Tutor Perini Raises 2026 Earnings Forecast to $6.10 per Share After Record Revenue
Key Facts
Tutor Perini raised its 2026 adjusted earnings per share forecast to a range of $5.90 to $6.10, from $5.15 to $5.45 previously, after posting the highest quarterly revenue in its history in the third quarter. The company said in its statement that revenue was $1.7 billion, up 22% from $1.4 billion in the same period of 2025. The higher forecast reflects growth across the company’s main segments, alongside record quarterly operating cash flow. New contract awards and contract adjustments also boosted backlog, which stood at $20.4 billion on September 30. The company’s shares closed at $89.89 on November 6, according to EL7 data.
Revenue growth extended across the civil, building and specialty contracting segments, with third-quarter revenue rising 16%, 29% and 26%, respectively. Tutor Perini attributed the performance to increased activity on newer projects with higher margins. The regions cited by the company included the northeastern United States, California, Texas and the Indo-Pacific region. The building segment posted growth of 29%, while specialty contracting revenue rose 26% and civil segment revenue increased 16%. The company said the increases reflected higher activity on those projects, without specifying in its statement how much each region or segment contributed to overall revenue growth.
Cash generation improved alongside revenue growth: cash from operating activities reached $330.9 million in the third quarter, up 14% from the year-earlier period and the highest quarterly level in the company’s history. In the first nine months of 2026, operating cash flow reached $665.1 million, up 16%. These figures provide a cash-based counterpart to the operating performance reflected in revenue, with cash generation continuing to grow over the year-to-date period. The company said the year-over-year increases for the quarter and the first nine months were 14% and 16%, respectively. The available information provided no additional cash comparisons with earlier periods beyond those growth rates.
On orders, Tutor Perini added about $2.2 billion in new contracts and contract adjustments during the third quarter. The book-to-bill ratio exceeded 1.0 times for the second consecutive quarter, helping lift backlog to $20.4 billion on September 30. The balance reflects the volume of work recorded by the company on that date, while the ratio indicates that the value of contracts during the quarter exceeded revenue, according to the company’s measure. Tutor Perini said the new contracts and adjustments came in the same quarter that it recorded a quarterly revenue high. The company said its long-term backlog gives it visibility that supports its expectations for continued growth in the next period.
The adjusted earnings range includes an important distinction from the accounting measure of earnings: the 2026 forecast excludes stock-based compensation expense, a debt extinguishment loss related to the refinancing completed in July 2026, and pension settlement charges. The company did not provide GAAP earnings per share guidance or a numerical reconciliation between the adjusted measure and GAAP. The $5.90 to $6.10 per-share range therefore applies to the company’s announced adjusted estimate and does not represent GAAP earnings guidance. The company also said it reduced the coupon rate on its senior notes from 11.875% to 6.625% in the July refinancing. It added that the transaction will save $21 million annually in interest expense.
Looking to 2027, Tutor Perini said it expects strong growth in revenue and adjusted earnings per share to continue, citing the visibility provided by its long-term backlog. The outlook follows backlog reaching $20.4 billion on September 30 and the addition of about $2.2 billion in new contracts and adjustments during the third quarter. The company did not specify a 2027 revenue target or an adjusted earnings per-share range for that year in its statement. The available information also did not give a specific date for an update to the outlook.