10-Q · August 4, 2026
Primoris posted a weak second quarter: revenue declined 10.7% year over year to $1.6882 billion, gross margin fell to 4.9% from 12.3%, and GAAP diluted EPS was negative $0.45, versus $1.54 in the prior-year quarter and…
Earnings analysis · 10-Q
PRIM earnings analysis
Filed November 3, 2026 · Our reading of the company's report
The latest report
Primoris delivered a mixed third quarter: adjusted EPS of $1.20 substantially exceeded the $0.77 consensus estimate, but revenue of $1.9524 billion fell 10.4% year over year and missed consensus by 2.7%. Utilities…
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Primoris delivered a mixed third quarter: adjusted EPS of $1.20 substantially exceeded the $0.77 consensus estimate, but revenue of $1.9524 billion fell 10.4% year over year and missed consensus by 2.7%. Utilities growth and a record $14.1 billion backlog partly offset Energy renewables weakness, while the company introduced full-year 2026 EPS and EBITDA guidance. The principal risks are earnings pressure in renewables, unhedged variable-rate debt with a $7.7 million annual interest sensitivity per 1.0% rate move, and limited remaining capital-return capacity after exhausting the $150.0 million buyback authorization.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.2
- Segment
- Utilities: growth was reported, but segment revenue was not disclosed in the supplied filing text.
- Segment
- Energy renewables: performance weakened, but segment revenue was not disclosed in the supplied filing text.
What stood out
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Adjusted EPS materially beats consensus
Adjusted EPS was $1.20 versus the $0.77 consensus estimate, a 55.8% beat. EPS also improved from a $0.45 loss in 2026 Q2, although it remained below $1.73 in the year-ago quarter.
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Revenue recovers sequentially but declines annually
Revenue was $1.9524 billion, down 10.4% from $2.18 billion in 2025 Q3 but up from $1.69 billion in 2026 Q2. Revenue was also 2.7% below the $2.0064 billion consensus estimate.
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Utilities and backlog offset renewables weakness
Utilities growth and a record $14.1 billion backlog partly offset weakness in Energy renewables, providing substantial project visibility despite the quarterly revenue decline.
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Share repurchase authorization fully utilized
The company repurchased 1,330,627 shares during the quarter at a weighted-average price of $75.15, using $100.0 million of the buyback authorization; the full $150.0 million authorization had been used by September 30, 2026.
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Full-year 2026 outlook established
Management established full-year 2026 GAAP diluted EPS guidance of $1.20-$1.35 and adjusted EPS guidance of $2.10-$2.25, alongside adjusted EBITDA guidance of $290.0-$310.0 million.
What to watch
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Revenue decline and consensus miss
Revenue of $1.9524 billion declined 10.4% year over year and missed the $2.0064 billion consensus estimate by 2.7%, indicating continued execution or timing pressure despite the $14.1 billion backlog.
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Renewables weakness pressures earnings
Energy renewables was identified as a source of weakness, while the quarter's $1.20 EPS remained below $1.73 in 2025 Q3, highlighting pressure on earnings conversion even after the consensus beat.
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Unhedged variable-rate debt exposure
The Revolving Credit Facility, New Term Loan and AR facility had variable rates, and none of the variable-rate debt was economically hedged as of September 30, 2026. A 1.0% rate move would change annual interest expense by approximately $7.7 million.
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Buyback capacity has been exhausted
The company spent $100.0 million on repurchases during the quarter and had exhausted the full $150.0 million authorization by September 30, 2026, reducing remaining buyback flexibility.
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Wide earnings outlook range
The new full-year 2026 GAAP diluted EPS outlook spans $1.20-$1.35, while adjusted EPS guidance spans $2.10-$2.25, reflecting a meaningful range of potential earnings outcomes.
Management's outlook
The company introduced full-year 2026 GAAP diluted EPS guidance of $1.20-$1.35 and adjusted EPS guidance of $2.10-$2.25, plus net income guidance of $65.2-$73.2 million and adjusted EBITDA guidance of $290.0-$310.0 million. Direction versus the prior outlook is not determinable because the prior outlook did not include quantitative earnings or revenue guidance.
Earlier filings 4
10-Q · May 5, 2026
Primoris Services Corporation reported disappointing Q1 2026 results, with revenue of $1.56 billion and diluted EPS of $0.59, both falling short of analyst estimates. Revenue decreased by 5.4% year-over-year, driven by…
10-K · February 24, 2026
Primoris reported a materially higher topline in 2025 with quarterly revenues summing to $7.58 billion (Q1–Q4: $1.65B, $1.89B, $2.18B, $1.86B) and full-year free cash flow of $344 million (Q1–Q4: $26M, $45M, $148M,…
10-Q · August 5, 2025
Primoris reported a strong Q2 2025: revenue rose 20.9% year-over-year to $1,890,745,000 and diluted EPS jumped to $1.54 from $0.91 a year ago. Gross margin expanded to 12.3% and operating margin improved to 6.7%, driven…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.