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Centuri Holdings (CTRI) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 5, 2026 · Centuri Holdings (CTRI) Q3 2026 earnings results →
Q3 2026 Revenue up 40% year over year to $1.2B · 2¢ of every $1 of revenue kept as net profit · operating margin 5.1%
Centuri Holdings made $1.2B in Q3 2026 (+40% Y/Y): Master service agreements $811M, Bid contracts $381M. Operating margin 5.1%, net earnings $26.9M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.
Drawing the Sankey…
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What changed this quarter
Revenue was $1.2B in Q3 2026, up 40% year over year and up 24% from the previous quarter. Master service agreements was the largest line at 68% of revenue. Bid contracts added $0.18B year over year (up 94%), 54% of the total change.
Gross margin was 9.5%, up 0.3 points from Q3 2025. Operating profit was $0.06B, a 5.1% margin (up 0.8 points year over year). Of the extra revenue versus Q3 2025, 7% reached operating profit, above the 4% margin then. Operating expenses grew 26% against revenue growth of 40%. The fastest-growing cost line was SG&A (+27%). Net earnings were $0.03B, up 1180% year over year. The effective tax rate was 44.7%.
Operating cash flow was −$0.03B. Non-cash charges added back $0.04B of depreciation and amortization and $2.2M of share-based compensation. Working capital and other items used $0.09B. Capital expenditures of $0.02B exceeded it, leaving free cash flow of −$0.05B.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 5, 2026 | $1.2B | +40% | 5.1% | $26.9M | −$27.6M |
| Q2 2026 | 10-Q | Aug 4, 2026 | $962M | +33% | 2.5% | $6.1M | $20.0M |
| Q1 2026 | 10-Q | May 6, 2026 | $723M | +32% | -0.7% | −$9.5M | −$35.0M |
| Q4 2025 | 10-K | Feb 26, 2026 | $859M | +20% | 4.3% | $30.4M | $83.9M |
| Q3 2025 | 10-Q | Nov 5, 2025 | $850M | +18% | 4.3% | $2.1M | $5.2M |
| Q2 2025 | 10-Q | Aug 6, 2025 | $724M | +8% | 4.4% | $8.1M | −$27.7M |
| Q1 2025 | 10-Q | May 12, 2025 | $550M | +4% | -2.3% | −$17.9M | $16.7M |
Charts
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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⚖️Fair value by methodinteractive
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📈Investments: gains and what it boughtinteractive
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Customers and suppliers named in filings
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About Centuri Holdings
We are a leading North American utility and energy infrastructure services company with over 115 years of operating history, and we partner with regulated utilities to maintain, upgrade and expand the energy network that powers millions of homes and businesses. We serve as a long-term strategic partner to, and an extension of, North America’s electric, gas, and combination utility providers, delivering a wide range of infrastructure solutions that ensure safe, reliable and environmentally sustainable energy operations. Our service offerings primarily consist of the modernization of utility infrastructure through the replacement, maintenance, retrofitting, and installation of electric and natural gas distribution and utility-scale transmission networks and building capacity to meet current and future demands.
In its own words, from its 10-K, filed Feb 26, 2026.
Centuri Holdings against its Natural Gas Transmisison & Distribution peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +40% against the peers' median +9%. Operating margin: 5.1% against the peers' median 12.6%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| CTRI Centuri Holdings | Q3 2026 | $1.2B | +40% | 5.1% |
| OKE ONEOK | Q3 2026 | $12.5B | +44% | 12.6% |
| SWX Southwest Gas Holdings | Q1 2026 | $585M | -22% | 37.5% |
| CPK Chesapeake Utilities | Q3 2026 | $196M | +9% | 24.8% |
| RGCO RGC Resources | Q3 FY26 | $17.1M | -0.9% | 6.9% |
Source: Centuri Holdings 10-Q on SEC EDGAR · CIK 1981599 · Natural Gas Transmisison & Distribution
Guidance and outlook
13F: who owns CTRI and who is buying
More on CTRI
- How Centuri Holdings makes money: revenue by segment
- Centuri Holdings next earnings date and what analysts expect
- Centuri Holdings stock forecast, price target and fair value
- Who owns Centuri Holdings stock: holders, funds and Congress trades
- Centuri Holdings guidance and outlook
- Is Centuri Holdings a takeover target? LBO and rumors
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results