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Engineering & construction · Industrials · Fiscal year ends Dec 31
Tutor Perini reported revenue of $5.5B in the fiscal year ended Dec 2025, up 28.1% from the year before. Operating income was $232M, an operating margin of 4.2%, and net income was $80M. Operating cash flow of $748M less capital expenditure of $181M left free cash flow of $567M. It held more cash than debt (net cash $327M).
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 | 4,642 | 3,791 | 3,880 | 4,327 | 5,543 |
| Cost of revenue | 4,175 | 3,761 | 3,740 | 4,130 | 4,896 |
| Gross profit | 466 | 29.6 | 141 | 197 | 648 |
| Operating income | 227 | −205 | −115 | −104 | 232 |
| Interest expense | 69.0 | 69.6 | 85.2 | 89.1 | 55.0 |
| Pre-tax income | 160 | −268 | −183 | −173 | 205 |
| Income tax | 25.6 | −75.1 | −55.0 | −50.7 | 61.4 |
| Net income | 91.9 | −210 | −171 | −164 | 80.4 |
| Diluted EPS | 1.79 | −4.09 | −3.30 | −3.13 | 1.51 |
| Diluted shares | 51.4 | 51.3 | 51.8 | 52.3 | 53.4 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 202 | 259 | 381 | 455 | 735 |
| Receivables | 1,454 | 1,171 | 1,054 | 987 | 1,219 |
| Current assets | 3,862 | 3,679 | 3,521 | 3,287 | 4,117 |
| Net PP&E | 430 | 435 | 441 | 423 | 548 |
| Goodwill | 205 | 205 | 205 | 205 | 205 |
| Total assets | 4,725 | 4,543 | 4,430 | 4,243 | 5,160 |
| Payables | 512 | 495 | 467 | 631 | 725 |
| Deferred revenue | 762 | 976 | 1,104 | 1,217 | 1,839 |
| Current liabilities | 1,777 | 1,968 | 2,125 | 2,333 | 3,239 |
| Short-term debt | 24.4 | 70.3 | 117 | 24.1 | 14.6 |
| Long-term debt | 969 | 888 | 782 | 510 | 393 |
| Total liabilities | 3,051 | 3,101 | 3,146 | 3,084 | 3,898 |
| Shareholders' equity | 1,655 | 1,450 | 1,292 | 1,135 | 1,219 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −148 | 207 | 308 | 504 | 748 |
| Capital expenditure | 38.6 | 59.8 | 53.0 | 37.4 | 181 |
| Free cash flow | −187 | 147 | 256 | 466 | 567 |
| Depreciation & amortisation | 118 | 64.4 | 45.2 | 53.8 | 49.8 |
| Stock-based compensation | 11.6 | 9.1 | 12.3 | 40.4 | 150 |
| Dividends paid | – | – | 0.0 | 0.0 | 3.2 |
| Dividend per share | – | – | – | – | 0.06 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −18.3% | 2.4% | 11.5% | 28.1% |
| Operating income growth (YoY) | – | −190.3% | – | – | – |
| EPS growth (YoY) | – | −328.5% | – | – | – |
| Gross margin | 10.0% | 0.8% | 3.6% | 4.6% | 11.7% |
| Operating margin | 4.9% | −5.4% | −3.0% | −2.4% | 4.2% |
| Net margin | 2.0% | −5.5% | −4.4% | −3.8% | 1.5% |
| Return on equityBlank when equity is negative | 5.6% | −14.5% | −13.3% | −14.4% | 6.6% |
| ROCEEBIT ÷ (assets − current liabilities) | 7.7% | −8.0% | −5.0% | −5.4% | 12.1% |
| Free cash flow margin | −4.0% | 3.9% | 6.6% | 10.8% | 10.2% |
| Cash conversion (CFO ÷ net income) | −1.61x | −0.99x | −1.80x | −3.08x | 9.30x |
| Receivable days | 114 | 113 | 99 | 83 | 80 |
| Payable days | 45 | 48 | 46 | 56 | 54 |
| Interest cover | 3.29x | −2.94x | −1.35x | −1.16x | 4.22x |
| Debt ÷ equity | 0.60x | 0.66x | 0.70x | 0.47x | 0.33x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 791 | 699 | 519 | 79.1 | −327 |
| Current ratio | 2.17x | 1.87x | 1.66x | 1.41x | 1.27x |
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.