Primoris Services Corporation (NYSE: PRIM) (Primoris) today announced financial results for its second quarter ended June 30, 2026 and provided comments on the Company’s operational performance and outlook for the remainder of 2026.
For the second quarter of 2026, Primoris reported the following highlights (1):
- Revenue of $1,688.2 million, down $202.5 million, or 10.7%, compared to the second quarter of 2025 driven by lower revenue in the Energy segment;
- Net loss of $24.2 million, or $0.45 per diluted share, a decrease of $108.5 million from the second quarter of 2025;
- Adjusted net loss of $14.6 million, or $0.27 per diluted share, a decrease of $106.7 million from the second quarter of 2025;
- Adjusted earnings before interest, income taxes, depreciation, and amortization (“Adjusted EBITDA”) of $11.4 million, down $143.2 million, or 92.6%, from the second quarter of 2025; and
- Record total backlog of $13.9 billion, including $8.2 billion of total master service agreement (“MSA”) backlog.
- 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.”
“Despite the challenges on a limited number of renewables projects that impacted our earnings during the quarter, Primoris delivered record bookings and achieved the highest total backlog in our history,” said Koti Vadlamudi, President and Chief Executive Officer of Primoris. “These awards reflect the strength of our end markets, the increasing demand for critical infrastructure investment, and the trust our customers place in Primoris to deliver our services safely, efficiently, and with the highest standards of quality.”
“We are making meaningful progress toward completing the challenged renewables projects we previously disclosed, while continuing to demonstrate strong execution across the rest of our businesses. At the same time, demand for our services remains strong, supported by favorable market fundamentals and expanding opportunities across renewable energy, natural gas generation, pipeline, and power delivery markets. We remain focused on disciplined execution and are well-positioned to capitalize on the significant opportunities ahead.
“Although our first-half 2026 financial performance fell short of our expectations, we are encouraged by the momentum we see across the business. With a record backlog, improving project mix, and continued operational focus, we expect revenue growth and margin improvement in the second half of 2026, providing a solid foundation for stronger performance and long-term value creation in 2027 and beyond,” he added.
Second Quarter 2026 Results Overview
Revenue was $1.7 billion for the three months ended June 30, 2026, a decrease of $0.2 billion, or 10.7% compared to the same period in 2025. The decrease was primarily due to lower renewables revenue in the Energy segment. Operating loss was $26.8 million for the three months ended June 30, 2026, a decrease of $153.4 million, or 121.2%, compared to the same period in 2025. The decrease was primarily due to a decrease in Energy segment revenue and margins and a decrease in Utilities segment margins. Gross profit as a percentage of revenue decreased to 4.9% for the three months ended June 30, 2026, compared to 12.3% for the same period in 2025, primarily driven by lower margins in the Energy and Utilities segments.
During the second quarter of 2026, net loss was $24.2 million compared to net income of $84.3 million in the prior year period. Diluted loss per share (“EPS”) was $0.45 for the second quarter of 2026 compared to $1.54 earnings per diluted share for the same period in 2025. The decrease in net income and earnings per share was primarily driven by lower revenue and margins and higher interest expense. Adjusted net loss was $14.6 million for the second quarter of 2026, compared to $92.1 million of adjusted net income for the same period in 2025. Adjusted loss per diluted share was $0.27 for the second quarter of 2026, compared to $1.68 adjusted earnings per diluted share for the second quarter of 2025. Adjusted EBITDA was $11.4 million for the second quarter of 2026, compared to $154.6 million for the same period in 2025.
For the full investor release detailing Primoris' second quarter results and outlook, click here: https://ir.prim.com/news-and-events/news-releases/2026/08-04-2026-211542600.
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]