Primoris Services Corporation (NYSE: PRIM) (Primoris) today announced financial results for its first quarter ended March 31, 2026 and provided comments on the Company’s operational performance and outlook for 2026.
For the first quarter of 2026, Primoris reported the following highlights (1):
- Revenue of $1.6 billion, down $0.1 billion, or 5.4%, compared to the first quarter of 2025 primarily driven by lower revenue in the Energy segment, partially offset by growth in the Utilities segment;
- Net income of $17.4 million, or $0.32 per diluted share, down $26.8 million, or $0.49 per diluted share, from the first quarter of 2025;
- Adjusted net income of $32.2 million, or $0.59 per diluted share, a decrease of $21.3 million, or $0.39 per diluted share, from the first quarter of 2025;
- Total backlog of $11.6 billion, down $0.3 billion from the fourth quarter of 2025, including total Master Service Agreements (“MSA”) backlog of $7.5 billion;
- Adjusted earnings before interest, income taxes, depreciation and amortization (“Adjusted EBITDA”) of $60.5 million, down $38.9 million, or 39.1%, from the first quarter of 2025;
- Completed acquisition of PayneCrest Electric, Inc. on May 1, 2026.
- 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.”
“Our first quarter financial results reflected cost pressures on a limited number of renewables projects,” said Koti Vadlamudi, President and Chief Executive Officer of Primoris. “We are actively managing these projects and expect them to reach substantial completion during 2026. Importantly, the majority of our renewables portfolio continues to perform in line or ahead of expectations.
“Excluding these isolated renewables project impacts, performance across the remainder of the business improved, with margin expansion led by the power delivery and industrial businesses. We continue to see strong bidding activity across our end markets, including natural gas generation, renewables, and pipeline, which we expect to support solid bookings momentum through the remainder of 2026.
“Demand for our services remains robust, driven by continued investment in power generation, data centers and other critical infrastructure, and we believe Primoris is well positioned to capitalize on these opportunities. We are also pleased to welcome the PayneCrest team to Primoris and look forward to leveraging our combined capabilities to deliver safe, reliable, and high‑quality solutions for our customers while creating long‑term value for our shareholders.”
For the full investor release detailing Primoris' first quarter results and outlook, click here: https://ir.prim.com/news-and-events/news-releases/2026/05-05-2026-211613921.
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]