Primoris Services Corporation (NYSE: PRIM) delivered record results in 2025 — revenue of $7.6 billion (up 19% year-on-year), net income of $274.9 million (up 52%), and a closing backlog of $11.9 billion including $7.0 billion in Master Service Agreements. The Dallas-headquartered contractor operates across two reporting segments — Energy and Utilities — serving oil and gas, pipeline, power generation, renewables, and utility infrastructure markets across the United States and Canada. Under new President and CEO Koti Vadlamudi, appointed in October 2025, Primoris is guiding for 2026 adjusted EPS of $5.80-$6.00 and adjusted EBITDA of $560-$580 million.
Primoris Services Corporation Overview
Founded in 1960 and headquartered in Dallas, Texas, Primoris Services has grown through a combination of organic growth and strategic acquisitions into one of the largest specialty construction and infrastructure services companies in North America. The company employs approximately 18,000 people — expanded by more than 2,800 in 2025 alone as growth in renewables and power delivery drove headcount expansion — and works across 40+ US states and Canadian provinces.
Primoris operates a decentralised model with strong regional operating companies retaining local market relationships and execution accountability. The company’s MSA-heavy backlog structure — where $7.0 billion of the $11.9 billion backlog consists of recurring Master Service Agreements with utility and energy clients — provides earnings stability and revenue visibility that pure project-based EPC contractors cannot match. Primoris ended 2025 with $536 million in cash and only $470 million in long-term debt, entering 2026 in a net cash positive position.
Energy Segment: Pipelines, Gas Generation & Renewables
Primoris’s Energy segment covers pipeline construction, natural gas power generation facility construction, industrial services, and renewable energy infrastructure — primarily utility-scale solar. Energy segment revenue grew by nearly $1 billion in 2025, driven by a 50%+ expansion in renewables revenue that exceeded $3 billion for the first time, alongside growth in natural gas generation project work. The segment’s pipeline revenue declined modestly as the company completed several large pipeline programmes and selectively pursued new awards, reflecting Primoris’s strategy of focusing on margin quality over volume in its pipeline business.
In pipeline construction, Primoris has executed gathering, transmission, and distribution pipeline projects for major North American midstream operators across the Permian Basin, Marcellus, and Gulf Coast. Its pipeline crews are capable of executing large-diameter mainline work as well as the smaller-diameter gathering and distribution systems that connect production areas to processing and market hubs. The midstream pipeline construction market Primoris serves is illustrated by our coverage of the Cardinal Midstream Delaware Basin pipeline expansion — representative of the midstream build-out driving pipeline contractor demand.
In natural gas power generation, Primoris constructs combined cycle and simple cycle gas turbine facilities — a market that has grown significantly in 2025 and 2026 as utilities accelerate gas-fired capacity additions to meet data centre and industrial load growth. This natural gas generation work is structurally aligned with the broader energy security picture covered in our 2026 underground gas storage and energy security outlook.
Renewables: The Growth Engine with an Execution Caveat
Primoris’s renewables business — primarily utility-scale solar construction — grew over 50% in 2025 to exceed $3 billion in revenue, making it the single largest revenue contributor within the Energy segment. The company accelerated execution on multiple projects at client request, pulling more than $500 million of revenue forward from 2026 into 2025. This pace of growth came with an execution challenge: two adjacent solar projects encountered cost overruns driven by underestimated geotechnical and soil conditions, impacting Q4 2025 Energy segment operating margins.
Management acknowledged the issue directly on the Q4 2025 earnings call, describing increased project leadership investment, a clearer understanding of remaining work scope, and an expectation of margin recovery through 2026 as these projects move toward completion. The episode is a useful reminder of the execution risk in large-scale solar EPC — a market where intense competition and aggressive client timelines can compress margins when site conditions prove more challenging than anticipated. Primoris’s 2026 Energy segment gross margin guidance of 10-12% reflects expected recovery from the 2025 Q4 dip.
