PRIM Primoris (PRIM) Q2 FY26 earnings call
Primoris reported record bookings and backlog in Q2 FY26, driven by strong demand in Utilities and natural gas power generation, and the successful integration of Pain Crest. However, financial results were significantly impacted by cost overruns in a limited number of renewables projects, leading to lower revenue, gross profit, and free cash flow. Management is implementing stricter risk management and expects sequential improvement in the second half of the year as these projects near completion.
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PRIM operating KPIs by quarter
| KPI | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | This call 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.