Logo: Primoris Services Corporation, Public domain, via Wikimedia Commons5
American construction and infrastructure company
Primoris Services Corporation is a publicly traded specialty construction and infrastructure company based in the United States, with a particular focus on pipelines for natural gas, wastewater and water. In 2026, the company was ranked 497th in the Fortune 500.3Wikipedia text CC BY-SA 4.0
Primoris Services Corporation is a publicly traded specialty construction and infrastructure company based in the United States, with a particular focus on pipelines for natural gas, wastewater and water. In 2026, the company was ranked 497th in the Fortune 500.3
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Revenue101112139$7.6B in 2025+144% since 2019Gross profit101112139$813.1M in 2025+146% since 2019Operating income101112139$411.5M in 2025+192% since 2019Net income101112139$274.9M in 2025+234% since 2019
Revenue91415$1.7B in Q2 FY2026−9% since Q4 FY2025Gross profit91415$82.4M in Q2 FY2026−53% since Q4 FY2025Operating income1415-$26.8M in Q2 FY2026Net income91415-$24.2M in Q2 FY2026
Every line of the income statement as filed: the last 3 fiscal years (annual) or 8 quarters (quarterly), latest first.9
Period ending
2025-12-31
2024-12-31
2023-12-31
Revenue
$7.6B
$6.4B
$5.7B
Cost of revenue
$6.8B
$5.7B
$5.1B
Gross profit
$813.1M
$703.2M
$587.5M
Selling, general and administrative expenses
$399.2M
$383.3M
$328.7M
Transaction and related costs
$2.4M
$2.5M
$5.7M
Operating income
$411.5M
$317.4M
$253.1M
Foreign exchange (loss) gain, net
-$100.0K
$2.7M
$1.1M
Other income, net
$1.3M
$100.0K
$1.6M
Interest expense, net
-$28.7M
-$65.3M
-$78.2M
Income before provision for income taxes
$384.0M
$254.9M
$177.6M
Provision for income taxes
-$109.1M
-$74.0M
-$51.5M
Net income
$274.9M
$180.9M
$126.1M
Dividends per common share (in dollars per share)
$0.32
$0.26
$0.24
Basic (in dollars per share)
$5.09
$3.37
$2.37
Diluted (in dollars per share)
$5.02
$3.31
$2.33
Basic (in shares)
54.0M shares
53.6M shares
53.3M shares
Diluted (in shares)
54.8M shares
54.6M shares
54.2M shares
Period ending
2025-12-31
2025-09-30
2025-06-30
2025-03-31
2024-12-31
2024-09-30
2024-06-30
2024-03-31
Revenue
$1.9B
$2.2B
$1.9B
$1.6B
$1.7B
$1.6B
$1.6B
$1.4B
Gross profit
$175.0M
$235.7M
$231.7M
$170.7M
$184.6M
$198.5M
$186.7M
$133.4M
Net income
$51.8M
$94.6M
$84.3M
$44.2M
$54.0M
$58.4M
$49.6M
$18.9M
Basic (in dollars per share)
$0.96
$1.75
$1.56
$0.82
$1.00
$1.09
$0.92
$0.35
Diluted (in dollars per share)
$0.95
$1.73
$1.54
$0.81
$0.99
$1.07
$0.91
$0.35
Basic (in shares)
54.0M shares
54.0M shares
54.0M shares
53.8M shares
53.7M shares
53.7M shares
53.6M shares
53.5M shares
Diluted (in shares)
54.8M shares
54.8M shares
54.8M shares
54.7M shares
54.7M shares
54.7M shares
54.7M shares
54.4M shares
Total assets16101112139$4.4B in 2025+141% since 2019Total liabilities16101112139$2.7B in 2025+127% since 2019Shareholders’ equity1112139$1.7B in 2025+167% since 2019Cash1112139$535.5M in 2025+345% since 2019Long-term debt16101112139$409.0M in 2025+38% since 2019
