Record Q2 Revenue and Income Drive Tutor Perini's Guidance Raise; Refinancing Slashes Interest Costs
TPC sits 90% above its 52-week low of $46.345.
Summary
Record Q2 2026 results: revenue up 19% and income from construction operations up 54%. Full-year adjusted EPS guidance raised. Refinancing completed, cutting annual interest costs by $21M. Backlog remains strong at $19.9B.
Key Events · Earnings and Guidance · TPC
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Record Q2 Revenue and Earnings
Revenue reached $1.64B, a 19.2% increase year-over-year, while income from construction operations climbed 54% to $117.7M. Diluted EPS came in at $1.23, compared with $0.38 in Q2 2025.
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Full-Year Guidance Raised
Adjusted diluted EPS guidance was increased, reflecting strong execution and a favorable project mix. For the quarter, adjusted EPS was $1.74 versus $1.41 a year ago.
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Refinancing Lowers Interest Costs
On July 2, 2026, the company issued $400M of 6.625% senior notes due 2033 and redeemed its 11.875% notes, saving approximately $21M annually in cash interest. The revolver was upsized to $350M with improved terms.
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Backlog and Pipeline Remain Robust
Backlog stands at $19.9B, down 6% year-over-year but stable sequentially. A pipeline of opportunities exceeding $200B over the next 3–4 years supports multi-year growth visibility.
Analysis · TPC · Real Estate & Construction
The quarter's standout performance—revenue up 19% to $1.64 billion and income from construction operations surging 54% to $117.7 million—prompted management to lift full-year adjusted EPS guidance, signaling confidence in the $19.9 billion backlog and a pipeline exceeding $200 billion. A July 2 refinancing replaced 11.875% notes with 6.625% notes, unlocking $21 million in annual cash interest savings, while the upsized $350 million revolver bolsters liquidity. Although the W/Element Hotel litigation presents a risk, no material charge has been recorded pending appeal. Share repurchases and a new deferred compensation plan further underscore a focus on shareholder returns and talent retention.
How filings like this one have moved
In the 30 days to Sep 17, 2026, 40.7% of the 383 measured filings Wiseek scored 9 moved their stock by 5% or more by the next session's close. The median move was -0.55%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, TPC was trading at $88.00 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $4.4B. The 52-week trading range was $46.35 to $100.00. This filing was assessed with positive market sentiment and an importance score of 9 out of 10.