Tutor Perini (TPC) investor relations material

Executive summary

• Q2 2026 revenue reached a record $1.64 billion, up 19.2% year-over-year, with strong growth across all segments and the highest quarterly and first-half revenue in company history, driven by large, high-margin projects and effective execution.

• Income from construction operations rose 54% to $117.7 million, with diluted EPS at $1.23 (up from $0.38) and adjusted EPS at $1.74 (up 23%).

• Backlog stood at $19.9 billion as of June 30, 2026, supported by $1.7 billion in new awards and a robust pipeline exceeding $200 billion.

• Raised quarterly dividend by 50% to $0.09 per share and repurchased $10 million in shares, reflecting confidence in future performance.

• Completed major debt refinancing, reducing coupon from 11.875% to 6.625%, saving $21 million annually and extending maturity to 2033.

Financial highlights

• Net income for Q2 2026 was $65.7 million ($1.23 GAAP EPS), compared to $20 million ($0.38) last year; adjusted net income was $93 million ($1.74 adjusted EPS), up from $75.1 million ($1.41) in Q2 2025.

• Operating cash flow for the first half of 2026 was a record $334.1 million, up 17% year-over-year.

• Gross profit for Q2 was $211.3 million; operating margin for Q2: 15.3% in Civil, 5.6% in Building, 2.2% in Specialty Contractors.

• Total debt at quarter-end was $396 million, with cash exceeding debt by $542 million.

• Cash available for corporate purposes was $424 million, up 56% from year-end 2025.

Outlook and guidance

• Raised 2026 adjusted EPS guidance to $5.15–$5.45 (from $4.90–$5.30), with management expecting 2027 adjusted EPS to be substantially higher.

• Anticipates double-digit revenue growth and strong earnings in 2026, with even higher earnings in 2027 as new projects ramp up.

• Expects continued strong operating cash generation and backlog growth, supported by favorable macroeconomic trends and robust demand in key regions.