Total assets1415$4.6B in Q2 FY2026+5% since Q1 FY2025Total liabilities1415$3.0B in Q2 FY2026+11% since Q1 FY2025Shareholders’ equity1415$1.6B in Q2 FY2026−4% since Q1 FY2025Cash1415$218.2M in Q2 FY2026−59% since Q1 FY2025Long-term debt1415$752.0M in Q2 FY2026+84% since Q1 FY2025
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.9
Period ending
2025-12-31
2024-12-31
2023-12-31
2022-12-31
Cash and cash equivalents
$535.5M
$455.8M
$217.8M
$248.7M
Accounts receivable, net
$723.4M
$834.4M
Contract assets
$936.9M
$773.7M
$846.2M
Prepaid expenses and other current assets
$137.8M
$95.6M
Total current assets
$2.3B
$2.2B
Property and equipment, net
$531.2M
$488.2M
Operating lease assets
$488.9M
$461.0M
Intangible assets, net
$190.2M
$207.9M
Goodwill
$856.9M
$856.9M
$857.7M
Other long-term assets
$7.0M
$22.4M
Total assets
$4.4B
$4.2B
Accounts payable
$744.3M
$624.3M
Contract liabilities
$633.6M
$617.4M
$366.5M
Accrued liabilities
$405.4M
$350.1M
Dividends payable
$4.3M
$4.3M
Current portion of long-term debt
$60.9M
$74.6M
Total current liabilities
$1.8B
$1.7B
Long-term debt, net of current portion
$409.0M
$660.2M
Noncurrent operating lease liabilities, net of current portion
$325.6M
$333.4M
Deferred tax liabilities
$71.4M
$64.0M
Other long-term liabilities
$72.3M
$58.1M
Total liabilities
$2.7B
$2.8B
Additional paid-in capital
$296.9M
$285.8M
Retained earnings
$1.4B
$1.1B
Accumulated other comprehensive income
-$1.5M
-$4.2M
Total stockholders' equity
$1.7B
$1.4B
$1.2B
$1.1B
Total liabilities and stockholders' equity
$4.4B
$4.2B
Common stock, par value (in dollars per share)
$0.10
$0.10
Common stock, shares authorized
90.0M shares
90.0M shares
Common stock, shares issued
54.0M shares
53.7M shares
Common stock, shares outstanding
54.0M shares
53.7M shares
Period ending
2025-12-31
2024-12-31
2023-12-31
2022-12-31
Cash and cash equivalents
$535.5M
$455.8M
$217.8M
$248.7M
Accounts receivable, net
$723.4M
$834.4M
Contract assets
$936.9M
$773.7M
$846.2M
Prepaid expenses and other current assets
$137.8M
$95.6M
Total current assets
$2.3B
$2.2B
Property and equipment, net
$531.2M
$488.2M
Operating lease assets
$488.9M
$461.0M
Intangible assets, net
$190.2M
$207.9M
Goodwill
$856.9M
$856.9M
$857.7M
Other long-term assets
$7.0M
$22.4M
Total assets
$4.4B
$4.2B
Accounts payable
$744.3M
$624.3M
Contract liabilities
$633.6M
$617.4M
$366.5M
Accrued liabilities
$405.4M
$350.1M
Dividends payable
$4.3M
$4.3M
Current portion of long-term debt
$60.9M
$74.6M
Total current liabilities
$1.8B
$1.7B
Long-term debt, net of current portion
$409.0M
$660.2M
Noncurrent operating lease liabilities, net of current portion
$325.6M
$333.4M
Deferred tax liabilities
$71.4M
$64.0M
Other long-term liabilities
$72.3M
$58.1M
Total liabilities
$2.7B
$2.8B
Additional paid-in capital
$296.9M
$285.8M
Retained earnings
$1.4B
$1.1B
Accumulated other comprehensive income
-$1.5M
-$4.2M
Total stockholders' equity
