Revenue growth decelerated sharply to -10.7% YoY in 2026Q2, while gross margin halved to 4.9% from 12.3% a year earlier, driving operating income to a -$26.8M loss and EPS to -$0.45.
Primoris Services Corporation (PRIM) annual income statement — 19-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 |
|---|
| Sales/Revenue | 7.06B | 7.57B | 6.37B | 5.72B | 4.42B | 3.5B | 3.49B | 3.11B | 2.94B | 2.38B | 2B | 1.93B | 2.09B | 1.94B | 1.54B | 1.46B | 941.76M | 467.01M | 609.07M | 0 |
| Revenue Growth % | -5.37% | 18.97% | 11.4% | 29.29% | 26.39% | 0.18% | 12.4% | 5.68% | 23.51% | 19.18% | 3.5% | -7.52% | 7.3% | 26.11% | 5.59% | 55.04% | 101.66% | -23.32% | - | - |
| Cost of Goods Sold | 6.46B | 6.76B | 5.66B | 5.13B | 3.96B | 3.08B | 3.12B | 2.78B | 2.61B | 2.1B | 1.8B | 1.71B | 1.85B | 1.69B | 1.35B | 1.27B | 818.98M | 391.44M | 538.63M | 0 |
| COGS % of Revenue | - | 89.27% | 88.95% | 89.72% | 89.66% | 88.09% | 89.4% | 89.35% | 88.92% | 88.3% | 89.92% | 88.6% | 88.69% | 86.83% | 87.5% | 87.32% | 86.96% | 83.82% | 88.43% | - |
| Gross Profit | 596.8M | 813.1M | 703.25M | 587.49M | 456.88M | 416.66M | 370.21M | 330.93M | 325.74M | 278.43M | 201.31M | 219.87M | 236.04M | 256.01M | 192.71M | 185.2M | 122.79M | 75.58M | 70.44M | 0 |
| Gross Margin % | 8.46% | 10.73% | 11.05% | 10.28% | 10.34% | 11.91% | 10.6% | 10.65% | 11.08% | 11.7% | 10.08% | 11.4% | 11.31% | 13.17% | 12.5% | 12.68% | 13.04% | 16.18% | 11.57% | - |
| Gross Profit Growth % | - | 15.62% | 19.7% | 28.59% | 9.65% | 12.55% | 11.87% | 1.59% | 16.99% | 38.31% | -8.44% | -6.85% | -7.8% | 32.85% | 4.05% | 50.83% | 62.47% | 7.29% | - | - |
| Operating Expenses | 422.2M | 399.2M | 385.79M | 334.42M | 261.55M | 246.51M | 206.26M | 190.05M | 182.01M | 172.15M | 140.84M | 152.1M | 132.25M | 130.78M | 96.42M | 86.2M | 64.98M | 34.78M | 31.52M | 230K |
| OpEx % of Revenue | - | 5.27% | 6.06% | 5.85% | 5.92% | 7.05% | 5.91% | 6.12% | 6.19% | 7.23% | 7.05% | 7.88% | 6.34% | 6.73% | 6.25% | 5.9% | 6.9% | 7.45% | 5.18% | - |
| Selling, General & Admin | 418.5M | 399.2M | 383.35M | 328.73M | 281.58M | 230.11M | 202.84M | 189.13M | 182.01M | 172.15M | 140.84M | 152.1M | 132.25M | 130.78M | 96.42M | 86.2M | 64.98M | 34.78M | 31.52M | 230K |
| SG&A % of Revenue | - | 5.27% | 6.02% | 5.75% | 6.37% | 6.58% | 5.81% | 6.09% | 6.19% | 7.23% | 7.05% | 7.88% | 6.34% | 6.73% | 6.25% | 5.9% | 6.9% | 7.45% | 5.18% | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1.8M | 0 | 2.44M | 5.68M | -20.03M | 16.4M | 3.43M | 922K | -808K | 484K | -315K | 0 | -757K | 0 | -870K | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 174.6M | 413.9M | 317.45M | 253.07M | 195.34M | 170.15M | 163.95M | 140.88M | 130.47M | 106.29M | 57.75M | 67.77M | 103.79M | 125.24M | 96.29M | 99M | 57.8M | 40.4M | 34.87M | -230K |
