Key Highlights

  • The board declared a $0.08 Dividend on July 31, 2026, with a September 30 Record Date and October 15 payment.
  • Second-quarter Revenue was $1,688.2 million, down 10.7%, and the GAAP net loss was $24.2 million, or $0.45 per diluted share.
  • Total Backlog reached $13.9 billion at June 30, 2026, up $1.9 billion from year-end 2025, with Utilities at $7.7 billion.
  • Gross profit was $82.4 million at a 4.9% margin, compared with $231.7 million at 12.3% in the prior-year quarter.

Overview

Primoris Services Corporation (NYSE:PRIM) declared a regular quarterly dividend of $0.08 per share on July 31, 2026, payable on or about October 15 to holders of record on September 30. The dividend yields 0.44%. The declaration followed a second-quarter GAAP net loss of $24.2 million, adjusted EBITDA of $11.4 million and total backlog of $13.9 billion, the highest in the company's history according to its chief executive officer.

Dividend Program and Shareholder Returns

Primoris declared a Cash Dividend of $0.08 per share on July 31, 2026. It is payable on or about October 15, 2026 to shareholders of record on September 30, and the stock trades ex-dividend on September 30.

The second-quarter release also reported share repurchases of 449,287 shares for $50.0 million, with $100.0 million of authorization remaining. Capital expenditures were $50.3 million for the first six months of 2026, and the company projects $70-90 million for the remainder of the year.

About the Company

Primoris is a specialty contractor that provides engineering, construction and maintenance services. It reports two segments, Utilities and Energy. Revenue depends on project scope, contract timing and execution, so quarterly results can move with the mix of work under way.

Second-Quarter Loss and Margin Compression

Second-quarter revenue was $1,688.2 million, down $202.5 million, or 10.7%, from the prior-year quarter. The GAAP net loss was $24.2 million, or $0.45 per diluted share, compared with Net Income of $84.3 million a year earlier.

Adjusted net loss, a non-GAAP measure, was $14.6 million, or $0.27 per diluted share. Adjusted EBITDA, also non-GAAP, was $11.4 million, down $143.2 million, or 92.6%.

Gross profit was $82.4 million at a 4.9% margin, compared with $231.7 million at a 12.3% margin in the second quarter of 2025. The release reports both the GAAP and the adjusted results, and the difference between them is a company-defined set of adjustments.

Segment Results, Backlog and Full-Year Ranges

In Utilities, revenue was $712.6 million, up 2.8%, and Operating Income was $54.5 million, down 16.8%. The segment gross margin was 11.9%.

In Energy, revenue was $999.9 million, down 19.2%, and the segment reported an operating loss of $56.4 million with a gross margin of negative 0.3%. The company pointed to challenges on a limited number of renewables projects.

Total backlog was $13.9 billion at June 30, 2026, up $1.9 billion from year-end 2025. Utilities backlog was $7.7 billion, Energy backlog was $6.2 billion and master service agreement backlog was $8.2 billion. Chief Executive Officer Koti Vadlamudi said the company delivered record bookings and its highest total backlog in its history.

For 2026, the company gave full-year ranges of $71.0-101.0 million for net income, or $1.30-1.85 per diluted share, and $2.05-2.60 for adjusted EPS, a non-GAAP measure. Its adjusted EBITDA range is $275-325 million. The release states that management anticipates revenue growth and margin improvement in the second half of 2026.

Outlook

Renewables project execution, Energy segment margins, Utilities margins, the pace of backlog conversion, share repurchases and the board's quarterly declarations are the relevant considerations. The second quarter is the most recent reported period.