Revenue growth has accelerated significantly, reaching 41.2% in 2025Q4, though gross margins remain inconsistent, fluctuating between a negative 0.9% in 2024Q4 and 11.1% in 2026Q1.
| 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 |
|---|
| Sales/Revenue | 5.69B | 5.54B | 4.33B | 3.88B | 3.79B | 4.64B | 5.32B | 4.45B | 4.45B | 4.76B | 4.97B | 4.92B | 4.49B | 4.18B | 4.11B | 3.72B | 3.2B | 5.15B | 5.66B | 4.63B | 3.04B | 1.73B | 1.84B | 1.37B | 1.09B | 1.55B | 1.11B | 1.02B | 1.04B | 1.32B | 1.27B |
| Revenue Growth % | 25.67% | 28.11% | 11.51% | 2.36% | -18.33% | -12.73% | 19.5% | -0.09% | -6.36% | -4.34% | 1.07% | 9.53% | 7.58% | 1.56% | 10.63% | 16.16% | -37.9% | -8.98% | 22.3% | 52.11% | 75.53% | -5.91% | 34.07% | 26.64% | -30.15% | 40.49% | 8.45% | -1.58% | -21.79% | 4.27% | 15.37% |
| Cost of Goods Sold | 5.02B | 4.9B | 4.13B | 3.74B | 3.76B | 4.18B | 4.83B | 4.21B | 4B | 4.3B | 4.52B | 4.56B | 3.99B | 3.71B | 3.7B | 3.32B | 2.86B | 4.76B | 5.33B | 4.38B | 2.87B | 1.66B | 1.75B | 1.3B | 1.03B | 1.5B | 1.05B | 965.6M | 983.3M | 1.27B | 1.21B |
| COGS % of Revenue | - | 88.32% | 95.45% | 96.38% | 99.22% | 89.95% | 90.86% | 94.57% | 89.8% | 90.45% | 90.81% | 92.76% | 88.75% | 88.82% | 89.9% | 89.36% | 89.44% | 92.47% | 94.11% | 94.62% | 94.43% | 95.98% | 94.93% | 94.89% | 94.59% | 96.29% | 95.07% | 94.71% | 94.92% | 96.16% | 95.5% |
| Gross Profit | 667.75M | 647.51M | 197.04M | 140.62M | 29.61M | 466.39M | 486.15M | 241.77M | 454.45M | 454.4M | 457.19M | 356.25M | 505.44M | 466.9M | 415.13M | 395.34M | 337.85M | 388.05M | 333.23M | 248.89M | 169.4M | 69.7M | 93.38M | 70.25M | 58.65M | 57.56M | 54.52M | 53.9M | 52.6M | 50.8M | 57.1M |
| Gross Margin % | 11.74% | 11.68% | 4.55% | 3.62% | 0.78% | 10.05% | 9.14% | 5.43% | 10.2% | 9.55% | 9.19% | 7.24% | 11.25% | 11.18% | 10.1% | 10.64% | 10.56% | 7.53% | 5.89% | 5.38% | 5.57% | 4.02% | 5.07% | 5.11% | 5.41% | 3.71% | 4.93% | 5.29% | 5.08% | 3.84% | 4.5% |
| Gross Profit Growth % | - | 228.62% | 40.12% | 374.89% | -93.65% | -4.06% | 101.08% | -46.8% | 0.01% | -0.61% | 28.33% | -29.52% | 8.25% | 12.47% | 5.01% | 17.02% | -12.94% | 16.45% | 33.88% | 46.93% | 143.02% | -25.36% | 32.92% | 19.78% | 1.89% | 5.57% | 1.16% | 2.47% | 3.54% | -11.03% | 222.6% |
| Operating Expenses | 441.93M | 415.55M | 300.79M | 255.22M | 234.38M | 239.59M | 223.81M | 606.78M | 262.58M | 274.93M | 255.27M | 250.84M | 263.75M | 263.08M | 260.37M | 226.97M | 165.54M | 176.5M | 134M | 107.91M | 98.52M | 53.8M | 43.05M | 39.76M | 32.77M | 28.06M | 27.17M | 30M | 30.4M | 32.5M | 116.5M |
| OpEx % of Revenue | - | 7.5% | 6.95% | 6.58% | 6.18% | 5.16% | 4.21% | 13.63% | 5.89% | 5.78% | 5.13% | 5.1% | 5.87% | 6.3% | 6.33% | 6.11% | 5.17% | 3.43% | 2.37% | 2.33% | 3.24% | 3.1% | 2.34% | 2.89% | 3.02% | 1.81% | 2.46% | 2.94% | 2.93% | 2.45% | 9.17% |
