Centuri Holdings, Inc.
Q3 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +0.89%.
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 $850.04 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.
- 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
“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.”
Centuri Holdings CEO, on the earnings call
Forward Guidance & Outlook
Centuri updated its full year 2025 outlook: consolidated revenue guidance raised to $2.8 to $2.9 billion from $2.70 to $2.85 billion previously, driven by base business growth expected to more than offset lower forecasted storm restoration services. Adjusted EBITDA guidance revised to $240 to $250 million from $250 to $270 million previously, consistent with lower expected storm restoration services. Net capital expenditures outlook maintained at $75 to $90 million. Management expects to achieve double-digit base revenue and base gross profit growth in 2026 and targets a book-to-bill ratio in excess of 1.1x for full year 2025.
CTRI YoY Financials
CTRI Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.