Tutor Perini Corporation reported a significant increase in financial performance for the first quarter of 2026, with consolidated revenue reaching $1.39 billion, an 11.5% rise from $1.25 billion in the same period of 2025. The company's net income attributable to Tutor Perini Corporation was $25.7 million, down from $28.0 million year-over-year, resulting in diluted earnings per share of $0.48 compared to $0.53 in the prior year. The decline in net income was attributed to increased share-based compensation expenses and an unfavorable adjustment on a mass-transit project in California.
The company experienced growth across all three segments: Civil, Building, and Specialty Contractors. The Civil segment achieved record revenue of $697.7 million, a 14.4% increase from the previous year, driven by heightened project execution activities. The Building segment's revenue rose to $473.0 million, while the Specialty Contractors segment saw a 23.7% increase in revenue to $218.7 million. However, income from construction operations decreased to $59.2 million from $65.3 million, primarily due to the aforementioned project adjustments and increased compensation costs.
In terms of operational metrics, Tutor Perini's backlog as of March 31, 2026, was $19.8 billion, slightly down from $20.6 billion at the end of 2025 but up from the previous year's $19.5 billion. The company secured new awards totaling $670.1 million during the quarter, with significant contributions from the Building and Civil segments. The Civil segment's backlog was approximately 49% of the total, reflecting strong demand supported by public funding initiatives.
The company reported a cash position of $803.0 million as of March 31, 2026, an increase from $734.6 million at the end of 2025. Net cash provided by operating activities was a record $146.9 million, significantly higher than the $22.9 million reported in the same quarter of 2025. This increase was attributed to improved project execution and working capital management. Looking ahead, Tutor Perini anticipates continued revenue growth driven by a robust pipeline of projects and favorable market conditions, particularly in infrastructure spending supported by recent federal funding initiatives.
About TUTOR PERINI CORP
Tutor Perini Corporation is a leading construction firm providing diversified general contracting, construction management, and design-build services. Its core segments include civil infrastructure, building projects, and specialty contracting, serving public agencies and private clients across the U.S. The company specializes in large, complex projects such as transit systems, airports, and high-end facilities, leveraging vertical integration, strong reputation, and extensive experience to deliver high-quality infrastructure and building solutions.
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