Primoris Services (PRIM) financial statements
Primoris Services reported revenue of $7.6B in fiscal 2025, up 16.0% a year over 9 years.
Net income was $275M and the operating margin 5.4%, against 2.9% in 2016.
Free cash flow was $340M, and the company returned $17M in dividends.
The diluted share count rose 5% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Primoris Services's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.0B | $2.4B | $2.9B | $3.1B | $3.5B | $3.5B | $4.4B | $5.7B | $6.4B | $7.6B |
| Cost of revenue | $1.8B | $2.1B | $2.6B | $2.8B | $3.1B | $3.1B | $4.0B | $5.1B | $5.7B | $6.8B |
| Gross profit | $201M | $278M | $326M | $331M | $370M | $417M | $457M | $588M | $703M | $813M |
| Selling, general and admin | $140M | $170M | $182M | $189M | $203M | $230M | $282M | $329M | $383M | $399M |
| Operating income | $58M | $106M | $130M | $141M | $164M | $170M | $195M | $253M | $317M | $412M |
| Interest expense | $9M | $8M | $19M | $20M | $20M | — | — | — | — | — |
| Pre-tax income | $49M | $105M | $113M | $118M | $146M | $152M | $159M | $178M | $255M | $384M |
| Income tax | $21M | $28M | $26M | $34M | $41M | $36M | $26M | $52M | $74M | $109M |
| Net income | $27M | $72M | $77M | $82M | $105M | $116M | $133M | $126M | $181M | $275M |
| EPS (diluted) | $0.51 | $1.40 | $1.50 | $1.61 | $2.16 | $2.17 | $2.47 | $2.33 | $3.31 | $5.02 |
| Diluted shares | 52M | 52M | 52M | 51M | 49M | 53M | 54M | 54M | 55M | 55M |
| Gross margin | 10.1% | 11.7% | 11.1% | 10.7% | 10.6% | 11.9% | 10.3% | 10.3% | 11.0% | 10.7% |
| Operating margin | 2.9% | 4.5% | 4.4% | 4.5% | 4.7% | 4.9% | 4.4% | 4.4% | 5.0% | 5.4% |
| Net margin | 1.3% | 3.0% | 2.6% | 2.7% | 3.0% | 3.3% | 3.0% | 2.2% | 2.8% | 3.6% |
Balance sheet
Fiscal years, from Primoris Services's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $136M | $170M | $151M | $120M | $327M | $201M | $249M | $218M | $456M | $536M |
| Receivables | $388M | $292M | $373M | $405M | $432M | $472M | $663M | $685M | $834M | $723M |
| Inventory | $49M | $41M | — | — | — | — | — | — | — | — |
| Total current assets | $731M | $743M | $924M | $913M | $1.1B | $1.2B | $1.7B | $1.9B | $2.2B | $2.3B |
| Property, plant and equipment | $277M | $312M | $376M | $376M | $356M | $433M | $494M | $476M | $488M | $531M |
| Goodwill | $127M | $153M | $206M | $206M | $215M | $582M | $872M | $858M | $857M | $857M |
| Total assets | $1.2B | $1.3B | $1.6B | $1.8B | $2.0B | $2.5B | $3.5B | $3.8B | $4.2B | $4.4B |
| Total current liabilities | $450M | $455M | $622M | $670M | $764M | $759M | $1.1B | $1.3B | $1.7B | $1.8B |
| Long-term debt | $203M | $193M | $306M | $296M | $269M | $594M | $1.1B | $885M | $660M | $409M |
| Total liabilities | $672M | $694M | $987M | $1.2B | $1.3B | $1.6B | $2.4B | $2.6B | $2.8B | $2.7B |
| Shareholders' equity | $499M | $562M | $607M | $630M | $715M | $990M | $1.1B | $1.2B | $1.4B | $1.7B |
| Net debt | $126M | $88M | $217M | $231M | -$10M | $461M | $895M | $740M | $279M | -$66M |
Cash flow
Fiscal years, from Primoris Services's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $63M | $189M | $127M | $119M | $313M | $80M | $83M | $198M | $508M | $470M |
| Capital spending | $58M | $80M | $110M | $94M | $64M | $134M | $95M | $103M | $126M | $130M |
| Free cash flow | $5M | $109M | $17M | $24M | $249M | -$54M | -$11M | $96M | $382M | $340M |
| Stock-based compensation | $2M | $1M | $1M | $2M | $2M | $10M | $7M | $12M | $15M | $21M |
| Dividends paid | $11M | $11M | $12M | $12M | $12M | $13M | $13M | $13M | $13M | $17M |
| Share buybacks (net) | -$5M | -$5M | -$20M | — | -$11M | -$15M | -$6M | — | — | — |
| Net borrowing | -$13M | -$7M | $110M | -$17M | -$35M | $348M | $383M | -$87M | -$224M | -$329M |
| Free cash flow margin | 0.2% | 4.6% | 0.6% | 0.8% | 7.1% | -1.5% | -0.3% | 1.7% | 6.0% | 4.5% |
| Dividends per share | $0.22 | $0.22 | $0.24 | $0.24 | $0.24 | $0.24 | $0.24 | $0.24 | $0.24 | $0.32 |
Questions
What was Primoris Services's revenue in 2025?
$7.6B in fiscal 2025, from its 10-K filing.
How much free cash flow does Primoris Services generate?
$340M in fiscal 2025 (operating cash flow minus capital spending).
From Primoris Services's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.