Backlog totaled just under $11.5 billion, up $100 million sequentially, with MSA backlog increasing by over $600 million.
Energy segment gross profit increased 9.4% to $134.2 million, but margins declined to 10.8% from 12.6% due to fewer project closeouts and weather impacts on renewables.
Gross profit increased 24.1% to $231.7 million with gross margins improving to 12.3% from 11.9% the prior year.
Net income increased approximately 70% to $84.3 million or $1.54 per diluted share; adjusted EPS rose over 60% to $1.68; adjusted EBITDA grew over 30% to $154.8 million.
Net interest expense decreased by $9.6 million to $7.6 million due to lower debt and interest rates.
Operating cash flow for Q2 was a record $78 million, with year-to-date cash flow nearly $145 million, a $157 million improvement over prior year.
Primoris reported record Q2 2025 results with revenue just under $1.9 billion, up 20.9% year-over-year, driven by double-digit growth in both Energy and Utilities segments.
SG&A expenses rose modestly by $4.4 million to $104.5 million, representing 5.5% of revenue, showing improved operating leverage.
Strong liquidity position with $690 million available, including $390 million cash and $300 million revolver capacity; net debt-to-EBITDA ratio improved to 0.5x.
Utilities segment gross profit rose 52.3% to $97.5 million with margins expanding to 14.1% from 10.3%, led by power delivery improvements.
Aerojet Rocketdyne delivered its highest revenue quarter on record with a 2.0 book-to-bill.
Free cash flow was $574 million, driven by increased operating income and improved working capital performance.
L3Harris reported record $8.3 billion in orders for Q2 2025, resulting in a 1.5 book-to-bill ratio.
Non-GAAP EPS was $2.78, up 16% year-over-year; pension-adjusted EPS was $2.42, up 22% year-over-year.
Revenue was $5.4 billion, reflecting strong organic growth of 6%.
Segment operating margin was 15.9%, up 30 basis points, marking the seventh consecutive quarter of year-over-year margin expansion.
Segment results included CS revenue up 2% with 24.4% margin, IMS revenue up 6% organically with 13.2% margin, SAS revenue up 7% organically with 12.3% margin, and Aerojet Rocketdyne with 12% organic growth and 13.3% margin.
Aeronautics sales increased 2% to $7.4 billion, driven by F-35 production but offset by classified program losses.
Free cash flow was negative $150 million in Q2, impacted by timing issues including delayed F-35 contract awards and tariffs.
GAAP EPS was $1.46, reduced by $5.83 due to program losses, impairments, and tax reserves.
Lockheed Martin reported $18.2 billion in sales for Q2 2025, comparable year-over-year and up sequentially from Q1.
Missiles and Fire Control sales grew 11% to $3.4 billion with a 6% increase in operating profit.
Rotary and Mission Systems sales declined 12% due to program losses and lower volumes in Seahawk and Canadian Surface Combatant programs.
Segment operating profit was $570 million, down significantly due to $1.6 billion in operational charges primarily from Skunk Works and Sikorsky programs.
Space sales increased 4% with a 5% rise in operating profit, driven by commercial civil space and strategic missile programs.
The company recognized $1.8 billion in losses related to legacy programs and a tax matter, impacting segment operating profit and EPS.
The company returned $1.3 billion to shareholders through dividends and share repurchases.
Dafinchi