$1.7B
$1.4B
$1.2B
$1.1B
Total liabilities and stockholders' equity
$4.4B
$4.2B
Common stock, par value (in dollars per share)
$0.10
$0.10
Common stock, shares authorized
90.0M shares
90.0M shares
Common stock, shares issued
54.0M shares
53.7M shares
Common stock, shares outstanding
54.0M shares
53.7M shares
Cash from operations101112139$470.4M in 2025+295% since 2019Capital spending101112139$129.9M in 2025+37% since 2019Free cash flow101112139$340.5M in 2025+1293% since 2019Dividends paid101112139$17.3M in 2025+42% since 2019Share buybacks111213$6.0M in 2022−48% since 2020
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.9
Period ending
2025-12-31
2024-12-31
2023-12-31
Net income
$274.9M
$180.9M
$126.1M
Depreciation and amortization
$91.9M
$95.5M
$107.0M
Stock-based compensation expense
$20.6M
$15.1M
$11.8M
Gain on sale of property and equipment
-$21.7M
-$44.8M
-$48.1M
Unrealized loss (gain) on interest rate swap
$1.6M
-$400.0K
Other non-cash items
$2.2M
$4.1M
$2.2M
Accounts receivable
$111.3M
-$167.6M
-$16.9M
Contract assets
-$162.2M
$62.7M
-$229.8M
Other current assets
-$32.0M
$18.4M
$45.6M
Net deferred tax liabilities
$7.3M
$5.0M
$29.4M
Other long-term assets
$100.0K
$500.0K
Accounts payable
$121.0M
$11.4M
$93.4M
Contract liabilities
$16.2M
$251.2M
$84.7M
Operating lease assets and liabilities, net
-$2.0M
-$5.3M
-$1.2M
Accrued liabilities
$27.9M
$66.4M
-$6.8M
Other long-term liabilities
$14.9M
$13.7M
$1.0M
Net cash provided by operating activities
$470.4M
$508.3M
$198.5M
Purchase of property and equipment
-$129.9M
-$126.5M
-$103.0M
Proceeds from sale of assets
$32.5M
$99.3M
$63.7M
Cash paid for acquisitions, net of cash and restricted cash acquired
$9.3M
Proceeds from repayment of note receivable
$3.5M
Net cash used in investing activities
-$93.9M
-$27.2M
-$30.0M
Borrowings under revolving lines of credit
$440.2M
Payments on revolving lines of credit
-$540.2M
Proceeds from issuance of long-term debt
$10.0M
Payments on long-term debt
-$329.3M
-$224.5M
-$97.0M
Proceeds from pledge of accounts receivable under securitization facility
$62.5M
Payments related to tax withholding for stock-based compensation
-$11.8M
-$7.5M
-$1.7M
Dividends paid
-$17.3M
-$12.9M
-$12.8M
Other
-$400.0K
$500.0K
-$3.8M
Net cash used in financing activities
-$296.3M
-$244.4M
-$205.3M
Effect of exchange rate changes on cash, cash equivalents and restricted cash
-$300.0K
$1.2M
$1.3M
Net change in cash, cash equivalents and restricted cash
$79.9M
$237.9M
-$35.5M
Cash paid for interest
$22.1M
$61.3M
$82.3M
Cash paid for income taxes, net of refunds received
$86.9M
$65.3M
$5.1M
Value of transferable investment tax credits (ITC) purchased
$45.0M
$40.0M
Cash paid for transferable investment tax credits (ITC)
$41.9M
$36.9M
Leased assets obtained in exchange for new operating leases
Primoris Services Corporation sits at the top of its group. 38 entities, 3 countries on record. Switch between the flow chart and the network, and select any entity to see its details.
