Centuri Holdings, Inc. reported a significant increase in financial performance for the fiscal year ending December 28, 2025, with total revenue reaching $2.98 billion, a 13.1% increase from $2.64 billion in the previous year. The company achieved a net income of $22.65 million, a substantial recovery from a net loss of $6.82 million in the prior fiscal year. This turnaround was attributed to improved operational efficiencies and increased demand for utility infrastructure services, particularly in the U.S. Gas and Canadian Operations segments.
The company experienced notable growth across its segments. Revenue from U.S. Gas Utility Services rose by 5.4% to $1.33 billion, driven by increased volumes under master service agreements (MSAs). Canadian Operations saw a 24.8% increase in revenue to $246.9 million, primarily due to higher net volumes under existing MSAs. Union Electric and Non-Union Electric segments also reported revenue increases of 16.6% and 23.5%, respectively, reflecting new project wins and improved service delivery.
Strategically, Centuri completed the acquisition of Connect Atlantic Utility Services Corporation in November 2025 for approximately $58 million, expanding its electric service offerings into Canada. This acquisition is expected to enhance the company's capabilities in the growing Canadian market. Additionally, the company executed a public offering in November 2025, raising $250.9 million, which was primarily used to repay debt and fund the Connect acquisition.
Operationally, Centuri served over 400 customers, with its top 20 customers accounting for 65% of total revenue. The company maintained a favorable contract mix, with 78% of revenue derived from long-term MSAs, providing greater visibility into future demand. As of December 28, 2025, the company reported a backlog of approximately $5.9 billion, indicating strong future revenue potential. The workforce increased to 9,687 employees, reflecting the company's commitment to meeting growing service demands.
Looking ahead, Centuri anticipates continued growth driven by increased infrastructure investments in the utility sector, particularly in response to regulatory mandates for system integrity and environmental sustainability. The company is well-positioned to capitalize on these trends, although it acknowledges potential challenges from rising costs and market volatility. Management believes that its capital resources, including cash balances and operating cash flows, are sufficient to meet financial obligations in the foreseeable future.
About Centuri Holdings, Inc.
Centuri Holdings is a North American utility infrastructure services company specializing in maintaining, upgrading, and expanding electric and natural gas networks. It serves regulated utilities, renewable energy, data centers, and EV infrastructure markets through long-term contracts and recurring work. With a focus on safety, reliability, and sustainability, it operates across multiple regions, leveraging extensive expertise and a diverse workforce to support energy transition and infrastructure modernization.
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