| Selling, General & Admin | 441.93M | 415.55M | 300.79M | 255.22M | 234.38M | 239.59M | 223.81M | 226.92M | 262.58M | 274.93M | 255.27M | 250.84M | 263.75M | 263.08M | 260.37M | 226.97M | 165.54M | 176.5M | 134M | 107.91M | 98.52M | 61.75M | 43.05M | 39.76M | 32.77M | 28.06M | 24.98M | 26.6M | 28.8M | 30.6M | 113.9M |
| SG&A % of Revenue | - | 7.5% | 6.95% | 6.58% | 6.18% | 5.16% | 4.21% | 5.1% | 5.89% | 5.78% | 5.13% | 5.1% | 5.87% | 6.3% | 6.33% | 6.11% | 5.17% | 3.43% | 2.37% | 2.33% | 3.24% | 3.56% | 2.34% | 2.89% | 3.02% | 1.81% | 2.26% | 2.61% | 2.78% | 2.31% | 8.97% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 379.86M | 0 | 0 | 0 | 0 | 0 | 0 | -1.86M | 0 | 0 | 0 | 0 | 0 | 0 | -7.95M | 0 | 0 | 0 | 0 | 2.19M | 3.4M | 1.6M | 1.9M | 2.6M |
| Operating Income | 225.82M | 231.96M | -103.75M | -114.6M | -204.76M | 226.8M | 262.34M | -365.01M | 191.88M | 179.48M | 201.92M | 105.41M | 241.69M | 203.82M | -221.81M | 168.38M | 172.31M | 211.54M | -25.25M | 140.98M | 70.88M | 7.95M | 50.33M | 30.49M | 25.88M | 29.5M | 27.36M | 23.9M | 22.2M | 18.3M | -59.4M |
| Operating Margin % | 3.97% | 4.18% | -2.4% | -2.95% | -5.4% | 4.89% | 4.93% | -8.2% | 4.31% | 3.77% | 4.06% | 2.14% | 5.38% | 4.88% | -5.39% | 4.53% | 5.39% | 4.11% | -0.45% | 3.05% | 2.33% | 0.46% | 2.73% | 2.22% | 2.39% | 1.9% | 2.47% | 2.34% | 2.14% | 1.38% | -4.68% |
| Operating Income Growth % | - | 323.57% | 9.46% | 44.03% | -190.28% | -13.55% | 171.87% | -290.23% | 6.91% | -11.11% | 91.55% | -56.38% | 18.58% | 191.89% | -231.74% | -2.28% | -18.55% | 937.93% | -117.91% | 98.9% | 791.22% | -84.2% | 65.08% | 17.81% | -12.27% | 7.85% | 14.46% | 7.66% | 21.31% | 130.81% | -165.18% |
| EBITDA | 263.06M | 281.78M | -49.97M | -69.37M | -140.4M | 345.03M | 369.38M | -299.96M | 239.14M | 231.41M | 269.22M | 149.14M | 297.66M | 263.23M | -160.35M | 216.01M | 203.65M | 250.05M | 2.35M | 151.92M | 80.81M | 14.66M | 55.46M | 33.88M | 29.08M | 32.1M | 29.55M | 27.3M | 23.8M | 20.2M | -56.8M |
| EBITDA Margin % | 4.63% | 5.08% | -1.15% | -1.79% | -3.7% | 7.43% | 6.94% | -6.74% | 5.37% | 4.86% | 5.41% | 3.03% | 6.63% | 6.3% | -3.9% | 5.81% | 6.37% | 4.85% | 0.04% | 3.28% | 2.66% | 0.85% | 3.01% | 2.47% | 2.68% | 2.07% | 2.67% | 2.68% | 2.3% | 1.53% | -4.47% |
| EBITDA Growth % | 863.49% | 663.94% | 27.97% | 50.59% | -140.69% | -6.59% | 223.14% | -225.43% | 3.34% | -14.05% | 80.51% | -49.9% | 13.08% | 264.16% | -174.24% | 6.07% | -18.56% | 10540.43% | -98.45% | 88.01% | 451.35% | -73.57% | 63.7% | 16.49% | -9.41% | 8.65% | 8.23% | 14.71% | 17.82% | 135.56% | -189.8% |
| D&A (Non-Cash Add-back) | 37.24M | 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 |
| EBIT | 248.64M | 259.47M | -88.53M | -99.26M | -199.65M | 227.27M | 239.28M | -360.74M | 193.91M | 215.04M | 203.45M | 117.87M | 232.15M | 185.25M | -223.67M | 172.8M | 170.03M | 212.64M | -15.69M | 156.34M | 70.88M | 15.91M | 48.72M | 30.2M | 25.88M | 29.5M | 27.36M | 23.9M | 26.2M | 20.5M | -59.4M |