OnQuest Heaters, Inc. Subsidiary · Delaware, United States
OnQuest, Inc. Subsidiary · California, United States
PFMG Solar Tustin, LLC Subsidiary · Delaware, United States
Pipe Jacking Trenchless, Inc. Subsidiary · California, United States
PLH Group, Inc. Subsidiary · Delaware, United States
Premier PV, LLC Subsidiary · Texas, United States
Pride Utility Construction Co., LLC Subsidiary · Delaware, United States
Primoris Canada ULC Subsidiary · British Columbia, Canada
Primoris Design & Construction, Inc. Subsidiary · Delaware, United States
Primoris Distribution Services, Inc. Subsidiary · Texas, United States
Primoris Electric, Inc. Subsidiary · California, United States
Primoris Energy Services Corporation Subsidiary · Texas, United States
Primoris Pipeline, Inc. Subsidiary · Texas, United States
Primoris Power Delivery, LLC Subsidiary · Delaware, United States
Primoris Power Line Services, Inc. Subsidiary · Texas, United States
Primoris Power Solutions Subsidiary · Delaware, United States
Primoris Renewable Energy, Inc. Subsidiary · Texas, United States
and 12 more
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What Primoris Services Corporation reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
We lease our executive offices in Dallas, Texas and own and lease other facilities throughout the United States and Canada. Our facilities include offices, production yards, maintenance shops, and training and education facilities that are used in our operations by both of our segments. As of December 31, 2025, we owned 44 of our facilities and leased the remainder. We believe that our facilities are adequate to meet our current and foreseeable requirements.
The rest of Item 2
Property, Plant and Equipment
The construction industry is capital intensive, and we expect to continue making capital expenditures to meet anticipated needs for our services. In 2025, we spent approximately $129.9 million for capital expenditures, which included $75.8 million for construction equipment and $35.3 million on our facilities.
We believe the ownership or long-term leasing of equipment is generally preferable to renting to ensure the equipment is available as needed. In addition, this approach has historically resulted in lower overall equipment costs. All equipment is subject to scheduled maintenance to help ensure reliability. Maintenance facilities exist at most of our regional offices, as well as on-site on major projects to properly service and repair equipment. Major equipment not currently utilized is rented to third parties or sold whenever possible.
The company was founded as ARB, Inc. in Bakersfield, California in 1960, Primoris was founded in 2004, in Nevada, as the parent company. In 2008, it was incorporated as a public company in Delaware. In 2014, it became a Fortune 1000 company.
On June 22, 2026, the company announced a major reduction to its financial forecast, which resulted in a $29.2% decline in its stock value, and multiple investigations by law firms. It also announced the departure of its COO.
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
446 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 41 major events, 271 insider forms, 29 large holders, 85 other. The latest 20:
57 open-market trades by officers, directors and large owners since October 2021: 5 buys and 52 sales. Grants, option exercises and gifts are left out.
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).
SEC filer profile
How Primoris Services Corporation is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
From the cover page of the 10-K filed Feb 24, 2026 (Section 12(b) of the Exchange Act).17
Risk factors and legal proceedings
The risks Primoris Services Corporation names in Item 1A of its 10-K filed Feb 24, 2026: 42 risks under these headings, as written.17
Risks Related Primarily to Operating our Business
Our financial and operating results may vary significantly from quarter-to-quarter and year-to-year.
Demand for our services may decrease during economic recessions or volatile economic cycles, and a reduction in demand in end markets may adversely affect our business.
Many of our customers operate in industries subject to rapid technological and regulatory changes, with many being regulated by federal and state government agencies, and the addition of new regulations or changes to existing regulations may adversely impact demand for our services and the profitability of those services.
Our business may be materially adversely impacted by regional, national and/or global requirements related to weather and climate patterns and the impact of greenhouse gas emissions in the future.
Our results could be adversely affected by natural disasters, public health crises, political crises, or other catastrophic events.
Changes to renewable portfolio standards and decreased demand for renewable energy projects could negatively impact our future results of operations, cash flows and liquidity.
We may lose business to competitors through the competitive bidding processes.
We may be unsuccessful at generating organic growth which may affect our ability to expand our operations or grow our business.
The timing of new contracts may result in unpredictable fluctuations in our business.
We derive a meaningful portion of our revenue from a few customers, and the loss of one or more of these customers could have significant effects on our revenue, resulting in adverse effects on our financial condition, results of operations and cash flows.
