Primoris Services Corporation reported a significant increase in financial performance for the fiscal year ending December 31, 2025, with total revenue reaching $7.57 billion, a 19% increase from $6.37 billion in 2024. The company's gross profit also rose to $813.1 million, reflecting a 15.6% increase compared to the previous year. However, the gross profit margin slightly decreased to 10.7% from 11.0% in 2024, primarily due to lower margins in the Energy segment, which was partially offset by improved margins in the Utilities segment.
The company experienced notable growth across both its Utilities and Energy segments. Revenue from the Utilities segment increased by 10.4% to $2.69 billion, driven by heightened activity in gas operations, power delivery, and communications markets. Meanwhile, the Energy segment saw a 24.5% revenue increase to $5.02 billion, attributed to a surge in renewable energy and industrial activities. Operating income for the Utilities segment rose by 30.6% to $182.5 million, while the Energy segment's operating income increased by 15.6% to $341 million.
In terms of strategic developments, Primoris has focused on controlled expansion and maintaining strong customer relationships through Master Service Agreements (MSAs). The company reported that 32% of its revenue in 2025 was derived from MSAs, a slight decrease from 36.8% in 2024. The total backlog as of December 31, 2025, was approximately $11.95 billion, indicating a stable pipeline of future work, with $5.29 billion expected to be realized in the next 12 months.
Operationally, Primoris employed a total of 18,526 individuals as of December 31, 2025, comprising 3,055 salaried employees and 15,471 hourly workers. The company continues to invest in its workforce through training and development programs, which are essential for maintaining a skilled labor force in the competitive construction industry. Additionally, Primoris has made significant capital expenditures, totaling approximately $129.9 million in 2025, to enhance its equipment and facilities.
Looking ahead, Primoris remains optimistic about its growth prospects, particularly in the renewable energy sector and infrastructure development. The company anticipates continued demand for its services driven by government investments in alternative energy and infrastructure improvements. However, it also acknowledges potential challenges, including inflationary pressures and regulatory changes that could impact project timelines and costs. Overall, Primoris is well-positioned to capitalize on emerging opportunities while navigating the complexities of the current market environment.
About Primoris Services Corp
Primoris Services Corporation provides infrastructure construction, maintenance, and engineering services primarily in the United States and Canada. Its core segments are Utilities and Energy, serving utility, renewable, petrochemical, and transportation markets. The company focuses on long-term customer relationships, project-based and recurring revenue, equipment ownership, and safety. Its business model emphasizes selective bidding, stable workforce, and a strong balance sheet to support diverse infrastructure projects.
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