Tutor Perini reported record third quarter 2026 results, featuring a 22% year-over-year revenue increase and the highest quarterly operating cash flow in the company's history. Performance was driven by double-digit growth across all three business segments, supported by increased execution on high-margin infrastructure projects. Based on strong momentum and visibility into its $20.4 billion backlog, management significantly raised its full-year 2026 earnings outlook.
Key Highlights
- Revenue of $1.72 billion beat analyst estimates of $1.62 billion, driven by project activity in the Northeast, California, and the Indo-Pacific.
- Adjusted EPS of $1.83 exceeded the $1.34 consensus estimate, though GAAP EPS was $0.39 due to $104.5 million in one-time charges related to debt refinancing and pension settlement.
- Raised 2026 Adjusted EPS guidance range to $5.90–$6.10, a substantial increase from the prior range of $5.15–$5.45.
- Operating cash flow reached a quarterly record of $330.9 million, with management expecting continued strength through year-end.
- Backlog remains robust at $20.4 billion, supported by a pursuit pipeline of over $200 billion in potential projects over the next few years.