Our international operations expose us to legal, political and economic risks in different countries as well as currency exchange rate fluctuations that could harm our business and financial results. We could be adversely affected by our failure to comply with laws applicable to our foreign activities, such as the U.S. Foreign Corrupt Practices Act.
The other 31 risks
Backlog may not be realized or may not result in revenue or profit. Our backlog is subject to cancellation and unexpected adjustments and, therefore, is not necessarily an accurate representation of future operating results.
Our actual cost may be greater than expected in performing our contracts causing us to realize significantly lower profit or losses on our projects.
Weather can significantly affect our revenue and profitability.
We require subcontractors and suppliers to assist us in providing certain services, and we may be unable to retain the necessary subcontractors or obtain supplies to complete certain projects which could adversely affect our business.
We periodically enter into joint ventures which require satisfactory performance by our joint venture partners of their obligations. The failure of our joint venture partners to perform their joint venture obligations could impose additional financial and performance obligations on us that could result in reduced profit or losses for us with respect to the joint venture.
We may experience delays and defaults in client payments and we may pay our suppliers and subcontractors before receiving payment from our customers for the related services, which could result in an adverse effect on our financial condition, results of operations and cash flows.
Our inability to recover on contract modifications against project owners for payment or performance could negatively affect our financial condition, results of operations and cash flows.
For some projects we may guarantee a timely completion or provide a performance guarantee which could result in additional costs, such as liquidated damages, to cover our obligations.
A significant portion of our business depends on our ability to provide surety bonds, and we may be unable to compete for or work on certain projects if we are not able to obtain the necessary surety bonds.
Our bonding requirements may limit our ability to incur indebtedness, which would limit our ability to refinance our existing credit facilities or to execute our business plan.
We may be unable to win some new contracts if we cannot provide clients with letters of credit.
During the ordinary course of our business, we may become subject to material lawsuits or indemnity claims.
We are self-insured up to certain limits.
The loss or long-term incapacitation of one or more of our executive officers or other key employees could adversely affect our business and we may not be able to operate and grow our business effectively if we lose the services of any of our key persons or are unable to attract qualified and skilled personnel in the future.
Our business is labor intensive. If we are unable to attract and retain qualified managers and skilled employees, our operating costs may increase.
Our unionized workforce may commence work stoppages or impact our ability to complete certain acquisitions, which could adversely affect our operations.
Withdrawal from multiemployer pension plans associated with our unionized workforce could adversely affect our financial condition and results of operations.
If we fail to integrate acquisitions successfully, we may experience operational challenges and risks which may have an adverse effect on our business.
We may incur higher costs on equipment necessary for our operations.
Our business may be affected by difficult work sites and environments which may adversely affect our ability to procure materials and labor.
We may incur liabilities or suffer negative financial or reputational impacts relating to health and safety matters.
Disruptions to our operational systems could adversely impact our operations, our ability to report financial results and our business.
Security breaches, cyber security attacks or other disruptions to our information technology systems and networks could adversely impact our operations or compromise the confidentiality of private customer data or our own proprietary information.
We may need additional capital in the future for working capital, capital expenditures or acquisitions, and we may not be able to access capital on favorable terms, or at all, which would impair our ability to operate our business or achieve our growth objectives.
Risks Related Primarily to the Financial Accounting of our Business
Our financial results are based upon estimates and assumptions that may differ from actual results.
Our accounting for revenue recognized over time could result in a reduction or elimination of previously reported revenue and profit.
Our reported results of operations could be adversely affected as a result of impairments of goodwill or other identifiable intangible assets.
Compliance with and changes in tax laws could adversely affect our performance.
Our variable rate indebtedness subjects us to interest rate risk.
Risks Related to our Common Stock
Our common stock is subject to potential dilution to our stockholders.
Delaware law and our charter documents may impede or discourage a takeover or change in control.
Legal proceedings
Legal Proceedings
For information regarding legal proceedings, see Note 11 — “Commitments and Contingencies” of the Notes to Consolidated Financial Statements included in Item 8. “Financial Statements and Supplementary Data” of this Annual Report on Form 10-K, which is incorporated herein by reference.