| Operating Margin % | 2.47% | 5.46% | 4.99% | 4.43% | 4.42% | 4.86% | 4.7% | 4.54% | 4.44% | 4.47% | 2.89% | 3.51% | 4.98% | 6.44% | 6.25% | 6.78% | 6.14% | 8.65% | 5.73% | - |
| Operating Income Growth % | - | 30.38% | 25.44% | 29.56% | 14.8% | 3.78% | 16.38% | 7.97% | 22.75% | 84.05% | -14.79% | -34.71% | -17.12% | 30.07% | -2.74% | 71.27% | 43.06% | 15.87% | 15261.3% | - |
| EBITDA | 287.18M | 505.8M | 412.97M | 360.11M | 294.5M | 275.71M | 246.45M | 226.28M | 209.72M | 172.59M | 125.78M | 132.97M | 162.21M | 175.13M | 131.91M | 132.8M | 82.29M | 49.07M | 41.54M | -230K |
| EBITDA Margin % | 4.07% | 6.68% | 6.49% | 6.3% | 6.66% | 7.88% | 7.06% | 7.28% | 7.13% | 7.25% | 6.3% | 6.89% | 7.78% | 9.01% | 8.56% | 9.1% | 8.74% | 10.51% | 6.82% | - |
| EBITDA Growth % | -44.01% | 22.48% | 14.68% | 22.28% | 6.81% | 11.87% | 8.91% | 7.89% | 21.51% | 37.22% | -5.41% | -18.03% | -7.37% | 32.76% | -0.67% | 61.39% | 67.71% | 18.12% | 18161.3% | - |
| D&A (Non-Cash Add-back) | 112.58M | 91.9M | 95.52M | 107.04M | 99.16M | 105.56M | 82.5M | 85.4M | 79.25M | 66.3M | 68.03M | 65.2M | 58.42M | 49.89M | 35.62M | 33.8M | 24.48M | 8.66M | 6.67M | 0 |
| EBIT | 161M | 412.7M | 320.23M | 255.84M | 198.5M | 170.35M | 165.56M | 137.05M | 132.1M | 113.43M | 57.78M | 68.78M | 108.76M | 125.47M | 95.72M | 102.16M | 61.87M | 50.09M | 43.51M | 29.75M |
| Net Interest Income | -26.7M | -28.7M | -65.31M | -78.17M | -39.21M | -18.5M | -13.72M | -19.14M | -16.99M | -7.56M | -8.77M | -7.63M | -6.34M | -5.78M | -3.46M | -5.1M | -5.58M | -1.34M | -540K | -23K |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 376K | 0 | 1.75M | 587K | 149K | 56K | 88K | 110K | 157K | 331K | 616K | 640K | 6.13K | 1.75M |
| Interest Expense | 26.7M | 28.7M | 65.31M | 78.17M | 39.21M | 18.5M | 14.1M | 19.14M | 18.75M | 8.15M | 8.91M | 7.69M | 6.43M | 5.89M | 3.62M | 5.43M | 6.2M | 1.98M | 856K | 1.77M |
| Other Income/Expense | -38.7M | -29.9M | -62.53M | -75.4M | -36.05M | -18.29M | -18.31M | -22.97M | -17.11M | -1M | -8.88M | -6.67M | -1.46M | -5.66M | -4.18M | -2.27M | -2.13M | 7.71M | 6.39M | 29.21M |
| Pretax Income | 135.9M | 384M | 254.92M | 177.67M | 159.29M | 151.86M | 145.64M | 117.91M | 113.36M | 105.28M | 48.87M | 61.1M | 102.33M | 119.58M | 92.1M | 96.73M | 55.67M | 48.11M | 41.26M | 424.06K |
| Pretax Margin % | 1.93% | 5.07% | 4% | 3.11% | 3.6% | 4.34% | 4.17% | 3.8% | 3.86% | 4.42% | 2.45% | 3.17% | 4.91% | 6.15% | 5.97% | 6.62% | 5.91% | 10.3% | 6.77% | - |
| Income Tax | 39.6M | 109.1M | 74.03M | 51.52M | 26.27M | 36.12M | 40.66M | 33.81M | 25.77M | 28.43M | 21.15M | 23.95M | 38.65M | 44.9M | 33.84M | 38.17M | 22.06M | 18.35M | 4.83M | 72.95K |
| Effective Tax Rate % | 29.14% | 28.41% | 29.04% | 29% | 16.49% | 23.78% | 27.92% | 28.68% | 22.73% | 27.01% | 43.27% | 39.19% | 37.77% | 37.55% | 36.74% | 39.46% | 39.62% | 38.14% | 11.7% | 17.2% |
