Operating cash flow reached $334.1M in 2026Q2, over five times net income, with free cash flow margin at 17.3%, enabling $30.0M in buybacks and $6.5M in dividends.
Tutor Perini Corporation (TPC) cash flow statement — 30-year operating, investing & financing cash flows
| 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 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 838.73M | 748.07M | 503.54M | 308.47M | 206.97M | -148.45M | 172.77M | 136.53M | 21.4M | 163.55M | 113.34M | 14.07M | -56.68M | 50.73M | -67.86M | -30.52M | 26.27M | -26.05M | 126.05M | 281.53M | 116.91M | 30.34M | 59.77M | 42.58M | -3.63M | 2.07M | 42.65M | 27.8M | 29.7M | 12.7M | -24.3M |
| Operating CF Margin % | - | 13.5% | 11.64% | 7.95% | 5.46% | -3.2% | 3.25% | 3.07% | 0.48% | 3.44% | 2.28% | 0.29% | -1.26% | 1.21% | -1.65% | -0.82% | 0.82% | -0.51% | 2.23% | 6.08% | 3.84% | 1.75% | 3.24% | 3.1% | -0.33% | 0.13% | 3.86% | 2.73% | 2.87% | 0.96% | -1.91% |
| Operating CF Growth % | 480.88% | 48.56% | 63.24% | 49.04% | 239.42% | -185.92% | 26.55% | 537.93% | -86.91% | 44.31% | 705.4% | 124.83% | -211.73% | 174.75% | -122.33% | -216.18% | 200.86% | -120.66% | -55.23% | 140.82% | 285.33% | -49.24% | 40.37% | 1272.25% | -275.2% | -95.14% | 53.41% | -6.4% | 133.86% | 152.26% | -198.78% |
| Net Income | 140.98M | 80.44M | -122.34M | -171.16M | -192.57M | 134.15M | 152.34M | -360.23M | 97.78M | 154.54M | 95.82M | 45.29M | 107.94M | 87.3M | -265.4M | 86.15M | 103.5M | 137.06M | -75.14M | 97.11M | 41.54M | 4.05M | 36.01M | 44.02M | 23.07M | 26.42M | 24.38M | -83.6M | 11.7M | 5.4M | -70.6M |
| Depreciation & Amortization | 44.13M | 49.81M | 53.79M | 45.23M | 64.36M | 118.23M | 107.03M | 65.04M | 47.27M | 51.93M | 67.3M | 43.73M | 55.97M | 59.41M | 61.46M | 47.63M | 31.33M | 38.51M | 27.6M | 10.94M | 9.93M | 6.7M | 5.13M | 3.39M | 3.2M | 2.6M | 2.19M | 3.4M | 1.6M | 1.9M | 2.6M |
| Stock-Based Compensation | 106.5M | 0 | 40.36M | 12.26M | 9.06M | 11.64M | 11.83M | 19.14M | 22.78M | 21.17M | 13.42M | 9.48M | 18.61M | 6.62M | 9.47M | 8.82M | 12.75M | 12.46M | 12.14M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 65.05M | 46.86M | -78.01M | -64.82M | -79.45M | -13.89M | 48.25M | -71.61M | -449K | -23.1M | -10.17M | 22.21M | 21.46M | 9.01M | -25.61M | 10.85M | -3.83M | -10.54M | -7.98M | -10.67M | 15.27M | -3.3M | 159K | 0 | 0 | 0 | 0 | 0 | 0 | 2.4M | -21.4M |
| Other Non-Cash Items | 94.55M | 219.66M | 5.73M | 54.29M | 15.14M | 23.64M | 23.29M | 352.92M | 10.87M | 19.21M | 37.49M | 22.14M | 8.15M | 18.29M | 374.9M | -9.36M | 2.09M | -35.39M | 233.18M | 22.87M | 17.11M | 4.24M | 8.65M | -317K | -39K | 28.68M | 13.99M | 97.3M | 1.3M | -1M | 75.3M |
| Working Capital Changes | 332.62M | 351.29M | 604.02M | 432.66M | 390.42M | -422.23M | -169.98M | 131.26M | -156.84M | -60.21M | -90.53M | -128.78M | -268.81M | -129.9M | -222.68M | -174.62M | -119.58M | -168.15M | -63.74M | 163.79M | 32.14M | 18.65M | 9.82M | -4.51M | -29.87M | -55.63M | 2.09M | 10.7M | 15.1M | 3.9M | -10.2M |
