Primoris Services Corporation filed its Form 10-Q for the quarterly period ended September 30, 2026, with the SEC on November 4, 2026, reporting third-quarter revenue of $1,952.4 million and net income of $51.3 million.

Key Highlights

  • Quarterly revenue: $1,952.4 million for the three months ended September 30, 2026, compared to $2,178.4 million in the same period of 2025.
  • Quarterly net income: $51.3 million, or $0.95 per diluted share, versus $94.6 million, or $1.73 per diluted share, in Q3 2025.
  • Nine-month net income: $44.6 million on revenue of $5,200.5 million for the nine months ended September 30, 2026.
  • Total assets: $4,628.2 million as of September 30, 2026, up from $4,407.8 million at December 31, 2025.
  • Long-term debt: $741.8 million as of September 30, 2026, compared to $409.0 million at December 31, 2025.
  • Share repurchases: 1,330,627 shares were purchased in Q3 2026 at a total cost of $101.5 million, according to the stockholders' equity statement.
  • Dividend declared: $0.08 per share for the quarter, consistent with the prior-year quarter.

Primoris Services Q3 2026 Financial Results: Revenue Decline and Rising Debt Levels

According to the filing, Primoris Services Corporation (NYSE:PRIM) reported third-quarter 2026 revenue of $1,952.4 million, a decrease from $2,178.4 million in the third quarter of 2025. Gross profit for the quarter was $204.7 million, compared to $235.7 million in the year-ago period. Operating income declined to $94.9 million from $137.0 million, as selling, general, and administrative expenses rose to $109.0 million from $97.7 million, and transaction and related costs totaled $0.8 million.

The company disclosed interest expense, net, of $14.3 million for the three months ended September 30, 2026, more than double the $7.0 million recorded in Q3 2025. The provision for income taxes was $29.3 million, resulting in net income of $51.3 million, or $0.95 diluted earnings per share. For the nine months ended September 30, 2026, net income was $44.6 million on revenue of $5,200.5 million, compared to net income of $223.2 million on revenue of $5,717.3 million for the same period in 2025.

The condensed consolidated balance sheet as of September 30, 2026, reflected total assets of $4,628.2 million. Long-term debt, net of current portion, grew to $741.8 million from $409.0 million at December 31, 2025. Goodwill increased to $1,051.5 million from $856.9 million, and intangible assets, net, rose to $361.7 million from $190.2 million over the same period, which the filing attributes in part to transaction and related costs of $8.2 million recorded over the nine-month period. Cash and cash equivalents declined to $203.5 million from $535.5 million. As of October 30, 2026, 52,528,702 shares of common stock were outstanding.

What Was Disclosed

Primoris Services Corporation disclosed its unaudited condensed consolidated financial statements for Q3 2026, covering revenue, earnings, balance sheet changes including higher debt and goodwill, share repurchase activity, and a quarterly dividend of $0.08 per share.