TUTOR PERINI CORPTPC
TUTOR PERINI CORP Revenue Disclosure
Revenue
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Disaggregation of Revenue
The following tables disaggregate revenue by segment, end market, customer type and contract type, which the Company believes best depict how the nature, amount, timing and uncertainty of its revenue and cash flows are affected by economic factors for the years ended December 31, 2025, 2024 and 2023.
| Year Ended December 31, | |||||||||||
| (in thousands) | 2025 | 2024 | 2023 | ||||||||
| Civil segment revenue by end market: | |||||||||||
Mass transit (includes certain transportation and tunneling projects)(a) | $ | 1,690,025 | $ | 1,126,830 | $ | 1,079,629 | |||||
| Military facilities | 382,509 | 436,511 | 348,133 | ||||||||
Bridges(c) | 378,499 | 170,069 | 204,029 | ||||||||
| Detention facilities | 160,354 | 77,470 | — | ||||||||
| Power and energy | 144,752 | 129,848 | 70,658 | ||||||||
| Commercial and industrial sites | 82,520 | 133,797 | 118,880 | ||||||||
Other(b) | 8,171 | 44,428 | 62,536 | ||||||||
| Total Civil segment revenue | $ | 2,846,830 | $ | 2,118,953 | $ | 1,883,865 | |||||
| Year Ended December 31, | |||||||||||
| (in thousands) | 2025 | 2024 | 2023 | ||||||||
| Building segment revenue by end market: | |||||||||||
| Healthcare facilities | $ | 943,909 | $ | 590,845 | $ | 294,667 | |||||
| Detention facilities | 414,575 | 105,897 | 43,262 | ||||||||
| Government | 191,523 | 302,034 | 380,868 | ||||||||
| Education facilities | 122,324 | 285,207 | 226,335 | ||||||||
| Mass transit (includes transportation projects) | 111,212 | 218,396 | 188,335 | ||||||||
Other(d) | 68,694 | 115,158 | 169,072 | ||||||||
| Total Building segment revenue | $ | 1,852,237 | $ | 1,617,537 | $ | 1,302,539 | |||||
| Year Ended December 31, | |||||||||||
| (in thousands) | 2025 | 2024 | 2023 | ||||||||
| Specialty Contractors segment revenue by end market: | |||||||||||
| Mass transit (includes certain transportation and tunneling projects) | $ | 252,965 | $ | 167,287 | $ | 119,760 | |||||
| Commercial and industrial facilities | 142,525 | 115,471 | 213,003 | ||||||||
| Healthcare facilities | 112,739 | 64,292 | 57,292 | ||||||||
| Multi-unit residential | 102,347 | 84,978 | 114,516 | ||||||||
| Government | 94,318 | 78,844 | 89,031 | ||||||||
| Detention facilities | 58,121 | 266 | — | ||||||||
| Water | 24,426 | 50,450 | 85,176 | ||||||||
Other(d) | 56,531 | 28,844 | 15,045 | ||||||||
| Total Specialty Contractors segment revenue | $ | 843,972 | $ | 590,432 | $ | 693,823 | |||||
| Year Ended December 31, 2025 | ||||||||||||||
| (in thousands) | Civil | Building | Specialty Contractors | Total | ||||||||||
| Revenue by customer type: | ||||||||||||||
State and local agencies(a) | $ | 2,180,599 | $ | 856,734 | $ | 498,344 | $ | 3,535,677 | ||||||
| Federal agencies | 468,561 | 117,887 | 18,334 | 604,782 | ||||||||||
Private owners(b) | 197,670 | 877,616 | 327,294 | 1,402,580 | ||||||||||
| Total revenue | $ | 2,846,830 | $ | 1,852,237 | $ | 843,972 | $ | 5,543,039 | ||||||
| Year Ended December 31, 2024 | ||||||||||||||
| (in thousands) | Civil | Building | Specialty Contractors | Total | ||||||||||
| Revenue by customer type: | ||||||||||||||
State and local agencies(c) | $ | 1,348,842 | $ | 867,638 | $ | 287,052 | $ | 2,503,532 | ||||||
| Federal agencies | 458,366 | 167,786 | (4,122) | 622,030 | ||||||||||
| Private owners | 311,745 | 582,113 | 307,502 | 1,201,360 | ||||||||||
| Total revenue | $ | 2,118,953 | $ | 1,617,537 | $ | 590,432 | $ | 4,326,922 | ||||||
| Year Ended December 31, 2023 | ||||||||||||||
| (in thousands) | Civil | Building | Specialty Contractors | Total | ||||||||||
| Revenue by customer type: | ||||||||||||||
| State and local agencies | $ | 1,250,740 | $ | 718,106 | $ | 316,473 | $ | 2,285,319 | ||||||
| Federal agencies | 400,782 | 187,199 | (14,306) | 573,675 | ||||||||||
Private owners(d) | 232,343 | 397,234 | 391,656 | 1,021,233 | ||||||||||
| Total revenue | $ | 1,883,865 | $ | 1,302,539 | $ | 693,823 | $ | 3,880,227 | ||||||
(a)The year ended December 31, 2025 includes the impact of favorable adjustments totaling $57.6 million that resulted from the settlement of certain change orders and changes in estimates due to improved performance and a favorable project closeout on a domestic Civil segment mass-transit project. Refer to Note 14, Business Segments, for additional details.
