Primoris Services Corp (PRIM) Form 8-K — Aug 4, 2026

$PRIMForm 8-KItems 2.02, 8.01, 9.01Filed Aug 4, 2026, 4:37 PM ET0001361538-26-000021Original filing

Primoris Services reported a second-quarter 2026 net loss of $24.2 million, or $0.45 per diluted share, on revenue of $1,688.2 million that fell 10.7% year over year, while Adjusted EBITDA collapsed 92.6% to $11.4 million from $154.6 million. The deterioration was concentrated in the Energy segment, where cost overruns on six renewable energy projects drove a negative 0.3% gross margin and a $56.4 million operating loss; two of the six projects were substantially complete in the quarter, with the remaining four expected to finish in Q3 and Q4 2026.

Key figures

Eps: -$0.45 (diluted)
Revenue: $1,688.2 million
Guidance: FY2026 maintained from June 22, 2026 update: net income $71.0-$101.0 million ($1.30-$1.85 diluted EPS); Adjusted EPS $2.05-$2.60; Adjusted EBITDA $275-$325 million; interest expense $43-$47 million
Net Income: -$24.2 million (net loss)
Total Debt: $797.0 million ($45.0 million current + $752.0 million long-term)
Revenue Yoy: -10.7%
Total Assets: $4,638.8 million
Cash Position: $218.2 million unrestricted cash ($958.9 million total liquidity incl. $740.7 million revolver capacity)
Q2 buybacks: 449,287 shares for $50.0 million at weighted avg $111.29; $100.0 million remaining (expires April 30, 2028)
Total backlog: $13.9 billion record (up $1.9 billion from year-end 2025); $8.2 billion MSA backlog
Gross margin q2: 4.9% vs 12.3% prior year
Dividend declared: $0.08 per share, record date Sept 30 2026, payable ~Oct 15 2026
Energy revenue q2: $999.9 million (-19.2% YoY); gross margin (0.3)%; operating loss $56.4 million
Operating loss q2: -$26.8 million
Adjusted ebitda q2: $11.4 million, down 92.6% YoY from $154.6 million
Adjusted net loss q2: -$14.6 million (-$0.27 per diluted share)
Utilities revenue q2: $712.6 million (+2.8% YoY)
Capex guidance h2 2026: $70.0-$90.0 million
Operating cash flow h1 2026: -$131.3 million vs +$144.6 million prior year
Payne Crest acquisition cash: $401.4 million net of cash acquired; contributed ~$432.2 million of fixed backlog
Challenged renewables projects: 6 projects with cost overruns; 2 substantially complete in Q2, 3 expected Q3 2026, 1 expected Q4 2026

Price after filing

1 day: +2.6%7 days: -4.1%30 days: -13.3%

Close on the filing date to close N calendar days later (from $85.65). Historical, not a forecast.

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