Loading financials from SEC filings…
Engineering & construction · Industrials · Fiscal year ends Dec 31
Primoris Services reported revenue of $7.6B in the fiscal year ended Dec 2025, up 19.0% from the year before. Operating income was $412M, an operating margin of 5.4%, and net income was $275M. Operating cash flow of $470M less capital expenditure of $130M left free cash flow of $341M. It held more cash than debt (net cash $66M).
Ranks among the 23 engineering & construction companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 3,498 | 4,421 | 5,715 | 6,367 | 7,575 |
| Cost of revenue | 3,081 | 3,964 | 5,128 | 5,664 | 6,762 |
| Gross profit | 417 | 457 | 588 | 703 | 813 |
| Selling, general & admin | 230 | 282 | 329 | 383 | 399 |
| Operating income | 170 | 195 | 253 | 317 | 412 |
| Pre-tax income | 152 | 159 | 178 | 255 | 384 |
| Income tax | 36.1 | 26.3 | 51.5 | 74.0 | 109 |
| Net income | 116 | 133 | 126 | 181 | 275 |
| Diluted EPS | 2.17 | 2.47 | 2.33 | 3.31 | 5.02 |
| Diluted shares | 53.2 | 53.8 | 54.2 | 54.6 | 54.8 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 201 | 249 | 218 | 456 | 536 |
| Receivables | 472 | 663 | 112 | 834 | 723 |
| Current assets | 1,182 | 1,704 | 1,885 | 2,160 | 2,334 |
| Net PP&E | 433 | 494 | 476 | 488 | 531 |
| Goodwill | 582 | 872 | 858 | 857 | 857 |
| Total assets | 2,543 | 3,544 | 3,827 | 4,196 | 4,408 |
| Payables | 273 | 535 | 629 | 624 | 744 |
| Deferred revenue | 240 | 276 | 367 | 617 | 634 |
| Current liabilities | 759 | 1,138 | 1,335 | 1,671 | 1,849 |
| Short-term debt | 67.2 | 78.1 | 72.9 | 74.6 | 60.9 |
| Long-term debt | 594 | 1,065 | 885 | 660 | 409 |
| Total liabilities | 1,553 | 2,435 | 2,591 | 2,786 | 2,727 |
| Shareholders' equity | 990 | 1,109 | 1,236 | 1,410 | 1,681 |
| Backlog (remaining obligations) | 2,600 | 3,800 | 5,400 | 6,300 | 5,300 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 79.7 | 83.3 | 199 | 508 | 470 |
| Capital expenditure | 134 | 94.7 | 103 | 127 | 130 |
| Free cash flow | −54.1 | −11.3 | 95.5 | 382 | 341 |
| Depreciation & amortisation | 106 | 99.2 | 107 | 95.5 | 91.9 |
| Stock-based compensation | 10.5 | 7.4 | 11.8 | 15.1 | 20.6 |
| Acquisitions | 607 | 478 | −9.3 | – | – |
| Share buybacks | 14.7 | 6.0 | – | – | – |
| Dividends paid | 12.6 | 12.8 | 12.8 | 12.9 | 17.3 |
| Dividend per share | 0.24 | 0.24 | 0.24 | 0.26 | 0.32 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 26.4% | 29.3% | 11.4% | 19.0% |
| Operating income growth (YoY) | – | 14.8% | 29.6% | 25.4% | 29.6% |
| EPS growth (YoY) | – | 13.8% | −5.7% | 42.1% | 51.7% |
| Gross margin | 11.9% | 10.3% | 10.3% | 11.0% | 10.7% |
| Operating margin | 4.9% | 4.4% | 4.4% | 5.0% | 5.4% |
| Net margin | 3.3% | 3.0% | 2.2% | 2.8% | 3.6% |
| Return on equityBlank when equity is negative | 11.7% | 12.0% | 10.2% | 12.8% | 16.4% |
| ROCEEBIT ÷ (assets − current liabilities) | 9.5% | 8.1% | 10.2% | 12.6% | 16.1% |
| Free cash flow margin | −1.5% | −0.3% | 1.7% | 6.0% | 4.5% |
| Cash conversion (CFO ÷ net income) | 0.69x | 0.63x | 1.57x | 2.81x | 1.71x |
| Receivable days | 49 | 55 | 7 | 48 | 35 |
| Payable days | 32 | 49 | 45 | 40 | 40 |
| Debt ÷ equity | 0.67x | 1.03x | 0.78x | 0.52x | 0.28x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 461 | 895 | 740 | 279 | −65.6 |
| Current ratio | 1.56x | 1.50x | 1.41x | 1.29x | 1.26x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.