Tutor Perini posted the strongest quarter in its history on traditional infrastructure work. Third-quarter revenue was a record 1.72 billion dollars, up 21.5 percent year on year, net income rose to 20.7 million dollars from 3.6 million dollars, and operating cash flow set a record at 330.9 million dollars. The company raised its 2026 adjusted earnings guidance to 5.90 to 6.10 dollars per share.
Backlog stood at 20.4 billion dollars at September 30, down 6 percent from the record 21.6 billion dollars a year earlier but up from 19.9 billion dollars in the second quarter. New awards and contract adjustments of 2.2 billion dollars in the quarter included 1 billion dollars of additional work on a civil segment project, 577 million dollars of federal building awards for Perini Management Services, 145 million dollars of military facility work in the Indo-Pacific for Black Construction, 126 million dollars of Midwest bridge work and 89 million dollars of California mass transit funding. Nine megaprojects in the backlog carry 16 billion dollars of awarded value, including the Hudson Tunnel project and California high-speed rail work.
Management said it sees more than 200 billion dollars of bidding opportunities in core construction over the next three to four years, driven by state, local and federal customers with large funded programmes. Data centres are 0.2 percent of the backlog. President and chief executive Gary Smalley said the firm can do data centre work but sees no reason to chase it given the traditional pipeline, a pointed contrast with contractors repositioning around the compute build-out.
The funding backdrop is unsettled: the current extension of Infrastructure Investment and Jobs Act funding expires on December 11, and a larger transportation bill is not expected until the new Congress is seated. Smalley said the firm is well positioned with or without additional federal funding.