TUTOR PERINI CORP, 10-Q filed on 11/5/2025
Quarterly Report
v3.25.3
Cover - shares
 9 Months Ended
Sep. 30, 2025
Oct. 30, 2025
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2025  
Document Transition Report false  
Entity File Number 1-6314  
Entity Registrant Name Tutor Perini Corporation  
Entity Incorporation, State or Country Code MA  
Entity Tax Identification Number 04-1717070  
Entity Address, Address Line One 15901 OLDEN STREET  
Entity Address, City or Town SYLMAR  
Entity Address, State or Province CA  
Entity Address, Postal Zip Code 91342-1093  
City Area Code 818  
Local Phone Number 362-8391  
Title of 12(b) Security Common Stock, $1.00 par value  
Trading Symbol TPC  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   52,743,248
Document Fiscal Period Focus Q3  
Entity Central Index Key 0000077543  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2025  
v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Income Statement [Abstract]        
REVENUE $ 1,415,360 $ 1,082,816 $ 4,035,674 $ 3,259,273
COST OF OPERATIONS (1,245,965) (1,108,644) (3,535,883) (3,052,773)
GROSS PROFIT (LOSS) 169,395 (25,828) 499,791 206,500
General and administrative expenses (129,301) (80,979) (317,942) (224,008)
INCOME (LOSS) FROM CONSTRUCTION OPERATIONS 40,094 (106,807) 181,849 (17,508)
Other income, net 7,457 4,487 18,349 15,636
Interest expense (13,549) (21,223) (41,489) (63,614)
INCOME (LOSS) BEFORE INCOME TAXES 34,002 (123,543) 158,709 (65,486)
Income tax (expense) benefit (15,154) 33,941 (50,026) 19,355
NET INCOME (LOSS) 18,848 (89,602) 108,683 (46,131)
LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS 15,217 11,260 57,080 38,159
NET INCOME (LOSS) ATTRIBUTABLE TO TUTOR PERINI CORPORATION $ 3,631 $ (100,862) $ 51,603 $ (84,290)
BASIC EARNINGS (LOSS) PER COMMON SHARE (in dollars per share) $ 0.07 $ (1.92) $ 0.98 $ (1.61)
DILUTED EARNINGS (LOSS) PER COMMON SHARE (in dollars per share) $ 0.07 $ (1.92) $ 0.97 $ (1.61)
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING:        
BASIC (in shares) 52,743 52,408 52,669 52,276
DILUTED (in shares) 53,664 52,408 53,290 52,276
v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Statement of Comprehensive Income [Abstract]        
NET INCOME (LOSS) $ 18,848 $ (89,602) $ 108,683 $ (46,131)
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:        
Defined benefit pension plan adjustments 307 207 898 849
Foreign currency translation adjustments (1,257) 854 1,556 (776)
Unrealized gain in fair value of investments 682 3,858 2,816 3,747
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX (268) 4,919 5,270 3,820
COMPREHENSIVE INCOME (LOSS) 18,580 (84,683) 113,953 (42,311)
LESS: COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS 14,643 11,937 58,300 38,176
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO TUTOR PERINI CORPORATION $ 3,937 $ (96,620) $ 55,653 $ (80,487)
v3.25.3
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
CURRENT ASSETS:    
Cash and cash equivalents ($390,374 and $131,738 related to variable interest entities (“VIEs”)) $ 695,732 $ 455,084
Restricted cash 62,352 9,104
Restricted investments 173,435 139,986
Accounts receivable ($167,189 and $51,953 related to VIEs) 1,299,908 986,893
Retention receivable ($211,090 and $171,704 related to VIEs) 661,907 560,163
Costs and estimated earnings in excess of billings ($106,182 and $95,219 related to VIEs) 847,778 942,522
Other current assets ($159,065 and $24,954 related to VIEs) 431,209 192,915
Total current assets 4,172,321 3,286,667
PROPERTY AND EQUIPMENT (“P&E”), net of accumulated depreciation of $567,677 and $566,308 (net P&E of $23,770 and $19,876 related to VIEs) 491,035 422,988
GOODWILL 205,143 205,143
INTANGIBLE ASSETS, NET 64,391 66,069
DEFERRED INCOME TAXES 102,808 143,289
OTHER ASSETS 129,556 118,554
TOTAL ASSETS 5,165,254 4,242,710
CURRENT LIABILITIES:    
Current maturities of long-term debt 20,068 24,113
Accounts payable ($72,177 and $22,845 related to VIEs) 647,050 631,468
Retention payable ($25,171 and $19,744 related to VIEs) 258,856 240,971
Billings in excess of costs and estimated earnings ($595,834 and $326,561 related to VIEs) 1,904,637 1,216,623
Accrued expenses and other current liabilities ($45,343 and $16,391 related to VIEs) 377,731 219,525
Total current liabilities 3,208,342 2,332,700
LONG-TERM DEBT, less current maturities, net of unamortized discount and debt issuance costs totaling $19,032 and $21,977 393,015 510,025
OTHER LONG-TERM LIABILITIES 310,484 241,379
TOTAL LIABILITIES 3,911,841 3,084,104
COMMITMENTS AND CONTINGENCIES (NOTE 12)
Stockholders' equity:    
Preferred stock - authorized 1,000,000 shares ($1 par value), none issued 0 0
Common stock - authorized 112,500,000 shares ($1 par value), issued and outstanding 52,743,248 and 52,485,719 shares 52,743 52,486
Additional paid-in capital 1,147,797 1,146,800
Retained earnings (deficit) 21,028 (30,575)
Accumulated other comprehensive loss (29,938) (33,988)
Total stockholders' equity 1,191,630 1,134,723
Noncontrolling interests 61,783 23,883
TOTAL EQUITY 1,253,413 1,158,606
TOTAL LIABILITIES AND EQUITY $ 5,165,254 $ 4,242,710
v3.25.3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Cash and cash equivalents $ 695,732 $ 455,084
Accounts receivable 1,299,908 986,893
Contract Assets: 661,907 560,163
Costs and estimated earnings in excess of billings 847,778 942,522
Total other current assets 431,209 192,915
Accumulated depreciation 567,677 566,308
Property and equipment, net 491,035 422,988
Accounts payable 647,050 631,468
Retainage payable 258,856 240,971
Billings in excess of costs and estimated earnings 1,904,637 1,216,623
Accrued expenses and other current liabilities 377,731 219,525
Unamortized discount and debt issuance costs, non-current $ 19,032 $ 21,977
Preferred stock, shares authorized (in shares) 1,000,000 1,000,000
Preferred stock, par value (in dollars per share) $ 1 $ 1
Preferred stock, shares issued (in shares) 0 0
Common stock, shares authorized (in shares) 112,500,000 112,500,000
Common stock, par value (in dollars per share) $ 1 $ 1
Common stock, shares issued (in shares) 52,743,248 52,485,719
Common stock, shares outstanding (in shares) 52,743,248 52,485,719
VIEs    
Cash and cash equivalents $ 390,374 $ 131,738
Accounts receivable 167,189 51,953
Contract Assets: 211,090 171,704
Costs and estimated earnings in excess of billings 106,182 95,219
Total other current assets 159,065 24,954
Property and equipment, net 23,770 19,876
Accounts payable 72,177 22,845
Retainage payable 25,171 19,744
Billings in excess of costs and estimated earnings 595,834 326,561
Accrued expenses and other current liabilities $ 45,343 $ 16,391
v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash Flows from Operating Activities:    
Net income (loss) $ 108,683 $ (46,131)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation 36,009 39,421
Amortization of intangible assets 1,678 1,677
Share-based compensation expense 120,676 38,961
Change in debt discounts and deferred debt issuance costs 3,364 5,887
Deferred income taxes 39,268 (39,396)
(Gain) loss on sale of property and equipment (3,783) 555
Changes in other components of working capital 263,469 172,298
Other long-term liabilities 2,189 4,376
Other, net 2,843 (3,678)
NET CASH PROVIDED BY OPERATING ACTIVITIES 574,396 173,970
Cash Flows from Investing Activities:    
Acquisition of property and equipment (105,891) (28,266)
Proceeds from sale of property and equipment 5,133 2,941
Investments in securities (56,299) (25,783)
Proceeds from maturities and sales of investments in securities 26,109 23,812
NET CASH USED IN INVESTING ACTIVITIES (130,948) (27,296)
Cash Flows from Financing Activities:    
Proceeds from debt 188,215 642,833
Repayment of debt (312,215) (842,127)
Cash payments related to share-based compensation (5,152) (3,257)
Distributions paid to noncontrolling interests (27,900) (12,400)
Contributions from noncontrolling interests 7,500 87
Debt issuance, extinguishment and modification costs 0 (25,093)
NET CASH USED IN FINANCING ACTIVITIES (149,552) (239,957)
Net increase (decrease) in cash, cash equivalents and restricted cash 293,896 (93,283)
Cash, cash equivalents and restricted cash at beginning of period 464,188 394,680
Cash, cash equivalents and restricted cash at end of period $ 758,084 $ 301,397
v3.25.3
Basis of Presentation
 9 Months Ended
Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation Basis of Presentation
The Condensed Consolidated Financial Statements do not include footnotes and certain financial information normally presented annually under generally accepted accounting principles in the United States (“GAAP”). Therefore, they should be read in conjunction with the audited consolidated financial statements and the related notes included in Tutor Perini Corporation’s (the “Company”) Annual Report on Form 10-K for the year ended December 31, 2024. The results of operations for the three and nine months ended September 30, 2025 may not be indicative of the results that will be achieved for the full year ending December 31, 2025.
In the opinion of management, the accompanying unaudited Condensed Consolidated Financial Statements reflect all adjustments, including those of a normal recurring nature, necessary to present fairly the Company’s condensed consolidated financial position as of September 30, 2025 and its condensed consolidated statements of operations and cash flows for the interim periods presented. Intercompany balances and transactions have been eliminated. Certain amounts in the condensed consolidated financial statements and notes thereto of prior years have been reclassified to conform to the current year presentation.
v3.25.3
Recent Accounting Pronouncements
 9 Months Ended
Sep. 30, 2025
Accounting Standards Update and Change in Accounting Principle [Abstract]  
Recent Accounting Pronouncements Recent Accounting Pronouncements
In December 2023, the FASB issued ASU 2023-09, Income Taxes (“Topic 740”): Improvements to Income Tax Disclosures (“ASU 2023-09”), which requires public entities to disclose specific categories in its annual effective tax rate reconciliation and disaggregated information about significant reconciling items by jurisdiction and by nature. ASU 2023-09 also requires entities to disclose their income tax payments (net of refunds) to international, federal, and state and local jurisdictions. This guidance is effective for annual reporting periods beginning after December 15, 2024, and requires prospective application with the option to apply it retrospectively. Early adoption is permitted. Adoption of this new guidance will result in increased disclosures in the Income Taxes footnote of the Company’s Notes to Consolidated Financial Statements, but will not have an impact on the consolidated financial position, results of operations or cash flows.
In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (“Subtopic 220-40”): Disaggregation of Income Statement Expenses (“ASU 2024-03”), which requires public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. This guidance is effective for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statements.
v3.25.3
Revenue
 9 Months Ended
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
Disaggregation of Revenue
The following tables disaggregate revenue by segment, end market, customer type and contract type, which the Company believes best depict how the nature, amount, timing and uncertainty of its revenue and cash flows are affected by economic factors for the three and nine months ended September 30, 2025 and 2024.
