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Primoris Services (PRIM) Q3 2025 earnings results (third quarter 2025)

10-Q filed Nov 4, 2025

Primoris Services (PRIM) reported revenue of $2.2B for the third quarter 2025 (Q3 2025), +32% from a year earlier and +15% from the quarter before. Operating margin was 6.3%, net earnings $94.6M (4.3% of revenue).

Revenue$2.2B
Year over year+32%
Quarter over quarter+15%
Operating margin6.3%
Net earnings$94.6M

Primoris Services, Q3 2025: revenue $2.2B (+32% year over year), operating margin 6.3%, net earnings $94.6M, operating cash flow $183M. The chart follows the revenue to costs, profit and cash.

Q3 2025AmountQ/QY/Y
Revenue$2.2B+15%+32%
Gross profit$236M+2%+19%
Operating profit$137M+8%+38%
Net earnings$94.6M+12%+62%
Operating cash flow$183M+133%-18%
Free cash flow$148M+228%-7%

What changed

Revenue was $2.2B in Q3 2025, up 32% year over year and up 15% from the previous quarter.

Gross margin was 10.8%, down 1.2 points from a year earlier. Operating profit was $0.14B, a 6.3% margin (up 0.3 points year over year). Of the extra revenue versus a year earlier, 7% reached operating profit, above the 6% margin then. Operating expenses fell 0% while revenue rose 32%. The fastest-growing cost line was Other operating costs (+18%). Net earnings were $0.09B, up 62% year over year. The effective tax rate was 27.8%.

Operating cash flow was $0.18B (down 18% year over year), 193% of net earnings. Non-cash charges added back $0.02B of depreciation and amortization and $4.5M of share-based compensation. Working capital and other items added $0.06B. Capital expenditures of $0.03B left free cash flow of $0.15B.

Questions

What was Primoris Services' revenue in the third quarter 2025?

Primoris Services (PRIM) reported revenue of $2.2B for the third quarter 2025 (Q3 2025), +32% from a year earlier and +15% from the quarter before.

Was Primoris Services profitable in the third quarter 2025?

Operating profit was $137M (6.3% of revenue) and net earnings $94.6M.

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Source: Primoris Services 10-Q on SEC EDGAR.