GAAP EPS for Q2 2025 was $0.38, significantly higher than $0.02 in Q2 2024; adjusted EPS was $1.41 versus $0.34 last year.
Net income attributable to Tutor Perini for the first half of 2025 was $48 million or $0.90 per share, up from $17 million or $0.31 per share in the same period last year.
Operating income increased 89% to $76 million, driven by higher-margin projects in Civil and Building segments.
Revenue for Q2 2025 was $1.37 billion, up 22% year-over-year, with Civil segment revenue up 34%, Building segment up 11%, and Specialty Contractors up 9%.
Specialty Contractors segment posted a loss of $18 million in Q2 2025, increased from a loss of $8 million last year, due to unfavorable legacy claim settlements.
Tutor Perini reported record operating cash flow of $262 million for Q2 2025 and $285 million for the first half of 2025, both setting new company records.
Adjusted EBITDA was $76 million, with EBITDA at $66 million for the quarter.
Adjusted homebuilding gross margin was 20%, down from 21.6% in Q1, driven mainly by increased incentives.
Adjusted net income was $42 million or $1.37 per diluted share, with net income at $35 million or $1.14 per diluted share.
Average sales price decreased 3% year-over-year to $378,000, primarily due to higher incentives.
Financial Services revenues were $23.8 million with pretax income of $6.2 million, including a $4 million gain from mortgage servicing rights sale.
In Q2 2025, Century Communities delivered 2,587 homes, a 13% sequential increase and slightly down year-over-year, with home sales revenues of $976 million, up 10% sequentially.
Inventory impairment charge of $7 million was taken related to 5 communities in closeout phase, primarily in Florida.
Net homebuilding debt to net capital ratio was 31%, slightly up from 30.1% in Q1, with homebuilding debt to capital ratio at 33.3%.
SG&A was 13.2% of home sales revenue in Q2, with full year 2025 expected around 13%.
Share repurchases totaled $48 million in Q2, averaging a 37% discount to book value, with 5% of shares repurchased year-to-date.
Adjusted operating income improved by 17.2% or $15.2 million year-over-year.
Consolidated adjusted operating ratio was 93.8%, 80 basis points better than prior year.
Consolidated second quarter revenue excluding fuel surcharge increased by 1.9% year-over-year.
GAAP earnings per diluted share were $0.21, a 61.5% year-over-year increase; adjusted EPS was $0.35, a 45.8% increase.
Intermodal segment revenue declined 13.8% year-over-year with a 230 basis point degradation in operating ratio.
Logistics segment revenue declined 2.6% year-over-year but adjusted operating income grew 13.3%.
LTL adjusted operating income declined 36.8% year-over-year due to costs from expansion and integration.
LTL segment revenue excluding fuel surcharge grew 28.4% year-over-year; shipments per day increased 21.7%.
Other segments revenue increased 9% and operating income increased 73.6% year-over-year, driven by warehousing and leasing growth.
Truckload segment improved adjusted operating ratio by 260 basis points and grew adjusted operating income 87.5% year-over-year despite a 2.8% decline in loaded miles.
Adjusted debt-to-EBITDA ratio finished at 2.8x, maintaining A-ratings from all three credit rating agencies.
Adjusted operating ratio was 58.1%, improving 230 basis points versus last year, reflecting a 90 basis point impact from the Brakeperson agreement.
Cash from operations totaled $4.5 billion, up over $500 million versus last year, with $4.3 billion returned to shareholders through share repurchases and dividends.
Freight revenue growth was driven by volume growth adding 375 basis points and price/mix contributing 200 basis points, offset partially by a $100 million decline in fuel surcharge revenue due to lower fuel prices.
Fuel expense declined 8% due to an 11% decrease in fuel prices and improved fuel consumption rate by 2%, setting a second quarter record.
Operating expenses increased only 1% to $3.6 billion despite a 4% increase in volume, with compensation and benefits up 5% due to a $55 million Brakeperson buyout agreement.
Operating revenue was $6.2 billion, up 2% year-over-year, while freight revenue set a second quarter record at $5.8 billion, increasing 4%.
Reported operating income grew to $2.5 billion, a second quarter record, and net income totaled $1.9 billion.
Union Pacific reported second quarter 2025 earnings per share of $3.15, with adjusted EPS of $3.03 excluding unusual items, up 12% versus last year's adjusted results.
Dafinchi