Primoris Services Corp (PRIM) financial statements: income statement, balance sheet and cash flow

Primoris Services Corp's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Primoris Services Corp reported revenue of $7.6B (+19.0% year on year) and net income of $274.9M (+52.0% year on year).

Income statement

Primoris Services Corp income statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Revenue	$7.6B	$6.4B	$5.7B	$4.4B
Cost of revenue	$6.8B	$5.7B	$5.1B	$4.0B
Gross profit	$813.1M	$703.2M	$587.5M	$456.9M
Selling, general and administrative expenses	$399.2M	$383.4M	$328.7M	$281.6M
Transaction and related costs	$2.4M	$2.4M	$5.7M	$20.1M
Operating income	$411.5M	$317.5M	$253.1M	$195.3M
Foreign exchange (loss) gain, net	($100.0K)	$2.7M	$1.2M	$1.1M
Other income, net	$1.3M	$106.0K	$1.6M	$2.1M
Interest expense, net	($28.7M)	($65.3M)	($78.2M)	($39.2M)
Income before provision for income taxes	$384.0M	$254.9M	$177.7M	$159.3M
Provision for income taxes	($109.1M)	($74.0M)	($51.5M)	($26.3M)
Net income	$274.9M	$180.9M	$126.1M	$133.0M
Dividends per common share (in dollars per share)	$0.32	$0.26	$0.24	$0.24
Basic (in dollars per share)	$5.09	$3.37	$2.37	$2.50
Diluted (in dollars per share)	$5.02	$3.31	$2.33	$2.47
Basic (in shares)	54.0M	53.6M	53.3M	53.2M
Diluted (in shares)	54.8M	54.6M	54.2M	53.8M

Primoris Services Corp income statement, quarters

Line item	Jun 30, 2026 · Q2	Mar 31, 2026 · Q1	Sep 30, 2025 · Q3	Jun 30, 2025 · Q2
Revenue	$1.7B	$1.6B	$2.2B	$1.9B
Cost of revenue	$1.6B	$1.4B	$1.9B	$1.7B
Gross profit (loss)	$82.4M	$134.7M	$235.7M	$231.7M
Selling, general, and administrative expenses	$106.3M	$105.8M	$97.7M	$104.5M
Transaction and related costs	$2.9M	$4.5M	$1.0M	$543.0K
Operating (loss) income	($26.8M)	$24.4M	$137.0M	$126.6M
Foreign exchange gain (loss), net	$600.0K	—	$886.0K	($365.0K)
Other income, net	$200.0K	$100.0K	$134.0K	$32.0K
Interest expense, net	($10.6M)	($4.6M)	($7.0M)	($7.6M)
(Loss) income before benefit (provision) for income taxes	($36.6M)	$19.9M	$131.1M	$118.8M
Benefit (provision) for income taxes	$12.4M	($2.5M)	($36.4M)	($34.4M)
Net (loss) income	($24.2M)	$17.4M	$94.6M	$84.3M
Dividends per common share (in dollars per share)	$0.08	$0.08	$0.08	$0.08
Basic (in dollars per share)	-$0.45	$0.32	$1.75	$1.56
Diluted (in dollars per share)	-$0.45	$0.32	$1.73	$1.54
Basic (in shares)	54.0M	54.1M	54.0M	54.0M
Diluted (in shares)	54.0M	54.8M	54.8M	54.8M

