Centuri Holdings Reports Strong Q1 Results, Unveils Ambitious Long-Term Financial Targets

summarizeSummary

Centuri Holdings reported strong Q1 2026 financial results with significant revenue and gross profit growth, a reduced net loss, and a record $6.5 billion backlog, while also introducing ambitious long-term financial targets through 2029.

check_boxKey Events

• Strong Q1 2026 Financial Performance

  Centuri Holdings reported Q1 revenue of $723.2 million, a 31% increase year-over-year, and gross profit of $35.8 million, a 76% increase. Net loss improved by $8.4 million to $9.5 million, and Adjusted EBITDA grew 34% to $32.6 million.

• Record Backlog and Strong Bookings

  The company achieved a record backlog of $6.5 billion, representing a 44% increase year-over-year and a 10% increase from year-end 2025. Bookings for the quarter totaled $1.3 billion, resulting in a strong book-to-bill ratio of 1.8x.

• Introduces Ambitious Long-Term Financial Targets

  Centuri introduced long-term financial targets for 2025-2029, including Base Revenue CAGR of 10-15%, Base Gross Profit CAGR of 12-19%, Adjusted EBITDA CAGR of 9-17%, and Adjusted EPS CAGR of 30-45%. It also set 2029 targets for Base Gross Profit Margin (8.7-9.7%) and Net Debt to Adjusted EBITDA Ratio (1.0x-2.0x).

• Reiterates Full Year 2026 Guidance

  The company reiterated its full year 2026 guidance, projecting Base Revenue of $3.15 to $3.45 billion and Adjusted EBITDA of $280 to $310 million.

auto_awesomeAnalysis

Centuri Holdings delivered robust first-quarter results, significantly exceeding prior-year performance across key metrics. The company achieved substantial revenue and gross profit growth, alongside a notable reduction in net loss and a record backlog. Crucially, this filing introduces new long-term financial targets and a strategic presentation, providing investors with a clear and ambitious roadmap for future growth and profitability through 2029. This combination of strong operational execution and forward-looking strategic guidance offers a positive outlook for the company's trajectory.