Tutor Perini Corporation reported strong results for the second quarter of 2025 on August 6, 2025. Revenue for the quarter was $1.37 billion, up 22% compared to the same period in 2024, driven by increased project execution activities on newer, higher-margin projects across all three segments. Income from construction operations increased 89% to $76.4 million.
Net income attributable to the Company for the second quarter of 2025 was $20.0 million, or $0.38 EPS, a substantial increase from $0.8 million, or $0.02 EPS, in the second quarter of 2024. Adjusted net income attributable to the Company, excluding share-based compensation expense, was $75.1 million, or $1.41 Adjusted EPS.
The company generated a record $262.4 million of cash from operating activities in the second quarter of 2025, and $285.3 million in the first six months of 2025, both new records for their respective periods. Backlog grew to a new record of $21.1 billion as of June 30, 2025, up 102% year-over-year, with $3.1 billion in new awards and contract adjustments booked in the quarter.
Total debt as of June 30, 2025, was $419 million, down 21% compared to the end of 2024, and cash exceeded total debt by $107 million for the first time since 2010. Based on these results, the company raised its 2025 GAAP EPS guidance to a range of $1.70 to $2.00, and expects 2026 and 2027 GAAP and Adjusted EPS to be higher than the upper end of its increased 2025 guidance.
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