Balance sheet

Primoris Services Corp balance sheet, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Cash and cash equivalents	$535.5M	$455.8M	$217.8M	$248.7M
Accounts receivable, net	$723.4M	$834.4M	$685.4M	$663.1M
Contract assets	$936.9M	$773.7M	$846.2M	$616.2M
Prepaid expenses and other current assets	$137.8M	$95.5M	$135.8M	$176.3M
Total current assets	$2.3B	$2.2B	$1.9B	$1.7B
Property and equipment, net	$531.2M	$488.2M	$475.9M	$493.9M
Operating lease assets	$488.9M	$461.0M	$360.5M	$202.8M
Intangible assets, net	$190.2M	$207.9M	$227.6M	$249.4M
Total Goodwill	$856.9M	$856.9M	$857.6M	$871.8M
Other long-term assets	$7.0M	$22.3M	$20.5M	$21.8M
Total assets	$4.4B	$4.2B	$3.8B	$3.5B
Accounts payable	$744.3M	$624.3M	$629.0M	$535.0M
Contract liabilities	$633.6M	$617.4M	$366.5M	$275.9M
Accrued liabilities	$405.4M	$350.1M	$263.5M	$245.8M
Dividends payable	$4.3M	$4.3M	$3.2M	$3.2M
Current portion of long-term debt	$60.9M	$74.6M	$72.9M	$78.1M
Total current liabilities	$1.8B	$1.7B	$1.3B	$1.1B
Long-term debt, net of current portion	$409.0M	$660.2M	$885.4M	$1.1B
Noncurrent operating lease liabilities, net of current portion	$325.6M	$333.4M	$263.5M	$130.8M
Deferred tax liabilities	$71.4M	$64.0M	$59.6M	$57.1M
Other long-term liabilities	$72.3M	$58.1M	$47.9M	$43.9M
Total liabilities	$2.7B	$2.8B	$2.6B	$2.4B
Additional paid-in capital	$296.9M	$285.8M	$275.8M	$263.8M
Retained earnings	$1.4B	$1.1B	$961.0M	$847.7M
Accumulated other comprehensive income	($1.5M)	($4.2M)	($788.0K)	($2.6M)
Total stockholders' equity	$1.7B	$1.4B	$1.2B	$1.1B
Total liabilities and stockholders' equity	$4.4B	$4.2B	$3.8B	$3.5B

Primoris Services Corp balance sheet, quarters

Line item	Jun 30, 2026	Mar 31, 2026	Sep 30, 2025	Jun 30, 2025
Cash and cash equivalents	$218.2M	$361.5M	$431.4M	$390.3M
Accounts receivable, net	$839.1M	$754.4M	$1.0B	$1.0B
Contract assets	$937.7M	$917.3M	$959.1M	$920.7M
Prepaid expenses and other current assets	$168.2M	$108.2M	$134.2M	$127.6M
Total current assets	$2.2B	$2.1B	$2.6B	$2.5B
Property and equipment, net	$543.3M	$536.0M	$530.2M	$526.4M
Operating lease assets	$492.3M	$485.5M	$484.4M	$474.7M
Intangible assets, net	$375.2M	$186.1M	$194.4M	$198.7M
Goodwill	$1.1B	$856.9M	$856.9M	$856.9M
Other long-term assets	$13.3M	$7.7M	$18.4M	$20.4M
Total assets	$4.6B	$4.2B	$4.6B	$4.5B
Accounts payable	$691.7M	$646.5M	$945.6M	$826.3M
Contract liabilities	$683.1M	$571.9M	$627.3M	$674.2M
Accrued liabilities	$407.1M	$390.8M	$499.6M	$436.8M
Dividends payable	$4.3M	$4.3M	$4.3M	$4.3M
Current portion of long-term debt	$45.0M	$57.2M	$63.8M	$78.1M
Total current liabilities	$1.8B	$1.7B	$2.1B	$2.0B
Long-term debt, net of current portion	$752.0M	$396.3M	$422.2M	$525.0M
Noncurrent operating lease liabilities, net of current portion	$314.5M	$313.2M	$329.2M	$330.8M
Deferred tax liabilities	$54.5M	$71.4M	$64.6M	$64.8M
Other long-term liabilities	$80.3M	$78.0M	$65.4M	$61.1M
Total liabilities	$3.0B	$2.5B	$3.0B	$3.0B
Common stock-$0.0001 par value; 90,000,000 shares authorized: 53,828,741 and 54,045,067 issued and outstanding as of June 30, 2026, and December 31, 2025, respectively	0	0	6.0K	6.0K
Additional paid-in capital	$239.1M	$287.7M	$291.7M	$287.4M
Retained earnings	$1.4B	$1.4B	$1.3B	$1.2B
Accumulated other comprehensive loss	($3.0M)	($2.4M)	($2.1M)	($739.0K)
Total stockholders' equity	$1.6B	$1.7B	$1.6B	$1.5B
Total liabilities and stockholders' equity	$4.6B	$4.2B	$4.6B	$4.5B

