Key Highlights

  • Diluted EPS was USD 0.39 against an estimate of USD 0.80; adjusted diluted EPS, a non-GAAP measure, was USD 1.83.
  • Revenue was USD 1,720.3 million against an estimate of USD 1.63 billion and USD 1,415.4 million a year earlier.
  • Backlog stood at USD 20,353.3 million at September 30, 2026, with new awards of USD 2.2 billion in the quarter.
  • A USD 51.4 million Debt extinguishment loss and a USD 33.8 million pension settlement charge are included in the quarter.

Tutor Perini Corporation (NYSE:TPC) pointed first to its bidding pipeline when describing its direction, which management put at more than USD 200 billion of potential projects over the next three to four years, about three times the level of a couple of years ago. Backlog was USD 20,353.3 million at September 30, 2026, and new awards for the quarter totaled USD 2.2 billion. Third quarter diluted EPS was USD 0.39 against an estimate of USD 0.80 and USD 0.07 a year earlier, on Revenue of USD 1.72 billion.

Pipeline, Awards and Backlog

Management said bidding opportunities are concentrated in the Indo-Pacific region, California, the Midwest and the Northeast. The most significant third quarter awards included USD 1.0 billion of additional work on an existing Civil project, several federal Building projects totaling USD 577 million, USD 145 million for military facilities in the Indo-Pacific, and USD 126 million of Midwest bridge projects.

By segment, backlog was USD 10,006.9 million in Civil, USD 7,183.0 million in Building and USD 3,163.4 million in Specialty Contractors.

The Quarter in Detail

Revenue was USD 1,720.3 million against USD 1,415.4 million, and Gross Profit was USD 221.5 million against USD 169.4 million. Income from construction operations was USD 125.4 million against USD 40.1 million, which the company described as the highest of any quarter in its history. General and administrative expenses were USD 96.0 million against USD 129.3 million.

Net income was USD 37.9 million, and Net Income attributable to the company was USD 20.7 million against USD 3.6 million. Adjusted diluted EPS excludes share-based compensation, the loss on extinguishment of debt and the pension settlement charge, and was USD 1.83 against USD 1.15. The loss on extinguishment of debt of USD 51.4 million came from redeeming the 2024 Senior Notes on July 2, 2026, and the pension settlement charge was USD 33.8 million.

Segment Operations

Civil revenue was USD 893.5 million against USD 770.2 million, with income from construction operations of USD 125.2 million and an Operating Margin of 14.0%. Building revenue was USD 540.5 million against USD 418.7 million, with income of USD 27.2 million and a 5.0% margin, driven by two detention Facility projects in New York and California healthcare and gaming work. Specialty Contractors revenue was USD 286.2 million against USD 226.5 million.

Financing, Cash and Liquidity

On July 2, 2026 the company issued USD 400.0 million of 6.625% Senior Notes due 2033 and used the proceeds and cash on hand to redeem the USD 400.0 million 2024 Senior Notes. It also amended its revolving Credit facility, extending Maturity to July 2, 2031 and raising commitments from USD 170.0 million to USD 350.0 million, which is unused. The new SOFR margin range is 1.75% to 2.50%. Interest expense was USD 7.3 million against USD 13.5 million.

Cash and cash equivalents were USD 1.1 billion, with USD 504.2 million immediately available for general corporate purposes. Nine-month Operating Cash Flow was USD 665.1 million.

Dates and Milestones Named

Quarterly revenue of USD 1.72 billion sits alongside backlog of USD 20.35 billion, and diluted EPS of USD 0.39 sits alongside adjusted diluted EPS of USD 1.83. Cash of USD 1.1 billion sits next to a USD 400.0 million note due July 15, 2033.

Management named the revolver maturity of July 2, 2031, the first semi-annual interest payment on the 2033 notes in January 2027, as dated items. It also named the Indo-Pacific, California, Midwest and Northeast bidding opportunities as its priorities.