Primoris Services Corporation (PRIM) SEC Filings & Earnings Calls
EquiReason read 12 Primoris Services Corporation SEC filings in the last 12 months. Latest: 8-K on 2026-08-31 — Primoris appointed James Greer and Oscar Brown to the Board of Directors, effective Oct 1, 2026, increasing board size to ten. Both have extensive energy industry experience..
Source: SEC EDGAR filings · figures as of 2026-06-30 · read by EquiReason
- Market cap
- 3.5B
- P/E TTM
- 25.5
- Dividend yield
- 0.5%
- 52-week
- —
- Next earnings
- 3 Nov, in 10 days
Every filing, read
last 12 months · SECWhat happened, the numbers inside, guidance and risks. The original is one click away.
31 Aug 20268-K · 5.02Primoris appointed James Greer and Oscar Brown to the Board of Directors, effective Oct 1, 2026, increasing board size to ten. Both have extensive energy industry experience.open
Risks flagged
No material risks identified; board appointments are routine governance actions.
5 Aug 202610-QRevenue $1.69B (-11% y/y); Net income (loss) $-24M; Gross profit $82M (-64% y/y)open
Figures in the filing · each found in the filing text
| Revenue · Q2-2026 | $1.69B | -11% y/y |
| Net income (loss) · Q2-2026 | $-24M | |
| Gross profit · Q2-2026 | $82M | -64% y/y |
| Gross margin · Q2-2026 | 4.9% | |
| Backlog · 2026-06-30 | $6.00B | |
| Operating cash flow · H1-2026 | $-131M | |
| Free cash flow · H1-2026 | $-182M |
4 Aug 20268-K · 2.02, 8.01Primoris Services Corp reported Q2 2026 revenue down 10.7% to $1.688B, net loss of $24.2M vs income of $84.3M, adjusted EBITDA down 92.6% to $11.4M. Record backlog of $13.9B but challenged renewables projects weighed on earnings.earningsopen
Figures in the filing · each found in the filing text
| Revenue · Q2-2026 | $1.69B | -11% y/y |
| Net Loss · Q2-2026 | $-24M | |
| Adjusted EBITDA · Q2-2026 | $11M | -93% y/y |
| Total Backlog · Q2-2026 | $13.90B | |
| Utilities Revenue · Utilities · Q2-2026 | $713M | +3% y/y |
| Energy Revenue · Energy · Q2-2026 | $1000M | -19% y/y |
| Gross Profit Margin · Q2-2026 | 4.9% | |
| Adjusted Net Loss · Q2-2026 | $-15M |
Guidance
Expect revenue growth and margin improvement in H2 2026
Management expects H2 improvement; record backlog supports demand; but current margins under pressure.
Risks flagged
Energy segment gross margin negative, indicating significant project losses.
“Energy segment gross profit ($2.7M), -0.3% margin.”
Net loss of $24.2M vs net income $84.3M prior year.
“Net loss of $24.2 million compared to net income of $84.3 million.”
Adjusted EBITDA down 92.6%.
“Adjusted EBITDA $11.4M, down 92.6%.”
22 Jun 20268-K · 2.02, 5.02, 7.01Released earnings results and quarterly financials; reported the departure of a director or principal officer (CEO/CFO change)earningsopen
Risks flagged
COO departure may disrupt operations and execution of project pipeline.
“COO departure treated as termination without cause; CEO to manage COO duties temporarily.”
6 May 202610-QRevenue $1.56B (-5% y/y); Gross profit $135M (-21% y/y); Net income $17M (-61% y/y)open
Figures in the filing · each found in the filing text
| Revenue · Q1-2026 | $1.56B | -5% y/y |
| Gross profit · Q1-2026 | $135M | -21% y/y |
| Net income · Q1-2026 | $17M | -61% y/y |
| Operating cash flow · Q1-2026 | $-123M | |
| Backlog · 2026-03-31 | $4.50B | |
| Utilities segment revenue · Utilities · Q1-2026 | $633M | +12% y/y |
| Energy segment revenue · Energy · Q1-2026 | $955M | -14% y/y |
| Gross margin · Q1-2026 | 8.6% |
Risks flagged
Revenue decline risk
“Total revenue declined 5.4% YoY, with Energy segment down 13.8%.”
