Centuri Holdings, Inc. (CTRI)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$3.4B

Revenue growth

25.2%

Net income, last twelve months

$28.9M

Earnings per share

$0.31

Gross margin

7.8%

Operating margin

2.7%

Net margin

0.9%

Free cash flow

-$15.2M

Return on equity

3.3%

Market value

$2.1B

Price to earnings

67.6x

Cash

$40.5M

Debt

$717.7M

Debt to equity

0.83

Shares outstanding

101.0M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter of fiscal 2026 results, filed 4 August 2026.

• Record quarterly revenue, up 33%. Revenue was $962.0 million, up 33% from the second quarter of 2025, and the company reported record quarterly revenue. Base Revenue rose 36% to $959.5 million on new bid and MSA work.
• Base Gross Profit up 21%. Gross profit was $69.1 million, up 2%. Base Gross Profit was $75.7 million, up 21% from $62.8 million, and Base Gross Profit Margin was 7.9%.
• Adjusted Net Income up 44%. Adjusted Net Income was $24.4 million, up 44%. Net income attributable to common stock was $6.1 million against $8.1 million, and diluted EPS was $0.06 against $0.09.
• Adjusted EBIT and EBITDA rose. Adjusted EBIT was $40.5 million, up 8% year over year. Adjusted EBITDA was $75.7 million against $71.8 million, a 5% increase.
• Storm work excluded from Base measures. Base Revenue and Base Gross Profit exclude storm restoration services, which management describes as highly unpredictable.
• Canadian Operations and U.S. Gas led growth. Revenue growth by segment: Canadian Operations 48%, U.S. Gas 45%, Union Electric 23%, and Non-Union Electric 11%.
• Base revenue growth from bids and MSAs. Base Revenue growth was primarily driven by new bid and MSA contracts in U.S. Gas and new bid work in Union Electric.
• U.S. Gas base margin 5.9% excluding Chicago. Excluding the $9.0 million City of Chicago reversal, U.S. Gas Base Gross Profit Margin was 5.9%, compared with 7.8% a year earlier.
• Base margin fell on fuel and labor. Base Gross Profit Margin fell to 7.9% from 8.9% a year earlier, which management attributed mainly to fuel costs and labor mobilization tied to headcount growth.
• Fuel and resource costs in quarter. Management estimated higher fuel prices cost about $6 million across the business, and resource investment tied to headcount growth cost about $3 million.
• Total margin effect of 95 basis points. Management said the two items together had an approximately 95 basis point impact on Base Gross Profit Margin.
• Selling, general and administrative costs rose. Selling, general and administrative expenses were $37.2 million, up from $29.0 million in the prior-year quarter.
• Q2 bookings near $850 million. The company secured nearly $850 million of bookings in the quarter, a 0.9x book-to-bill. Year-to-date bookings reached $2.2 billion, or 1.3x.
• New awards included $125 million data center. Bookings included nearly $400 million of new bid awards, including a $125 million data center award, and about $250 million of MSA renewals.

Revenue by segment

As the company reports it in the segment note of its annual report.

By business, FY2025

By product, FY2025

Company events

The newest 8-K filings of 29 held.

Every filing

The newest filings with the SEC of 67 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

281 funds held it at 30 Jun 2026: 154 added and 67 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• ONEOK Inc. (OKE): revenue $43.2B, market value $59.7B
• Southwest Gas Holdings, Inc. (SWX): revenue –, market value $6.7B
• Chesapeake Utilities Corp. (CPK): revenue $993.5M, market value $3.2B

What the company does

Centuri Holdings, Inc. is a North American utility and energy infrastructure services company with over 115 years of operating history. It works for regulated electric, gas and combination utilities, maintaining, upgrading and expanding the networks that deliver energy to homes and businesses. The company served over 400 customers in fiscal 2025 and operates across 97 locations in 46 U.S. states and six Canadian provinces. It had 9,687 regular full-time equivalent employees at the end of the fiscal year and is based in Phoenix, Arizona.

How the business is organised

- U.S. Gas Utility Services ("U.S. Gas") serves local natural gas distribution utilities. It also does some underground water and fiber work and runs an in-house fabrication shop. It made up 44.5% of revenue. - Canadian Utility Services ("Canadian Operations") serves gas and electric utilities and energy providers in Canada. It made up 8.3% of revenue. - Union Electric Utility Services ("Union Electric") does electric utility work in union markets. It also does heavy industrial work. It made up 27.1% of revenue. - Non-Union Electric Utility Services ("Non-Union Electric") does electric utility work in non-union markets. It made up 20.1% of revenue.

A fifth line, Other, holds corporate and non-allocated items.

What it does

The work is mostly the replacement, maintenance, retrofitting and installation of electric and natural gas distribution networks and utility-scale transmission networks. The electric segments focus on local distribution and urban transmission, which the filing describes as infrastructure between the substation and the end-user meter. The gas work covers distribution, utility-scale transmission and end-user infrastructure. The company says it has no exposure to cross-country pipeline projects. It also serves distributed power projects and data centers.

In Canada, the segment also provides storm response services and builds electrical systems for renewable energy projects. On 18 November 2025 Centuri acquired Connect Atlantic Utility Services Corporation, an Atlantic Canada electric utility services provider. Connect is included in Canadian Operations, which was previously called Canadian Gas Utility Services.

Centuri may also be called in to restore above-ground utility infrastructure after severe weather such as a regional storm.

Who it sells to

Customers include American Electric Power, Enbridge, Entergy, Exelon, NiSource, National Grid, Sempra Energy and Southern Company.

How it earns revenue

About 78% of revenue came from long-term master service agreements ("MSAs"). The other 22% came from bid contracts, and 8% of total revenue was bid work for existing MSA customers. The company says it mostly does smaller, lower-risk distribution projects.

By pricing type, 56% of revenue came from unit-priced contracts, 23% from time and materials contracts and 21% from fixed-price contracts. About 82% of backlog related to MSAs. Under a majority of MSAs and other customer agreements, the customer specifies, buys and supplies the materials.

Revenue is lowest in the first quarter because of winter weather. It usually improves in the summer and fall. Storm restoration work typically carries higher margins, and severe weather can also delay projects.

Its people and safety

About 57% of employees are represented by unions and covered by collective bargaining agreements. Headcount is typically highest in the summer and fall. New employees receive safety orientation training and certifications, and training recurs at regular intervals.

Safety metrics, including Total Recordable Incident Rate and Days Away/Restricted/Transferred, are part of incentive pay for business unit leaders. Behavioral programs include "Think SAFE", started in 2019, and "Good Catch", in which crew members record safety observations.

Competition and ownership

The company describes its industry as highly competitive and highly fragmented, with many regional and local providers. National competitors named in the filing are Quanta Services, MYR Group, Mastec, Primoris Services Corporation and Everus Construction Group. Centuri is not directly regulated by state utilities commissions or by the Federal Energy Regulatory Commission, though its operations are subject to licensing, worker safety, environmental and procurement rules.

Centuri was incorporated in Delaware in 2023 as a subsidiary of Southwest Gas Holdings, Inc. Its shares trade on the New York Stock Exchange under the ticker CTRI. Southwest Gas Holdings sold its remaining shares on 5 September 2025 and no longer holds any ownership interest. Christopher Krummel became independent Chair of the Board effective 15 September 2025.

*From Centuri's annual report on Form 10-K for the year ended 28 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1981599/000198159926000020/ctri-20251228.htm)*

From the company's 10-K.