Three Months Ended
September 30,		Nine Months Ended
September 30,
(in thousands)2025202420252024
Civil segment revenue by end market:
Mass transit (includes certain transportation and tunneling projects)$466,226 $341,827 $1,240,094 $883,930 
Military facilities86,696 110,214 289,383 333,137 
Bridges(a)
122,081 1,539 278,015 91,519 
Detention facilities31,818 22,216 116,531 29,088 
Power and energy40,288 34,456 108,956 96,382 
Commercial and industrial sites19,745 31,463 67,053 107,583 
Other3,380 4,180 14,430 22,909 
Total Civil segment revenue$770,234 $545,895 $2,114,462 $1,564,548 
Three Months Ended
September 30,		Nine Months Ended
September 30,
(in thousands)2025202420252024
Building segment revenue by end market:
Healthcare facilities$224,392 $160,904 $672,366 $408,845 
Detention facilities99,129 49,762 263,044 108,302 
Government28,864 61,278 151,985 247,467 
Education facilities25,578 74,624 110,329 226,973 
Mass transit (includes transportation projects)25,615 64,861 90,843 183,359 
Other15,086 24,286 51,963 90,577 
Total Building segment revenue$418,664 $435,715 $1,340,530 $1,265,523 
Three Months Ended
September 30,		Nine Months Ended
September 30,
(in thousands)2025202420252024
Specialty Contractors segment revenue by end market:
Mass transit (includes certain transportation and tunneling projects)$75,648 $22,674 $174,416 $119,626 
Commercial and industrial facilities39,628 27,811 105,394 86,234 
Multi-unit residential27,941 16,623 76,427 61,647 
Healthcare facilities27,424 15,566 71,881 46,994 
Government20,071 13,815 63,883 54,839 
Detention facilities12,714 209 25,096 629 
Water4,493 10,544 20,789 39,462 
Education facilities5,812 8,566 13,937 22,828 
Other12,731 (14,602)28,859 (3,057)
Total Specialty Contractors segment revenue$226,462 $101,206 $580,682 $429,202 
Three Months Ended
September 30, 2025		Three Months Ended
September 30, 2024
(in thousands)CivilBuildingSpecialty
Contractors		TotalCivilBuildingSpecialty
Contractors		Total
Revenue by customer type:
State and local agencies(a)
$601,597 $181,817 $136,577 $919,991 $325,543 $241,584 $43,114 $610,241 
Federal agencies117,852 23,721 6,002 147,575 137,110 40,616 (4,090)173,636 
Private owners
50,785 213,126 83,883 347,794 83,242 153,515 62,182 298,939 
Total revenue$770,234 $418,664 $226,462 $1,415,360 $545,895 $435,715 $101,206 $1,082,816 
Nine Months Ended
September 30, 2025		Nine Months Ended
September 30, 2024
(in thousands)CivilBuildingSpecialty
Contractors		TotalCivilBuildingSpecialty
Contractors		Total
Revenue by customer type:
State and local agencies(a)
$1,589,534 $613,772 $319,666 $2,522,972 $955,157 $736,220 $203,194 $1,894,571 
Federal agencies353,606 95,186 11,168 459,960 369,876 132,753 (3,312)499,317 
Private owners171,322 631,572 249,848 1,052,742 239,515 396,550 229,320 865,385 
Total revenue$2,114,462 $1,340,530 $580,682 $4,035,674 $1,564,548 $1,265,523 $429,202 $3,259,273 

Three Months Ended
September 30, 2025		Three Months Ended
September 30, 2024
(in thousands)CivilBuildingSpecialty
Contractors		TotalCivilBuildingSpecialty
Contractors		Total
Revenue by contract type:
Fixed price(a)
$636,390 $168,226 $174,159 $978,775 $446,208 $211,625 $73,870 $731,703 
Guaranteed maximum price
82 228,445 11,417 239,944 420 205,184 1,640 207,244 
Unit price115,858 — 21,170 137,028 90,090 — 16,579 106,669 
Cost plus fee and other17,904 21,993 19,716 59,613 9,177 18,906 9,117 37,200 
Total revenue$770,234 $418,664 $226,462 $1,415,360 $545,895 $435,715 $101,206 $1,082,816 

Nine Months Ended
September 30, 2025		Nine Months Ended
September 30, 2024
(in thousands)CivilBuildingSpecialty
Contractors		TotalCivilBuildingSpecialty
Contractors		Total
Revenue by contract type:
Fixed price(a)
$1,822,443 $546,460 $453,316 $2,822,219 $1,330,549 $567,821 $349,718 $2,248,088 
Guaranteed maximum price
304 703,520 24,235 728,059 554 583,127 3,200 586,881 
Unit price244,170 — 57,724 301,894 199,257 — 57,404 256,661 
Cost plus fee and other47,545 90,550 45,407 183,502 34,188 114,575 18,880 167,643 
Total revenue$2,114,462 $1,340,530 $580,682 $4,035,674 $1,564,548 $1,265,523 $429,202 $3,259,273 
____________________________________________________________________________________________________
(a)The three and nine-month periods ended September 30, 2024 include the negative impact of a $101.6 million adjustment related to an adverse arbitration ruling on a completed Civil segment bridge project in California, of which $79.4 million was a reversal of previously recognized revenue. Refer to Note 19, Business Segments, for additional details.
Changes in Contract Estimates that Impact Revenue
Changes to the total estimated contract revenue or cost for a given project, either due to unexpected events or revisions to management’s initial estimates, are recognized in the period in which they are determined. Revenue was negatively impacted by $23.6 million and $26.6 million during the three and nine months ended September 30, 2025, respectively, due to performance obligations satisfied (or partially satisfied) in prior periods. Revenue was negatively impacted by $163.5 million and $180.4 million during the three and nine months ended September 30, 2024, respectively, due to performance obligations satisfied (or partially satisfied) in prior periods. Refer to Note 19, Business Segments, for additional details on significant adjustments.
Remaining Performance Obligations
Remaining performance obligations represent the transaction price of firm orders for which work has not been performed and exclude unexercised contract options. As of September 30, 2025, the aggregate amounts of the transaction prices allocated to the remaining performance obligations of the Company’s construction contracts were $10.2 billion, $5.2 billion and $2.5 billion for the Civil, Building and Specialty Contractors segments, respectively. As of September 30, 2024, the aggregate amounts of the transaction prices allocated to the remaining performance obligations of the Company’s construction contracts were $4.1 billion, $3.2 billion and $1.3 billion for the Civil, Building and Specialty Contractors segments, respectively. The Company typically recognizes revenue on Civil segment projects over a period of three to five years, whereas for projects in the Building and Specialty Contractors segments, the Company typically recognizes revenue over a period of one to three years.
v3.25.3
Contract Assets and Liabilities
 9 Months Ended
Sep. 30, 2025
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]  
Contract Assets and Liabilities Contract Assets and Liabilities
The Company classifies contract assets and liabilities that may be settled beyond one year from the balance sheet date as current, consistent with the length of time of the Company’s project operating cycle.
Contract assets and liabilities on the Condensed Consolidated Balance Sheets consisted of the following:
(in thousands)As of September 30,
2025		As of December 31,
2024
Contract Assets:
Costs and estimated earnings in excess of billings:
Claims$365,533 $451,770 
Unapproved change orders398,174 393,803 
Other unbilled costs and profits84,071 96,949 
Total costs and estimated earnings in excess of billings847,778 942,522 
Contract Liabilities:
Billings in excess of costs and estimated earnings$1,904,637 $1,216,623 
Costs and estimated earnings in excess of billings represent the excess of contract costs and profits (or contract revenue) over the amount of contract billings to date and are classified as a current asset. Costs and estimated earnings in excess of billings result when either: (1) the appropriate contract revenue amount has been recognized over time in accordance with Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers (“ASC 606”), but a portion of the revenue recorded cannot be billed currently due to the billing terms defined in the contract, or (2) costs are incurred related to certain claims and unapproved change orders. Claims occur when there is a dispute regarding both a change in the scope of work and the price associated with that change. Unapproved change orders occur when a change in the scope of work results in additional work being performed before the parties have agreed on the corresponding change in the contract price. The Company routinely estimates recovery related to claims and unapproved change orders as a form of variable consideration at the most likely amount it expects to receive and to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. Claims and unapproved change orders are billable upon the agreement and resolution between the contractual parties and after the execution of contractual amendments. Increases in claims and unapproved change orders typically result from costs being incurred against existing or new positions; decreases normally result from resolutions and subsequent billings. As discussed in Note 12, Commitments and Contingencies, the resolution of these claims and unapproved change orders may require litigation or other forms of dispute resolution proceedings. Other unbilled costs and profits are billable in accordance with the billing terms of each of the existing contractual arrangements and, as such, the timing of contract billing cycles can cause fluctuations in the balance of unbilled costs and profits. Ultimate resolution of other unbilled costs and profits typically involves incremental progress toward contractual requirements or milestones. The amount of costs and estimated earnings in excess of billings as of September 30, 2025 estimated by management to be collected beyond one year is approximately $513.4 million.
Billings in excess of costs and estimated earnings represent the excess of contract billings to date over the amount of contract costs and profits (or contract revenue) recognized to date. The balance may fluctuate depending on the timing of contract billings and the recognition of contract revenue. Revenue recognized during the three and nine months ended September 30, 2025 and included in the opening billings in excess of costs and estimated earnings balances for each period totaled $784.3 million and $886.9 million, respectively. Revenue recognized during the three and nine months ended September 30, 2024 and included in the opening billings in excess of costs and estimated earnings balances for each period totaled $534.2 million and $891.4 million, respectively.
v3.25.3
Cash, Cash Equivalents and Restricted Cash
 9 Months Ended
Sep. 30, 2025
Cash and Cash Equivalents [Abstract]  
Cash, Cash Equivalents and Restricted Cash Cash, Cash Equivalents and Restricted Cash
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets to the amounts shown in the Condensed Consolidated Statements of Cash Flows:
(in thousands)As of September 30,
2025		As of December 31,
2024
Cash and cash equivalents available for general corporate purposes$201,698 $265,647 
Joint venture cash and cash equivalents494,034 189,437 
Cash and cash equivalents695,732 455,084 
Restricted cash62,352 9,104 
Total cash, cash equivalents and restricted cash$758,084 $464,188 
Cash equivalents include short-term, highly liquid investments with maturities of three months or less when acquired. Cash and cash equivalents consist of amounts available for the Company’s general purposes, the Company’s proportionate share of cash held by the Company’s unconsolidated joint ventures and 100% of amounts held by the Company’s consolidated joint ventures. In both cases, cash held by joint ventures is available only for joint venture-related uses, including future distributions to joint venture partners.
Restricted cash includes amounts primarily held as collateral to secure insurance-related contingent obligations, such as insurance claim deductibles, in lieu of letters of credit.
v3.25.3
Other Current Assets
 9 Months Ended
Sep. 30, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Other Current Assets Other Current Assets
Other current assets consist of the following:
(in thousands)As of September 30,
2025		As of December 31,
2024
Capitalized contract costs
$352,651 $100,593 
Other
78,558 92,322 
Total other current assets
$431,209 $192,915 
Capitalized contract costs are included in other current assets and primarily represent costs to fulfill a contract that (1) directly relate to an existing or anticipated contract, (2) generate or enhance resources that will be used in satisfying performance obligations in the future and (3) are expected to be recovered through the contract. Capitalized contract costs, which are primarily comprised of prepaid insurance premiums, are generally expensed to the associated contract over the period of anticipated use on the project. During the three and nine months ended September 30, 2025, $36.3 million and $68.7 million, respectively, of previously capitalized contract costs were amortized and recognized as expense on the related contracts. During the three and nine months ended September 30, 2024, $15.1 million and $47.0 million, respectively, of previously capitalized contract costs were amortized and recognized as expense on the related contracts.
v3.25.3
Earnings Per Common Share
 9 Months Ended
Sep. 30, 2025
Earnings Per Share [Abstract]  
Earnings Per Common Share Earnings Per Common Share
Basic earnings per common share (“EPS”) and diluted EPS are calculated by dividing net income (loss) attributable to Tutor Perini Corporation by the following: for basic EPS, the weighted-average number of common shares outstanding during the period; and for diluted EPS, the sum of the weighted-average number of both outstanding common shares and potentially dilutive securities, which for the Company can include restricted stock units (“RSUs”) and unexercised stock options. The Company calculates the effect of the potentially dilutive RSUs and stock options using the treasury stock method.
Three Months Ended September 30,Nine Months Ended September 30,
(in thousands, except per common share data)2025202420252024
Net income (loss) attributable to Tutor Perini Corporation$3,631 $(100,862)$51,603 $(84,290)
Weighted-average common shares outstanding, basic52,743 52,408 52,669 52,276 
Effect of dilutive RSUs and stock options921 — 621 — 
Weighted-average common shares outstanding, diluted53,664 52,408 53,290 52,276 
Net income (loss) attributable to Tutor Perini Corporation per common share:
Basic$0.07 $(1.92)$0.98 $(1.61)
Diluted$0.07 $(1.92)$0.97 $(1.61)
Anti-dilutive securities not included above— 1,817 167 1,388 
For the three and nine months ended September 30, 2024, all outstanding RSUs and stock options were excluded from the calculation of weighted-average diluted shares outstanding, as the shares have an anti-dilutive effect due to the net loss for the periods.