Margin compression risk
“Gross margin contracted 180bps YoY from 10.4% to 8.6%.”
Operating income decline risk
“Operating income declined 65.3% YoY from $70.4M to $24.4M.”
Cash flow risk
“Operating cash flow was negative $(122.6) million in Q1 2026.”
20 Mar 2026DEF 14AAnnual proxy statement disclosing executive compensation structure and 2025 business highlights.open
Figures in the filing · each found in the filing text
| Revenue · FY2025 | $7.60B | +19% y/y |
| Net Income · FY2025 | $275M | +52% y/y |
| Backlog · FY2025 | $11.90B | |
| Cash Flow from Operations · FY2025 | $470M | |
| SG&A as % of Revenue · FY2025 | 5.3% | |
| Earnings Per Share (Diluted) · FY2025 | $5.02 | |
| Total Recordable Incident Rate (TRIR) · FY2025 | $0.53 | |
| Utilities MSA Backlog · Utilities · FY2025 | $7.00B | |
| Renewables Revenue · Energy · FY2025 | $3.00B | |
| New Renewables Project Awards · Energy · FY2025 | $2.60B |
Risks flagged
Renewables Project Margin Pressure
“Although gross profit increased in 2025, gross margins declined from the prior year, primarily due to lower margins on certain renewables projects.” · word for word
Interest Rate Sensitivity
“lower interest expense due to lower average debt balances and lower interest rates” · word for word
17 Mar 20268-K · 5.02Reported a director or officer change (departure, election, appointment or pay arrangement)open
Risks flagged
Loss of experienced board member, but no disagreement and no immediate replacement needed
“Retirement not due to disagreement; Board size reduction planned”
24 Feb 202610-KRevenue from top 10 customers 53.1; MSA revenue percentage 32; International revenue percentage 2.3open
Figures in the filing · each found in the filing text
| Revenue from top 10 customers · FY2025 | 53.1% | |
| MSA revenue percentage · FY2025 | 32.0% | |
| International revenue percentage · FY2025 | 2.3% | |
| Competitive bid revenue percentage · FY2025 | 27.6% | |
| Unionized workforce percentage · 2025-12-31 | 30.0% |
Risks flagged
Customer concentration risk
“Top ten customers accounted for 53.1% of revenue in 2025”
Union and multiemployer pension risk
“30% of hourly employees unionized; withdrawal liability could be material”
Fixed-price contract risk
“Substantial portion of revenue from fixed-price and unit-price contracts; cost overruns could reduce profit”
Backlog realization risk
“Backlog subject to cancellation and adjustments; may not be realized”
23 Feb 20268-K · 2.02, 8.01Revenue $7.60B (+19% y/y); Net Income $275M (+52% y/y); Adjusted Net Income $308M (+46% y/y); Guidance: Initial 2026 outlook positiveearningsopen
Figures in the filing · each found in the filing text
| Revenue · FY2025 | $7.60B | +19% y/y |
| Net Income · FY2025 | $275M | +52% y/y |
| Adjusted Net Income · FY2025 | $308M | +46% y/y |
| Adjusted EBITDA · FY2025 | $531M | +22% y/y |
| Net Cash Provided by Operating Activities · FY2025 | $470M | |
| Total Backlog · 2025-12-31 | $11.90B | |
| MSA Backlog · 2025-12-31 | $7.00B | |
| Q4 Revenue · Q4-2025 | $1.90B | +7% y/y |
| Q4 Net Income · Q4-2025 | $52M | -4% y/y |
| Q4 Adjusted EBITDA · Q4-2025 | $108M | -7% y/y |
Guidance
Initial 2026 outlook positive
Record year with strong growth; positive initial 2026 outlook with strong end markets.
