Core Insights - Tutor Perini reported record operating cash flow of $289 million for Q3 2025 and $574 million for the first nine months, driven by collections from new and ongoing projects [1][25][31] - The company anticipates a strong period of double-digit revenue growth and increased profitability over the next several years, supported by favorable macroeconomic conditions and substantial infrastructure investments [2][5][32] - The backlog reached a record $21.6 billion, up 54% year over year, indicating strong future revenue potential [6][31] Financial Performance - Q3 2025 revenue was $1.42 billion, a 31% increase year over year, with the Civil segment revenue up 41% to $770 million [18][7] - Adjusted earnings per share for Q3 was $1.15, a significant improvement from an adjusted loss of $1.61 per share in the same quarter last year [9][24] - Operating income increased across all segments, with the Civil segment achieving a solid operating margin of 12.9% [20][21] Project and Market Outlook - The company added $2 billion in new awards in Q3, contributing to a robust project pipeline, particularly in California and New York [6][10][11] - Upcoming bidding opportunities exceed $25 billion over the next 12 to 18 months, with significant projects including the $12 billion Sepulveda Transit Corridor and the $5 billion Penn Station transformation [12][11] - The Specialty Contractors segment returned to profitability, reflecting strong revenue growth and improved project execution [8][22] Strategic Initiatives - Tutor Perini plans to build its cash position to support potential strategic capital allocation alternatives, such as dividends or share repurchase programs [5][26] - The company remains selective in pursuing projects with favorable contractual terms and higher margins, focusing on quality over quantity [13][41] - Management raised the adjusted EPS guidance for 2025 to a range of $4 to $4.20, reflecting confidence in continued strong performance [14][32]