Fundamentals Hub
▼ FY 2025 Summary Analysis
Annual report ending Dec 31, 2025Overview and Growth
Fiscal 2025 results for Primoris Services Corp combined $7.57B of revenue with net income of $274.90M and an operating cash inflow of $470.40M. Revenue of $7.57B sets the scale for evaluating how effectively sales translated into profit and cash during the year. The top line expanded 19.0% from $6.37B in fiscal 2024, increasing the company’s operating scale. Diluted earnings per share were $5.02, translating the period’s attributable earnings into the amount reported for each diluted share. Against diluted EPS of $3.31 in fiscal 2024, the current result was 51.7% higher.Profitability
The first profit layer was $813.10M of gross profit, the amount available after reported direct revenue costs to absorb operating expenses. Gross margin was 10.7%, so that share of each revenue unit remained after the cost of revenue reported for the period. The reported operating result was $411.50M, capturing profitability after direct costs and the operating expenses reflected in the statements. Operating margin measured 5.4%, showing the portion of revenue preserved after the full set of operating costs. Net income came to $274.90M, completing the progression from revenue through gross and operating profitability to the final reported result. Net margin was 3.6%, meaning that this portion of revenue remained as net income after all recognized expenses. Pretax income was $384.00M, isolating the reported earnings outcome before the income-tax provision recognized for the fiscal year. Measured against revenue, pretax income equaled 5.1%, adding a pre-tax profitability layer between revenue and net income. The company recognized $109.10M of income tax for the period, completing the transition from pretax income to net income. The effective relationship between income tax and positive pretax income was 28.4%, without assuming a statutory-rate comparison.Liquidity and Capital Structure
The company held $4.41B of assets against $2.73B of liabilities and $1.68B of equity, revealing how the asset base was financed. At period end, current assets of $2.33B compared with current liabilities of $1.85B, defining the company’s short-term resource position. The current ratio was 1.26x, with current assets exceeding current liabilities and providing a short-term liquidity cushion. Reported cash and equivalents were $535.50M, separating immediately recognizable cash resources from the rest of the current-asset base. Measured only with cash and equivalents, coverage of current liabilities was 29.0%, excluding receivables and other current assets. The company carried $469.90M of total debt at period end, which frames its leverage and debt-service burden. The debt-to-equity relationship was 0.28x, showing how much debt the company carried for each unit of book equity. Relative to total assets, debt measured 10.7%, showing how much of the asset base was matched by borrowing. The liabilities-to-assets relationship was 61.9%, placing reported obligations against the full positive asset balance. Measured against total assets, cash and equivalents represented 12.1%, a balance-sheet composition measure rather than a liquidity forecast.Cash Flow and Earnings Quality
Operating activities produced a cash inflow of $470.40M, giving the cash-flow counterpart to the accrual-based profit measures reported for the year. Operating cash flow equaled 1.71x of net income, showing how strongly accounting earnings converted into cash from operations. Capital expenditures used $129.90M, identifying the reported investment outflow deducted from operating cash flow in the free-cash-flow calculation. Relative to operating cash flow, capital expenditures measured 27.6%, connecting investment intensity with the company’s cash-generation base. The combination of operating cash flow and capital spending produced $340.50M of positive free cash flow for the period. The free-cash-flow margin was 4.5%, measuring cash remaining after capital spending against revenue. Measured against total assets, free cash flow represented 7.7%, showing the cash productivity of the company’s assets.
Based on the annual report for the fiscal year ending Dec 31, 2025.
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