(b)The year ended December 31, 2025 includes the impact of unfavorable adjustments totaling $54.7 million due to the settlement of a legacy dispute related to a completed Civil segment tunneling project in Canada. Refer to Note 14, Business Segments, for additional details.
(c)The year ended December 31, 2024 includes the negative impact of a $101.6 million adjustment related to an adverse arbitration ruling on a completed Civil segment bridge project in California, of which $79.4 million was a reversal of previously recognized revenue. Refer to Note 14, Business Segments, for additional details.
(d)The year ended December 31, 2023 includes the negative impact of a non-cash charge of $83.6 million that resulted from an adverse legal ruling (of which $72.2 million impacted the Building segment and $11.4 million impacted the Specialty Contractors segment). Refer to Note 14, Business Segments, for additional details.
State and local agencies. The Company’s state and local government customers include state transportation departments, metropolitan authorities, cities, municipal agencies, school districts and public universities. Services provided to state and local customers are primarily pursuant to contracts awarded through competitive bidding processes. Construction services for state and local government customers have included mass-transit systems, tunnels, bridges, highways, judicial, correctional and detention facilities, schools and dormitories, healthcare facilities, convention centers, parking structures and other municipal buildings. The vast majority of the Company’s civil contracting and building construction services are provided in locations throughout the United States and its territories.
Federal agencies. The Company’s federal government customers include the U.S. State Department, the U.S. Navy, the U.S. Army Corps of Engineers, the U.S. Air Force and the National Park Service. Services provided to federal agencies are typically pursuant to competitively bid contracts for specific or multi-year assignments that involve new construction or infrastructure repairs or improvements. A portion of revenue from federal agencies is derived from projects in overseas locations.
Private owners. The Company’s private owners (i.e., customers) include real estate developers, healthcare companies, technology companies, hospitality and gaming resort owners, Native American sovereign nations, public corporations and private universities. Services are provided to private customers through negotiated contract arrangements, as well as through competitive bids.
Most federal, state and local government contracts contain provisions that permit the termination of contracts, in whole or in part, for the convenience of government customers, among other reasons.
| Year Ended December 31, 2025 | ||||||||||||||
| (in thousands) | Civil | Building | Specialty Contractors | Total | ||||||||||
| Revenue by contract type: | ||||||||||||||
Fixed price(a) | $ | 2,438,982 | $ | 749,703 | $ | 657,398 | $ | 3,846,083 | ||||||
Guaranteed maximum price | 315 | 972,977 | 50,168 | 1,023,460 | ||||||||||
| Unit price | 348,874 | — | 68,311 | 417,185 | ||||||||||
| Cost plus fee and other | 58,659 | 129,557 | 68,095 | 256,311 | ||||||||||
| Total revenue | $ | 2,846,830 | $ | 1,852,237 | $ | 843,972 | $ | 5,543,039 | ||||||
| Year Ended December 31, 2024 | ||||||||||||||
| (in thousands) | Civil | Building | Specialty Contractors | Total | ||||||||||
| Revenue by contract type: | ||||||||||||||
Fixed price(b) | $ | 1,791,858 | $ | 638,938 | $ | 479,173 | $ | 2,909,969 | ||||||
| Guaranteed maximum price | 715 | 810,697 | 6,688 | 818,100 | ||||||||||
| Unit price | 272,579 | — | 74,102 | 346,681 | ||||||||||
| Cost plus fee and other | 53,801 | 167,902 | 30,469 | 252,172 | ||||||||||
| Total revenue | $ | 2,118,953 | $ | 1,617,537 | $ | 590,432 | $ | 4,326,922 | ||||||
| Year Ended December 31, 2023 | ||||||||||||||
| (in thousands) | Civil | Building | Specialty Contractors | Total | ||||||||||
| Revenue by contract type: | ||||||||||||||
| Fixed price | $ | 1,618,081 | $ | 532,950 | $ | 577,144 | $ | 2,728,175 | ||||||
Guaranteed maximum price(c) | (3,184) | 532,538 | 783 | 530,137 | ||||||||||
| Unit price | 235,085 | — | 91,992 | 327,077 | ||||||||||
| Cost plus fee and other | 33,883 | 237,051 | 23,904 | 294,838 | ||||||||||
| Total revenue | $ | 1,883,865 | $ | 1,302,539 | $ | 693,823 | $ | 3,880,227 | ||||||
(a)The year ended December 31, 2025 includes the impact of favorable adjustments totaling $57.6 million that resulted from the settlement of certain change orders and changes in estimates due to improved performance and a favorable project closeout on a domestic Civil segment mass-transit project and the impact of unfavorable adjustments totaling $54.7 million due to the settlement of a legacy dispute related to a completed Civil segment tunneling project in Canada. Refer to Note 14, Business Segments, for additional details.
