Revenue growth has turned negative, with a 5.4% contraction in 2026Q1, while operating margins remain pressured, falling to 1.6% from a 6.7% peak in 2025Q2.
| 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 | 7.49B | 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 % | 13.4% | 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 | 6.71B | 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 | 777.15M | 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 % | 10.38% | 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 | 405.99M | 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 | 405.44M | 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 | 543K | 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 | 366.66M | 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 % | 4.9% | 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 | 437.09M | 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 % | 5.84% | 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 % | 0.27% | 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) | 70.43M | 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 | 342.73M | 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 | -20.91M | -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 | 16.31M | 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 | -24.94M | -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 | 341.73M | 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 % | 4.56% | 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 | 88.59M | 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 % | 25.92% | 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 | 248.14M | 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 % | 3.31% | 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 % | 20.35% | 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) | 248.06M | 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) | 4.53 | 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 % | 19.84% | 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 | 54.8M | 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 | 54.1M | 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% | - |
Fixed-price project margin volatility
As reported in recent financial filings, Primoris Services Corporation experienced a notable revenue contraction of 5.4% in 2026Q1, marking a sharp reversal from the 32.1% year-over-year growth observed in 2025Q3, which suggests that the company's project-based revenue streams remain highly sensitive to broader energy sector investment cycles.
The volatility in top-line performance indicates that while the company benefits from secular infrastructure tailwinds, it is not immune to periodic project delays or deferrals. Investors should monitor whether this deceleration reflects a structural slowdown in renewable energy deployments or merely the timing of large-scale project completions.
Based on the company's historical income statements, gross margins have fluctuated between 8.6% and 12.3% over the last ten quarters, reflecting the inherent difficulty in maintaining pricing power within a cost-intensive, variable-cost business model that relies heavily on specialized labor and equipment utilization.
The thin margin profile suggests that Primoris lacks the pricing leverage to fully offset inflationary pressures on raw materials and skilled labor. Any sustained compression in these margins may indicate that the company is struggling to pass through rising costs in its fixed-price contract portfolio.
According to the provided quarterly data, operating income has shown significant variance, dropping to $24.4 million in 2026Q1 from a peak of $138.0 million in 2025Q3, which implies that SG&A expenses are not scaling efficiently relative to the company's volatile gross profit generation.
The lack of consistent operating leverage suggests that the company's fixed cost base remains a burden during periods of revenue contraction. This warrants further investigation into whether management can effectively right-size the organization's overhead when project activity levels decline.
Analysis of the income statement reveals that net income volatility, highlighted by the 60.5% EPS decline in 2026Q1, raises questions regarding the quality of earnings, particularly as stock-based compensation remains a recurring expense that consistently dilutes the bottom-line performance for shareholders.
Short-sellers may focus on the reliance on percentage-of-completion accounting, which can mask underlying project disputes or aggressive revenue recognition. The disconnect between top-line growth and bottom-line stability suggests that the company's earnings power may be more fragile than the current valuation implies.
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.