The combination of strong revenue growth, margin expansion, backlog growth, and deleveraging suggests Centuri is executing well in its core utility infrastructure market. The raised 2026 guidance and over 85% of next year's revenue already covered by backlog provide high visibility, making this a compelling growth story in the infrastructure sector.
Price Chart
Executive Summary
Centuri Holdings reported record financial results for fiscal year 2025, with revenue of $2.983 billion (up 13% YoY) and Adjusted Net Income of $39.0 million (up 48.7% YoY). The company significantly improved base gross profit margin to 8.0% from 6.9% and expanded its backlog by 59% to $5.9 billion. Management raised 2026 guidance, forecasting Base Revenue of $3.15-$3.45 billion and Adjusted EBITDA of $280-$310 million, while reducing net leverage from 3.6x to 2.5x.
Key Financial Metrics
Key Facts
- Record annual revenue of $2.983 billion, up 13% YoY
- Adjusted Net Income of $39.0 million, up 48.7% YoY
- Base Gross Profit Margin improved to 8.0% from 6.9% in 2024
- Backlog expanded 59% to $5.9 billion
- Net Debt to Adjusted EBITDA reduced to 2.5x from 3.6x
- 2026 guidance: Base Revenue $3.15-$3.45 billion, Adjusted EBITDA $280-$310 million
- Raised $250.9 million in equity to fund acquisition and reduce debt
Financial Impact
Revenue growth of 13%, Adjusted EBITDA growth of 4.5%, and significant margin expansion from 6.9% to 8.0% Base Gross Profit Margin
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| U.S. Gas | $1.3B | +5.4% |
| Canadian Operations | $246.9M | +24.8% |
| Union Electric | $808.3M | +16.6% |
| Non-Union Electric | $599.4M | +23.5% |
Risk Factors
- Adjusted Net Income for Q4 2025 decreased 13.2% YoY despite revenue growth
- Non-Union Electric segment gross profit declined 5.4% YoY
- Future performance depends on maintaining strong book-to-bill ratio and executing on large backlog
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001981599-26-000017 |
| Document: ctri-20260225.htm | 0001981599-26-000017 |
| Document: 0001981599-26-000017-index-headers.html | 0001981599-26-000017 |
| Document: 0001981599-26-000017-index.html | 0001981599-26-000017 |
| Document: 0001981599-26-000017.txt | 0001981599-26-000017 |
| CONTEXT: Previous Earnings (2026-02-25) | 0001981599-26-000017 |
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|---|---|---|---|---|---|
Aug 12, 2026 7w ago | 3 | $23.09 $20.16 | ▼ −12.69% | ▼ −10.94% | $20.91 (−9.44%) |
Aug 12, 2026 7w ago | 3 | $23.09 $20.16 | ▼ −12.69% | ▼ −10.94% | $20.91 (−9.44%) |
Aug 12, 2026 7w ago | 8-K | $23.09 $20.16 | ▼ −12.69% | ▼ −10.94% | $20.91 (−9.44%) |
Aug 4, 2026 8w ago | 8-K | $21.88 $20.49 | ▼ −6.35% | ▼ −5.11% | $20.91 (−4.43%) |
Jun 12, 2026 16w ago | Institutional Cluster | $30.35 $25.67 | ▼ −15.42% | ▼ −17.20% | $20.91 (−31.10%) |
Jun 11, 2026 16w ago | Institutional Cluster | $29.73 $26.28 | ▼ −11.60% | ▼ −13.50% | $20.91 (−29.67%) |
May 13, 2026 20w ago | S-3ASR | $32.46 $30.35 | ▼ −6.50% | ▼ −5.64% | $20.91 (−35.58%) |
May 6, 2026 21w ago | 8-K | $33.60 $30.39 | ▼ −9.55% | ▼ −12.69% | $20.91 (−37.77%) |
Feb 28, 2026 30w ago | Institutional Cluster | $30.94 $27.80 | ▼ −10.15% | ▼ −2.21% | $20.91 (−32.42%) |
Feb 25, 2026 31w ago | 8-K | $30.67 $30.45 | ▼ −0.72% | ▲ +4.52% | $20.91 (−31.82%) |
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