TPC - Tutor Perini Corporation

Tutor Perini Corporation provides general contracting and construction management services across civil infrastructure (highways, bridges, mass transit), building (hospitals, hotels, casinos, government facilities), and specialty construction (electrical, mechanical, plumbing). The core customer base is government agencies and large private-sector developers under fixed-price, design-build, and cost-plus contracts, with revenue heavily dependent on public infrastructure spending and competitive bidding. Annual revenue is approximately $4-5B, with operations concentrated in the United States, particularly California and the Northeast, plus some international specialty work.

Past Year Trends

• Tutor Perini's FY2025 revenue grew 28% year-over-year to a record $5.5 billion, driven by large contract executions including the $1.87 billion Midtown Bus Terminal Replacement Phase 1 and $1.18 billion Manhattan Tunnel project awarded in 2025. (Bullish)
• TPC swung from a diluted loss per share of $3.13 in FY2024 to diluted EPS of $1.51 and adjusted EPS of $4.29 in FY2025, marking a full recovery from prior-year losses tied to legacy project claim settlements. (Bullish)
• TPC generated a record $748 million in operating cash flow in FY2025, up 49% year-over-year, enabling the company to reduce total debt by $126.8 million (24%) and extend its fourth consecutive year of record cash generation. (Bullish)

Next Year Trends

• Perini Management Services Inc. (PMSI) was awarded the right to compete for task orders on a U.S. Army Corps of Engineers contract valued at up to $2 billion over ten years (April 2026), opening a new long-duration federal revenue channel for TPC's specialty services segment. (Bullish)
• TPC's 2026 adjusted EPS guidance of $4.90–$5.30 implies approximately 14–24% growth over FY2025 adjusted EPS of $4.29, underpinned by a $20.6 billion consolidated backlog as of December 31, 2025, providing multi-year revenue visibility. (Bullish)
• The Civil segment backlog was flat at $9.7 billion as of March 31, 2026 compared to March 31, 2025, suggesting new award momentum in TPC's historically highest-margin segment may be plateauing even as total company backlog grows. (Bearish)

Red Flags

No severe red flags identified as of August 2025.