Centuri Holdings, Inc.
Q4 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: −8.52%.
Did CTRI Beat Earnings? Q4 2025 Results
Centuri Holdings posted a mixed Q4 2025, delivering record quarterly revenue of $858.60 million, up 19.7% year-over-year and well ahead of the $740.63 million consensus estimate by 15.93%, yet falling short on the bottom line with adjusted diluted EPS of $0.17 against a $0.19 consensus, a miss of 12.28%. The earnings gap reflects the company's ongoing margin evolution: while the "One Centuri" integration strategy drove broad-based top-line momentum across all four operating segments, with Canadian Operations leading at 37.2% Q4 revenue growth, Adjusted Net Income declined 13.2% to $15.95 million as the business absorbs expansion costs. A reported net income figure of $30.38 million was flattered by a $23.70 million one-time tax benefit tied to the completed Southwest Gas divestiture. Despite the EPS shortfall, some analysts caution that the stock's high valuation multiples leave little room for execution missteps as Centuri converts its record $5.90 billion backlog into earnings. Management guided 2026 revenue of $3.24 billion to $3.54 billion, with year-to-date bookings already covering over 85% of mid-point base revenue guidance.
- Broad-based revenue growth across all four segments
- Higher work hours under MSA across segments
- Increased project activity in industrial and electrical substation infrastructure end-markets
- Strong performance in both Electric segments and U.S. Gas segment driving Base Gross Profit Margin improvement to 9.3% from 8.0%
- $23.7 million income tax benefit from deferred tax asset allocation from former parent
- Full year book-to-bill ratio of 1.5x exceeded 1.1x target
“2025 was a remarkable year for Centuri and the achievements are a direct result of the dedication and commitment of our employees. We took significant steps forward which position us well for future growth and value creation. We proved our ability to identify and secure growth opportunities, expanded our footprint and capabilities in Canada, delivered predictable earnings growth, improved base margins, and strengthened the balance sheet. Capital deployment trends across our end markets remain strong, as reflected by our substantial $13 billion opportunity pipeline. Our business development efforts and One Centuri approach are gaining traction, with our $5.9 billion year-end backlog and approximately $1.1 billion of 2026 year-to-date bookings forecasted to provide over 85% of the 2026 Base Revenue guidance at the mid-point.”
Centuri Holdings CEO, on the earnings call
Forward Guidance & Outlook
For full year 2026, Centuri guided Revenue of $3.24 to $3.54 billion, Base Revenue of $3.15 to $3.45 billion, Base Gross Profit of $255 to $285 million, Adjusted EBITDA of $280 to $310 million, Adjusted Net Income of $55 to $75 million, and Net Capital Expenditures of $75 to $90 million. The company is targeting a 2026 book-to-bill ratio of 1.1x to 1.2x. Year-to-date 2026 bookings of approximately $1.1 billion are forecasted to provide over 85% of the 2026 Base Revenue guidance at the mid-point.
CTRI YoY Financials
CTRI Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.