Refer to Note 19, Business Segments, for additional details on significant impacts to net income (loss) and diluted EPS.
v3.25.3
Income Taxes
 9 Months Ended
Sep. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Company recognized income tax expense of $15.2 million and $50.0 million for the three and nine months ended September 30, 2025, respectively. The effective income tax rate was 44.6% and 31.5% for the three and nine months ended September 30, 2025, respectively. The effective income tax rate for both the three and nine months ended September 30, 2025 was higher than the 21.0% federal statutory income tax rate primarily due to non-deductible expenses and state income taxes (net of federal tax benefit), partially offset by earnings attributable to noncontrolling interests (for which income taxes are not the responsibility of the Company) and federal income tax credits.
The Company recognized an income tax benefit of $33.9 million and $19.4 million for the three and nine months ended September 30, 2024, respectively. The effective income tax rate was 27.5% and 29.6% for the three and nine months ended September 30, 2024, respectively. The effective income tax rate for both the three and nine months ended September 30, 2024 was higher than the 21.0% federal statutory income tax rate primarily due to earnings attributable to noncontrolling interests (for which income taxes are not the responsibility of the Company) and state income taxes (net of the federal tax benefit), partially offset by non-deductible expenses.
On July 4, 2025, H.R.1, commonly known as the One Big Beautiful Bill Act, was enacted, which includes a broad range of tax reform provisions. The legislation includes several provisions that may impact the timing and magnitude of certain tax deductions. Key provisions include the permanent extension of several business tax benefits originally introduced under the 2017 Tax Cuts and Jobs Act. The Company is evaluating the impact of the new legislation but does not expect it to have a material impact on its consolidated financial statements.
v3.25.3
Goodwill and Intangible Assets
 9 Months Ended
Sep. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Goodwill and Intangible Assets
Goodwill
The following table presents the changes in the carrying amount of goodwill since its inception through September 30, 2025:
(in thousands)CivilBuildingSpecialty
Contractors		Total
Gross goodwill as of December 31, 2024
$492,074 $424,724 $156,193 $1,072,991 
Accumulated impairment as of December 31, 2024
(286,931)(424,724)(156,193)(867,848)
Goodwill as of December 31, 2024205,143 — — 205,143 
Current year activity— — — — 
Goodwill as of September 30, 2025$205,143 $— $— $205,143 
The Company performed its annual impairment test in the fourth quarter of 2024 and concluded goodwill was not impaired. In addition, the Company determined that no triggering events occurred and no circumstances changed since the date of its annual impairment test that would more likely than not reduce the fair value of the Civil reporting unit below its carrying amount.
The Company will continue to monitor events and circumstances for changes that indicate the Civil reporting unit goodwill would need to be reevaluated for impairment during future interim periods prior to the annual impairment test. These future events and circumstances include, but are not limited to, changes in the overall financial performance of the Civil reporting unit, as well as other quantitative and qualitative factors which could indicate potential triggering events for possible impairment.
Intangible Assets
Intangible assets consist of the following:
As of September 30, 2025Weighted-Average Amortization Period
(in thousands)CostAccumulated
Amortization
Accumulated
 Impairment Charge
Carrying Value
Trade names (non-amortizable)$117,600 $— $(67,190)$50,410 Indefinite
Trade names (amortizable)69,250 (32,037)(23,232)13,981 20 years
Contractor license6,000 — (6,000)— N/A
Customer relationships39,800 (23,155)(16,645)— N/A
Construction contract backlog149,290 (149,290)— — N/A
Total$381,940 $(204,482)$(113,067)$64,391 
As of December 31, 2024Weighted-Average Amortization Period
(in thousands)CostAccumulated
Amortization
Accumulated
 Impairment Charge
Carrying Value
Trade names (non-amortizable)$117,600 $— $(67,190)$50,410 Indefinite
Trade names (amortizable)69,250 (30,359)(23,232)15,659 20 years
Contractor license6,000 — (6,000)— N/A
Customer relationships39,800 (23,155)(16,645)— N/A
Construction contract backlog149,290 (149,290)— — N/A
Total$381,940 $(202,804)$(113,067)$66,069 
Amortization expense related to amortizable intangible assets for each of the three and nine months ended September 30, 2025 and 2024 was $0.6 million and $1.7 million, respectively. As of September 30, 2025, future amortization expense related to amortizable intangible assets will be approximately $0.6 million for the remainder of 2025, $2.2 million per year for the years 2026 through 2030 and $2.4 million thereafter.
The Company performed its annual impairment test for non-amortizable trade names during the fourth quarter of 2024. Based on this assessment, the Company concluded that its non-amortizable trade names were not impaired. In addition, the Company determined that no triggering events occurred and no circumstances changed since the date of its annual impairment test that would indicate impairment of its non-amortizable trade names. Other amortizable intangible assets are reviewed for impairment whenever circumstances indicate that the future cash flows generated by the assets might be less than the assets’ net carrying value. The Company had no impairment of intangible assets during the three and nine months ended September 30, 2025 or 2024.
v3.25.3
Financial Commitments
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Financial Commitments Financial Commitments
Long-Term Debt
Long-term debt as reported on the Condensed Consolidated Balance Sheets consisted of the following:
(in thousands)As of September 30,
2025		As of December 31,
2024
2024 Senior Notes$380,968 $378,023 
Term Loan B— 121,863 
Revolver— — 
Equipment financing and mortgages21,096 25,038 
Other indebtedness11,019 9,214 
Total debt413,083 534,138 
Less: Current maturities20,068 24,113 
Long-term debt, net$393,015 $510,025 
The following table reconciles the outstanding debt balances to the reported debt balances as of September 30, 2025 and December 31, 2024:
As of September 30, 2025As of December 31, 2024
(in thousands)Outstanding DebtUnamortized Discounts and Issuance CostsDebt,
as reported		Outstanding DebtUnamortized Discounts and Issuance CostsDebt,
as reported
2024 Senior Notes$400,000 $(19,032)$380,968 $400,000 $(21,977)$378,023 
Term Loan B— — — 121,863 — 121,863 
The unamortized issuance costs related to the Revolver were $1.0 million and $1.4 million as of September 30, 2025 and December 31, 2024, respectively, and are included in other assets on the Condensed Consolidated Balance Sheets.
2024 Senior Notes
On April 22, 2024, the Company issued $400.0 million in aggregate principal amount of 11.875% Senior Notes due April 30, 2029 (the “2024 Senior Notes”) in a private placement offering. Interest on the 2024 Senior Notes is payable in arrears semi-annually in April and October of each year, beginning in October 2024. The proceeds from the 2024 Senior Notes were used to redeem the 2017 Senior Notes (as discussed below).
Prior to April 30, 2026, the Company may redeem the 2024 Senior Notes at a redemption price equal to 100% of the principal amount plus a “make-whole” premium described in the indenture. In addition, prior to April 30, 2026, the Company may redeem up to 40% of the original aggregate principal amount of the 2024 Senior Notes at a redemption price of 111.875% of their principal amount with the “net cash proceeds” received by the Company from one or more equity offerings, as described in the indenture. On or after April 30, 2026, the Company may redeem the 2024 Senior Notes at specified redemption prices described in the indenture. If the Company experiences certain change of control events, holders of the 2024 Senior Notes may require the Company to repurchase all or part of the 2024 Senior Notes at 101% of the principal amount thereof, plus accrued and unpaid interest to the redemption date.
The 2024 Senior Notes are senior unsecured obligations of the Company and are guaranteed by the Company’s existing and future subsidiaries that also guarantee obligations under the Company’s 2020 Credit Agreement. In addition, the indenture for the 2024 Senior Notes provides for customary covenants, including restrictions on the payment of dividends and share repurchases, and includes customary events of default.
Redemption of 2017 Senior Notes
On April 20, 2017, the Company issued $500.0 million in aggregate principal amount of 6.875% Senior Notes due May 1, 2025 (the “2017 Senior Notes”) in a private placement offering.
The proceeds of the 2024 Senior Notes, together with cash on hand, were used to redeem in full, all of the outstanding obligations in respect of the 2017 Senior Notes. The redemption of the 2017 Senior Notes occurred on May 2, 2024 (the “2017 Senior Notes Redemption”).
2020 Credit Agreement
On August 18, 2020, the Company entered into a credit agreement (as amended, the “2020 Credit Agreement”) with BMO Bank N.A. (f/k/a BMO Harris Bank N.A.), as Administrative Agent, Swing Line Lender and L/C Issuer and other lenders. The 2020 Credit Agreement originally provided for a $425.0 million term loan B facility (the “Term Loan B”) and a $175.0 million revolving credit facility (the “Revolver”), which was subsequently reduced to $170.0 million following the effectiveness of the 2024 Amendment (as defined and discussed below), with sub-limits for the issuance of letters of credit and swing line loans up to the aggregate amounts of $75.0 million and $10.0 million, respectively. The Term Loan B was set to mature on August 18, 2027. Prior to the 2017 Senior Notes Redemption, if any of the 2017 Senior Notes had remained outstanding beyond certain dates, the maturities of the Term Loan B and the Revolver would have been subject to acceleration (“spring-forward maturity”). However, following the 2017 Senior Notes Redemption and the consummation of the 2024 Amendment, the spring-forward maturity of the Term Loan B is no longer in effect and the spring-forward maturity of the Revolver has been extended (as described below).
On April 15, 2024, the Company entered into an amendment in respect of the 2020 Credit Agreement (the “2024 Amendment”) which, among other changes, (1) extends the existing Revolver maturity date from August 18, 2025 to (a) if any tranche of the Term Loan B, any incremental term loan or any refinancing term loan (or any refinancing or replacement thereof) remains outstanding, the earlier of (i) May 20, 2027 and (ii) the date that is ninety (90) days prior to the final maturity of any tranche of the Term Loan B, any incremental term loan or any refinancing term loan (or any refinancing or replacement thereof), as applicable, and (b) if no obligations are outstanding with respect to any tranche of the Term Loan B, any incremental term loan or any refinancing term loan, August 18, 2027 and (2) permanently reduces the aggregate commitments in respect of the Revolver by $5.0 million from $175.0 million to $170.0 million. The 2024 Amendment became effective on May 2, 2024 upon the completion of the 2017 Senior Notes Redemption.
The 2020 Credit Agreement permits the Company to repay any or all borrowings outstanding under the 2020 Credit Agreement at any time prior to maturity without penalty. The 2020 Credit Agreement requires the Company to make regularly scheduled payments of principal on the Term Loan B in quarterly installments equal to 0.25% of the initial principal amount of the Term Loan B. The 2020 Credit Agreement also requires the Company to make prepayments on the Term Loan B in connection with certain asset sales, receipts of insurance proceeds, incurrences of certain indebtedness and annual excess cash flow (in each case, subject to certain customary exceptions). During the first quarter of 2025, the Company voluntarily repaid the remaining $121.9 million outstanding balance of the Term Loan B.
Subject to certain exceptions, at any time prior to maturity, the 2020 Credit Agreement provides the Company with the right to increase the commitments under the Revolver and/or to establish one or more term loan facilities in an aggregate amount up to (i) the greater of $173.5 million and 50% LTM EBITDA (as defined in the 2020 Credit Agreement) plus (ii) additional amounts if (A) in the case of pari passu first lien secured indebtedness, the First Lien Net Leverage Ratio (as defined in the 2020 Credit Agreement) does not exceed 1.35:1.00, (B) in the case of junior lien secured indebtedness, the Total Net Leverage Ratio (as defined in the 2020 Credit Agreement) does not exceed 3.50:1.00 and (C) in the case of unsecured indebtedness, (x) the Total Net Leverage Ratio does not exceed 3.50:1.00 or (y) the Fixed Charge Coverage Ratio (as defined in the 2020 Credit Agreement) is no less than 2.00:1.00.
