Primoris Services Corporation (PRIM) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Primoris Services published the results on November 3, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Primoris Services reports EPS two ways: GAAP, under the accounting rules every US filer follows, and adjusted diluted, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Primoris acquired PayneCrest Electric on May 1, 2026 for about $404.7 million, net of cash acquired, and reports it in the Energy segment, so Q3 2026 Energy revenue includes a business the year-ago quarter did not.

Source: Primoris Q3 2026 results, November 3, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Primoris Services splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Primoris Services's Utilities revenue was $771 million in Q3 2026, up 5% from $738 million in Q3 2025, 39% of total revenue.
• Primoris Services's Energy revenue was $1.2 billion in Q3 2026, down 18% from $1.5 billion in Q3 2025, 63% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

In its Q3 2026 release, Primoris Services said:

“Net income is expected to be between $65.2 million and $73.2 million, or $1.20 and $1.35 per diluted share.”

“Adjusted EPS is estimated in the range of $2.10 to $2.25 per diluted share.”

“Adjusted EBITDA for the full year 2026 is expected to range from $290.0 million to $310.0 million.”

“The Company's targeted gross margins by segment are 10.0% to 12.0% for the Utilities segment and 6.0% to 8.0% for the Energy segment for the full year 2026.”

Source: Primoris Q3 2026 release, Nov 3, 2026.

This is the company's own guidance as of Nov 3, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the PRIM forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP revenue and diluted EPS, each as first reported in that quarter's release.

We do not hold a confirmed date for Primoris Services's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Nov 3, 2026

Primoris reports two segments. Energy, which provides engineering, procurement, construction and maintenance for energy, renewable energy and energy storage, renewable fuels and petrochemical customers, brought in $1,223.8 million of the $1,952.4 million total in Q3 2026, down $261.9 million, or 17.6%. Utilities, which builds and maintains gas and electric distribution and transmission systems and communications systems, brought in $770.9 million, up $33.4 million, or 4.5%. (Primoris Q3 2026 release, Nov 3, 2026; Primoris Form 10-K, 2025, Feb 24, 2026)

Primoris put the 10.4% revenue decline down to lower renewables revenue in Energy, citing a slower than anticipated start of new projects and release of new work. The May 1, 2026 acquisition of PayneCrest Electric, an electrical contractor serving industrial, manufacturing and advanced facilities that Primoris said increases its exposure to data centers, and more power generation work partly offset it. Utilities grew on gas operations and power delivery, partly offset by less communications work. (Primoris Q3 2026 release, Nov 3, 2026; Primoris Form 10-Q, Q3 2026, Nov 4, 2026)

Most Utilities revenue is recurring maintenance work under multi-year master service agreements (MSAs): $721.9 million of the segment's $770.9 million in Q3 2026. Energy is mostly project work, with $1,092.3 million of non-MSA revenue, and fixed-price contracts made up $575.8 million of it, against $951.2 million a year earlier. (Primoris Form 10-Q, Q3 2026, Nov 4, 2026)

Customer concentration fell. Primoris' top ten customers generated about 48.4% of revenue in Q3 2026 and no one customer exceeded 10%, against 59.2% a year earlier, when one renewables customer accounted for 16.7% of total revenue. (Primoris Form 10-Q, Q3 2026, Nov 4, 2026)

Primoris' GAAP diluted EPS fell to $0.95 in Q3 2026 from $1.73, and adjusted diluted EPS fell to $1.20 from $1.88. Primoris attributed the drop to lower operating income on lower revenue and gross profit, plus higher interest expense: interest expense, net was $14.3 million, against $7.0 million, on higher average debt and accounts receivable securitization balances. PayneCrest was funded with term loan borrowings and cash on hand. (Primoris Q3 2026 release, Nov 3, 2026; Primoris Form 10-Q, Q3 2026, Nov 4, 2026)

Adjusted net income of $64.9 million adds back amortization of intangible assets ($13.5 million, against $4.3 million a year earlier), non-cash stock-based compensation ($4.7 million) and transaction and integration costs ($0.8 million), less a $(5.8) million tax effect. Energy gross margin fell to 8.5% from 10.1%, which Primoris tied to completing renewables projects that had operational challenges and to carrying costs on lower volumes. (Primoris Q3 2026 release, Nov 3, 2026)

Diluted weighted average shares were 54.1 million, against 54.8 million. Primoris bought back 1,330,627 shares for $100.0 million in Q3 2026, completing its $150.0 million legacy program, and its board authorized a new program of up to $250 million on October 30, 2026. (Primoris Q3 2026 release, Nov 3, 2026; Primoris Form 10-Q, Q3 2026, Nov 4, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Primoris publishes a full-year outlook in each release. With Q3 2026 results it guided 2026 net income of $65.2 million to $73.2 million, or $1.20 to $1.35 per diluted share, adjusted EPS of $2.10 to $2.25 and Adjusted EBITDA of $290.0 million to $310.0 million. It targets gross margins of 10.0% to 12.0% in Utilities and 6.0% to 8.0% in Energy, SG&A in the low 6.0% range of revenue, and an effective tax rate of about 33.0%. (Primoris Q3 2026 release, Nov 3, 2026)

Primoris' CEO said the last of six previously discussed challenged renewables projects was moving closer to completion and that he believes the foundation is in place for a return to growth in 2027. (Primoris Q3 2026 release, Nov 3, 2026)

A consensus figure is the average of the models published by the analysts who cover Primoris Services, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Primoris Services's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning PRIM is on is PRIM a buy or a sell?, what analysts expect next is on the PRIM forecast, and what the company does is on the Primoris Services Corporation (PRIM) stock page.

Every number on this page can be traced to a document Primoris Services published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.