| Net Interest Income | -27.22M | -54.97M | -87.94M | -85.16M | -68.03M | -67.48M | -76.21M | -67.49M | -63.52M | -63.73M | -59.78M | -45.14M | -42.56M | -40.29M | -43.42M | -34.53M | -7.72M | -7.5M | -4.16M | -1.95M | -3.77M | -2M | -704K | -1M | -1.49M | -2.01M | -3.97M | 0 | -8.7M | 0 | -9.9M |
| Interest Income | 0 | 0 | 1.2M | 0 | 0 | 0 | 0 | 0 | 0 | 5.66M | 0 | 0 | 4.79M | 8.74M | 2.84M | 1.22M | 4.46M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 27.22M | 54.97M | 89.13M | 85.16M | 68.03M | 67.48M | 76.21M | 67.49M | 63.52M | 69.38M | 59.78M | 44.03M | 47.35M | 49.03M | 46.26M | 35.75M | 10.56M | 7.5M | 4.16M | 1.95M | 3.77M | 2M | 704K | 1M | 1.49M | 2.01M | 3.97M | 0 | 8.7M | 0 | 9.9M |
| Other Income/Expense | -20.46M | -27.45M | -69.25M | -67.96M | -62.91M | -67.02M | -88.06M | -60.83M | -59.26M | -25.5M | -52.8M | -31.57M | -54.25M | -64.21M | -46.03M | -31.33M | -12.84M | -6.4M | 5.4M | 13.41M | -1.19M | -1.03M | -3.79M | 432K | -2M | -2.23M | -3.02M | -7.1M | -5.1M | -11.6M | -10.4M |
| Pretax Income | 205.36M | 204.51M | -173.01M | -182.55M | -267.67M | 159.78M | 174.28M | -425.83M | 132.61M | 153.97M | 149.12M | 73.84M | 187.44M | 139.62M | -267.84M | 137.05M | 159.47M | 205.14M | -19.85M | 154.4M | 69.69M | 6.92M | 44.93M | 30.92M | 23.88M | 27.27M | 24.34M | 16.8M | 12.8M | 6.4M | -69.8M |
| Pretax Margin % | 3.61% | 3.69% | -4% | -4.7% | -7.06% | 3.44% | 3.28% | -9.57% | 2.98% | 3.24% | 3% | 1.5% | 4.17% | 3.34% | -6.51% | 3.69% | 4.98% | 3.98% | -0.35% | 3.34% | 2.29% | 0.4% | 2.44% | 2.25% | 2.2% | 1.76% | 2.2% | 1.65% | 1.24% | 0.48% | -5.49% |
| Income Tax | 31.53M | 61.43M | -50.67M | -54.96M | -75.1M | 25.63M | 21.94M | -65.61M | 34.83M | -569K | 53.29M | 28.55M | 79.5M | 52.32M | -2.44M | 50.9M | 55.97M | 68.08M | 55.29M | 57.28M | 28.15M | 2.87M | 8.92M | -13.1M | 801K | 850K | -43K | 400K | 1.1M | 1M | 800K |
| Effective Tax Rate % | 15.35% | 30.04% | 29.29% | 30.1% | 28.06% | 16.04% | 12.59% | 15.41% | 26.27% | -0.37% | 35.74% | 38.66% | 42.42% | 37.47% | 0.91% | 37.14% | 35.1% | 33.19% | -278.54% | 37.1% | 40.4% | 41.5% | 19.85% | -42.35% | 3.35% | 3.12% | -0.18% | 2.38% | 8.59% | 15.63% | -1.15% |
| Net Income | 125.94M | 80.44M | -163.72M | -171.16M | -210.01M | 91.92M | 108.39M | -387.69M | 83.44M | 148.38M | 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 |
| Net Margin % | 2.21% | 1.45% | -3.78% | -4.41% | -5.54% | 1.98% | 2.04% | -8.71% | 1.87% | 3.12% | 1.93% | 0.92% | 2.4% | 2.09% | -6.46% | 2.32% | 3.24% | 2.66% | -1.33% | 2.1% | 1.36% | 0.23% | 1.95% | 3.2% | 2.13% | 1.7% | 2.21% | -8.2% | 1.13% | 0.41% | -5.56% |