Cash flow statement

Primoris Services Corp cash flow statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Net income	$274.9M	$180.9M	$126.1M	$133.0M
Depreciation and amortization	$91.9M	$95.5M	$107.0M	$99.2M
Stock-based compensation expense	$20.6M	$15.1M	$11.8M	$7.4M
Gain on sale of property and equipment	($21.7M)	($44.8M)	($48.1M)	($31.9M)
Other non-cash items	$2.2M	$4.1M	$2.2M	$277.0K
Accounts receivable	$111.3M	($167.6M)	($16.9M)	($98.7M)
Contract assets	($162.2M)	$62.7M	($229.8M)	($118.8M)
Other current assets	($32.0M)	$18.4M	$45.6M	($70.3M)
Net deferred tax liabilities	$7.3M	$5.0M	$29.4M	$14.7M
Other long-term assets	$100.0K	$39.0K	$459.0K	$932.0K
Accounts payable	$121.0M	$11.4M	$93.4M	$191.5M
Contract liabilities	$16.2M	$251.2M	$84.7M	($7.9M)
Operating lease assets and liabilities, net	($2.0M)	($5.3M)	($1.2M)	($505.0K)
Accrued liabilities	$27.9M	$66.4M	($6.8M)	$5.7M
Other long-term liabilities	$14.9M	$13.7M	$946.0K	$4.3M
Net cash provided by operating activities	$470.4M	$508.3M	$198.6M	$83.3M
Purchase of property and equipment	($129.9M)	($126.6M)	($103.0M)	($94.7M)
Proceeds from sale of assets	$32.5M	$99.3M	$63.7M	$41.3M
Proceeds from repayment of note receivable	$3.5M	—	—	—
Net cash used in investing activities	($93.9M)	($27.2M)	($30.0M)	($481.9M)
Payments on long-term debt	($329.3M)	($224.5M)	($97.0M)	($86.8M)
Proceeds from pledge of accounts receivable under securitization facility	$62.5M	—	—	—
Payments related to tax withholding for stock-based compensation	($11.8M)	($7.5M)	—	—
Dividends paid	($17.3M)	($12.9M)	($12.8M)	($12.8M)
Other	($400.0K)	$452.0K	($6.2M)	($5.9M)
Net cash used in financing activities	($296.3M)	($244.4M)	($205.3M)	$452.0M
Effect of exchange rate changes on cash, cash equivalents and restricted cash	($300.0K)	$1.2M	$1.3M	($102.0K)
Net change in cash, cash equivalents and restricted cash	$79.9M	$237.9M	($35.4M)	$53.3M
Cash, cash equivalents and restricted cash at beginning of the period	$461.4M	$223.5M	$259.0M	$205.6M
Cash, cash equivalents and restricted cash at end of the period	$541.3M	$461.4M	—	—
Cash paid for interest	$22.1M	$61.3M	$82.3M	$37.2M
Cash paid for income taxes, net of refunds received	$86.9M	$65.3M	$5.1M	$3.6M
Value of transferable investment tax credits (ITC) purchased	$45.0M	$40.0M	—	—
Cash paid for transferable investment tax credits (ITC)	$41.9M	$36.9M	—	—
Leased assets obtained in exchange for new operating leases	$161.5M	$228.7M	$260.4M	$98.1M
Dividends declared and not yet paid	$4.3M	$4.3M	$3.2M	$3.2M