| Net Income | 96.3M | 274.9M | 180.89M | 126.14M | 133.02M | 115.74M | 104.98M | 82.33M | 77.46M | 72.35M | 26.72M | 36.87M | 63.16M | 69.66M | 56.76M | 58.56M | 33.62M | 25.91M | 36.43M | 351.1K |
| Net Margin % | 1.36% | 3.63% | 2.84% | 2.21% | 3.01% | 3.31% | 3.01% | 2.65% | 2.64% | 3.04% | 1.34% | 1.91% | 3.03% | 3.58% | 3.68% | 4.01% | 3.57% | 5.55% | 5.98% | - |
| Net Income Growth % | -65.25% | 51.97% | 43.4% | -5.17% | 14.93% | 10.25% | 27.52% | 6.28% | 7.06% | 170.76% | -27.52% | -41.62% | -9.34% | 22.74% | -3.08% | 74.2% | 29.73% | -28.88% | 10276.76% | - |
| Net Income (Continuing) | 96.22M | 274.9M | 180.89M | 126.14M | 133.02M | 115.74M | 104.98M | 84.1M | 87.59M | 76.85M | 27.73M | 37.15M | 63.68M | 74.68M | 58.27M | 58.56M | 33.62M | 29.76M | 36.43M | 27.13M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 37K | 1.03M | 2.76M | 5.71M | 1.22M | 217K | -33K | 1.03M | 1.51M | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.78 | 5.02 | 3.31 | 2.33 | 2.47 | 2.17 | 2.16 | 1.61 | 1.50 | 1.40 | 0.51 | 0.71 | 1.22 | 1.35 | 1.10 | 1.14 | 0.72 | 0.75 | 1.29 | 0.07 |
| EPS Growth % | -65.29% | 51.66% | 42.06% | -5.67% | 13.82% | 0.46% | 34.16% | 7.33% | 7.14% | 174.51% | -28.17% | -41.8% | -9.63% | 22.73% | -3.51% | 58.33% | -4% | -41.86% | 1742.86% | - |
| EPS (Basic) | - | 5.09 | 3.37 | 2.37 | 2.50 | 2.19 | 2.17 | 1.62 | 1.51 | 1.41 | 0.52 | 0.71 | 1.22 | 1.35 | 1.10 | 1.15 | 0.79 | 0.81 | 1.39 | 0.07 |
| Diluted Shares Outstanding | 54.1M | 54.8M | 54.58M | 54.22M | 53.76M | 53.16M | 48.63M | 51.08M | 51.67M | 51.74M | 51.99M | 51.8M | 51.75M | 51.61M | 51.41M | 51.15M | 46.88M | 34.42M | 28.16M | 3.21M |
| Basic Shares Outstanding | 53.5M | 54M | 53.64M | 53.3M | 53.2M | 52.67M | 48.3M | 50.78M | 51.35M | 51.48M | 51.76M | 51.65M | 51.61M | 51.54M | 51.39M | 50.71M | 42.69M | 31.94M | 26.26M | 3.21M |
| Dividend Payout Ratio | - | 6.29% | 7.11% | 10.13% | 9.61% | 10.86% | 11.04% | 14.83% | 15.93% | 15.65% | 42.6% | 26.6% | 11.85% | 7.4% | 13.56% | 9.08% | 13.1% | 31.38% | 169.73% | - |
Quick answers to the most common questions about buying PRIM stock.
For fiscal year 2025, Primoris Services Corporation (PRIM) reported total revenue of $7.57B.
Primoris Services Corporation (PRIM) is profitable, generating $274.9M in net income for the fiscal year ending 2025 with a net profit margin of 3.6%.
Primoris Services Corporation (PRIM) reported an operating income of $413.9M, resulting in an operating profit margin of 5.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Primoris Services Corporation (PRIM) generated $813.1M in gross profit for the year, representing a gross profit margin of 10.7%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Renewables project execution risk
Metrics are mathematically derived from official filings.