Borrowings under the 2020 Credit Agreement bear interest, at the Company’s option, at a rate equal to (i) (A) in the case of the Term Loan B, following the amendment to the 2020 Credit Agreement on May 2, 2023 (as discussed below), (x) the Adjusted Term Secured Overnight Financing Rate (“Adjusted Term SOFR”) (calculated with a 11.448 basis point, 26.161 basis point and 42.826 basis point credit spread adjustment for a 1, 3 and 6 month interest period, respectively) or (y) a base rate (determined by reference to the highest of (1) the administrative agent’s prime lending rate, (2) the federal funds effective rate plus 50 basis points and (3) the Adjusted Term SOFR rate for a one-month interest period plus 100 basis points) and (B) in the case of the Revolver, following the amendment to the 2020 Credit Agreement on October 31, 2022 (as discussed below), (x) the Adjusted Term SOFR rate (calculated with a 10 basis point credit spread adjustment for all interest periods) or (y) a base rate (determined by reference to the highest of (1) the administrative agent’s prime lending rate, (2) the federal funds effective rate plus 50 basis points and (3) the Adjusted Term SOFR rate for a one-month interest period plus 100 basis points) plus, in each case, (ii) an applicable margin. The margin applicable to the Term Loan B is between 4.50% and 4.75% for Adjusted Term SOFR and
between 3.50% and 3.75% for base rate, and, in each case, is based on the Total Net Leverage Ratio. The margin applicable to the Revolver is between 4.25% and 4.75% for Adjusted Term SOFR and 3.25% and 3.75% for base rate, and, in each case, is based on the First Lien Net Leverage Ratio. Effective following the amendment to the 2020 Credit Agreement on October 31, 2022, the Company’s original London Interbank Offered Rate (“LIBOR”) option in respect of the Revolver was transitioned to Adjusted Term SOFR. Effective May 2, 2023, the 2020 Credit Agreement was further amended to transition the Company’s original LIBOR option in respect of the Term Loan B to Adjusted Term SOFR. In addition to paying interest on outstanding principal under the 2020 Credit Agreement, the Company will pay a commitment fee to the lenders under the Revolver in respect of the unutilized commitments thereunder. The Company will pay customary letter of credit fees. If a payment or bankruptcy event of default occurs and is continuing, the otherwise applicable margin on overdue amounts will be increased by 2% per annum. The 2020 Credit Agreement includes customary provisions for the replacement of Adjusted Term SOFR with an alternative benchmark rate upon Adjusted Term SOFR being discontinued. The average borrowing rates on the Term Loan B and the Revolver for the nine months ended September 30, 2025 were approximately 9.2% and 10.8%, respectively.
As amended, the 2020 Credit Agreement requires, solely with respect to the Revolver, the Company and its restricted subsidiaries to maintain a maximum First Lien Net Leverage Ratio of 3.50:1.00, effective the fiscal quarter ended December 31, 2022 and increasing to 3.75:1.00 for the fiscal quarter ending March 31, 2023 and subsequently stepping down to 3.00:1.00 for the fiscal quarter ending June 30, 2023, 2.50:1.00 for the fiscal quarter ending September 30, 2023 and 2.25:1.00 for the fiscal quarter ending December 31, 2023 and each fiscal quarter thereafter. The 2020 Credit Agreement also includes certain customary representations and warranties, affirmative covenants and events of default. Subject to certain exceptions, substantially all of the Company’s existing and future material wholly-owned subsidiaries unconditionally guarantee the obligations of the Company under the 2020 Credit Agreement; additionally, subject to certain exceptions, the obligations are secured by a lien on substantially all of the assets of the Company and its subsidiaries guaranteeing these obligations.
As of September 30, 2025, the entire $170.0 million was available under the Revolver. The Company was in compliance with the financial covenant under the 2020 Credit Agreement for the period ended September 30, 2025.
Interest Expense
Interest expense as reported in the Condensed Consolidated Statements of Operations consisted of the following:
Three Months Ended
September 30,		Nine Months Ended
September 30,
(in thousands)2025202420252024
Cash interest expense:
Interest on Term Loan B$— $7,121 $876 $22,693 
Interest on 2024 Senior Notes11,875 11,875 35,625 20,583 
Interest on 2017 Senior Notes— — — 11,554 
Interest on Revolver— 20 193 993 
Other interest519 686 1,431 1,904 
Total cash interest expense12,394 19,702 38,125 57,727 
Non-cash interest expense:(a)
Amortization of discount and debt issuance costs on Term Loan B— 494 — 2,285 
Amortization of debt issuance costs on Revolver140 140 419 493 
Amortization of debt issuance costs on 2024 Senior Notes1,015 887 2,945 1,519 
Amortization of debt issuance costs on 2017 Senior Notes— — — 392 
Non-cash portion of loss on extinguishment— — — 1,198 
Total non-cash interest expense1,155 1,521 3,364 5,887 
Total interest expense$13,549 $21,223 $41,489 $63,614 
____________________________________________________________________________________________________
(a)The combination of cash and non-cash interest expense produces effective interest rates that are higher than contractual rates. Accordingly, the effective interest rate for the 2024 Senior Notes was 13.56% for the nine months ended September 30, 2025.
v3.25.3
Leases
 9 Months Ended
Sep. 30, 2025
Leases [Abstract]  
Leases Leases
The Company leases certain office space, construction and office equipment, vehicles and temporary housing generally under non-cancelable operating leases. Leases with an initial term of one year or less are not recorded on the balance sheet, and the Company generally recognizes lease expense for these leases on a straight-line basis over the lease term. As of September 30, 2025, the Company’s operating leases have remaining lease terms ranging from less than one year to 13 years, some of which include options to renew the leases. The exercise of lease renewal options is generally at the Company’s sole discretion. The Company’s leases do not contain any material residual value guarantees or material restrictive covenants.
The following table presents components of lease expense for the three and nine months ended September 30, 2025 and 2024:
Three Months Ended
September 30,		Nine Months Ended
September 30,
(in thousands)2025202420252024
Operating lease expense$3,290 $3,471 $10,011 $9,993 
Short-term lease expense(a)
15,047 16,682 43,109 42,550 
18,337 20,153 53,120 52,543 
Less: Sublease income296 202 887 604 
Total lease expense$18,041 $19,951 $52,233 $51,939 
____________________________________________________________________________________________________
(a)Short-term lease expense includes all leases with lease terms of up to one year. Short-term leases include, among other things, construction equipment rented on an as-needed basis as well as temporary housing.
The following table presents supplemental balance sheet information related to operating leases:
(dollars in thousands)Balance Sheet Line ItemAs of September 30,
2025		As of December 31,
2024
Assets
Right-of-use assetsOther assets$55,190 $41,695 
Total lease assets$55,190 $41,695 
Liabilities
Current lease liabilitiesAccrued expenses and other current liabilities$11,042 $7,066 
Long-term lease liabilitiesOther long-term liabilities48,903 38,630 
Total lease liabilities$59,945 $45,696 
Weighted-average remaining lease term6.6 years8.0 years
Weighted-average discount rate8.94 %9.73 %
The following table presents supplemental cash flow information and non-cash activity related to operating leases:
Nine Months Ended
September 30,
(in thousands)20252024
Operating cash flow information:
Cash paid for amounts included in the measurement of lease liabilities$(10,159)$(9,663)
Non-cash activity:
Right-of-use assets obtained in exchange for lease liabilities$20,754 $7,772 
The following table presents maturities of operating lease liabilities on an undiscounted basis as of September 30, 2025:
Year (in thousands)
Operating Leases
2025 (excluding the nine months ended September 30, 2025)
$4,129 
202615,168 
202713,441 
202812,031 
20299,568 
Thereafter26,781 
Total lease payments81,118 
Less: Imputed interest21,173 
Total$59,945 
v3.25.3
Commitments and Contingencies
 9 Months Ended
Sep. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
The Company and certain of its subsidiaries are involved in litigation and other legal proceedings and forms of dispute resolution in the ordinary course of business, including but not limited to disputes over contract payment and/or performance-related issues (such as disagreements regarding delay or a change in the scope of work of a project and/or the price associated with that change) and other matters incidental to the Company’s business. In accordance with ASC 606, the Company makes assessments of these types of matters on a routine basis and, to the extent permitted by ASC 606, estimates and records recovery related to these matters as a form of variable consideration at the most likely amount the Company expects to receive, as discussed further in Note 4, Contract Assets and Liabilities. In addition, the Company is contingently liable for litigation, performance guarantees and other commitments arising in the ordinary course of business, which are accounted for in accordance with ASC 450, Contingencies. Management reviews these matters regularly and updates or revises its estimates as warranted by subsequent information and developments. These assessments require judgments concerning matters that are inherently uncertain, such as litigation developments and outcomes, the anticipated outcome of negotiations and the estimated cost of resolving disputes. Consequently, these assessments are estimates, and actual amounts may vary from such estimates. In addition, because such matters are typically resolved over long periods of time, the Company’s assets and liabilities may change over time should the circumstances dictate. The description of the legal proceedings listed below include management’s assessment of those proceedings. Management believes that, based on current information and discussions with the Company’s legal counsel, the ultimate resolution of other matters is not expected to have a material effect on the Company’s consolidated financial position, results of operations or cash flows.
A description of the material pending legal proceedings, other than ordinary routine litigation incidental to the business, is as follows:
Alaskan Way Viaduct Matter
In January 2011, Seattle Tunnel Partners (“STP”), a joint venture between Dragados USA, Inc. and the Company, entered into a design-build contract with the Washington State Department of Transportation (“WSDOT”) for the construction of a large-diameter bored tunnel in downtown Seattle, King County, Washington to replace the Alaskan Way Viaduct, also known as State Route 99. The Company has a 45% interest in STP. The construction of the large-diameter bored tunnel required the use of a tunnel boring machine (“TBM”). In December 2013, the TBM struck a steel pipe, installed by WSDOT as a well casing for an exploratory well. The TBM was significantly damaged and was required to be repaired. STP asserted that the steel pipe casing was a differing site condition that WSDOT failed to properly disclose. The Disputes Review Board mandated by the contract to hear disputes issued a decision finding the steel casing was a Type I (material) differing site condition. WSDOT did not accept that finding.
Case Against WSDOT
In March 2016, WSDOT filed a complaint against STP in Thurston County Superior Court alleging breach of contract, seeking $57.2 million in delay-related damages and seeking declaratory relief. STP subsequently filed a counterclaim against WSDOT seeking damages in excess of $640 million. The jury trial between STP and WSDOT commenced on October 7, 2019 and concluded on December 13, 2019, with a jury verdict in favor of WSDOT awarding them $57.2 million in damages. The
Company recorded the impact of the jury verdict during the fourth quarter of 2019, resulting in a pre-tax charge of $166.8 million, which included $25.7 million for the Company’s 45% proportionate share of the $57.2 million in damages awarded by the jury to WSDOT. The charge was for non-cash write-downs primarily related to the costs and estimated earnings in excess of billings and receivables that the Company previously recorded to reflect its expected recovery in this case. STP’s petition for discretionary review by the Washington Supreme Court was denied on October 10, 2022. On October 18, 2022, STP paid the damages and associated interest from the judgment, which included the Company’s proportionate share of $34.6 million. As a result, the lawsuit between STP and WSDOT has concluded.
Case Against Insurers
The TBM was insured under a Builder’s Risk Insurance Policy (the “Policy”) with Great Lakes Reinsurance (UK) PLC and a consortium of other insurers (the “Insurers”). STP submitted the claims to the Insurers and requested interim payments under the Policy. The Insurers refused to pay and denied coverage. In June 2015, STP filed a lawsuit in the King County Superior Court, State of Washington seeking declaratory relief, as well as damages as a result of the Insurers’ breach of their obligations under the terms of the Policy. On September 30, 2024, after several years of law and motion proceedings, a confidential settlement was reached resolving the case in full for a substantial sum. Payment was received in October 2024 and the case against the Insurers was dismissed. As a result of the settlement, STP resolved the claims of Hitachi Zosen (the manufacturer of the TBM) and the remaining subcontractor lawsuits pending on the project, including those with the Company’s subsidiaries.
