$TPC

TUTOR PERINI Corp

CIK:0000077543|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
REVENUE	$ 1,637,047	$ 1,373,681	$ 3,026,505	$ 2,620,314
COST OF OPERATIONS	(1,425,769)	(1,177,686)	(2,660,594)	(2,289,918)
GROSS PROFIT	211,278	195,995	365,911	330,396
General and administrative expenses	(93,543)	(119,565)	(188,994)	(188,641)
INCOME FROM CONSTRUCTION OPERATIONS	117,735	76,430	176,917	141,755
Other income, net	10,833	6,204	21,559	10,892
Interest expense	(13,720)	(13,588)	(27,117)	(27,940)
INCOME BEFORE INCOME TAXES	114,848	69,046	171,359	124,707
Income tax expense	(30,780)	(21,960)	(47,763)	(34,872)
NET INCOME	84,068	47,086	123,596	89,835
LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	18,326	27,112	32,158	41,863
NET INCOME ATTRIBUTABLE TO TUTOR PERINI CORPORATION	$ 65,742	$ 19,974	$ 91,438	$ 47,972
BASIC EARNINGS (LOSS) PER COMMON SHARE (in dollars per share)	$ 1.25	$ 0.38	$ 1.74	$ 0.91
DILUTED EARNINGS (LOSS) PER COMMON SHARE (in dollars per share)	$ 1.23	$ 0.38	$ 1.71	$ 0.90
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING:
BASIC (in shares)	52,601	52,724	52,668	52,631
DILUTED (in shares)	53,472	53,194	53,611	53,102

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash Flows from Operating Activities:
Net income	$ 123,596	$ 89,835
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	20,569	24,356
Amortization of intangible assets	1,118	1,119
Share-based compensation expense	57,927	61,970
Change in debt discounts and deferred debt issuance costs	2,488	2,209
Deferred income taxes	34,054	24,903
Gain on sale of property and equipment	(590)	(2,928)
Changes in other components of working capital	92,154	83,171
Other long-term liabilities	19,157	(4,128)
Other, net	(16,344)	4,768
NET CASH PROVIDED BY OPERATING ACTIVITIES	334,129	285,275
Cash Flows from Investing Activities:
Acquisition of property and equipment	(51,672)	(56,940)
Proceeds from sale of property and equipment	4,211	4,235
Investments in securities	(66,504)	(33,730)
Proceeds from maturities and sales of investments in securities	22,285	18,754
NET CASH USED IN INVESTING ACTIVITIES	(91,680)	(67,681)
Cash Flows from Financing Activities:
Proceeds from debt	0	188,215
Repayment of debt	(13,237)	(304,865)
Cash payments related to share-based compensation	(11,275)	(5,152)
Payment of dividends	(6,471)	0
Repurchase of common stock	(30,000)	0
Distributions paid to noncontrolling interests	(11,500)	(20,400)
Contributions from noncontrolling interests	4,994	7,500
NET CASH USED IN FINANCING ACTIVITIES	(67,489)	(134,702)
Net increase in cash, cash equivalents and restricted cash	174,960	82,892
Cash, cash equivalents and restricted cash at beginning of period	770,194	464,188
Cash, cash equivalents and restricted cash at end of period	$ 945,154	$ 547,080

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
CURRENT ASSETS:
Cash and cash equivalents ($449,842 and $361,898 related to variable interest entities (“VIEs”))	$ 938,215	$ 734,553
Restricted cash	6,939	35,641
Restricted investments	270,884	228,959
Accounts receivable ($195,745 and $126,245 related to VIEs)	1,181,473	1,218,609
Retention receivable ($225,158 and $216,099 related to VIEs)	720,480	668,894
Costs and estimated earnings in excess of billings ($92,501 and $82,426 related to VIEs)	845,836	819,199
Other current assets ($100,139 and $145,473 related to VIEs)	340,135	411,030
Total current assets	4,303,962	4,116,885
PROPERTY AND EQUIPMENT (“P&E”), net of accumulated depreciation of $583,626 and $570,186 (net P&E of $26,115 and $23,246 related to VIEs)	577,723	547,995
GOODWILL	205,143	205,143
INTANGIBLE ASSETS, NET	62,714	63,832
DEFERRED INCOME TAXES	63,313	96,573
OTHER ASSETS ($14,874 and $13,202 related to VIEs)	148,287	129,994
TOTAL ASSETS	5,361,142	5,160,422
CURRENT LIABILITIES:
Current maturities of long-term debt	5,004	14,589
Accounts payable ($108,088 and $64,712 related to VIEs)	730,651	724,932
Retention payable ($32,764 and $27,743 related to VIEs)	287,064	265,246
Billings in excess of costs and estimated earnings ($488,890 and $520,455 related to VIEs)	1,929,670	1,838,610
Accrued expenses and other current liabilities ($41,444 and $56,044 related to VIEs)	396,374	396,121
Total current liabilities	3,348,763	3,239,498
LONG-TERM DEBT, less current maturities, net of unamortized discount and debt issuance costs totaling $15,774 and $17,983	391,341	392,785
OTHER LONG-TERM LIABILITIES ($12,173 and $10,602 related to VIEs)	285,959	265,477
TOTAL LIABILITIES	4,026,063	3,897,760
COMMITMENTS AND CONTINGENCIES (NOTE 12)
Stockholders' equity:
Preferred stock - authorized 1,000,000 shares ($1 par value), none issued	0	0
Common stock - authorized 112,500,000 shares ($1 par value), issued and outstanding 52,569,117 and 52,791,451 shares	52,569	52,791
Additional paid-in capital	1,135,277	1,148,634
Retained earnings	110,497	46,443
Accumulated other comprehensive loss	(32,133)	(29,234)
Total stockholders' equity	1,266,210	1,218,634
Noncontrolling interests	68,869	44,028
TOTAL EQUITY	1,335,079	1,262,662
TOTAL LIABILITIES AND EQUITY	$ 5,361,142	$ 5,160,422