| Change in Receivables | 0 | -214.37M | 290.45M | 355.66M | 256.43M | 46.65M | -190.67M | -160.5M | 60.65M | -57.61M | -269.9M | 4.73M | -186.38M | -62.99M | 50.66M | 6.66M | -22.05M | 363.08M | -125.06M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | -61.67M | -149M | -42.54M | -166.09M | -96.14M | 79.89M | -241.82M | -167.8M | -89.24M | -101.56M | -692.8M | -589.31M | -43.13M | -289.46M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | 117.74M | 182.76M | -52.22M | -38.17M | -329.67M | 174.87M | 89.01M | -128.11M | -32.23M | 56.55M | 139.29M | 33.67M | 59.17M | -89.25M | -45.28M | -101.14M | -449.37M | 125.74M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -283.64M | -249.69M | -40.69M | -78.25M | -65.64M | -37.34M | -46.36M | -76.06M | -70.21M | -41.41M | -18.5M | -32.41M | -26.96M | -43.57M | -16.86M | -378.22M | -77.53M | -40.89M | -72.07M | -25.61M | -18M | -43.45M | -1.93M | -7.88M | -629K | -24.1M | -32.99M | -13.5M | 300K | -5.7M | -21.1M |
| Capital Expenditures | -166.23M | -180.85M | -37.41M | -52.95M | -59.78M | -38.59M | -54.78M | -84.2M | -77.07M | -30.28M | -15.74M | -35.91M | -75.01M | -42.36M | -41.35M | -66.75M | -25.2M | -37.01M | -67.54M | -23.89M | -21.83M | -12.35M | -4.49M | -5.4M | -4.51M | -4.53M | -1.79M | -1.6M | -1.4M | -1.7M | -2.1M |
| CapEx % of Revenue | 2.66% | 3.26% | 0.86% | 1.36% | 1.58% | 0.83% | 1.03% | 1.89% | 1.73% | 0.64% | 0.32% | 0.73% | 1.67% | 1.01% | 1.01% | 1.8% | 0.79% | 0.72% | 1.19% | 0.52% | 0.72% | 0.71% | 0.24% | 0.39% | 0.42% | 0.29% | 0.16% | 0.16% | 0.14% | 0.13% | 0.17% |
| Acquisitions | 3.86M | 16.49M | 0 | 0 | 17.29M | 14.24M | 17.55M | 6.61M | -15.95M | 2.74M | 1.9M | 4.98M | 0 | 0 | 11.76M | -344.9M | -37.66M | -6.9M | 92.08M | 6.13M | 0 | -73.57M | 0 | -8.61M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 5.09M | 0 | 4.75M | 10.06M | -8.69M | -7M | -3M | 12.58M | 22.34M | 45.72M | -2.75M | 3.5M | 3.56M | -1.21M | -3.28M | -6.82M | -23.55M | 2.08M | 6.7M | 27K | 3.19M | 42.46M | 2.56M | -37K | 3.88M | -19.58M | -31.2M | -15.9M | 1.7M | -4M | -19M |
| Cash from Financing | -166.63M | -192.36M | -393.35M | -109.38M | -78.9M | -54.66M | 123.34M | 21.76M | -28.98M | -75.38M | -24.19M | -41.79M | 99.3M | -55.29M | 48.53M | 141.61M | 174.33M | 29.07M | -127M | -22.23M | -13.26M | 16.66M | 10.64M | -13.9M | -5.25M | -9.47M | -8.33M | -2.6M | -14.8M | 14.6M | 26.1M |
| Debt Issued (Net) | -21.03M | -130.76M | -354.63M | -61.67M | -38.34M | -37.02M | 181.4M | 61.32M | 14.85M | -33.68M | -8.79M | -41.17M | 130.39M | -23.52M | 62.3M | 146.78M | 268.82M | 29.56M | -95.73M | -28.01M | -7.51M | 23.1M | 355K | -3.53M | -5.25M | -9.83M | -45.63M | -4M | -13M | -11.1M | 24.6M |
| Equity Issued (Net) | -30M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -584K | -808K | -1.77M | -1.88M | -308K | -191K | -39.72M | 173K | -31.8M | 146K | -8.17M | -6.03M | 11.62M | -10.28M | 0 | 358K | 37.3M | 1.4M | 2.6M | 28.4M | 1.2M |
