PRIMMEDIUM SIGNALFINANCIAL10-K

Primoris delivered strong financial performance with substantially higher net income alongside meaningful debt reduction and improved cash position.

The company demonstrated robust operational execution with 19% revenue growth and expanding margins, while simultaneously strengthening its balance sheet through significant debt reduction. The combination of strong earnings growth and deleveraging positions Primoris well for future investments and capital allocation opportunities.

Comparing 2026-02-24 vs 2025-02-25View on EDGAR →
FINANCIAL ANALYSIS

Primoris reported a strong financial year with revenue growing 19% to $7.6 billion and operating income expanding meaningfully to $411.5 million. The company substantially improved its capital structure by reducing total debt 36% to $470 million while growing stockholders' equity to $1.7 billion and maintaining healthy cash levels at $536 million. The simultaneous achievement of revenue growth, margin expansion, and debt reduction signals effective operational management and financial discipline.

FINANCIAL STATEMENT CHANGES
Share Buybacks
Cash Flow
-59.3%
$14.7M→$6.0M

Buyback activity reduced 59.3% — capital being redeployed elsewhere or cash conservation underway.

Net Income
P&L
+52%
$180.9M→$274.9M

Net income grew 52% — bottom-line growth signals improving overall business health.

Total Debt
Balance Sheet
-36.1%
$734.8M→$469.9M

Debt reduced 36.1% — deleveraging strengthens balance sheet and reduces financial risk.

Operating Income
P&L
+29.6%
$317.5M→$411.5M

Operating income improving — cost discipline or growing revenue base absorbing fixed costs.

Stockholders Equity
Balance Sheet
+19.3%
$1.4B→$1.7B

Equity base grew 19.3% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Revenue
P&L
+19%
$6.4B→$7.6B

Revenue growing 19% — solid top-line momentum, watch margins for quality of growth.

Cash & Equivalents
Balance Sheet
+17.5%
$455.8M→$535.5M

Cash grew 17.5% — improving liquidity position supports investment and shareholder returns.

Inventory
Balance Sheet
-16.8%
$49.2M→$40.9M

Inventory reduced 16.8% — lean inventory management or demand outpacing supply.

Gross Profit
P&L
+15.6%
$703.2M→$813.1M

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

Current Liabilities
Balance Sheet
+10.6%
$1.7B→$1.8B

Current liabilities rose 10.6% — increased short-term obligations, watch current ratio.

LANGUAGE CHANGES
NEW — 2026-02-24
PRIOR — 2025-02-25
ADDED
On February 17, 2026, there were 54,056,502 shares of common stock, par value $0.0001, outstanding.
BUSINESS Business Overview Primoris Services Corporation ( Primoris , the Company , we , us , or our ) is a leading provider of critical infrastructure services operating mainly in the United States and Canada.
We have longstanding customer relationships with solar facility developers, power producers, gas and electric utilities, refining, petrochemical, communications, midstream, downstream, and engineering companies, as well as transportation agencies across our core markets.
We also strive to reduce risk in our project selection process.
Customers We have longstanding customer relationships with solar facility developers, power producers, gas and electric utilities, refining, petrochemical, communications, midstream, downstream, and engineering companies, as well as transportation agencies across our core markets.
For the years ended December 31, 2025, 2024 and 2023, revenue derived from projects performed under MSAs was 32.0%, 36.8%, and 36.7% of total revenue, respectively.
Our customers include many of the leading energy and utility companies in the United States, such as; Xcel Energy, Pacific Gas Electric, Southern California Gas, Oncor Electric, Duke Energy, Sempra Energy, Williams, Hecate Energy, Consumers Energy, Dominion, Valero, D.E.
For the years ended December 31, 2025, 2024 and 2023, 53.1%, 41.3% and 41.1%, respectively, of total revenue was generated from our top ten customers in each year.
For example, competitors in our utilities markets include Quanta Services, Inc., Dycom Industries, MYR Group, and MasTec, Inc.; competitors in our industrial markets include PCL, Kiewit, Performance Contractors, and Boh Brothers; competitors in the renewables market include Blattner Energy and Mortenson; and competitors in our highway services markets include Sterling Construction Company and Zachry Construction Company.
We manage these requirements through our corporate environmental management system and comprehensive employee training programs to ensure compliance.
REMOVED
On February 18, 2025 there were 53,747,628 shares of common stock, par value $0.0001, outstanding.
BUSINESS Business Overview Primoris Services Corporation ( Primoris , the Company , we , us , or our ) is one of the leading providers of infrastructure services operating mainly in the United States and Canada.
We have longstanding customer relationships with solar facility developers and utility, refining, petrochemical, communications, midstream, downstream, and engineering companies, as well as power producers and transportation agencies across our core markets.
See Note 4 Business Combinations of the Notes to Consolidated Financial Statements included in Item 8.
Our strategy also focuses on higher growth end markets such as renewable energy, utilities and communications.
Customers We have longstanding customer relationships with solar facility developers and utility, refining, petrochemical, communications, midstream, downstream, and engineering companies, as well as power producers and transportation agencies across our core markets.
For the years ended December 31, 2024, 2023 and 2022, revenue derived from projects performed under MSAs was 36.8%, 36.7%, and 45.8% of total revenue, respectively.
Our customers have included many of the leading energy and utility companies in the United States, such as; Xcel Energy, Pacific Gas Electric, Southern California Gas, Oncor Electric, Duke Energy, Sempra Energy, Williams, Hecate Energy, Consumers Energy, Dominion, Valero, Enel Green Power North America, D.E.
For the years ended December 31, 2024, 2023 and 2022, 41.3%, 41.1% and 46.1%, respectively, of total revenue was generated from our top ten customers in each year.
For example, competitors in our utilities markets include Quanta Services, Inc.
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