Growth Momentum Stalls After Record Backlog
Revenue growth decelerated sharply to -10.7% year-over-year in 2026Q2, down from 32.1% in 2025Q3, despite record bookings and all-time high backlog, according to recent SEC filings.
The 18.97% reported revenue growth for the latest quarter is misleading; the sequential decline from $2.2B in 2025Q3 to $1.7B in 2026Q2 suggests a significant slowdown in project execution or timing. The record backlog indicates demand remains robust, but the conversion to revenue appears to be stalling, possibly due to labor shortages or permitting delays. Investors should monitor whether this deceleration is a temporary blip or a sign of broader operational constraints.
Gross Margin Collapse Signals Execution Woes
Gross margin plummeted to 4.9% in 2026Q2 from 12.3% a year earlier, as reported in financial statements, indicating severe cost overruns on renewables projects and eroding pricing power.
The 740 basis point year-over-year gross margin compression is far worse than the peer average of 13.0% (PWR) and suggests that fixed-price contract risks are materializing. This appears to be a discrete event tied to a limited number of renewables projects, but the magnitude raises concerns about project management capabilities. If this margin pressure persists, it could undermine the company's competitive position in the high-growth solar EPC market.
Operating Leverage Reverses Sharply
Operating income swung from $126.6M in 2025Q2 to a loss of $26.8M in 2026Q2, as SG&A remained flat near $106M, based on reported figures, highlighting negative operating leverage.
SG&A expenses have been remarkably stable around $100M per quarter, but the collapse in gross profit means fixed overhead now consumes a disproportionate share of revenue. The operating margin of -1.6% in 2026Q2 contrasts with the 6.7% achieved in 2025Q2, indicating that the company cannot scale back overhead quickly enough to offset project losses. This suggests that the business model is highly sensitive to volume and margin fluctuations, with little buffer for execution missteps.
EPS Miss Clouds Earnings Quality
Diluted EPS fell to -$0.45 in 2026Q2 versus $1.54 a year ago, a 129.2% decline, as per income statement data, with stock-based compensation of $3.2M adding to the loss.
The EPS miss of $1.29 versus consensus is a stark reminder of the volatility inherent in percentage-of-completion accounting, where cost overruns are recognized immediately. The negative net margin of -1.4% is a departure from the 4.5% seen in 2025Q2, and the low SBC suggests that the loss is not artificially inflated by non-cash charges. Investors should scrutinize the underbillings on the balance sheet to assess whether revenue recognition has been aggressive in prior quarters.
COGS Spike Drives Margin Erosion
Cost of goods sold rose to $1.6B in 2026Q2, representing 95.1% of revenue, up from 87.7% in 2025Q2, as reported in financial statements, indicating severe cost overruns.
The COGS-to-revenue ratio of 95.1% is unsustainable and far above the peer average of 87% (PWR), suggesting that the company is absorbing significant cost overruns on fixed-price contracts. This appears to be concentrated in the renewables segment, where project complexity and supply chain issues may be driving costs higher. Management's ability to control these costs will be critical to restoring margins, but the lack of pass-through provisions in fixed-price contracts leaves little room for recovery.
2026Q2 Marks a Profitability Inflection
The 2026Q2 quarter represents a clear inflection point, with gross margin halving to 4.9% and operating income turning negative for the first time in the series, based on reported data.
This quarter breaks the trend of improving margins seen from 2024Q1 through 2025Q3, where gross margins averaged 11.5%. The sudden deterioration suggests that the company's pivot to utility-scale solar EPC projects has introduced a new risk profile that was not fully anticipated. The lasting impact will depend on whether management can contain the damage to a few projects or if this signals a systemic issue with fixed-price contracting in the renewables space.
Renewables Overruns Threaten Recovery
The sharp margin compression in 2026Q2, with gross margin at 4.9% versus 12.3% a year ago, as per income statement data, suggests that the renewables growth strategy may be value-destructive.
Short-sellers would argue that the company's aggressive pursuit of solar EPC contracts has led to a deterioration in earnings quality, as evidenced by the EPS miss and negative operating income. The maintained guidance and record backlog may be viewed as management's attempt to deflect attention from underlying execution problems. If the cost overruns are not isolated, the company could face a prolonged period of margin pressure, especially if interest rates remain high and delay renewable project financing.