Tutor Perini Lifts 2026 Adjusted Earnings Outlook

The Tip Desk · November 10, 2026 · 3 min read

The contractor raised its 2026 adjusted EPS range to $5.90 to $6.10 after record third-quarter revenue of $1.7 billion and a $20.4 billion backlog.

Tutor Perini Corporation (TPC), a civil, building and specialty construction company, raised its 2026 adjusted earnings-per-share outlook to $5.90 to $6.10 from $5.15 to $5.45 after a third quarter in which revenue, operating cash flow and construction income all set company records.

Revenue for the quarter was $1.7 billion, up 22% from a year earlier, a faster year-over-year pace than the 19% increase recorded in the second quarter. Income from construction operations was $125.4 million, up 213% from $40.1 million in the third quarter of 2025. Adjusted EPS, which excludes share-based compensation and other items, was $1.83, up 59% from $1.15 a year earlier. GAAP diluted EPS was $0.39, compared with $0.07 a year earlier.

The company said the construction-income increase reflected higher-margin work on newer projects in the Northeast, California, Texas and the Indo-Pacific region, as well as a $39.5 million decline, or $0.73 a share net of tax, in share-based compensation expense versus the year-ago quarter. That decline followed the absence of certain liability-classified awards that vested at the end of 2025. Share-based compensation expense is expected to decline significantly in 2027, the company said, as most remaining liability-classified awards vest by the end of 2026.

Civil, Building and Specialty Contractors revenue rose 16%, 29% and 26%, respectively, from a year earlier. Civil external revenue was $893.5 million, Building $540.5 million and Specialty Contractors $286.2 million. Civil contributed $125.2 million of construction income, Building $27.2 million and Specialty Contractors $10.1 million.

Operating cash flow was $330.9 million in the quarter, up 14% from $289.1 million a year earlier, and $665.1 million for the first nine months, up 16% from $574.4 million. The company attributed the record cash generation to higher volume, execution, record earnings and collections on profitable projects, and said it expects continued strong operating cash flow for the remainder of 2026 and beyond.

GAAP net income attributable to the company was $20.7 million. The quarter included a $51.4 million loss on extinguishment of debt tied to a July refinancing and a $33.8 million pension settlement charge, neither of which was in the second-quarter adjusted-EPS bridge. Adjusted net income was $97.6 million.

The company booked about $2.2 billion of new awards and contract adjustments, a second straight quarter with a book-to-burn ratio above 1.0 times, leaving backlog at $20.4 billion as of September 30. Largest additions included $1.0 billion of extra work on a Civil project with substantial Specialty Contractors electrical and mechanical scope, $577 million of Building federal awards, $145 million of Indo-Pacific military facility work, $126 million of Midwest bridges, $108 million of additional Oklahoma hospitality and gaming funding and $89 million of California mass-transit funding.

Total debt was $404 million, down 1% from $407 million at year-end 2025, and cash exceeded total debt by $707 million. Costs and estimated earnings in excess of billings were $767.4 million, down 9% from $847.8 million as of September 30, 2025, which the company said reflected progress on a reduced number of disputed matters.

Management said it is raising 2026 guidance based on record results through the third quarter and confidence in the remainder of the year. The company also anticipates continued strong revenue and adjusted EPS growth in 2027 from its long-duration backlog. A pipeline of potential projects over the next three to four years totals more than $200 billion, the company said, about three times larger than a couple of years ago.