Q3 25 EPS
$0.19
MISS 35.18%
Est. $0.29
Q3 25 Revenue
$850.0M
BEAT +12.07%
Est. $758.5M
vs S&P Since Q3 25
+24.8%
BEATING MARKET
CTRI +36.2% vs S&P +11.4%
Market Reaction
Did CTRI Beat Earnings? Q3 2025 Results
Centuri Holdings posted a mixed third quarter for the period ending Q3 2025, delivering a revenue beat that masked a meaningful earnings shortfall as the newly independent utility services company navigated a complex transition. Revenue reached $850.… Read more Centuri Holdings posted a mixed third quarter for the period ending Q3 2025, delivering a revenue beat that masked a meaningful earnings shortfall as the newly independent utility services company navigated a complex transition. Revenue reached $850.04 million, clearing the $758.47 million consensus by 12.07% and rising 18.1% year-over-year, powered by broad growth across all four segments, with Canadian Gas alone surging nearly 40%. Yet adjusted diluted EPS of $0.19 fell well short of the $0.29 consensus estimate, a 35.18% miss, as GAAP gross profit margin compressed to 9.2% from 10.5% a year ago and higher SG&A costs weighed on results. The most consequential development beneath the headline numbers was a record $5.90 billion backlog, up 59% from year-end 2024, underpinned by $815.00 million in Q3 bookings and a 1.8x year-to-date book-to-bill ratio. Management raised its 2025 revenue outlook to $2.80 billion to $2.90 billion while trimming Adjusted EBITDA guidance to $240.00 million to $250.00 million, reflecting lower storm restoration activity, and signaled double-digit base revenue growth targets for 2026.
Key Takeaways
- • Broad-based revenue growth across all four segments with Canadian Gas leading at nearly 40% growth
- • Expansion of crew counts and work hours under MSAs across segments
- • Highly active market for bid project activity, especially in industrial and electrical substation infrastructure end-markets
- • Base Gross Profit Margin improved to 9.1% from 8.9% driven by Union Electric and Gas segments
- • Record bookings of $815 million in Q3 2025 with 79% representing new customer contracts
CTRI YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
CTRI Revenue by Segment
With YoY comparisons, source: SEC Filings
“We delivered strong year-over-year revenue expansion in our base operations alongside meaningful profitability improvements. Our commercial achievements underscore the underlying strength of our market position, while we continue to execute improvements in operational efficiency. Our booking activity of $815 million during the quarter brought our year-to-date awards to over $3.7 billion with nearly 80% of new awards secured in the third quarter representing new opportunities. This commercial momentum, combined with our robust sales pipeline of $13 billion, including near-term MSA renewals and strategic bids of $3.0 billion, provides clear visibility into sustained growth trajectory and positions us well to achieve double-digit base revenue and base gross profit growth in 2026.”
— Christian Brown, Q3 2025 Earnings Press Release
CTRI Earnings Trends
CTRI vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
CTRI EPS Trend
Earnings per share: estimate vs actual
CTRI Revenue Trend
Quarterly revenue: estimate vs actual
CTRI Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $-0.07 | $-0.02 | +69.56% | $723.2M | +17.14% |
| Q4 25 MISS FY | $0.19 | $0.17 | -12.28% | $858.6M | +15.93% |
| FY Full Year | $0.45 | $0.43 | -3.72% | $2.98B | +4.12% |
| Q3 25 MISS | $0.29 | $0.19 | -35.18% | $850.0M | +12.07% |
| Q2 25 MISS | $0.24 | $0.19 | -21.39% | $724.1M | +3.09% |
| Q1 25 BEAT | $-0.15 | $-0.12 | +18.97% | $550.1M | +2.31% |