On this page of StockholderLetter.com we present the latest annual shareholder letter from TUTOR PERINI CORP — ticker symbol TPC. Reading current and past TPC letters to shareholders can bring important insights into the investment thesis.

 •  4/9/2026 Letter Continued (Full PDF)
 •  4/6/2023 TPC Stockholder Letter
 •  4/12/2024 TPC Stockholder Letter
 •  4/4/2025 TPC Stockholder Letter
 •  More "Construction" Category Stockholder Letters
 •  TPC Benford's Law Stock Score = 84

TPC Shareholder/Stockholder Letter Transcript:

2025 ANNUAL REPORT
LAX/Metro Transit Center Station, Los Angeles, CA

(dollars in millions)
Revenue
(a record for 2025)
8%
$3,880.2
$4,326.9
$5,543.0
+2
   23
   24
   25
Operating Cash Flow
Dear Fellow Shareholders
$308.5
$503.5
$748.1
+4
9%
(a record for each year shown)
   23
   24
   25
$12,842.4
$7,428.9
(1)
$6,109.5
New Awards
   23
   24
   25
Tutor Perini delivered its best year ever in 2025, with record revenue of
$5.5 billion that was up 28% year-over-year, $1.51 of earnings per share
and an impressive $4.29 of adjusted earnings per share(2), and a record
$748.1 million of operating cash flow that was up 49% year-over-year
and shattered last year   s previous record. It was our fourth consecutive
year of record cash generation. We used some of our cash to repay
$126.8 million, or 24%, of our total debt in 2025. Our continued focus
on strengthening the balance sheet will save us considerable interest
expense going forward, which will contribute to higher earnings in 2026
and beyond. It will also continue to provide us with excellent capital
allocation flexibility.
Our backlog reached a new record of $21.6 billion at the end of the
third quarter of 2025, and we ended the year with strong, near-record
backlog of $20.6 billion, up 10% year-over-year, driven by our success
in booking $7.4 billion of new awards and contract adjustments. The
largest projects we won in 2025 included:
    $1.87 billion Midtown Bus Terminal Replacement - Phase 1 project in
New York;
Backlog
(a near-record for 2025)
    $1.18 billion Manhattan Tunnel project, also in New York;

+10
    UCSF Benioff New Children   s Hospital in California, valued at
approximately $1 billion;
$10,158.4
$18,673.9
$20,559.8
    $538 million healthcare project in California;
    $241 million of additional funding for the Apra Harbor Waterfront
Repairs project in Guam;
   23
   24
   25
    $155 million Diego Rivera Performing Arts Center at City College of
San Francisco;
Total Debt
    $182 million military defense project in Guam;
    $131 million of additional funding for an electrical project in Texas;
and
    More than $100 million for an electrical project at Cook Children   s
Medical Center in Texas.
-24
$899.7
$534.1
$407.4

12/31/23
12/31/24
12/31/25
(1) Includes adjustments to contract value for existing contracts
(2) Adjusted earnings per share is a non-GAAP financial measure;
see Non-GAAP Reconciliation section later in this report.
Over the past three years, we have won nine megaprojects, collectively
representing nearly $16 billion (more than 75%) of our total backlog,
each valued at approximately $1 billion or more. These megaprojects
feature higher margins, longer durations, and significantly improved
contractual terms compared to many of our larger projects of the past.

"It has been and continues to be an
exciting time to be a Tutor Perini
shareholder, as we believe the
success we have delivered is just
the start of what is to come."
- Gary G. Smalley
Our backlog provides us with excellent visibility and supports our confidence to sustain strong revenue and earnings
growth in 2026 and beyond. We anticipate double-digit revenue and earnings growth in 2026, with higher margins in our
Building and Specialty Contractors segments and a sustained high margin in the Civil segment. Our guidance calls for
adjusted earnings per share of $4.90 to $5.30 in 2026, and we expect even higher results in 2027.
We continue to have a very substantial volume of large prospective projects that we expect to bid and capture our share
of later in 2026 and in 2027. The funding environment remains healthy and supportive at the federal, state and local
levels, which is expected to continue well into the future, as our country has only recently begun to meaningfully invest
in numerous large, long-planned infrastructure projects following decades of underinvestment. Amid this robust funding
environment and strong customer demand, we continue to see limited competition for many of the larger, more complex
project opportunities. In addition to the already strong demand, the potential for reduced interest rates could lead to
an even greater number of large private sector project opportunities, which would primarily benefit our Building and
Specialty Contractors segments.
With our strong operating and financial performance in 2025 combined with the backlog growth and robust cash
generation in recent years, our stock price soared at an unprecedented compounded annual rate of 107% from
December 31, 2022 through December 31, 2025, with exceptional growth of 177% in 2025 and 166% in 2024. As we
execute our work in backlog and significantly grow our revenue and earnings, we remain confident that we will continue
to generate significant value for shareholders. Our recently initiated quarterly cash dividend and $200 million share
repurchase programs enable us to return capital to shareholders, enhancing shareholder value. It has been and continues
to be an exciting time to be a Tutor Perini shareholder, as we believe the success we have delivered is just the start of
what is to come.
Finally, I want to thank all our employees for their constant dedication and hard work supporting Tutor Perini and our
customers with a strong commitment to project quality, safety, and excellence. Our employees are the lifeblood of our
business and make us the respected and dependable company that we are. With this in mind, we are focused on making
improvements to our corporate culture, internal communications, and employee wellness and benefits programs, with
the goal of making Tutor Perini the employer of choice in our industry. I also appreciate the continued support of our
shareholders, customers, and other stakeholders. We look forward to continuing to deliver on our project commitments
to our customers and producing strong financial results that will create long-term value for our shareholders.
Sincerely,
Gary G. Smalley
Chief Executive Officer and President
Tutor Perini Corporation