| Net Income Growth % | 183.14% | 149.13% | 4.34% | 18.5% | -328.46% | -15.19% | 127.96% | -564.66% | -43.77% | 54.85% | 111.56% | -58.04% | 23.64% | 132.89% | -408.07% | -16.77% | -24.49% | 282.41% | -177.37% | 133.81% | 925.83% | -88.75% | -18.2% | 90.77% | -12.66% | 8.35% | 129.16% | -814.53% | 116.67% | 107.65% | -155.8% |
| Net Income (Continuing) | 173.83M | 143.08M | -122.34M | -127.6M | -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 | 16.4M | 16M | 7.9M | -70.6M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 50.91M | 44.03M | 23.88M | -7.68M | -7.73M | 18.8M | -10.91M | -9.62M | -21.29M | -8.49M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.1M | 1.1M | 2.5M |
| EPS (Diluted) | 2.34 | 1.51 | -3.13 | -3.30 | -3.75 | 2.61 | 2.98 | -7.17 | 1.66 | 2.92 | 1.92 | 0.91 | 2.20 | 1.80 | -5.59 | 1.80 | 2.13 | 2.79 | -2.19 | 3.54 | 1.54 | 0.20 | 1.39 | 2.10 | 0.91 | 1.04 | 0.39 | -15.76 | 1.08 | 0.01 | -15.13 |
| EPS Growth % | 150.88% | 148.24% | 5.15% | 12% | -243.68% | -12.42% | 141.56% | -531.93% | -43.15% | 52.08% | 110.99% | -58.64% | 22.22% | 132.2% | -410.56% | -15.49% | -23.66% | 227.4% | -161.86% | 129.87% | 670% | -85.61% | -33.81% | 130.77% | -12.5% | 166.67% | 102.47% | -1559.26% | 10700% | 100.07% | -140.92% |
| EPS (Basic) | - | 1.53 | -3.13 | -3.30 | -3.75 | 2.63 | 3.01 | -7.17 | 1.67 | 2.99 | 1.95 | 0.92 | 2.22 | 1.82 | -5.59 | 1.82 | 2.15 | 2.82 | -2.19 | 3.62 | 1.56 | 0.21 | 1.47 | 2.18 | 0.92 | 1.07 | 0.39 | -16.04 | 1.08 | 0.01 | -15.13 |
| Diluted Shares Outstanding | 53.75M | 53.41M | 52.32M | 51.84M | 51.32M | 51.37M | 51.08M | 50.22M | 50.3M | 50.76M | 49.86M | 49.67M | 49.11M | 48.59M | 47.47M | 47.89M | 48.65M | 49.08M | 34.27M | 27.42M | 26.76M | 26.15M | 25.06M | 23.58M | 22.94M | 23.36M | 18.53M | 5.3M | 5.41M | 5.16M | 4.67M |
| Basic Shares Outstanding | 52.74M | 52.69M | 52.32M | 51.84M | 51.32M | 51.02M | 50.66M | 50.22M | 49.95M | 49.65M | 49.15M | 48.98M | 48.56M | 47.85M | 47.47M | 47.23M | 48.11M | 48.52M | 34.27M | 26.82M | 26.31M | 25.52M | 23.72M | 22.76M | 22.66M | 22.7M | 18.52M | 5.21M | 5.41M | 5.16M | 4.67M |
| Dividend Payout Ratio | - | 3.94% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 45.5% | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Project execution and claims volatility
As indicated by the most recent quarterly data, TPC achieved a 41.2% year-over-year revenue increase in 2025Q4, signaling a rapid acceleration in project execution that appears to be driven by the successful conversion of a multi-billion dollar backlog into recognized top-line performance across its infrastructure segments.
The recent revenue trajectory suggests that the company is successfully navigating the ramp-up phase of large-scale public works projects. Investors should monitor whether this growth is sustainable or if it reflects a temporary surge in project milestones that may not repeat in subsequent quarters.
