PRIM Primoris Services (PRIM) Q1 FY26 earnings call
Primoris Services Corporation faced headwinds in Q1 FY26 due to cost overruns and timing shifts in a limited number of solar projects, leading to reduced gross profit and a lowered full-year outlook. However, the Utility segment delivered strong top-line growth and improved margins, while the strategic acquisition of PayneCrest expanded capabilities in high-growth end markets like data centers. Management is confident in addressing the renewables issues and leveraging strong demand across other segments for a stronger second half of 2026 and beyond.
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PRIM operating KPIs by quarter
| KPI | Dec 2025 Q4 FY25 | This call Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|
| Backlog | $11.9B+We finished the year with over $11.9 billion in total backlog, including booking nearly $3 billion of new work in the final quarter of the year.Source: earnings call transcript | $11.6BWith respect to backlog, we ended the quarter with $11.6 billion in total backlog compared to $11.9 billion at the end of 2025.Source: earnings call transcript | <$13.9BTotal backlog at the end of Q2 was just under $13.9 billion, an increase of approximately $2.2 billion sequentially from Q1 and a record for Primoris.Source: earnings call transcript | — |
| Orders | <$3BWe finished the year with over $11.9 billion in total backlog, including booking nearly $3 billion of new work in the final quarter of the year.Source: earnings call transcript | — | $3.9B+During the quarter, we secured more than $3.9 billion of new awards, including approximately $1.5 billion in the Utilities segment and $2.4 billion in the Energy segment.Source: earnings call transcript | — |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.