| Dividends Paid | -14.37M | -3.17M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -47.09M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -30M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -808K | -1.77M | -1.88M | 0 | -191K | -39.72M | 0 | -31.8M | 0 | -9.25M | -7.11M | 0 | -11.26M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -101.23M | -58.44M | -38.72M | -47.7M | -40.56M | -17.64M | -58.06M | -39.55M | -43.83M | -41.69M | -14.82M | 186K | -29.32M | -29.89M | -13.46M | -146.45M | -7.68M | -660K | 533K | 5.63M | 2.42M | -421K | -1.33M | -100K | 0 | 0 | 0 | 0 | -4.4M | -2.7M | 300K |
| Net Change in Cash | 388.46M | 306.01M | 69.51M | 120.85M | 62.44M | -240.46M | 249.75M | 82.24M | -77.78M | 46.77M | 70.65M | -60.13M | 15.66M | -48.13M | -36.18M | -267.14M | 123.07M | -37.86M | -73.02M | 233.68M | 85.66M | 3.54M | 68.48M | 20.79M | -9.51M | -31.5M | 1.32M | 11.7M | -14.8M | 14.6M | 26.1M |
| Free Cash Flow | 672.5M | 567.21M | 466.13M | 255.52M | 147.19M | -187.05M | 117.99M | 52.33M | -55.67M | 133.27M | 97.59M | -21.84M | -131.69M | 8.37M | -109.22M | -97.27M | 1.07M | -63.05M | 58.51M | 257.64M | 95.08M | 17.99M | 55.28M | 37.18M | -8.14M | -2.46M | 40.85M | 26.2M | 28.3M | 11M | -26.4M |
| FCF Margin % | 10.75% | 10.23% | 10.77% | 6.59% | 3.88% | -4.03% | 2.22% | 1.18% | -1.25% | 2.8% | 1.96% | -0.44% | -2.93% | 0.2% | -2.66% | -2.62% | 0.03% | -1.22% | 1.03% | 5.57% | 3.12% | 1.04% | 3% | 2.71% | -0.75% | -0.16% | 3.7% | 2.57% | 2.73% | 0.83% | -2.08% |
| FCF Growth % | -14.76% | 21.68% | 82.43% | 73.6% | 178.69% | -258.53% | 125.46% | 194.01% | -141.77% | 36.56% | 546.85% | 83.42% | -1673.75% | 107.66% | -12.28% | -9173.79% | 101.7% | -207.76% | -77.29% | 170.98% | 428.45% | -67.45% | 48.69% | 556.61% | -231.65% | -106.01% | 55.94% | -7.42% | 157.27% | 141.67% | -217.86% |
| FCF per Share | 12.58 | 10.62 | 8.91 | 4.93 | 2.87 | -3.64 | 2.31 | 1.04 | -1.11 | 2.63 | 1.96 | -0.44 | -2.68 | 0.17 | -2.30 | -2.03 | 0.02 | -1.28 | 1.71 | 9.40 | 3.55 | 0.69 | 2.21 | 1.58 | -0.35 | -0.11 | 2.21 | 4.94 | 5.23 | 2.13 | -5.66 |
| FCF Conversion (FCF/Net Income) | 4.77x | 9.30x | -3.08x | -1.80x | -0.99x | -1.61x | 1.59x | -0.35x | 0.26x | 1.10x | 1.18x | 0.31x | -0.53x | 0.58x | 0.26x | -0.35x | 0.25x | -0.19x | -1.68x | 2.90x | 2.81x | 7.49x | 1.66x | 0.97x | -0.16x | 0.08x | 1.75x | -0.33x | 2.54x | 2.35x | 0.34x |
| Interest Paid | 0 | 0 | 73.67M | 80.29M | 64.76M | 0 | 57.04M | 56.14M | 51.06M | 50.44M | 47.4M | 45.05M | 45.24M | 41.21M | 40.18M | 31.38M | 6.15M | 7.8M | 3.69M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 18.07M | 828K | 9.95M | 0 | 11.2M | 43.37M | 13.65M | 39.78M | 26.91M | 35.3M | 75.49M | 28.9M | 16.31M | 53.05M | 48.42M | 83.75M | 79.27M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying TPC stock.
