Centuri revenue jumps 40% to $1.2 billion in third quarter
Key Facts
Centuri Holdings reported record revenue of $1.2 billion for the third quarter ended Sept. 27 on Nov. 5, 2026, up 40% from the year-earlier period, according to its earnings release. The company said growth was broad-based across all segments, with record quarterly gross profit of $113.4 million. Gross margin rose to 9.5%, compared with 9.2% in the third quarter of 2025. Net income was $26.9 million, while adjusted net income reached $42.5 million. The results put the company’s operating performance at the forefront of available news about it, while a share sale attributed to Carl Icahn could not be verified in a reliable public filing.
Chief Executive Christian Brown said investments in the first half of the year, including additional employees, supported productivity and efficiency and helped lift margins. Gross margin was 7.2% in the second quarter before rising to 9.5% in the third quarter. The comparison shows improvement over one quarter, alongside the year-over-year increase from 9.2% in the same period. Brown said first-half investments "pushed gross margin to 9.5%, up from 7.2% in the second quarter." The company did not give a single reason for the annual revenue increase in this release; it described growth as broad-based across its segments.
Centuri recorded bookings of about $730 million in the third quarter, including about $445 million from new contract awards. Bookings since the start of the year totaled about $2.9 billion through quarter-end. The company said it expects its book-to-bill ratio to exceed its annual target of 1.2 times. Backlog rose to about $6.2 billion at quarter-end, while the opportunity pipeline stood at $19 billion, up 46% from the third quarter of the previous year. These figures provide context on the volume of contracted work and opportunities underpinning the company’s outlook, alongside revenue already generated.
The company set fiscal 2026 revenue guidance at $3.8 billion to $3.9 billion. For 2027, it said revenue coverage stood at about $3.7 billion and that it expects revenue growth at a mid-double-digit rate. It also set an initial 2027 gross margin target of 8.5% to 9%. Centuri said its current coverage supports its initial expectations for revenue growth next year. These targets combine growth expectations with the margin level the company is targeting, following a 9.5% gross margin in the third quarter.
Regarding its relationship with the Icahn Group, Centuri said in its annual report that an agreement allowed the group to appoint one board member and that it beneficially owned 10% of the outstanding shares on Feb. 20, 2026. The report also said Icahn Partners entities purchased 3,488,372 shares in a private placement in November 2025, increasing their ownership to about 14.2% of outstanding shares after the offering. These are dated details about the group’s holdings and board arrangements, and do not establish that the share sale attributed to Icahn in the circulating report took place. EL7 data showed CTRI closed at $22.25 on Nov. 12, 2026. No other data on the stock’s intraday movement was available in the verified information here.