Quarterly ResultMay 6, 2026, 04:26 PM
Centuri Q1 Revenue +31% to $723.2M; Gross Profit +76%; Record $6.5B Backlog
AI Summary
Centuri Holdings, Inc. announced strong first quarter 2026 financial and operating results, reporting a 31% increase in revenue to $723.2 million and a 76% surge in gross profit to $35.8 million. The company also achieved a record $6.5 billion backlog, up 44% year-over-year, and significantly improved its net loss. Centuri introduced new long-term financial targets, including a Base Revenue compound annual growth rate of 10% to 15% through 2029, reflecting confidence in its market position and growth strategy.
Key Highlights
- Q1 2026 Revenue increased 31% year-over-year to $723.2 million.
- Gross Profit grew 76% to $35.8 million in Q1 2026.
- Reported Net Loss improved by $8.4 million to $9.5 million.
- Adjusted EBITDA increased 34% year-over-year to $32.6 million.
- Backlog expanded to a record $6.5 billion, up 44% year-over-year.
- Bookings reached $1.3 billion, with a book-to-bill ratio of 1.8x.
- Canadian Operations revenue grew 51%, U.S. Gas revenue grew 44%.
- Introduced long-term Base Revenue CAGR target of 10%-15% through 2029.