Based on reported financial statements, TPC's gross margin has struggled to maintain consistency, fluctuating from a negative 0.9% in 2024Q4 to 11.1% in 2026Q1, which highlights the inherent difficulty in maintaining profitability within a business model heavily reliant on complex, fixed-price infrastructure contracts.
The thin net margin of 1.45% suggests that even during periods of high revenue growth, the company faces significant operational headwinds. This volatility implies that project-level cost overruns or unresolved claims continue to exert downward pressure on the firm's ability to translate volume into meaningful bottom-line earnings.
According to quarterly filings, TPC's net income has been significantly impacted by substantial stock-based compensation expenses, which reached $58.7 million in 2025Q3, effectively obscuring the underlying operational profitability and complicating the assessment of true earnings quality for shareholders evaluating the company's recent performance recovery.
The wide variance between operating income and net income suggests that non-operating items and compensation structures play a disproportionate role in the company's reported results. Analysts should exercise caution when interpreting EPS figures, as these non-cash charges may mask the actual cash-generating capacity of the core construction business.
Data from recent income statements suggests that TPC's reliance on unbilled receivables remains a critical vulnerability, as the company's history of aggressive revenue recognition on disputed claims may lead to future write-downs if these amounts fail to convert into actual cash flows during the project lifecycle.
Short-sellers would likely focus on the disconnect between reported revenue growth and the company's historical difficulty in resolving change orders. This pattern warrants further investigation into whether the current growth trajectory is supported by high-quality, billable work or if it is increasingly dependent on speculative claims that carry significant collection risk.
Quick answers to the most common questions about buying TPC stock.
For fiscal year 2025, Tutor Perini Corporation (TPC) reported total revenue of $5.54B. This represents a 336.4% increase compared to $1.27B in 1996.
Tutor Perini Corporation (TPC) is profitable, generating $80.4M in net income for the fiscal year ending 2025 with a net profit margin of 1.5%.
Tutor Perini Corporation (TPC) reported an operating income of $232.0M, resulting in an operating profit margin of 4.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Tutor Perini Corporation (TPC) generated $647.5M in gross profit for the year, representing a gross profit margin of 11.7%. This demonstrates the company's core pricing power and production efficiency.