TPC · Tutor Perini Corporation

Tutor Perini Corporation reported strong first quarter 2026 results, with revenue of $1.4 billion, up 11% year-over-year, driven by increased project execution activities on newer, larger, higher-margin projects. Income from construction operations was $59.2 million, down 9% from $65.3 million in Q1 2025, primarily due to a $23.5 million increase in share-based compensation expense resulting from a substantially higher stock price. On an adjusted basis, which excludes share-based compensation, net income was $55.3 million, or $1.03 per diluted share, up 58% from $0.65 in the prior year, reflecting the strong earnings power of the company's backlog. The company generated a record $146.9 million in operating cash flow, up 542% year-over-year, driven by collections from newer and ongoing projects. Backlog stood at $19.8 billion as of March 31, 2026, near-record levels, with new awards of $670 million in the quarter. Management affirmed 2026 adjusted EPS guidance of $4.90 to $5.30 and expressed confidence that 2027 adjusted EPS will be significantly higher than the upper end of that range. The company also repurchased 277,578 shares for $20 million under its $200 million buyback program and expects to continue opportunistic buybacks. The strong cash position and solid backlog provide visibility for future growth.