Primoris Services Corporation (NYSE: PRIM) (Primoris) today announced financial results for its fourth quarter and full year ended December 31, 2025, and provided the Company’s initial outlook for 2026.
For the full year 2025, Primoris reported the following highlights(1):
- Revenue of $7.6 billion, up $1.2 billion, or 19.0%, compared to the full year of 2024, driven by double-digit growth in the Energy and Utilities segments;
- Net income of $274.9 million, or $5.02 per diluted share, up 52.0% from the full year of 2024, due to higher operating income and lower interest expense;
- Full year net cash provided by operating activities of $470.4 million;
- Total backlog of $11.9 billion, up $0.1 billion from year end 2024, including total Master Service Agreements (“MSA”) backlog of $7.0 billion;
- Adjusted net income of $308.2 million, or $5.62 per diluted share, an increase of 45.8% from the full year of 2024; and
- Adjusted earnings before interest, income taxes, depreciation, and amortization (“Adjusted EBITDA”) of $531.1 million, up 22.0% from the full year of 2024.
For the fourth quarter of 2025, Primoris reported the following highlights(1):
- Revenue of $1.9 billion, up $116.4 million, or 6.7%, compared to the fourth quarter of 2024, driven by growth in the Energy and Utilities segments;
- Net income of $51.8 million, or $0.95 per diluted share, down 4.1% from the fourth quarter of 2024, driven by lower operating income, partially offset by lower interest expense;
- Fourth quarter net cash provided by operating activities of $142.9 million;
- Adjusted net income of $59.3 million, or $1.08 per diluted share, down 4.0% from the fourth quarter of 2024; and
- Adjusted EBITDA of $108.2 million, down 7.2%, from the fourth quarter of 2024.
- Please refer to “Non-GAAP Measures” and Schedules 1, 2, 3 and 4 for the definitions and reconciliations of our Non-GAAP financial measures, including “Adjusted Net Income,” “Adjusted EPS” and “Adjusted EBITDA.”
“Primoris concluded another year of profitable growth in 2025, delivering record revenue, earnings, and backlog, while putting us ahead of schedule in achieving our multi-year goals. We also strengthened our balance sheet and liquidity position, which will enable us to allocate capital toward opportunities to create further value for Primoris and its stakeholders,” said Koti Vadlamudi, President and Chief Executive Officer of Primoris.
“While 2025 presented challenges and uncertainty with regards to changes in trade and regulatory policy, I am proud of our employees for their commitment to safely and efficiently providing high-quality infrastructure solutions to our customers. We were able to improve margins in the Utilities segment despite a decrease in storm response work, increase revenue from natural gas generation projects, and exceed $3 billion in revenue in our renewables business.”
“As we turn our focus to 2026, I am optimistic about our potential to build our backlog of projects and meet the growing needs of our customers, while improving margins and generating cash flow. Our end markets remain incredibly strong and Primoris is well-positioned to capitalize on the opportunities ahead.”
For the full investor release detailing Primoris' fourth quarter and full year results and outlook, click here: https://ir.prim.com/news-and-events/news-releases/2026/02-23-2026-211611532.
About Primoris
Primoris Services Corporation is a leading provider of critical infrastructure services to the utility, energy, and renewables markets throughout the United States and Canada. We deliver a range of engineering, construction, and maintenance capabilities that power, connect, and enhance society. On projects spanning utility-scale solar, renewables, power delivery, communications, power generation, and transportation infrastructure, we offer unmatched value to our clients, a safe and entrepreneurial culture to our employees, and innovation and excellence to our communities. To learn more, visit www.prim.com and follow us on social media at @PrimorisServicesCorporation.
FORWARD LOOKING STATEMENTS
This press release contains certain forward-looking statements that reflect, when made, the Company’s expectations or beliefs concerning future events that involve risks and uncertainties, including the Company’s future performance. Forward-looking statements include all statements that are not historical facts and can be identified by terms such as “anticipates”, “believes”, “could”, “estimates”, “expects”, “intends”, “may”, “plans”, “potential”, “predicts”, “projects”, “should”, “will”, “would” or similar expressions. Forward-looking statements include information concerning our possible or assumed future results of operations, business strategies, financing plans, competitive position, industry environment, potential growth opportunities, the effects of regulation and the economy, generally. Forward-looking statements inherently involve known and unknown risks, uncertainties, and other factors, which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Actual results may differ materially as a result of a number of factors, including, among other things, the risks described in Part I, Item 1A “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2022, and our other filings with the U.S. Securities and Exchange Commission (“SEC”). Such filings are available on the SEC’s website at www.sec.gov. Given these risks and uncertainties, you should not place undue reliance on forward-looking statements. Primoris does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
Investor Contact:
Blake Holcomb
Vice President, Investor Relations
[email protected]
Media Contact:
Rachel Weiss
Senior Communications Manager
[email protected]