Utilities Segment: Power Delivery & Grid Infrastructure
The Utilities segment is Primoris’s largest by MSA backlog — approximately $6.6 billion of the $11.9 billion total — and covers electric power delivery, distribution system construction, storm restoration, telecommunications infrastructure, and gas distribution network work. The segment serves major US investor-owned utilities across transmission line construction, substation installation, distribution upgrades, and system hardening programmes.
Power delivery demand is structurally elevated in 2026 as utilities accelerate grid investment to accommodate load growth from data centres, electric vehicles, and industrial reshoring. Primoris’s MSA structures with utility clients — long-term framework agreements that give it preferred supplier status for ongoing capital and maintenance work — create a recurring, relatively predictable revenue base that is difficult for project-only contractors to replicate. Storm restoration work, which added revenue in prior years, was lower in 2025 than 2024, but management expressed confidence in the underlying utility capital spending pipeline independent of weather events.
Pipeline and Terminal Construction: The Oil & Gas Foundation
While renewables and utilities have become Primoris’s growth narrative, its oil and gas pipeline and terminal construction heritage remains a significant part of its revenue base and competitive identity. Primoris has constructed crude oil, natural gas, and refined products pipelines across North America, including major pipeline system expansions in the Permian Basin, Mid-Continent, and Gulf Coast regions. Its terminal construction work — storage tank installation, truck rack construction, metering and measurement systems, and pipeline interconnections — sits directly within the oil and gas storage infrastructure market that this publication covers. Primoris’s position in the North American EPC market for pipeline and terminal work is covered in our guide to the top 10 pipeline companies in 2026.
Primoris Services Corporation Company Snapshot
| Founded | 1960 |
|---|---|
| Headquarters | Dallas, Texas, USA |
| Stock Exchange | NYSE (PRIM) |
| CEO | Koti Vadlamudi (appointed October 2025) |
| 2025 Revenue | $7.6 billion (record; +19% YoY) |
| 2025 Net Income | $274.9 million (+52% YoY) |
| Backlog (Dec 2025) | $11.9 billion ($7.0bn MSA) |
| Cash (Dec 2025) | $536 million (net cash positive) |
| 2026 Adj. EBITDA Guidance | $560–$580 million |
| Employees | ~18,000+ |
| Key Segments | Energy (pipelines, gas generation, renewables); Utilities (power delivery, grid) |
What does Primoris Services Corporation do?
Primoris Services Corporation is a North American infrastructure construction and services company operating across two segments: Energy, covering pipeline construction, natural gas power generation, industrial services, and renewable energy (primarily utility-scale solar); and Utilities, covering electric power delivery, distribution infrastructure, storm restoration, and telecommunications. The company serves major US utilities, midstream energy operators, and renewable energy developers across 40+ states and Canadian provinces.
What were Primoris Services’ 2025 financial results?
Primoris delivered record 2025 results — revenue of $7.6 billion (up 19% year-on-year), net income of $274.9 million (up 52%), and a year-end backlog of $11.9 billion including $7.0 billion in Master Service Agreements. The company ended 2025 with $536 million in cash and only $470 million in long-term debt, entering 2026 in a net cash positive position.
How large is Primoris’s renewables business?
Primoris’s renewables business — primarily utility-scale solar construction — exceeded $3 billion in revenue in 2025, representing growth of over 50% year-on-year. Renewables is now the largest single revenue contributor within Primoris’s Energy segment. Two adjacent solar projects encountered cost overruns in Q4 2025 due to geotechnical conditions, but management expects margin recovery through 2026 as these projects complete.
What pipeline work does Primoris Services do?
Primoris constructs crude oil, natural gas, and refined products pipelines across North America, including large-diameter mainline transmission work, gathering system construction in producing basins, and distribution network projects for utility clients. Its terminal construction work includes storage tank installation, truck rack construction, and pipeline interconnection systems for oil and gas terminal operators.
Who is the CEO of Primoris Services Corporation?
Koti Vadlamudi was appointed President and Chief Executive Officer of Primoris Services Corporation in October 2025. He succeeded David King, who had been serving as Chairman and Interim CEO. Vadlamudi’s appointment marked a transition to permanent leadership after a period of interim management following the departure of the previous CEO.