CTRIHIGH SIGNALFINANCIAL10-K

CTRI achieved a dramatic turnaround from -$6.7M net loss to $22.4M profit while significantly strengthening its balance sheet, but operating cash flow plummeted 50.6% despite strong revenue growth.

The massive swing to profitability combined with 57% equity growth and doubled cash position suggests successful operational improvements or one-time benefits. However, the sharp decline in operating cash flow despite 13% revenue growth raises concerns about working capital management, cash collection, or the sustainability of earnings quality.

Comparing 2026-02-26 vs 2025-02-26View on EDGAR →
FINANCIAL ANALYSIS

CTRI demonstrated strong top-line growth with revenue increasing 13.1% to $3.0B and gross profit expanding 11.7%, while achieving a remarkable turnaround from losses to $22.4M in net income. The balance sheet strengthened considerably with cash more than doubling to $126.6M and stockholders' equity surging 57% to $873M, indicating improved financial stability. However, the 50.6% collapse in operating cash flow to $78.1M despite profitable operations and revenue growth signals potential working capital issues or earnings quality concerns that warrant close investor scrutiny.

FINANCIAL STATEMENT CHANGES
Net Income
P&L
+433.1%
-$6.7M→$22.4M

Net income grew 433.1% — bottom-line growth signals improving overall business health.

Cash & Equivalents
Balance Sheet
+158.3%
$49.0M→$126.6M

Cash position surged 158.3% — strong cash generation or capital raise providing significant financial cushion.

Stockholders Equity
Balance Sheet
+57.1%
$555.6M→$873.0M

Equity base grew 57.1% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Operating Cash Flow
Cash Flow
-50.6%
$158.2M→$78.1M

Operating cash flow fell 50.6% — earnings quality concerns; investigate working capital changes and non-cash items.

Current Assets
Balance Sheet
+46.6%
$601.4M→$881.4M

Current assets grew 46.6% — improving short-term liquidity or inventory/receivables build.

Current Liabilities
Balance Sheet
+29.8%
$382.3M→$496.4M

Current liabilities rose 29.8% — increased short-term obligations, watch current ratio.

SG&A Expense
P&L
+17.9%
$107.2M→$126.5M

SG&A increased modestly — likely reflects growth-related hiring or sales expansion investment.

Total Assets
Balance Sheet
+16.1%
$2.1B→$2.4B

Asset base grew 16.1% — expansion through organic growth, acquisitions, or capital deployment.

Revenue
P&L
+13.1%
$2.6B→$3.0B

Revenue growing 13.1% — solid top-line momentum, watch margins for quality of growth.

Gross Profit
P&L
+11.7%
$220.7M→$246.6M

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

LANGUAGE CHANGES
NEW — 2026-02-26
PRIOR — 2025-02-26
ADDED
Management's Discussion and Analysis of Financial Condition and Results of Operations 41 Item 7A.
Except to the extent required by applicable law, Centuri does not assume any obligation to update or revise the forward-looking statements, whether written or oral, that may be made from time to time, whether as a result of new information, future developments, or otherwise.
You are cautioned not to place undue reliance on these forward-looking statements.
Investors should note that we announce material financial information in SEC filings, press releases and public conference calls.
Based on guidance from the SEC, we may use the Investor Relations section of our website to communicate with investors.
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REMOVED
Management's Discussion and Analysis of Financial Condition and Results of Operations 47 Item 7A.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.
Business Overview Centuri is a leading North American utility infrastructure services company with over 115 years of operating history that partners with regulated utilities to maintain, upgrade and expand the energy network that powers millions of homes and businesses.
We also serve complementary, attractive and growing end markets such as renewable energy associated with the expected energy transition, data centers and 5G datacom.
During the fiscal year ended December 29, 2024 ( fiscal 2024 ), we served over 400 customers.
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