Tutor Perini reports record revenue and backlog growth in Q2 2025

Tutor Perini is one of the largest general contractors in the US (Image: AdobeStock)

Revenue climbed 22% year over year to US$1.37 billion, driven by strong performances in the Civil and Building segments. Adjusted earnings per share rose to $1.41, more than quadrupling last year’s figure, while operating income jumped 89% to $76 million.

The company also posted record quarterly operating cash flow of $262 million, helping push its cash balance above total debt for the first time since 2010.

Backlog reached an all-time high of $21.1 billion, up 102% from Q2 2024, supported by $3.1 billion in new awards including the $1.87 billion Midtown Bus Terminal replacement in New York and a $538 million healthcare project in California.

“Our backlog continues to enable us to be highly selective as to which opportunities we will pursue and to focus on bidding projects that have favourable contractual terms, limited competition and higher margins,” said CEO Gary Smalley. “What you are seeing now is just a preview of what these projects should produce on a larger scale in the coming years.”

Smalley attributed the earnings beat in part to accelerated execution.

“The project execution, the ramp-up of some of these projects, was a little quicker than we anticipated,” he said. “We factored in some contingency… and we did not have to use much contingency there.”

Smalley said margins in the Civil segment are now running in the 12–15% range, with no immediate anticipated impacts from US tariffs on steel or other materials due to long-term buyouts and supplier agreements.

“We will not have an issue with the current projects that we have in backlog. We’re absolutely confident of that,” he said.

Executive Chairman Ron Tudor again underscored the company’s competitive position in the large-project market.

“We have never seen more than one other bidder in the last two years… the competition is minimal,” he said.

Tutor Perini expects the combination of its record backlog, limited competition on major bids, and strong cash generation to support higher earnings through 2026 and 2027.

What contractor earnings say about the industry this season

Tutor Perini’s standout performance – particularly its backlog growth, selective bidding, and healthy margins – reflects broader strength for massive contractors.

For instance, Sweden-based Skanska’s Q2 results show strong order backlog in construction at SEK 268 billion ($30 billion) despite softer revenues, indicating resilient demand in global infrastructure projects. The company did note in Q1, however, that it was lowering its expectations for the US market.

Similarly, France-based Vinci’s H1 performance features stable order books and robust operating earnings across its businesses, highlighting continued infrastructure momentum across both industry and regional markets.

Vinci Construction’s revenue stays flat in 2024 but new orders surge France-based construction, energy and concessions business confident for 2025

Skanska softens stance on US market despite solid Q1 Skanska is preparing for a good year in 2025, but is eyeing the US market with more caution