Centuri Holdings, Inc. Q4 2025 Earnings Call Summary

Record 2025 revenue of $3.0 billion was driven by an 18% increase in base revenue, reflecting strong demand across U.S. and Canadian utility markets. Achieved a 1.5x book-to-bill ratio, significantly exceeding the 1.1x target, with over half of the $4.5 billion in bookings representing incremental, accretive work. Maintained a 100% Master Service Agreement (MSA) renewal rate while expanding geographic footprints into Texas, Oklahoma, Arizona, and several other states. Nonunion electric segment reven ...