Tutor Perini Corporation (TPC) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Tutor Perini published the results on November 4, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Tutor Perini reports EPS two ways: GAAP, under the accounting rules every US filer follows, and adjusted, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Segment rows are revenue from external customers, after eliminating intersegment revenue. Much of Specialty Contractors' work is done for the Civil and Building segments.
• Q3 2026 GAAP results include a $51.4 million loss on extinguishment of debt from redeeming the 2024 Senior Notes and a $33.8 million non-cash pension settlement charge. Both are excluded from adjusted EPS.

Source: Tutor Perini Q3 2026 results, November 4, 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 Tutor Perini 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.

• Tutor Perini's Civil revenue was $894 million in Q3 2026, up 16% from $770 million in Q3 2025, 52% of total revenue.
• Tutor Perini's Building revenue was $541 million in Q3 2026, up 29% from $419 million in Q3 2025, 31% of total revenue.
• Tutor Perini's Specialty Contractors revenue was $286 million in Q3 2026, up 26% from $227 million in Q3 2025, 17% 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

Tutor Perini guides adjusted EPS only. It gives no revenue figure and no GAAP EPS outlook.

In its Q3 2026 release, Tutor Perini said:

“Based on the Company's record results through the third quarter of 2026 and management's strong confidence in its performance trajectory for the remainder of the year, the Company is raising its 2026 Adjusted EPS guidance to the range of $5.90 to $6.10, up from the previous range of $5.15 to $5.45.”

“The Company also anticipates continued strong revenue and adjusted EPS growth in 2027 due to solid visibility provided by its high-quality, long-duration backlog.”

“As previously disclosed, the Company is not providing forward-looking guidance for GAAP EPS or a quantitative reconciliation of adjusted EPS guidance to GAAP EPS guidance due to the difficulty in forecasting share-based compensation expense, which fluctuates with future share price movements.”

Source: Tutor Perini Q3 2026 release, Nov 4, 2026.

This is the company's own guidance as of Nov 4, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the TPC 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. Tutor Perini reports in thousands; revenue here is rounded to millions.

We do not hold a confirmed date for Tutor Perini'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 4, 2026

Tutor Perini reports three construction segments. In Q3 2026 Civil brought in $893.5 million of external revenue, up 16.0% from $770.2 million, Building $540.5 million, up 29.1% from $418.7 million, and Specialty Contractors $286.2 million, up 26.4% from $226.5 million. Total revenue of $1.7 billion, up 22%, was the highest revenue of any quarter ever, according to the release. (Tutor Perini Form 10-Q, Q3 2026, Nov 4, 2026; Tutor Perini Q3 2026 release, Nov 4, 2026)

Mass transit is the largest single end market. Civil earned $533.5 million from mass transit projects, including certain transportation and tunneling work, out of $893.5 million, and $110.0 million from military facilities. In Building, healthcare facilities were $308.2 million of $540.5 million, and hospitality and gaming rose to $29.8 million from $2.5 million. The 10-Q puts Civil's growth down to large projects in the Northeast and the Indo-Pacific region, and Building's to two large detention facility projects in New York and healthcare and hospitality and gaming projects in California. (Tutor Perini Form 10-Q, Q3 2026, Nov 4, 2026)

Most of the work is for public agencies on fixed price terms. State and local agencies accounted for $1,077.3 million of the $1,720.3 million total in Q3 2026, federal agencies $177.6 million and private owners $465.4 million. Fixed price contracts produced $1,168.3 million of revenue, guaranteed maximum price $340.8 million, unit price $118.4 million and cost plus fee and other $92.7 million. (Tutor Perini Form 10-Q, Q3 2026, Nov 4, 2026)

Revenue comes out of backlog. Tutor Perini booked $2,212.5 million of new awards and contract adjustments in the quarter against $1,720.3 million of revenue recognized, leaving backlog of $20,353.3 million at September 30, 2026. The largest additions included $1.0 billion of additional work on a Civil project with substantial electrical and mechanical work for Specialty Contractors, and $577 million of new awards for several Building segment federal government projects. (Tutor Perini Q3 2026 release, Nov 4, 2026)

The 10-K describes Civil as public works construction and the replacement and reconstruction of infrastructure such as highways, bridges, tunnels and mass-transit systems. Specialty Contractors does electrical, mechanical, plumbing, HVAC and fire protection work, a significant portion of it for the Civil and Building segments, which is why intersegment revenue is eliminated from the segment totals. (Tutor Perini Form 10-K, 2025, Feb 26, 2026)

Tutor Perini's GAAP diluted EPS was $0.39 in Q3 2026 and its adjusted EPS $1.83. Adjusted net income of $97.6 million adds back $19.3 million of share-based compensation, a $51.4 million loss on extinguishment of debt and a $33.8 million pension settlement charge to GAAP net income of $20.7 million, less a $27.6 million tax benefit on those adjustments. Per share, the debt loss was $0.96, the pension charge $0.63 and share-based compensation $0.36. (Tutor Perini Q3 2026 release, Nov 4, 2026)

The debt loss came from redeeming the $400.0 million 11.875% Senior Notes due 2029 on July 2, 2026, at 108.906% of principal: a $35.6 million redemption premium and $15.8 million of unamortized discounts and issuance costs. The pension charge settled the defined benefit plan's obligations. Share-based compensation fell from $58.7 million a year earlier because certain liability-classified awards vested at the end of 2025; the release put the year-over-year decrease at $39.5 million, or $0.73 per diluted share net of tax. (Tutor Perini Form 10-Q, Q3 2026, Nov 4, 2026; Tutor Perini Q3 2026 release, Nov 4, 2026)

The effective tax rate was 22.7%, down from 44.6% a year earlier, which the 10-Q attributes mainly to lower non-deductible share-based compensation. A large share of profit belongs to joint venture partners: net income attributable to noncontrolling interests was $17.2 million of total net income of $37.9 million. Tutor Perini made no share repurchases in the quarter; it bought 414,952 shares for $30 million earlier in 2026 and had $170 million left under its $200 million program. (Tutor Perini Form 10-Q, Q3 2026, Nov 4, 2026; Tutor Perini Q3 2026 release, 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.

Tutor Perini gives a full-year adjusted EPS range and nothing else numeric. With Q3 2026 results it raised 2026 adjusted EPS guidance to $5.90 to $6.10, from $5.15 to $5.45, and said it anticipates continued strong revenue and adjusted EPS growth in 2027. It does not guide GAAP EPS, citing the difficulty of forecasting share-based compensation, which moves with its share price. (Tutor Perini Q3 2026 release, Nov 4, 2026)

Adjusted EPS for the first nine months of 2026 was $4.59. The release also said share-based compensation expense is expected to decline significantly in 2027, as most of the remaining liability-classified awards will vest by the end of 2026, and put its pipeline of potential projects over the next three to four years at more than $200 billion. (Tutor Perini Q3 2026 release, Nov 4, 2026)

A consensus figure is the average of the models published by the analysts who cover Tutor Perini, 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 Tutor Perini'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 TPC is on is TPC a buy or a sell?, what analysts expect next is on the TPC forecast, and what the company does is on the Tutor Perini Corporation (TPC) stock page.

Every number on this page can be traced to a document Tutor Perini 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.