Primoris Services Corp cash flow statement, quarters

Line item	Jun 30, 2026 · YTD	Mar 31, 2026 · Q1	Sep 30, 2025 · YTD	Jun 30, 2025 · YTD
Net (loss) income	($6.7M)	$17.4M	$223.2M	$128.6M
Depreciation and amortization	$54.4M	$23.8M	$67.7M	$43.9M
Stock-based compensation expense	$10.9M	$7.7M	$14.9M	$10.5M
Gain on sale of property and equipment	($9.0M)	($5.0M)	($18.6M)	($9.9M)
Other non-cash items	$1.0M	$600.0K	$1.7M	$1.1M
Accounts receivable	($20.0M)	($31.4M)	($205.8M)	($185.8M)
Contract assets	$24.2M	$19.4M	($184.7M)	($145.9M)
Other current assets	($36.7M)	$21.4M	($38.4M)	($31.7M)
Other long-term assets	($1.2M)	($900.0K)	($333.0K)	$1.3M
Accounts payable	($102.5M)	($98.0M)	$322.2M	$204.3M
Contract liabilities	($23.7M)	($61.7M)	$9.9M	$56.8M
Operating lease assets and liabilities, net	($2.3M)	($3.2M)	($2.9M)	($589.0K)
Accrued liabilities	($27.1M)	($18.5M)	$130.8M	$67.5M
Other long-term liabilities	$7.4M	$5.8M	$7.9M	$4.6M
Net cash (used in) provided by operating activities	($131.3M)	($122.6M)	$327.5M	$144.6M
Purchase of property and equipment	($50.3M)	($27.8M)	($108.2M)	($73.7M)
Proceeds from sale of assets	$12.5M	$7.1M	$27.0M	$14.6M
Proceeds from repayment of note receivable	$8.0M	$8.0M	$2.9M	—
Cash paid for acquisitions, net of cash acquired	($401.4M)	—	—	—
Net cash used in investing activities	($431.2M)	($12.7M)	($78.2M)	($59.1M)
Proceeds from issuance of debt	$411.8M	—	—	—
Payments on long-term debt	($21.0M)	($16.8M)	($312.6M)	($182.7M)
Borrowings under revolving line of credit	$160.0M	—	—	—
Payments on revolving line of credit	($160.0M)	—	—	—
Payments on pledged accounts receivable under securitization facility	($62.5M)	—	—	—
Proceeds from pledge of accounts receivable under securitization facility	$0	—	$62.5M	$50.0M
Payments related to tax withholding for stock-based compensation	($19.8M)	($17.7M)	($11.0M)	($10.2M)
Stock purchases	($50.0M)	—	—	—
Dividends paid	($8.7M)	($4.3M)	($12.9M)	($8.6M)
Other	($5.2M)	$200.0K	($526.0K)	($240.0K)
Net cash provided by (used in) financing activities	$244.6M	($38.6M)	($274.6M)	($151.7M)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	$500.0K	($200.0K)	$1.2M	$987.0K
Net change in cash, cash equivalents and restricted cash	($317.4M)	($174.1M)	($24.1M)	($65.2M)
Cash, cash equivalents and restricted cash at beginning of the period	$541.3M	$541.3M	$461.4M	$461.4M
Cash, cash equivalents and restricted cash at end of the period	$223.9M	$367.2M	$437.3M	$396.2M
Cash paid for interest	$18.1M	$8.1M	$20.3M	$7.3M
Cash paid for income taxes, net of refunds received	$21.0M	—	$40.9M	$25.4M
Leased assets obtained in exchange for new operating leases	$72.2M	$31.5M	$117.8M	$73.4M
Dividends declared and not yet paid	$4.3M	$4.3M	$4.3M	$4.3M

Primoris Services Corp score and earnings-call analysis · All covered companies

Figures as reported in SEC filings. General information, not investment advice.