TUTOR PERINI CORP

Listed Company

TPCCIK 0000077543NYSELarge AcceleratedGeneral Bldg Contractors - Nonresidential BldgsMassachusettsFY ends Dec 31

Period

FY 2025

Revenue

$5.54B

Net Income

$80.44M

Total Assets

$5.16B

Equity

$1.22B

Shares Out

52.79M

Op. Cash Flow

$748.07M

Business

Tutor Perini Corp is a leading construction company that provides diversified general contracting, construction management and design‑build services to private customers and public agencies worldwide. The company offers pre‑construction planning, comprehensive project management and often self‑performs earthwork, excavation, concrete, steel erection and mechanical, electrical, plumbing, HVAC and fire protection work. Its operations are organized into three segments—Civil (heavy civil infrastructure and tunneling), Building (commercial, hospitality, healthcare and institutional) and Specialty Contractors (electrical, mechanical and plumbing). Tutor Perini principally serves U.S. and select international markets through direct contracts with government agencies, developers and owners via competitive bid and best‑value awards.

Summary from filing dated 2025-02-27

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
REVENUE	5,543	4,327	3,880	3,791	4,642
COST OF OPERATIONS	−4,896	−4,130	−3,740	−3,761	−4,175
GROSS PROFIT	648	197	141	30	466
General and administrative expenses	−416	−301	−255	−234	−240
INCOME (LOSS) FROM CONSTRUCTION OPERATIONS	232	−104	−115	−205	227
Other income, net	28	20	17	7	2
Interest expense	−55	−89	−85	−70	—
INCOME (LOSS) BEFORE INCOME TAXES	205	−173	−183	−268	160
Income tax (expense) benefit	−61	51	55	75	−26
NET INCOME (LOSS)	143	−122	−128	−193	134
LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	63	41	44	17	42
NET INCOME (LOSS) ATTRIBUTABLE TO TUTOR PERINI CORPORATION	80	−164	−171	−210	92
BASIC EARNINGS (LOSS) PER COMMON SHARE (in dollars per share)	1.53	−3.13	−3.3	−4.09	1.8
DILUTED EARNINGS (LOSS) PER COMMON SHARE (in dollars per share)	1.51	−3.13	−3.3	−4.09	1.79
BASIC (in shares)	53	52	52	51	51
DILUTED (in shares)	53	52	52	51	51

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents ($361,898 and $131,738 related to VIEs)	735	455	381	259	202
Restricted cash	36	9	14	14	9
Restricted investments	229	140	130	92	84
Accounts receivable ($126,245 and $51,953 related to VIEs)	1,219	987	1,054	1,171	1,454
Retention receivable ($216,099 and $171,704 related to VIEs)	669	560	581	586	569
Costs and estimated earnings in excess of billings ($82,426 and $95,219 related to VIEs)	819	943	1,144	1,378	1,357
Other current assets ($145,473 and $24,954 related to VIEs)	411	193	218	179	187
Total current assets	4,117	3,287	3,521	3,679	3,862
Land	44	44	44	44	40
Building and improvements	150	139	133	124	116
Construction equipment	681	609	613	590	581
Other equipment	243	197	186	182	176
Total property and equipment, gross	1,118	989	975	941	913
Less accumulated depreciation	−570	−566	−534	−506	−483
Total property and equipment, net ($23,246 and $19,876 related to VIEs)	548	423	441	435	430
GOODWILL	205	205	205	205	205
INTANGIBLE ASSETS, NET	64	66	68	71	85
DEFERRED INCOME TAXES	97	143	74	16	—
OTHER ASSETS	130	119	120	137	143
TOTAL ASSETS	5,160	4,243	4,430	4,543	4,725
Current maturities of long-term debt	15	24	117	70	24
Accounts payable ($64,712 and $22,845 related to VIEs)	725	631	467	495	512
Retention payable ($27,743 and $19,744 related to VIEs)	265	241	223	247	269
Billings in excess of costs and estimated earnings ($520,455 and $326,561 related to VIEs)	1,839	1,217	1,104	976	762
Accrued expenses and other current liabilities ($56,044 and $16,391 related to VIEs)	396	220	214	180	210
Total current liabilities	3,239	2,333	2,125	1,968	1,777
LONG-TERM DEBT, less current maturities, net of unamortized discount and debt issuance costs totaling $17,983 and $21,977	393	510	782	888	969
OTHER LONG-TERM LIABILITIES	265	241	238	240	234
TOTAL LIABILITIES	3,898	3,084	3,146	3,101	3,051
COMMITMENTS AND CONTINGENCIES (Note 8)	—	—	—	—	—
Preferred stock authorized 1,000,000 shares ($1 par value), none issued	0	0	0	0	0
Common stock authorized 112,500,000 shares ($1 par value), issued and outstanding 52,791,451 and 52,485,719 shares	53	52	52	52	51
Additional paid-in capital	1,149	1,147	1,146	1,141	1,133
Retained earnings (deficit)	46	−31	133	304	514
Accumulated other comprehensive loss	−29	−34	−40	−47	−44
Total stockholders' equity	1,219	1,135	1,292	1,450	1,655
Noncontrolling interests	44	24	−8	−8	19
TOTAL EQUITY	1,263	1,159	1,284	1,442	1,674
TOTAL LIABILITIES AND EQUITY	5,160	4,243	4,430	4,543	4,725

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation	48	52	43	50	83
Amortization of intangible assets	2	2	2	15	36
Share-based compensation expense	150	40	12	9	12
Change in debt discounts and deferred debt issuance costs	5	14	5	4	—
Deferred income taxes	47	−78	−65	−79	−14
(Gain) loss on sale of property and equipment	−2	116,000	−5	145,000	3
Changes in other components of working capital	331	589	429	390	−422
Other long-term liabilities	21	15	4	14	15
Other, net	5	−8	10	−3	478,000
NET CASH PROVIDED BY OPERATING ACTIVITIES	748	504	308	207	−148
Acquisition of property and equipment	−181	−37	−53	−60	−39
Proceeds from sale of property and equipment	9	5	10	9	7
Investments in securities	−125	−36	−48	−24	−31
Proceeds from maturities and sales of investments in securities	39	28	13	9	25
NET CASH USED IN INVESTING ACTIVITIES	−257	−41	−78	−66	−37
Proceeds from debt	188	787	712	694	741
Repayment of debt	−319	−1,142	−774	−732	−778
Cash payments related to share-based compensation	−7	−6	−969,000	−2	−2
Payment of dividends	−3	0	0	—	—
Distributions paid to noncontrolling interests	−52	−23	−47	−47	−23
Contributions from noncontrolling interests	8	15	2	9	7
Debt issuance, extinguishment and modification costs	0	−25	−2	−124,000	0
NET CASH USED IN FINANCING ACTIVITIES	−185	−393	−109	−79	−55
Net increase in cash, cash equivalents and restricted cash	306	70	121	62	−240

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