(b)The year ended December 31, 2024 includes the negative impact of a $101.6 million adjustment related to an adverse arbitration ruling on a completed Civil segment bridge project in California, of which $79.4 million was a reversal of previously recognized revenue. Refer to Note 14, Business Segments, for additional details.
(c)The year ended December 31, 2023 includes the negative impact of a non-cash charge of $83.6 million that resulted from an adverse legal ruling (of which $72.2 million impacted the Building segment and $11.4 million impacted the Specialty Contractors segment). Refer to Note 14, Business Segments, for additional details.
Fixed price. Fixed price or lump sum contracts are most commonly used for projects in the Civil and Specialty Contractors segments and generally commit the Company to provide all of the resources required to complete a project for a fixed sum. Usually, fixed price contracts transfer more risk to the Company, but offer the opportunity for greater profits. Billings on fixed price contracts are typically based on estimated progress against predetermined contractual milestones.
Guaranteed maximum price (“GMP”). GMP contracts provide for a cost plus fee arrangement up to a maximum agreed upon price. These contracts place risks on the Company for amounts in excess of the GMP, but may permit an opportunity for greater profits than under cost plus fee contracts through sharing agreements with the owner on any cost savings that may be realized. Services provided by our Building segment to various private customers are often performed under GMP contracts. Billings on GMP contracts typically occur on a monthly basis and are based on actual costs incurred plus a negotiated margin.
Unit price. Unit price contracts are most prevalent for projects in the Civil and Specialty Contractors segments and generally commit the Company to provide an estimated or undetermined number of units or components at fixed unit prices. This approach shifts the risk of estimating the quantity of units required to the project owner, but the risk of increased cost per unit is borne by the Company, unless otherwise allowed for in the contract. Billings on unit price contracts typically occur on a monthly basis and are based on actual quantity of work performed or completed during the billing period.
Cost plus fee. Cost plus fee contracts are used for many projects in the Building and Specialty Contractors segments. Cost plus fee contracts include cost plus fixed fee contracts and cost plus award fee contracts. Cost plus fixed fee contracts provide for reimbursement of approved project costs plus a fixed fee. Cost plus award fee contracts provide for reimbursement of the project costs plus a base fee, as well as an incentive fee based on cost and/or schedule performance. Cost plus fee contracts serve to minimize the Company’s financial risk, but may also limit profits. Billings on cost plus fee contracts typically occur on a monthly basis based on actual costs incurred plus a negotiated margin.
Changes in Contract Estimates that Impact Revenue
Changes to the total estimated contract revenue or cost for a given project, either due to unexpected events or revisions to management’s initial estimates, are recognized in the period in which they are determined. Revenue was negatively impacted during the years ended December 31, 2025, 2024 and 2023 by $82.8 million, $275.8 million and $214.2 million, respectively, related to performance obligations satisfied (or partially satisfied) in prior periods for various projects, reflective of the net unfavorable impact of numerous legal judgments, settlements and other project charges. Refer to Note 14, Business Segments, for additional details on significant adjustments.
Remaining Performance Obligations
Remaining performance obligations represent the transaction price of firm orders for which work has not been performed and exclude unexercised contract options. As of December 31, 2025, the aggregate amounts of the transaction prices allocated to the remaining performance obligations of the Company’s construction contracts were $9.8 billion, $4.8 billion and $2.3 billion for the Civil, Building and Specialty Contractors segments, respectively. As of December 31, 2024, the aggregate amounts of the transaction prices allocated to the remaining performance obligations of the Company’s construction contracts were $7.3 billion, $4.6 billion and $2.0 billion for the Civil, Building and Specialty Contractors segments, respectively. The Company typically recognizes revenue on Civil segment projects over a period of to five years, whereas for projects in the Building and Specialty Contractors segments, the Company typically recognizes revenue over a period of to three years. Certain larger projects across all three segments may extend over a longer duration.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Feb 28, 2024 | |
| 2022 | Mar 15, 2023 | |
| 2021 | Feb 24, 2022 | |
| 2020 | Feb 24, 2021 | |
| 2019 | Feb 26, 2020 | |
| 2018 | Feb 27, 2019 | |
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.