Case Against Designer
On April 13, 2023, STP filed a case in the Washington Superior Court against HNTB Corporation (“HNTB”), STP’s design firm on the project, wherein STP alleges that HNTB is liable for providing design services that resulted in the TBM striking the steel pipe described above and for additional steel quantity costs associated with the project. Due to the resolution of the matter against the Insurers and WSDOT discussed above, and subject to any setoffs or contractual damages limitations, STP’s current claim against HNTB exceeds $300 million and includes HNTB’s liability for providing design services, amounts paid by STP to WSDOT in liquidated damages and interest as well as certain subcontractor delay claims paid by STP to subcontractors in November 2024. The case is currently scheduled for trial to commence in April 2026. With respect to STP’s claims against HNTB, management has included in receivables an estimate of the total anticipated recovery concluded to be probable. The case against HNTB is the final case related to the project.
v3.25.3
Share-Based Compensation
 9 Months Ended
Sep. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Share-Based Compensation Share-Based Compensation
As of September 30, 2025, there were 3,639,951 shares of common stock available for grant under the Tutor Perini Corporation Omnibus Incentive Plan. During the nine months ended September 30, 2025 and 2024, the Company granted the following shares of common stock and share-based instruments: (1) service-based RSUs totaling 444,405 and 30,000, respectively, with weighted-average grant date fair values per unit of $36.45 and $12.68, respectively; (2) cash-settled restricted stock units (“CRSUs”) with service-based vesting conditions and payouts indexed to shares of the Company’s common stock totaling 381,410 and 673,855, respectively, with weighted-average grant date fair values per unit of $27.59 and $12.75, respectively; and (3) shares of unrestricted common stock issued to its directors as part of their annual retainer totaling 40,710 and 73,716, respectively, with weighted-average grant date fair values per unit of $36.35 and $20.89, respectively. During the nine months ended September 30, 2025, the Company granted 151,623 performance-based RSUs with a weighted-average grant date fair value per unit of $47.76. During the nine months ended September 30, 2024, the Company also granted 645,180 cash-settled performance stock units (“CPSUs”) with a weighted-average grant date fair value per unit of $19.17. The number of performance-based RSUs and CPSUs granted are shown at target-level performance.
As of September 30, 2025 and December 31, 2024, the Company recognized liabilities for CPSUs and CRSUs on the Condensed Consolidated Balance Sheets totaling approximately $137.6 million and $34.6 million, respectively. During the nine months ended September 30, 2025 and 2024, the Company paid approximately $11.6 million and $2.9 million, respectively, to settle certain awards.
For the three and nine months ended September 30, 2025, the Company recognized, as part of general and administrative expenses, costs for share-based payment arrangements totaling $58.7 million and $120.7 million, respectively, and $16.5 million and $39.0 million for the three and nine months ended September 30, 2024, respectively. As of September 30, 2025, the balance of unamortized share-based compensation expense was $95.5 million, which is expected to be recognized over a weighted-average period of 1.5 years.
v3.25.3
Employee Pension Plans
 9 Months Ended
Sep. 30, 2025
Retirement Benefits [Abstract]  
Employee Pension Plans Employee Pension Plans
The Company has a defined benefit pension plan and an unfunded supplemental retirement plan. Effective June 1, 2004, all benefit accruals under these plans were frozen; however, the current vested benefit was preserved. The pension disclosure presented below includes aggregated amounts for both of the Company’s plans.
The following table sets forth a summary of the net periodic benefit cost for the three and nine months ended September 30, 2025 and 2024:
Three Months Ended September 30,Nine Months Ended September 30,
(in thousands)2025202420252024
Interest cost$933 $911 $2,799 $2,732 
Service cost170 231 510 694 
Expected return on plan assets(902)(943)(2,707)(2,831)
Recognized net actuarial losses414 437 1,242 1,312 
Net periodic benefit cost$615 $636 $1,844 $1,907 
The Company contributed $1.8 million to its defined benefit pension plan during both the nine months ended September 30, 2025 and 2024, and expects to contribute an additional $0.6 million in cash by the end of 2025.
v3.25.3
Fair Value Measurements
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The fair value hierarchy established by ASC 820, Fair Value Measurement, prioritizes the use of inputs used in valuation techniques into the following three levels:
•Level 1 inputs are observable quoted prices in active markets for identical assets or liabilities
•Level 2 inputs are observable, either directly or indirectly, but are not Level 1 inputs
•Level 3 inputs are unobservable
The following fair value hierarchy table presents the Company’s assets that are measured at fair value on a recurring basis as of September 30, 2025 and December 31, 2024:
As of September 30, 2025As of December 31, 2024
Fair Value HierarchyFair Value Hierarchy
(in thousands)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Cash and cash equivalents(a)
$695,732 $— $— $695,732 $455,084 $— $— $455,084 
Restricted cash(a)
62,352 — — 62,352 9,104 — — 9,104 
Restricted investments(b)
— 173,435 — 173,435 — 139,986 — 139,986 
Investments in lieu of retention(c)
35,153 140,332 — 175,485 38,359 106,765 — 145,124 
Total$793,237 $313,767 $— $1,107,004 $502,547 $246,751 $— $749,298 
____________________________________________________________________________________________________
(a)Includes money market funds and short-term investments with maturity dates of three months or less when acquired.
(b)Restricted investments, as of September 30, 2025 and December 31, 2024, consist of available-for-sale (“AFS”) debt securities, which are valued based on pricing models determined from a compilation of primarily observable market information, broker quotes in non-active markets or similar assets; therefore, they are classified as Level 2 assets.
(c)Investments in lieu of retention are included in retention receivable as of September 30, 2025 and December 31, 2024, and are composed of money market funds of $35.2 million and $38.4 million, respectively, and AFS debt securities of $140.3 million and $106.8 million, respectively. The fair values of the money market funds are measured using quoted market prices; therefore, they are classified as Level 1 assets. The fair values of AFS debt securities are determined from a compilation of primarily observable market information, broker quotes in non-active markets or similar assets; therefore, they are classified as Level 2 assets.
Investments in AFS debt securities consisted of the following as of September 30, 2025 and December 31, 2024:
As of September 30, 2025As of December 31, 2024
(in thousands)Amortized CostUnrealized GainsUnrealized LossesFair ValueAmortized CostUnrealized GainsUnrealized LossesFair Value
Restricted investments:
Corporate debt securities$153,219 $1,909 $(450)$154,678 $118,421 $603 $(1,242)$117,782 
U.S. government agency securities12,038 18 (356)11,700 16,323 35 (663)15,695 
Municipal bonds7,432 24 (583)6,873 7,159 — (831)6,328 
Corporate certificates of deposit198 — (14)184 200 — (19)181 
Total restricted investments172,887 1,951 (1,403)173,435 142,103 638 (2,755)139,986 
Investments in lieu of retention:
Corporate debt securities131,638 817 (32)132,423 106,014 224 (491)105,747 
Municipal bonds7,897 195 (183)7,909 830 188 — 1,018 
Total investments in lieu of retention139,535 1,012 (215)140,332 106,844 412 (491)106,765 
Total AFS debt securities$312,422 $2,963 $(1,618)$313,767 $248,947 $1,050 $(3,246)$246,751 
The following table summarizes the fair value and gross unrealized losses aggregated by category and the length of time that individual AFS debt securities have been in a continuous unrealized loss position as of September 30, 2025 and December 31, 2024:
As of September 30, 2025
Less than 12 Months12 Months or GreaterTotal
(in thousands)Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
Restricted investments:
Corporate debt securities$17,881 $(76)$22,344 $(374)$40,225 $(450)
U.S. government agency securities289 (1)5,236 (355)5,525 (356)
Municipal bonds261 (4)4,986 (579)5,247 (583)
Corporate certificates of deposit— — 185 (14)185 (14)
Total restricted investments18,431 (81)32,751 (1,322)51,182 (1,403)
Investments in lieu of retention:
Corporate debt securities5,459 (32)— — 5,459 (32)
Municipal bonds6,880 (183)— — 6,880 (183)
Total investments in lieu of retention12,339 (215)— — 12,339 (215)
Total AFS debt securities$30,770 $(296)$32,751 $(1,322)$63,521 $(1,618)
As of December 31, 2024
Less than 12 Months12 Months or GreaterTotal
(in thousands)Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
Restricted investments:
Corporate debt securities$23,985 $(159)$30,384 $(1,083)$54,369 $(1,242)
U.S. government agency securities4,371 (43)10,699 (620)15,070 (663)
Municipal bonds704 (13)5,560 (818)6,264 (831)
Corporate certificates of deposit— — 181 (19)181 (19)
Total restricted investments29,060 (215)46,824 (2,540)75,884 (2,755)
Investments in lieu of retention:
Corporate debt securities24,470 (149)37,755 (342)62,225 (491)
Total investments in lieu of retention24,470 (149)37,755 (342)62,225 (491)
Total AFS debt securities$53,530 $(364)$84,579 $(2,882)$138,109 $(3,246)
The unrealized losses in AFS debt securities as of September 30, 2025 and December 31, 2024 are primarily attributable to market interest rate increases and not a deterioration in credit quality of the issuers. Management evaluated the unrealized losses in AFS debt securities considering factors including credit ratings and other relevant information, which may indicate that contractual cash flows are not expected to occur. Based on the analysis, management determined that credit losses did not exist for AFS debt securities in an unrealized loss position as of September 30, 2025 and December 31, 2024.
It is not considered likely that the Company will be required to sell the investments before full recovery of the amortized cost basis of the AFS debt securities, which may be at maturity. As a result, consistent with the same period in 2024, the Company has not recognized any impairment losses in earnings during the nine months ended September 30, 2025.
The amortized cost and fair value of AFS debt securities by contractual maturity as of September 30, 2025 are summarized in the table below. Actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay certain obligations.
(in thousands)Amortized CostFair Value
Due within one year$62,604 $62,446 
Due after one year through five years238,129 240,124 
Due after five years11,689 11,197 
Total$312,422 $313,767 
The carrying values of receivables, payables and other amounts arising out of normal contract activities, including retention, which may be settled beyond one year, are estimated to approximate fair value. Of the Company’s long-term debt, the fair value of the 2024 Senior Notes was $448.5 million and $441.9 million as of September 30, 2025 and December 31, 2024, respectively. The fair values of the 2024 Senior Notes were determined using Level 1 inputs, specifically current observable market prices. The fair value of the Term Loan B was $121.9 million as of December 31, 2024. The fair value of the Term Loan B was determined using Level 2 inputs, specifically third-party quoted market prices. The reported value of the Company’s remaining borrowings approximates fair value as of September 30, 2025 and December 31, 2024.
v3.25.3
Variable Interest Entities (VIEs)
 9 Months Ended
Sep. 30, 2025
Variable Interest Entities [Abstract]  
Variable Interest Entities (VIEs) Variable Interest Entities (VIEs)
The Company may form joint ventures or partnerships with third parties for the execution of projects. In accordance with ASC 810, Consolidation (“ASC 810”), the Company assesses its partnerships and joint ventures at inception to determine if any meet the qualifications of a VIE. The Company considers a joint venture a VIE if either (a) the total equity investment is not sufficient to permit the entity to finance its activities without additional subordinated financial support, (b) characteristics of a controlling financial interest are missing (either the ability to make decisions through voting or other rights, the obligation to
absorb the expected losses of the entity or the right to receive the expected residual returns of the entity), or (c) the voting rights of the equity holders are not proportional to their obligations to absorb the expected losses of the entity and/or their rights to receive the expected residual returns of the entity, and substantially all of the entity’s activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights. Upon the occurrence of certain events outlined in ASC 810, the Company reassesses its initial determination of whether a joint venture is a VIE.
ASC 810 also requires the Company to determine whether it is the primary beneficiary of the VIE. The Company concludes that it is the primary beneficiary and consolidates the VIE if the Company has both (a) the power to direct the economically significant activities of the VIE and (b) the obligation to absorb losses of, or the right to receive benefits from, the VIE that could potentially be significant to the VIE. The Company considers the contractual agreements that define the ownership structure, distribution of profits and losses, risks, responsibilities, indebtedness, voting rights and board representation of the respective parties in determining if the Company is the primary beneficiary. The Company also considers all parties that have direct or implicit variable interests when determining whether it is the primary beneficiary. In accordance with ASC 810, management’s assessment of whether the Company is the primary beneficiary of a VIE is performed continuously.
As of September 30, 2025, the Company had unconsolidated VIE-related current assets and noncurrent assets of $51.3 million and $6.2 million, respectively, as well as current liabilities of $58.3 million included in the Company’s Condensed Consolidated Balance Sheets. As of December 31, 2024, the Company had unconsolidated VIE-related current assets and liabilities of $26.7 million and $24.8 million, respectively, included in the Company’s Condensed Consolidated Balance Sheets. The Company’s maximum exposure to loss as a result of its investments in unconsolidated VIEs is typically limited to the aggregate of the carrying value of the investment and future funding commitments. There were no future funding requirements for the unconsolidated VIEs as of September 30, 2025.
