Primoris Services Corp (PRIM) Form 8-K — Nov 3, 2026
Primoris Services (NYSE: PRIM) reported Q3 2026 revenue of $2.0 billion, down 10.4% YoY, with net income of $51.3 million ($0.95 diluted EPS) versus $94.6 million ($1.73) a year ago, as challenged renewables projects compressed Energy segment margins to 8.5%. Adjusted EBITDA fell 20.3% to $134.4 million. Offsetting the weak quarter, total backlog hit a record $14.1 billion (up $2.1 billion from year-end 2025), helped by the PayneCrest acquisition and Utilities growth, and the Board authorized a new $250 million buyback program with no expiration date, after completing the prior $150 million program. A $0.08/share dividend was also declared.
Key figures
- Eps
- 0.95
- Guidance
- FY2026 net income $65.2M-$73.2M; Adjusted EBITDA $290.0M-$310.0M; diluted EPS $1.20-$1.35; Adjusted EPS $2.10-$2.25; SG&A low 6.0% of revenue; FY interest expense $43M-$47M; effective tax rate ~33%
- Net Income
- 51300000
- Total Debt
- Long-term debt $741.8M plus current portion $42.5M
- Revenue Yoy
- -10.4%
- Cash Position
- 203500000
- Shares Outstanding
- 53.5 million basic weighted average
- Q3 buyback
- 1,330,627 shares for $100.0M at weighted average $75.15/share
- Msa backlog
- 8500000000
- Total backlog
- 14100000000
- Adjusted eps q3
- 1.2
- Gross margin q3
- 10.5% vs 10.8% prior year
- Adjusted ebitda q3
- 134400000
- Dividend per share
- 0.08
- Adjusted ebitda yoy
- -20.3%
- Operating income q3
- 94900000
- Operating income yoy
- -30.7%
- Utilities revenue q3
- 770900000
- Buyback authorization
- 250000000
- Adjusted net income q3
- 64900000
AI analysis
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