124,707 |
| Income tax expense | (30,780) | (21,960) | (47,763) | (34,872) |
| NET INCOME | 84,068 | 47,086 | 123,596 | 89,835 |
| LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 18,326 | 27,112 | 32,158 | 41,863 |
| NET INCOME ATTRIBUTABLE TO TUTOR PERINI CORPORATION | 65,742 | 19,974 | 91,438 | 47,972 |
| BASIC EARNINGS PER COMMON SHARE | 1.25 | 0.38 | 1.74 | 0.91 |
| DILUTED EARNINGS PER COMMON SHARE | 1.23 | 0.38 | 1.71 | 0.90 |
| WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING: | ||||
| BASIC | 52,601 | 52,724 | 52,668 | 52,631 |
| DILUTED | 53,472 | 53,194 | 53,611 | 53,102 |
Condensed Consolidated Balance Sheets (Unaudited)
(in thousands, except share and per share amounts)
| Description | As of June 30, 2026 | As of December 31, 2025 |
|---|---|---|
| ASSETS | ||
| CURRENT ASSETS: | ||
| Cash and cash equivalents ($449,842 and $361,898 related to variable interest entities (“VIEs”)) | 938,215 | 734,553 |
| Restricted cash | 6,939 | 35,641 |
| Restricted investments | 270,884 | 228,959 |
| Accounts receivable ($195,745 and $126,245 related to VIEs) | 1,181,473 | 1,218,609 |
| Retention receivable ($225,158 and $216,099 related to VIEs) | 720,480 | 668,894 |
| Costs and estimated earnings in excess of billings ($92,501 and $82,426 related to VIEs) | 845,836 | 819,199 |
| Other current assets ($100,139 and $145,473 related to VIEs) | 340,135 | 411,030 |
| Total current assets | 4,303,962 | 4,116,885 |
| PROPERTY AND EQUIPMENT (“P&E”), net of accumulated depreciation of $583,626 and $570,186 (net P&E of $26,115 and $23,246 related to VIEs) | 577,723 | 547,995 |
| GOODWILL | 205,143 | 205,143 |
| INTANGIBLE ASSETS, NET | 62,714 | 63,832 |
| DEFERRED INCOME TAXES | 63,313 | 96,573 |
| OTHER ASSETS ($14,874 and $13,202 related to VIEs) | 148,287 | 129,994 |
| TOTAL ASSETS | 5,361,142 | 5,160,422 |
| LIABILITIES AND EQUITY | ||
| CURRENT LIABILITIES: | ||
| Current maturities of long-term debt | 5,004 | 14,589 |
| Accounts payable ($108,088 and $64,712 related to VIEs) | 730,651 | 724,932 |
| Retention payable ($32,764 and $27,743 related to VIEs) | 287,064 | 265,246 |
| Billings in excess of costs and estimated earnings ($488,890 and $520,455 related to VIEs) | 1,929,670 | 1,838,610 |
| Accrued expenses and other current liabilities ($41,444 and $56,044 related to VIEs) | 396,374 | 396,121 |
| Total current liabilities | 3,348,763 | 3,239,498 |
| LONG-TERM DEBT, less current maturities, net of unamortized discount and debt issuance costs totaling $15,774 and $17,983 | 391,341 | 392,785 |
| OTHER LONG-TERM LIABILITIES ($12,173 and $10,602 related to VIEs) | 285,959 | 265,477 |
| TOTAL LIABILITIES | 4,026,063 | 3,897,760 |
| COMMITMENTS AND CONTINGENCIES (NOTE 12) | ||
| 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 52,569,117 and 52,791,451 shares | 52,569 | 52,791 |
| Additional paid-in capital | 1,135,277 | 1,148,634 |
| Retained earnings | 110,497 | 46,443 |
| Accumulated other comprehensive loss | (32,133) | (29,234) |
| Total stockholders' equity | 1,266,210 | 1,218,634 |
| Noncontrolling interests | 68,869 | 44,028 |
| TOTAL EQUITY | 1,335,079 | 1,262,662 |
| TOTAL LIABILITIES AND EQUITY | 5,361,142 | 5,160,422 |
Condensed Consolidated Statements of Cash Flows (Unaudited)
(in thousands)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| Cash Flows from Operating Activities: | ||
| Net income | 123,596 | 89,835 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation | 20,569 | 24,356 |
| Amortization of intangible assets | 1,118 | 1,119 |
| Share-based compensation expense | 57,927 | 61,970 |
| Change in debt discounts and deferred debt issuance costs | 2,488 | 2,209 |
| Deferred income taxes | 34,054 | 24,903 |
| Gain on sale of property and equipment | (590) | (2,928) |
| Changes in other components of working capital | 92,154 | 83,171 |
| Other long-term liabilities | 19,157 | (4,128) |
| Other, net | (16,344) | 4,768 |
| NET CASH PROVIDED BY OPERATING ACTIVITIES | 334,129 | 285,275 |
| Cash Flows from Investing Activities: | ||
| Acquisition of property and equipment | (51,672) | (56,940) |
| Proceeds from sale of property and equipment | 4,211 | 4,235 |
| Investments in securities | (66,504) | (33,730) |
| Proceeds from maturities and sales of investments in securities | 22,285 | 18,754 |
| NET CASH USED IN INVESTING ACTIVITIES | (91,680) | (67,681) |
| Cash Flows from Financing Activities: | ||
| Proceeds from debt | — | 188,215 |
| Repayment of debt | (13,237) | (304,865) |
| Cash payments related to share-based compensation | (11,275) | (5,152) |
| Payment of dividends | (6,471) | — |
| Repurchase of common stock | (30,000) | — |
| Distributions paid to noncontrolling interests | (11,500) | (20,400) |
| Contributions from noncontrolling interests | 4,994 | 7,500 |
| NET CASH USED IN FINANCING ACTIVITIES | (67,489) | (134,702) |
| Net increase in cash, cash equivalents and restricted cash | 174,960 | 82,892 |
| Cash, cash equivalents and restricted cash at beginning of period | 770,194 | 464,188 |
| Cash, cash equivalents and restricted cash at end of period | 945,154 | 547,080 |
Amounts as printed on the EDGAR/iXBRL face — (in thousands, except per common share amounts); (in thousands, except share and per share amounts); (in thousands). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