Tutor Perini Corporation (TPC) generated $748.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Tutor Perini Corporation (TPC) generated $567.2M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Tutor Perini Corporation (TPC) spent $180.9M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Tutor Perini Corporation (TPC) returned $3.2M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Project execution and margin volatility
Metrics are mathematically derived from official filings.
Cash Conversion Far Exceeds Net Income
TPC's operating cash flow reached $334.1M in 2026Q2, over five times net income, according to the latest quarterly report, indicating strong cash conversion despite high stock-based compensation.
The OCF/NI ratio of 5.08 in 2026Q2, and consistently above 1 in most quarters, suggests that earnings are backed by substantial cash generation, likely due to favorable working capital movements. However, the inclusion of $57.9M in stock-based compensation in net income, which is non-cash, may inflate reported earnings relative to cash earnings, but the cash flow strength appears genuine.
Free Cash Flow Momentum Accelerates
Free cash flow surged to $282.5M in 2026Q2, a 17.3% margin, up from $128.9M in the prior quarter, as per financial statements, reflecting robust operational performance and disciplined capital spending.
The FCF margin of 17.3% in 2026Q2 is among the highest in the reported period, and the sequential improvement from 9.3% in 2026Q1 indicates accelerating cash generation. This trend is supported by strong operating cash flow and moderate capex, suggesting that the company is converting revenue growth into cash effectively, though sustainability depends on continued project execution.
Capital Intensity Remains Moderate
Capital expenditures averaged around 2-3% of revenue in recent quarters, with 2026Q2 at 3.2%, based on reported figures, indicating a relatively asset-light model for a construction firm.
Capex/Revenue ratios have been consistently low, never exceeding 5% in the reported period, which suggests that TPC's growth is not heavily dependent on fixed asset investments. This may imply that the company relies more on subcontractors and leased equipment, but it also means that maintenance capex is likely minimal, allowing for higher free cash flow conversion.
Working Capital Releases Drive Cash Flow
Working capital changes contributed $92.2M to operating cash flow in 2026Q2, following a $180.3M contribution in 2025Q3, as per quarterly data, highlighting the project-based cash flow volatility.
The large positive working capital changes in several quarters, such as $416.8M in 2024Q4, indicate that TPC is effectively managing billings and collections, possibly due to milestone payments on large projects. However, the negative change in 2025Q1 (-$44.0M) shows that this can reverse, making cash flow lumpy. Investors should monitor the sustainability of these releases, as they may not recur consistently.
Capital Returns Initiated Amid Cash Strength
TPC initiated dividends and buybacks in 2026, paying $6.5M in dividends and repurchasing $30.0M of stock in 2026Q2, according to the cash flow statement, signaling confidence in cash generation.
The initiation of shareholder returns, after no distributions in prior quarters, suggests that management believes the cash flow improvement is durable. The buyback of $30.0M in 2026Q2 is modest relative to FCF of $282.5M, but it marks a shift in capital allocation. This may indicate a commitment to returning capital, though the sustainability of these actions will depend on maintaining strong cash flows.
Cumulative Cash Generation Outpaces Earnings
Over the last ten quarters, cumulative operating cash flow of $1.73B exceeds cumulative net income of $0.05B, based on reported data, indicating that earnings understate cash generation.
The massive gap between cumulative OCF and net income, driven by large working capital inflows and non-cash charges, suggests that TPC's earnings quality is high in terms of cash backing. However, this divergence also highlights the volatility of earnings, with losses in 2024Q4 and 2024Q3, and the reliance on working capital timing. Investors should recognize that cash flow may not always be this favorable relative to income.
What Could Invalidate the Base Case
Despite strong cash flow, the high stock-based compensation and reliance on working capital releases may obscure underlying earnings quality, as per reported figures, warranting caution.
The cash flow statement shows that SBC is a significant non-cash expense, reaching $57.9M in 2026Q2, which is nearly 88% of net income, potentially inflating EPS. Additionally, the large positive working capital changes may be timing-related and could reverse, as seen in 2025Q1. Investors should monitor whether cash flow can remain robust without these temporary boosts, as the gap between net income and operating cash flow may narrow.