As of September 30, 2025, the Company’s Condensed Consolidated Balance Sheets included current and noncurrent assets of $1.0 billion and $32.4 million, respectively, as well as current and noncurrent liabilities of $738.5 million and $6.5 million, respectively, related to the operations of its consolidated VIEs. As of December 31, 2024, the Company’s Condensed Consolidated Balance Sheets included current and noncurrent assets of $475.6 million and $19.9 million, respectively, as well as current liabilities of $385.5 million related to the operations of its consolidated VIEs.
Below is a discussion of some of the Company’s more significant or unique VIEs.
The Company established a joint venture to construct the Purple Line Extension Section 2 (Tunnels and Stations) and Section 3 (Stations) mass-transit projects in Los Angeles, California with an original combined value of approximately $2.8 billion. The Company has a 75% interest in the joint venture with the remaining 25% held by O&G Industries, Inc. The joint venture was initially financed with contributions from the partners and, per the terms of the joint venture agreement, the partners may be required to provide additional capital contributions in the future. The Company has determined that this joint venture is a VIE for which the Company is the primary beneficiary.
The Company established a joint venture with O&G to construct the Manhattan Jail project, a $3.76 billion design-build construction project in New York. The Company has a 75% interest in the joint venture with the remaining 25% held by O&G. The joint venture was initially financed with contributions from the partners and, per the terms of the joint venture agreement, the partners may be required to provide additional capital contributions in the future. The Company has determined that this joint venture is a VIE for which the Company is the primary beneficiary.
v3.25.3
Changes in Equity
 9 Months Ended
Sep. 30, 2025
Stockholders' Equity Note [Abstract]  
Changes in Equity Changes in Equity
A reconciliation of the changes in equity for the three and nine months ended September 30, 2025 and 2024 is provided below:
Three Months Ended September 30, 2025
(in thousands)Common
Stock		Additional
Paid-in
Capital
Retained Earnings
Accumulated
Other
Comprehensive
Loss		Noncontrolling
Interests		Total
Equity
Balance - June 30, 2025$52,743 $1,145,283 $17,397 $(30,244)$54,640 $1,239,819 
Net income— — 3,631 — 15,217 18,848 
Other comprehensive income (loss)— — — 306 (574)(268)
Share-based compensation— 2,514 — — — 2,514 
Distributions to noncontrolling interests— — — — (7,500)(7,500)
Balance - September 30, 2025$52,743 $1,147,797 $21,028 $(29,938)$61,783 $1,253,413 
Nine Months Ended September 30, 2025
(in thousands)Common
Stock		Additional
Paid-in
Capital
Retained Earnings (Deficit)
Accumulated
Other
Comprehensive
Loss		Noncontrolling
Interests		Total
Equity
Balance - December 31, 2024$52,486 $1,146,800 $(30,575)$(33,988)$23,883 $1,158,606 
Net income— — 51,603 — 57,080 108,683 
Other comprehensive income— — — 4,050 1,220 5,270 
Share-based compensation— 6,365 — — — 6,365 
Issuance of common stock, net257 (5,368)— — — (5,111)
Contributions from noncontrolling interests— — — — 7,500 7,500 
Distributions to noncontrolling interests— — — — (27,900)(27,900)
Balance - September 30, 2025$52,743 $1,147,797 $21,028 $(29,938)$61,783 $1,253,413 
Three Months Ended September 30, 2024
(in thousands)Common
Stock		Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Loss		Noncontrolling
Interests		Total
Equity
Balance - June 30, 2024$52,389 $1,148,074 $149,718 $(40,226)$6,162 $1,316,117 
Net income (loss)— — (100,862)— 11,260 (89,602)
Other comprehensive income— — — 4,242 677 4,919 
Share-based compensation— 1,230 — — — 1,230 
Issuance of common stock, net46 (1,108)— — — (1,062)
Contributions from noncontrolling interests— — — — 87 87 
Balance - September 30, 2024$52,435 $1,148,196 $48,856 $(35,984)$18,186 $1,231,689 
Nine Months Ended September 30, 2024
(in thousands)Common
Stock		Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Loss		Noncontrolling
Interests		Total
Equity
Balance - December 31, 2023$52,025 $1,146,204 $133,146 $(39,787)$(7,677)$1,283,911 
Net income (loss)— — (84,290)— 38,159 (46,131)
Other comprehensive income— — — 3,803 17 3,820 
Share-based compensation— 5,585 — — — 5,585 
Issuance of common stock, net410 (3,593)— — — (3,183)
Contributions from noncontrolling interests— — — — 87 87 
Distributions to noncontrolling interests— — — — (12,400)(12,400)
Balance - September 30, 2024$52,435 $1,148,196 $48,856 $(35,984)$18,186 $1,231,689 
v3.25.3
Other Comprehensive Income (Loss)
 9 Months Ended
Sep. 30, 2025
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Other Comprehensive Income (Loss) Other Comprehensive Income (Loss)
ASC 220, Comprehensive Income, establishes standards for reporting comprehensive income and its components in the consolidated financial statements. The Company reports the change in pension benefit plan assets/liabilities, cumulative foreign currency translation and the unrealized gain (loss) of investments as components of accumulated other comprehensive income (loss) (“AOCI”).
The components of other comprehensive income (loss) and the related tax effects for the three and nine months ended September 30, 2025 and 2024 were as follows:
Three Months Ended September 30, 2025Three Months Ended September 30, 2024
(in thousands)Before-Tax AmountTax (Expense) BenefitNet-of-Tax AmountBefore-Tax AmountTax ExpenseNet-of-Tax Amount
Other comprehensive income:
Defined benefit pension plan adjustments$420 $(113)$307 $282 $(75)$207 
Foreign currency translation adjustments(1,488)231 (1,257)1,046 (192)854 
Unrealized gain in fair value of investments
864 (182)682 4,872 (1,014)3,858 
Total other comprehensive income (loss)(204)(64)(268)6,200 (1,281)4,919 
Less: Other comprehensive income (loss) attributable to noncontrolling interests
(574)— (574)677 — 677 
Total other comprehensive income attributable to Tutor Perini Corporation
$370 $(64)$306 $5,523 $(1,281)$4,242 
Nine Months Ended September 30, 2025Nine Months Ended September 30, 2024
(in thousands)Before-Tax AmountTax ExpenseNet-of-Tax AmountBefore-Tax AmountTax (Expense) BenefitNet-of-Tax Amount
Other comprehensive income:
Defined benefit pension plan adjustments$1,228 $(330)$898 $1,157 $(308)$849 
Foreign currency translation adjustments1,776 (220)1,556 (905)129 (776)
Unrealized gain in fair value of investments
3,541 (725)2,816 4,724 (977)3,747 
Total other comprehensive income
6,545 (1,275)5,270 4,976 (1,156)3,820 
Less: Other comprehensive income attributable to noncontrolling interests
1,220 — 1,220 17 — 17 
Total other comprehensive income attributable to Tutor Perini Corporation
$5,325 $(1,275)$4,050 $4,959 $(1,156)$3,803 
The changes in AOCI balances by component (after tax) attributable to Tutor Perini Corporation and attributable to noncontrolling interests during the three and nine months ended September 30, 2025 and 2024 were as follows:
Three Months Ended September 30, 2025
(in thousands)Defined
Benefit
Pension
Plan		Foreign
Currency
Translation
Unrealized Gain (Loss) in Fair
Value of Investments, Net
Accumulated
Other
Comprehensive
Income (Loss)
Attributable to Tutor Perini Corporation:
Balance as of June 30, 2025$(22,981)$(7,430)$167 $(30,244)
Other comprehensive income (loss) before reclassifications
— (628)638 10 
Amounts reclassified from AOCI307 — (11)296 
Total other comprehensive income (loss)
307 (628)627 306 
Balance as of September 30, 2025$(22,674)$(8,058)$794 $(29,938)
Attributable to Noncontrolling Interests:
Balance as of June 30, 2025$— $(837)$148 $(689)
Other comprehensive income (loss)
— (629)55 (574)
Balance as of September 30, 2025$— $(1,466)$203 $(1,263)
Nine Months Ended September 30, 2025
(in thousands)Defined
Benefit
Pension
Plan		Foreign
Currency
Translation
Unrealized Gain (Loss) in Fair
Value of Investments, Net
Accumulated
Other
Comprehensive
Income (Loss)
Attributable to Tutor Perini Corporation:
Balance as of December 31, 2024$(23,572)$(8,657)$(1,759)$(33,988)
Other comprehensive income before reclassifications
— 599 2,582 3,181 
Amounts reclassified from AOCI898 — (29)869 
Total other comprehensive income
898 599 2,553 4,050 
Balance as of September 30, 2025$(22,674)$(8,058)$794 $(29,938)
Attributable to Noncontrolling Interests:
Balance as of December 31, 2024$— $(2,423)$(60)$(2,483)
Other comprehensive income— 957 263 1,220 
Balance as of September 30, 2025$— $(1,466)$203 $(1,263)
Three Months Ended September 30, 2024
(in thousands)Defined
Benefit
Pension
Plan		Foreign
Currency
Translation
Unrealized Gain (Loss) in Fair
Value of Investments, Net
Accumulated
Other
Comprehensive
Income (Loss)
Attributable to Tutor Perini Corporation:
Balance as of June 30, 2024$(28,712)$(7,784)$(3,730)$(40,226)
Other comprehensive income before reclassifications— 535 3,411 3,946 
Amounts reclassified from AOCI207 — 89 296 
Total other comprehensive income207 535 3,500 4,242 
Balance as of September 30, 2024$(28,505)$(7,249)$(230)$(35,984)
Attributable to Noncontrolling Interests:
Balance as of June 30, 2024$— $(1,051)$(340)$(1,391)
Other comprehensive income— 319 358 677 
Balance as of September 30, 2024$— $(732)$18 $(714)
Nine Months Ended September 30, 2024
(in thousands)Defined
Benefit
Pension
Plan		Foreign
Currency
Translation
Unrealized Gain (Loss) in Fair
Value of Investments, Net
Accumulated
Other
Comprehensive
Income (Loss)
Attributable to Tutor Perini Corporation:
Balance as of December 31, 2023$(29,354)$(6,893)$(3,540)$(39,787)
Other comprehensive income (loss) before reclassifications— (356)3,206 2,850 
Amounts reclassified from AOCI849 — 104 953 
Total other comprehensive income (loss)849 (356)3,310 3,803 
Balance as of September 30, 2024$(28,505)$(7,249)$(230)$(35,984)
Attributable to Noncontrolling Interests:
Balance as of December 31, 2023$— $(312)$(419)$(731)
Other comprehensive income (loss)— (420)437 17 
Balance as of September 30, 2024$— $(732)$18 $(714)
The significant items reclassified out of AOCI and the corresponding location and impact on the Condensed Consolidated Statements of Operations during the three and nine months ended September 30, 2025 and 2024 were as follows:
Three Months Ended
September 30,		 Nine Months Ended
September 30,
(in thousands)2025202420252024
Component of AOCI:
Defined benefit pension plan adjustments(a)
$420 $282 $1,228 $1,157 
Income tax benefit(b)
(113)(75)(330)(308)
Net of tax$307 $207 $898 $849 
Unrealized (gain) loss in fair value of investment adjustments(a)
$(14)$113 $(37)$132 
Income tax expense (benefit)(b)
3 (24)8 (28)
Net of tax$(11)$89 $(29)$104 
___________________________________________________________________________________________________
(a)Amounts included in other income, net on the Condensed Consolidated Statements of Operations.
(b)Amounts included in income tax (expense) benefit on the Condensed Consolidated Statements of Operations.
v3.25.3
Business Segments
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Business Segments Business Segments
The Company offers general contracting, pre-construction planning and comprehensive project management services, including planning and scheduling of manpower, equipment, materials and subcontractors required for the timely completion of a project in accordance with the terms and specifications contained in a construction contract. The Company also offers self-performed construction services: site work, concrete forming and placement, steel erection, electrical, mechanical, plumbing, and HVAC (heating, ventilation and air conditioning). As described below, the Company’s business is conducted through three segments: Civil, Building and Specialty Contractors. These segments are determined based on how management aggregates its business units for making operating decisions and assessing performance, which takes into account certain qualitative and quantitative factors. The Company’s Chief Executive Officer and President, who is the Company’s chief operating decision maker (“CODM”), reviews information for each segment to evaluate performance and allocate resources. The CODM evaluates segment performance by comparing each segment’s historical, actual and forecasted revenue and operating income on a regular basis.