Risks flagged
Q4 operating income decreased due to increased costs on certain renewables projects and lower storm restoration work.
“The decrease was due to increased costs on certain renewables projects and lower storm restoration work in power delivery, compared to the prior year.” · word for word
Trade and regulatory policy uncertainty could impact operations.
“While 2025 presented challenges and uncertainty with regards to changes in trade and regulatory policy” · word for word
4 Nov 202510-QQ3 2025 revenue up 32.1% YoY, net income up 61.9%, driven by strong Energy segment growth and backlog of $4.4Bearningsopen
Figures in the filing · each found in the filing text
| Total Revenue · Q3-2025 | $2.18B | +32% y/y |
| Net Income · Q3-2025 | $95M | +62% y/y |
| Gross Profit · Q3-2025 | $236M | +19% y/y |
| Gross Margin · Q3-2025 | 10.8% | |
| Backlog · 2025-09-30 | $4.40B | |
| Utilities Revenue · Utilities · Q3-2025 | $737M | +11% y/y |
| Energy Revenue · Energy · Q3-2025 | $1.49B | +47% y/y |
| Operating Cash Flow · 9M-2025 | $328M | +56% y/y |
Guidance
Backlog $4.4B; 72.9% expected in next 12 months
Strong backlog and revenue growth indicate continued demand; capex increased to $108.2M for 9 months
Risks flagged
Customer Concentration
“For the three months ended September 30, 2025, approximately 59.2% of total revenue was generated from our top ten customers.” · word for word
Renewables Customer Dependency
“One renewables customer accounted for 16.7% of total revenue for Q3 2025.”
3 Nov 20258-K · 2.02, 8.01Revenue $2.18B (+32% y/y); Net income $95M (+62% y/y); Adjusted net income $103M (+55% y/y); Guidance: FY2025 net income guidance $260.5-271.5M, Adjusted EBITDA $510-530M, EPS $4.75-4.95, Adjusted EPS $5.35-5.55earningsopen
Figures in the filing · each found in the filing text
| Revenue · Primoris Consolidated · Q3-2025 | $2.18B | +32% y/y |
| Net income · Primoris Consolidated · Q3-2025 | $95M | +62% y/y |
| Adjusted net income · Primoris Consolidated · Q3-2025 | $103M | +55% y/y |
| Adjusted EBITDA · Primoris Consolidated · Q3-2025 | $169M | +32% y/y |
| Diluted earnings per share · Primoris Consolidated · Q3-2025 | $1.73 | +62% y/y |
| Adjusted diluted EPS · Primoris Consolidated · Q3-2025 | $1.88 | +54% y/y |
| Utilities Segment Revenue · Utilities · Q3-2025 | $737M | +11% y/y |
| Energy Segment Revenue · Energy · Q3-2025 | $1.49B | +47% y/y |
Guidance
FY2025 net income guidance $260.5-271.5M, Adjusted EBITDA $510-530M, EPS $4.75-4.95, Adjusted EPS $5.35-5.55
Raised FY2025 guidance across all metrics: net income, Adjusted EBITDA, EPS, and Adjusted EPS, reflecting strong end markets and execution.
Risks flagged
Gross margin declined 120bps to 10.8%, indicating cost pressures or mix shift to lower-margin work.
“Gross profit as a percentage of revenue decreased to 10.8% for the three months ended September 30, 2025, compared to 12.0% for the same period in 2024.” · word for word
Primoris Services Corporation — questions
- What did Primoris Services Corporation file recently?
- 12 SEC filings in the last 12 months. Latest: 8-K on 2026-08-31 — Primoris appointed James Greer and Oscar Brown to the Board of Directors, effective Oct 1, 2026, increasing board size to ten. Both have extensive energy industry experience.
Every figure on this page comes from Primoris Services Corporation's own SEC filings — see them on SEC EDGAR. Price data is licensed and shown only inside the product.
How these figures are read: methodology · EquiReason.