Core Insights - Centuri (NYSE:CTRI) achieved record revenue of $3.0 billion in 2025, marking a 13% year-over-year increase, and improved base profitability with an adjusted net income of $39 million, a 49% increase from the previous year [2][3][4] Financial Performance - In 2025, Centuri reported a gross profit of $247 million, up from $221 million, resulting in a gross margin of 8.3%. On a base revenue basis, the company generated $2.9 billion, an 18% increase, with a base gross profit of $234 million, up 35%, leading to a base gross margin of 8.0%, compared to 6.9% in 2024 [3][4][7] - For the fourth quarter, revenue reached $859 million, a 20% increase year-over-year, with base revenue at $855 million, up 28%. The gross profit for the quarter was $80 million, with a gross margin of 9.4% [5][6] Net Income and Adjusted Metrics - Net income attributable to common stock for 2025 was $23 million, or $0.25 per share, compared to a loss of $7 million in 2024. Adjusted net income was $39 million, or $0.43 per share, versus $26 million, or $0.32 per share, in 2024 [4][6] - The fourth-quarter net income attributable to common stock was $30 million, or $0.32 per share, compared to $10 million, or $0.12 per share, a year ago. Adjusted net income for the quarter was $16 million, or $0.17 per share, compared to $18 million, or $0.21 per share, in the prior-year quarter [6] Backlog and Future Guidance - Centuri's backlog surged to approximately $5.9 billion, a 59% increase, after over $4.5 billion in bookings in 2025. Management indicated that the year-end backlog should cover over 85% of 2026 base revenue, with a total pipeline of roughly $13 billion [7] - For 2026, Centuri's guidance targets base revenue of $3.15–3.45 billion, adjusted EBITDA of $280–310 million, and adjusted net income of $55–75 million. The company also plans to lower leverage to 2.5x net debt/EBITDA and shift fleet funding to a 50/50 buy/lease mix with a planned fleet investment of $150–180 million [7]
Centuri Q4 Earnings Call Highlights