The Civil segment specializes in public works construction and the replacement and reconstruction of infrastructure. The contracting services provided by the Civil segment include construction and rehabilitation of highways, bridges, tunnels, mass-transit systems, military facilities, and water management and wastewater treatment facilities.
The Building segment has significant experience providing services for private and public works customers in a number of specialized building markets, including: hospitality and gaming, transportation, healthcare, commercial offices, government facilities, sports and entertainment, education, correctional and detention facilities, biotech, pharmaceutical, industrial and technology.
The Specialty Contractors segment specializes in electrical, mechanical, plumbing, HVAC and fire protection systems for a full range of civil and building construction projects in the industrial, commercial, hospitality and gaming, and mass-transit end markets. This segment is strategically important to the Company because various business units within the segment participate in many of the Company’s larger Civil and Building segment projects, and the segment provides unique strengths and capabilities that allow the Company to position itself as a full-service contractor in key geographic markets with greater control over scheduled work, project delivery, and cost and risk management.
To the extent that a contract is co-managed and co-executed among segments, the Company allocates the share of revenues and costs of the contract to each segment to reflect the shared responsibilities in the management and execution of the project.
The following tables set forth certain reportable segment information relating to the Company’s operations for the three and nine months ended September 30, 2025 and 2024:
Reportable Segments
(in thousands)CivilBuildingSpecialty
Contractors		TotalCorporateConsolidated
Total
Three Months Ended September 30, 2025
Total revenue$832,966 $437,933 $226,462 $1,497,361 $— $1,497,361 
Elimination of intersegment revenue(62,732)(19,269)— (82,001)— (82,001)
Revenue from external customers$770,234 $418,664 $226,462 $1,415,360 $— $1,415,360 
Reconciliation of revenue to income (loss) from construction operations
Less:
Cost of operations$649,094 $391,601 $205,270 $1,245,965 $— $1,245,965 
General and administrative expenses(a)
21,988 12,620 15,020 49,628 79,673 129,301 
Income (loss) from construction operations$99,152 $14,443 $6,172 $119,767 $(79,673)

$40,094 
Capital expenditures$45,982 $12 $1,728 $47,722 $1,229 $48,951 
Depreciation and amortization(b)
$10,724 $540 $624 $11,888 $324 $12,212 
Three Months Ended September 30, 2024
Total revenue$569,080 $457,141 $101,206 $1,127,427 $— $1,127,427 
Elimination of intersegment revenue(23,185)(21,426)— (44,611)— (44,611)
Revenue from external customers$545,895 $435,715 $101,206 $1,082,816 $— $1,082,816 
Reconciliation of revenue to income (loss) from construction operations
Less:
Cost of operations$536,854 $427,804 $143,078 $1,107,736 $908 $1,108,644 
General and administrative expenses(a)
21,586 11,806 15,039 48,431 32,548 80,979 
Loss from construction operations$(12,545)$(3,895)$(56,911)$(73,351)
(c)
$(33,456)

$(106,807)
Capital expenditures$4,237 $238 $53 $4,528 $2,386 $6,914 
Depreciation and amortization(b)
$10,718 $579 $569 $11,866 $1,644 $13,510 
____________________________________________________________________________________________________
(a)General and administrative expenses for the three months ended September 30, 2025 and 2024 included share-based compensation expense of $58.7 million ($58.3 million after tax, or $1.08 per diluted share) and $16.5 million ($16.4 million after tax, or $0.31 per diluted share), respectively. The increase in share-based compensation expense in the third quarter of 2025 was primarily due to a substantial increase in the Company’s stock price during the period, which impacted the fair value of liability-classified awards. These awards are remeasured at fair value at the end of each reporting period with the change recognized in earnings.
(b)Depreciation and amortization is included in income (loss) from construction operations.
(c)During the three months ended September 30, 2024, the Company’s loss from construction operations was impacted by unfavorable adjustments of $101.6 million ($74.5 million after tax, or $1.42 per diluted share) related to an unexpected adverse arbitration decision on a legacy dispute related to a completed Civil segment bridge project in California, which the Company is appealing; $20.0 million ($14.7 million after tax, or $0.28 per diluted share) related to a settlement on a legacy dispute related to a completed Building segment government facility project in Florida; and $17.7 million ($13.0 million after tax, or $0.25 per diluted share) due to an unfavorable judgment on a completed Specialty Contractors segment mass-transit project in California. The period was also impacted by a favorable adjustment of $18.4 million ($13.5 million after tax, or $0.26 per diluted share) due to a settlement of a claim associated with a completed Civil segment highway tunneling project in the Western United States.
Reportable Segments
(in thousands)CivilBuildingSpecialty
Contractors		TotalCorporateConsolidated
Total
Nine Months Ended September 30, 2025
Total revenue$2,262,584 $1,412,292 $580,682 $4,255,558 $— $4,255,558 
Elimination of intersegment revenue(148,122)(71,762)— (219,884)— (219,884)
Revenue from external customers$2,114,462 $1,340,530 $580,682 $4,035,674 $— $4,035,674 
Reconciliation of revenue to income (loss) from construction operations
Less:
Cost of operations$1,727,984 $1,254,481 $553,383 $3,535,848 $35 $3,535,883 
General and administrative expenses(a)
67,611 38,697 46,254 152,562 165,380 317,942 
Income (loss) from construction operations$318,867 $47,352 $(18,955)$347,264 
(b)
$(165,415)$181,849 
Capital expenditures$97,390 $1,550 $3,828 $102,768 $3,123 $105,891 
Depreciation and amortization(c)
$32,492 $1,610 $1,899 $36,001 $1,686 $37,687 
Nine Months Ended September 30, 2024
Total revenue$1,649,421 $1,313,114 $429,152 $3,391,687 $— $3,391,687 
Elimination of intersegment revenue(84,873)(47,591)50 (132,414)— (132,414)
Revenue from external customers$1,564,548 $1,265,523 $429,202 $3,259,273 $— $3,259,273 
Reconciliation of revenue to income (loss) from construction operations
Less:
Cost of operations$1,368,736 $1,214,734 $467,645 $3,051,115 $1,658 $3,052,773 
General and administrative expenses(a)
62,027 33,517 44,626 140,170 83,838 224,008 
Income (loss) from construction operations$133,785 $17,272 $(83,069)$67,988 
(d)
$(85,496)$(17,508)
Capital expenditures$21,847 $523 $326 $22,696 $5,570 $28,266 
Depreciation and amortization(c)
$31,699 $1,749 $1,741 $35,189 $5,909 $41,098 
____________________________________________________________________________________________________
(a)General and administrative expenses for the nine months ended September 30, 2025 and 2024 included share-based compensation expense of $120.7 million ($119.8 million after tax, or $2.25 per diluted share) and $39.0 million ($38.5 million after tax, or $0.73 per diluted share), respectively. The increase in share-based compensation expense in the current-year period was primarily due to a substantial increase in the Company’s stock price during the period, which impacted the fair value of liability-classified awards. These awards are remeasured at fair value at the end of each reporting period with the change recognized in earnings.
(b)During the nine months ended September 30, 2025, the Company’s income (loss) from construction operations was impacted by favorable adjustments in the second quarter totaling $28.0 million ($20.3 million after tax, or $0.38 per diluted share) due to the settlement of certain change orders and changes in estimates due to improved performance on a Civil segment mass-transit project in the Midwest.
(c)Depreciation and amortization is included in income (loss) from construction operations.
(d)During the nine months ended September 30, 2024, the Company’s income (loss) from construction operations was impacted by unfavorable adjustments of $101.6 million ($74.5 million after tax, or $1.43 per diluted share) in the third quarter related to an unexpected adverse arbitration decision on a legacy dispute related to a completed Civil segment bridge project in California, which the Company is appealing; $20.0 million ($14.7 million after tax, or $0.28 per diluted share) in the third quarter related to a settlement on a legacy dispute related to a completed Building segment government facility project in Florida; and $17.7 million ($13.0 million after tax, or $0.25 per diluted share) in the third quarter due to an unfavorable judgment on a completed Specialty Contractors segment mass-transit project in California. The period was also impacted by a favorable adjustment of $18.4 million ($13.5 million after tax, or $0.26 per diluted share) in the third quarter due to a settlement of a claim associated with a completed Civil segment highway tunneling project in the Western United States.
Total assets by segment were as follows:
(in thousands)As of September 30,
2025		As of December 31,
2024
Civil$4,384,257 $3,636,825 
Building1,256,359 1,085,998 
Specialty Contractors266,536 198,952 
Corporate and other(a)
(741,898)(679,065)
Total assets$5,165,254 $4,242,710 
____________________________________________________________________________________________________
(a)Consists principally of cash, equipment, tax-related assets and insurance-related assets, offset by the elimination of assets related to intersegment revenue.

Geographic Information
Information concerning principal geographic areas is as follows:
Three Months Ended September 30,Nine Months Ended September 30,
(in thousands)2025202420252024
Revenue:
United States$1,304,517 $936,096 $3,645,610 $2,813,840 
Foreign and U.S. territories110,843 146,720 390,064 445,433 
Total revenue$1,415,360 $1,082,816 $4,035,674 $3,259,273 

(in thousands)As of September 30,
2025		As of December 31,
2024
Assets:
United States$4,583,120 $3,759,874 
Foreign and U.S. territories582,134 482,836 
Total assets$5,165,254 $4,242,710 

Major Customers

Revenue from a single customer with multiple projects, impacting the Civil, Building and Specialty Contractors segments, represented 14.4% and 15.1% of the Company’s consolidated revenue for the three and nine months ended September 30, 2025, respectively, and 16.9% and 18.2% of the Company’s consolidated revenue for the three and nine months ended September 30, 2024, respectively. Revenue from an additional customer with multiple projects, impacting the Civil, Building and Specialty Contractors segments, represented 10.1% and 10.0% of the Company’s consolidated revenue for the three and nine months ended September 30, 2025, respectively.
Reconciliation of Segment Information to Consolidated Amounts
A reconciliation of segment results to the consolidated income (loss) before income taxes is as follows:
Three Months Ended September 30,Nine Months Ended September 30,
(in thousands)2025202420252024
Income (loss) from construction operations$40,094 $(106,807)$181,849 $(17,508)
Other income, net7,457 4,487 18,349 15,636 
Interest expense(13,549)(21,223)(41,489)(63,614)
Income (loss) before income taxes
$34,002 $(123,543)$158,709 $(65,486)
v3.25.3
Insider Trading Arrangements
 3 Months Ended
Sep. 30, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.3
Recent Accounting Pronouncements (Policies)
 9 Months Ended
Sep. 30, 2025
Accounting Standards Update and Change in Accounting Principle [Abstract]  
Recent Accounting Pronouncements Recent Accounting Pronouncements
In December 2023, the FASB issued ASU 2023-09, Income Taxes (“Topic 740”): Improvements to Income Tax Disclosures (“ASU 2023-09”), which requires public entities to disclose specific categories in its annual effective tax rate reconciliation and disaggregated information about significant reconciling items by jurisdiction and by nature. ASU 2023-09 also requires entities to disclose their income tax payments (net of refunds) to international, federal, and state and local jurisdictions. This guidance is effective for annual reporting periods beginning after December 15, 2024, and requires prospective application with the option to apply it retrospectively. Early adoption is permitted. Adoption of this new guidance will result in increased disclosures in the Income Taxes footnote of the Company’s Notes to Consolidated Financial Statements, but will not have an impact on the consolidated financial position, results of operations or cash flows.
In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (“Subtopic 220-40”): Disaggregation of Income Statement Expenses (“ASU 2024-03”), which requires public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. This guidance is effective for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statements.
v3.25.3
Revenue (Tables)
 9 Months Ended
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue and Revenue by Contract Type
The following tables disaggregate revenue by segment, end market, customer type and contract type, which the Company believes best depict how the nature, amount, timing and uncertainty of its revenue and cash flows are affected by economic factors for the three and nine months ended September 30, 2025 and 2024.