Purple Line Extension, Los Angeles, CA
California High-Speed Rail, Central California
Apra Harbor Waterfront Repairs, Guam
Minneapolis Southwest Light Rail Transit, Minneapolis, MN

CIVIL SEGMENT
Our Civil segment specializes in public works construction and the replacement and reconstruction of infrastructure
across several major geographic regions of the United States, including construction and rehabilitation of masstransit systems, tunnels, military facilities, bridges, highways, and water management and wastewater treatment
facilities. Our ability to complete large, complex construction projects within budget, on schedule, and with safety,
quality and integrity makes us a preferred contractor. The Civil segment is enhanced by subsidiary companies that
bring multiple capabilities and geographic reach to Tutor Perini's offerings.
    Tutor Perini Civil construction operations dates back to 1894, with the founding of Perini Corporation in
Framingham, Massachusetts and further strengthened by the merger with Tutor-Saliba Corporation in 2008.
    Black Construction Corporation is the largest contractor in Guam and provides a variety of heavy civil, building,
mechanical and electrical services throughout the Indo-Pacific region and other strategic U.S. military locations.
    Lunda Construction performs construction of highways, bridges, railroads and other civil structures throughout
the United States.
    Frontier-Kemper builds tunnels for highways, railroads, subways and rapid transit systems, as well as shafts and
other facilities for water supply, wastewater transport and hydroelectric projects. Through FKC-Lake Shore, we
develop and equip mines with innovative hoisting, elevator and vertical conveyance systems.
    Becho provides drilling, foundation and excavation services for shoring, bridges, piers, tunnels, roads and highway
projects.
Civil segment infrastructure projects drive Tutor Perini   s profitability. Our Civil segment continues to experience strong
demand reflected in a near-record backlog of $10.2 billion, a large pipeline of prospective projects and substantial
funding associated with various transportation measures enacted over the past decade, including Los Angeles County's
Measure M, which is expected to provide $120 billion over 40 years from its passage in 2016. In addition, the federal
government   s $1.2 trillion Bipartisan Infrastructure Law continues to support some of our large current and prospective
projects, and much of the spending it will fund over the next several years will be invested in those major markets that
align with our market focus. In addition, various major projects in the Indo-Pacific region are being driven by substantial
funding associated with the Pacific Deterrence Initiative to enhance U.S. military posture, infrastructure and readiness.
REPRESENTATIVE PROJECTS












$3.98B California High-Speed Rail, Central CA
$3.78B Purple Line Extension Section 2 and Section 3 Stations and Tunnels, Los Angeles, CA
$3.28B East Side Access (multiple projects), New York, NY
$1.87B Midtown Bus Terminal Redevelopment - Staging and Storage Facility and Ramp Structure, New York, NY
$1.70B City Center Guideway and Stations, Honolulu, HI
$1.40B Minneapolis Southwest Light Rail Transit (multiple projects), Minneapolis, MN
$1.39B SR 99 Tunnel (Alaskan Way Viaduct Replacement), Seattle, WA
$1.30B Connecticut River Bridge, Old Saybrook, CT
$1.21B Third Street Light Rail - Central Subway, San Francisco, CA
$1.18B Manhattan Tunnel, New York, NY
$1.13B Newark Liberty International Airport AirTrain Replacement, Newark, NJ
$1.09B Kensico - Eastview Connection Tunnel, Westchester County, NY
$924M Eastern Rail Yard Platform & Amtrak Tunnel, Hudson Yards, New York, NY
$584M Division 20 Portal Widening & Turnback Facility, Los Angeles, CA
$576M Apra Harbor Waterfront Repairs, Guam
$426M I-74 Mississippi River Bridge, Bettendorf, IA - Moline, IL
$387M Tinian International Airport (multiple projects), Northern Mariana Islands
$372M Naval Base Guam (multiple projects), Guam
$372M Marine Corps Base Camp Blaz Facilities (multiple projects), Guam
$352M Eagle Mountain - Woodfibre Gas Pipeline, Squamish, BC, Canada
$326M Zoo Interchange (multiple projects), Milwaukee, WI
$292M Culver Line Communications-Based Train Control, New York, NY
$222M Lance Corporal Leon Deraps I-70 Missouri River Bridge, Rocheport, MO

4/9/2026 Letter Continued (Full PDF)

 

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