TPCHIGH SIGNALFINANCIAL10-K

TPC achieved a dramatic turnaround from a $163.7M net loss to $80.4M profit while significantly expanding operations and cash generation.

The company's complete financial reversal, combined with 28% revenue growth and nearly 50% increase in operating cash flow, indicates successful execution of a major business transformation or recovery from previous operational challenges. The substantial increase in capital expenditures (+384%) alongside strong cash generation suggests aggressive investment in growth capabilities during a period of improved profitability.

Comparing 2026-02-26 vs 2025-02-27View on EDGAR →
FINANCIAL ANALYSIS

TPC demonstrated exceptional financial recovery with revenue growing 28% to $5.5B while swinging from operating losses of $104M to operating income of $232M, supported by gross profit more than tripling to $648M. The company strengthened its balance sheet with cash increasing 61% to $735M and operating cash flow surging 49% to $748M, even as it dramatically increased capital expenditures to $181M. While current liabilities grew 39%, this appears manageable given the strong cash generation and improved profitability metrics, suggesting the company successfully navigated through previous challenges into a growth phase.

FINANCIAL STATEMENT CHANGES
Capital Expenditure
Cash Flow
+383.5%
$37.4M→$180.9M

Capital expenditure jumped 383.5% — major investment cycle underway; assess returns on deployment.

Operating Income
P&L
+323.6%
-$103.8M→$232.0M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Gross Profit
P&L
+228.6%
$197.0M→$647.5M

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

Net Income
P&L
+149.1%
-$163.7M→$80.4M

Net income grew 149.1% — bottom-line growth signals improving overall business health.

Cash & Equivalents
Balance Sheet
+61.4%
$455.1M→$734.6M

Cash position surged 61.4% — strong cash generation or capital raise providing significant financial cushion.

Operating Cash Flow
Cash Flow
+48.6%
$503.5M→$748.1M

Operating cash flow surged 48.6% — exceptional cash generation, highest quality earnings signal.

Current Liabilities
Balance Sheet
+38.9%
$2.3B→$3.2B

Current liabilities surged 38.9% — significant near-term obligations; verify ability to meet short-term debt.

Revenue
P&L
+28.1%
$4.3B→$5.5B

Revenue growing 28.1% — solid top-line momentum, watch margins for quality of growth.

Total Liabilities
Balance Sheet
+26.4%
$3.1B→$3.9B

Liabilities increased 26.4% — monitor debt-to-equity ratio and interest coverage.

Current Assets
Balance Sheet
+25.3%
$3.3B→$4.1B

Current assets grew 25.3% — improving short-term liquidity or inventory/receivables build.

LANGUAGE CHANGES
NEW — 2026-02-26
PRIOR — 2025-02-27
ADDED
During 2025, we performed work on approximately 1,600 construction projects.
For example, we are working on the first phase of the California High-Speed Rail project, the Purple Line Segments 2 and 3 subway expansion projects in Los Angeles, the Minneapolis Southwest Light Rail project, the City Center Guideway and Stations project in Honolulu, and the Midtown Bus Terminal Replacement, the Newark AirTrain Replacement, and the Kensico-Eastview Connection Tunnel projects, all in New York.
While the current funding window for the Bipartisan Infrastructure Law closes on September 30, 2026, we believe that Congress recognizes the long-term nature of infrastructure work and is already engaged in the legislative process to secure future funding beyond that date, although any amount and composition of such future funding is yet to be determined.
In addition, various existing projects and future project opportunities in Guam and the Indo-Pacific region are being funded by the U.S.
government s Pacific Deterrence Initiative, which provides substantial multi-year funding to support significant improvements that enhance the U.S.
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REMOVED
During 2024, we performed work on approximately 1,600 construction projects.
For example, we are working on the first phase of the California High-Speed Rail project, the Purple Line Segments 2 and 3 subway expansion projects in Los Angeles, the Minneapolis Southwest Light Rail project, and recently commenced initial work on the City Center Guideway and Stations project in Honolulu.
The bipartisan Infrastructure Investment and Jobs Act (the Bipartisan Infrastructure Law ), enacted into law in November 2021, provides for $1.2 trillion of federal infrastructure funding, including $550 billion in new spending for improvements to the country s surface-transportation network and enhancements to core infrastructure.
Although price is a key competitive factor, we believe our strong reputation, long-standing customer relationships and significant level of repeat and referral business have enabled us to achieve a leading position in the marketplace.
Specialty Contractors Segment Our Specialty Contractors segment specializes in electrical, mechanical, plumbing, HVAC and fire protection systems for a full range of civil and building construction projects in the industrial, commercial, hospitality and gaming, and mass-transit end markets.
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