Three Months Ended
September 30,		Nine Months Ended
September 30,
(in thousands)2025202420252024
Civil segment revenue by end market:
Mass transit (includes certain transportation and tunneling projects)$466,226 $341,827 $1,240,094 $883,930 
Military facilities86,696 110,214 289,383 333,137 
Bridges(a)
122,081 1,539 278,015 91,519 
Detention facilities31,818 22,216 116,531 29,088 
Power and energy40,288 34,456 108,956 96,382 
Commercial and industrial sites19,745 31,463 67,053 107,583 
Other3,380 4,180 14,430 22,909 
Total Civil segment revenue$770,234 $545,895 $2,114,462 $1,564,548 
Three Months Ended
September 30,		Nine Months Ended
September 30,
(in thousands)2025202420252024
Building segment revenue by end market:
Healthcare facilities$224,392 $160,904 $672,366 $408,845 
Detention facilities99,129 49,762 263,044 108,302 
Government28,864 61,278 151,985 247,467 
Education facilities25,578 74,624 110,329 226,973 
Mass transit (includes transportation projects)25,615 64,861 90,843 183,359 
Other15,086 24,286 51,963 90,577 
Total Building segment revenue$418,664 $435,715 $1,340,530 $1,265,523 
Three Months Ended
September 30,		Nine Months Ended
September 30,
(in thousands)2025202420252024
Specialty Contractors segment revenue by end market:
Mass transit (includes certain transportation and tunneling projects)$75,648 $22,674 $174,416 $119,626 
Commercial and industrial facilities39,628 27,811 105,394 86,234 
Multi-unit residential27,941 16,623 76,427 61,647 
Healthcare facilities27,424 15,566 71,881 46,994 
Government20,071 13,815 63,883 54,839 
Detention facilities12,714 209 25,096 629 
Water4,493 10,544 20,789 39,462 
Education facilities5,812 8,566 13,937 22,828 
Other12,731 (14,602)28,859 (3,057)
Total Specialty Contractors segment revenue$226,462 $101,206 $580,682 $429,202 
Three Months Ended
September 30, 2025		Three Months Ended
September 30, 2024
(in thousands)CivilBuildingSpecialty
Contractors		TotalCivilBuildingSpecialty
Contractors		Total
Revenue by customer type:
State and local agencies(a)
$601,597 $181,817 $136,577 $919,991 $325,543 $241,584 $43,114 $610,241 
Federal agencies117,852 23,721 6,002 147,575 137,110 40,616 (4,090)173,636 
Private owners
50,785 213,126 83,883 347,794 83,242 153,515 62,182 298,939 
Total revenue$770,234 $418,664 $226,462 $1,415,360 $545,895 $435,715 $101,206 $1,082,816 
Nine Months Ended
September 30, 2025		Nine Months Ended
September 30, 2024
(in thousands)CivilBuildingSpecialty
Contractors		TotalCivilBuildingSpecialty
Contractors		Total
Revenue by customer type:
State and local agencies(a)
$1,589,534 $613,772 $319,666 $2,522,972 $955,157 $736,220 $203,194 $1,894,571 
Federal agencies353,606 95,186 11,168 459,960 369,876 132,753 (3,312)499,317 
Private owners171,322 631,572 249,848 1,052,742 239,515 396,550 229,320 865,385 
Total revenue$2,114,462 $1,340,530 $580,682 $4,035,674 $1,564,548 $1,265,523 $429,202 $3,259,273 

Three Months Ended
September 30, 2025		Three Months Ended
September 30, 2024
(in thousands)CivilBuildingSpecialty
Contractors		TotalCivilBuildingSpecialty
Contractors		Total
Revenue by contract type:
Fixed price(a)
$636,390 $168,226 $174,159 $978,775 $446,208 $211,625 $73,870 $731,703 
Guaranteed maximum price
82 228,445 11,417 239,944 420 205,184 1,640 207,244 
Unit price115,858 — 21,170 137,028 90,090 — 16,579 106,669 
Cost plus fee and other17,904 21,993 19,716 59,613 9,177 18,906 9,117 37,200 
Total revenue$770,234 $418,664 $226,462 $1,415,360 $545,895 $435,715 $101,206 $1,082,816 

Nine Months Ended
September 30, 2025		Nine Months Ended
September 30, 2024
(in thousands)CivilBuildingSpecialty
Contractors		TotalCivilBuildingSpecialty
Contractors		Total
Revenue by contract type:
Fixed price(a)
$1,822,443 $546,460 $453,316 $2,822,219 $1,330,549 $567,821 $349,718 $2,248,088 
Guaranteed maximum price
304 703,520 24,235 728,059 554 583,127 3,200 586,881 
Unit price244,170 — 57,724 301,894 199,257 — 57,404 256,661 
Cost plus fee and other47,545 90,550 45,407 183,502 34,188 114,575 18,880 167,643 
Total revenue$2,114,462 $1,340,530 $580,682 $4,035,674 $1,564,548 $1,265,523 $429,202 $3,259,273 
____________________________________________________________________________________________________
(a)The three and nine-month periods ended September 30, 2024 include the negative impact of a $101.6 million adjustment related to an adverse arbitration ruling on a completed Civil segment bridge project in California, of which $79.4 million was a reversal of previously recognized revenue. Refer to Note 19, Business Segments, for additional details.
v3.25.3
Contract Assets and Liabilities (Tables)
 9 Months Ended
Sep. 30, 2025
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]  
Schedule of Contract Assets and Liabilities
Contract assets and liabilities on the Condensed Consolidated Balance Sheets consisted of the following:
(in thousands)As of September 30,
2025		As of December 31,
2024
Contract Assets:
Costs and estimated earnings in excess of billings:
Claims$365,533 $451,770 
Unapproved change orders398,174 393,803 
Other unbilled costs and profits84,071 96,949 
Total costs and estimated earnings in excess of billings847,778 942,522 
Contract Liabilities:
Billings in excess of costs and estimated earnings$1,904,637 $1,216,623 
v3.25.3
Cash, Cash Equivalents and Restricted Cash (Tables)
 9 Months Ended
Sep. 30, 2025
Cash and Cash Equivalents [Abstract]  
Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets to the amounts shown in the Condensed Consolidated Statements of Cash Flows:
(in thousands)As of September 30,
2025		As of December 31,
2024
Cash and cash equivalents available for general corporate purposes$201,698 $265,647 
Joint venture cash and cash equivalents494,034 189,437 
Cash and cash equivalents695,732 455,084 
Restricted cash62,352 9,104 
Total cash, cash equivalents and restricted cash$758,084 $464,188 
v3.25.3
Other Current Assets (Tables)
 9 Months Ended
Sep. 30, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Schedule of Other Current Assets
Other current assets consist of the following:
(in thousands)As of September 30,
2025		As of December 31,
2024
Capitalized contract costs
$352,651 $100,593 
Other
78,558 92,322 
Total other current assets
$431,209 $192,915 
v3.25.3
Earnings Per Common Share (Tables)
 9 Months Ended
Sep. 30, 2025
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted The Company calculates the effect of the potentially dilutive RSUs and stock options using the treasury stock method.
Three Months Ended September 30,Nine Months Ended September 30,
(in thousands, except per common share data)2025202420252024
Net income (loss) attributable to Tutor Perini Corporation$3,631 $(100,862)$51,603 $(84,290)
Weighted-average common shares outstanding, basic52,743 52,408 52,669 52,276 
Effect of dilutive RSUs and stock options921 — 621 — 
Weighted-average common shares outstanding, diluted53,664 52,408 53,290 52,276 
Net income (loss) attributable to Tutor Perini Corporation per common share:
Basic$0.07 $(1.92)$0.98 $(1.61)
Diluted$0.07 $(1.92)$0.97 $(1.61)
Anti-dilutive securities not included above— 1,817 167 1,388 
v3.25.3
Goodwill and Intangible Assets (Tables)
 9 Months Ended
Sep. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Changes in Carrying Amount of Goodwill
The following table presents the changes in the carrying amount of goodwill since its inception through September 30, 2025:
(in thousands)CivilBuildingSpecialty
Contractors		Total
Gross goodwill as of December 31, 2024
$492,074 $424,724 $156,193 $1,072,991 
Accumulated impairment as of December 31, 2024
(286,931)(424,724)(156,193)(867,848)
Goodwill as of December 31, 2024205,143 — — 205,143 
Current year activity— — — — 
Goodwill as of September 30, 2025$205,143 $— $— $205,143 
Schedule of Intangible Assets
Intangible assets consist of the following:
As of September 30, 2025Weighted-Average Amortization Period
(in thousands)CostAccumulated
Amortization
Accumulated
 Impairment Charge
Carrying Value
Trade names (non-amortizable)$117,600 $— $(67,190)$50,410 Indefinite
Trade names (amortizable)69,250 (32,037)(23,232)13,981 20 years
Contractor license6,000 — (6,000)— N/A
Customer relationships39,800 (23,155)(16,645)— N/A
Construction contract backlog149,290 (149,290)— — N/A
Total$381,940 $(204,482)$(113,067)$64,391 
As of December 31, 2024Weighted-Average Amortization Period
(in thousands)CostAccumulated
Amortization
Accumulated
 Impairment Charge
Carrying Value
Trade names (non-amortizable)$117,600 $— $(67,190)$50,410 Indefinite
Trade names (amortizable)69,250 (30,359)(23,232)15,659 20 years
Contractor license6,000 — (6,000)— N/A
Customer relationships39,800 (23,155)(16,645)— N/A
Construction contract backlog149,290 (149,290)— — N/A
Total$381,940 $(202,804)$(113,067)$66,069 
v3.25.3
Financial Commitments (Tables)
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt
Long-term debt as reported on the Condensed Consolidated Balance Sheets consisted of the following:
(in thousands)As of September 30,
2025		As of December 31,
2024
2024 Senior Notes$380,968 $378,023 
Term Loan B— 121,863 
Revolver— — 
Equipment financing and mortgages21,096 25,038 
Other indebtedness11,019 9,214 
Total debt413,083 534,138 
Less: Current maturities20,068 24,113 
Long-term debt, net$393,015 $510,025 
Schedule of Reconciliation of Outstanding Debt Balance to Reported Debt Balance
The following table reconciles the outstanding debt balances to the reported debt balances as of September 30, 2025 and December 31, 2024:
As of September 30, 2025As of December 31, 2024
(in thousands)Outstanding DebtUnamortized Discounts and Issuance CostsDebt,
as reported		Outstanding DebtUnamortized Discounts and Issuance CostsDebt,
as reported
2024 Senior Notes$400,000 $(19,032)$380,968 $400,000 $(21,977)$378,023 
Term Loan B— — — 121,863 — 121,863 
Schedule of Interest Expense as Reported in the Consolidated Statements of Income
Interest expense as reported in the Condensed Consolidated Statements of Operations consisted of the following:
Three Months Ended
September 30,		Nine Months Ended
September 30,
(in thousands)2025202420252024
Cash interest expense:
Interest on Term Loan B$— $7,121 $876 $22,693 
Interest on 2024 Senior Notes11,875 11,875 35,625 20,583 
Interest on 2017 Senior Notes— — — 11,554 
Interest on Revolver— 20 193 993 
Other interest519 686 1,431 1,904 
Total cash interest expense12,394 19,702 38,125 57,727 
Non-cash interest expense:(a)
Amortization of discount and debt issuance costs on Term Loan B— 494 — 2,285 
Amortization of debt issuance costs on Revolver140 140 419 493 
Amortization of debt issuance costs on 2024 Senior Notes1,015 887 2,945 1,519 
Amortization of debt issuance costs on 2017 Senior Notes— — — 392 
Non-cash portion of loss on extinguishment— — — 1,198 
Total non-cash interest expense1,155 1,521 3,364 5,887 
Total interest expense$13,549 $21,223 $41,489 $63,614 
____________________________________________________________________________________________________
(a)The combination of cash and non-cash interest expense produces effective interest rates that are higher than contractual rates. Accordingly, the effective interest rate for the 2024 Senior Notes was 13.56% for the nine months ended September 30, 2025.
v3.25.3
Leases (Tables)
 9 Months Ended
Sep. 30, 2025
Leases [Abstract]  
Schedule of Components of Lease Expense
The following table presents components of lease expense for the three and nine months ended September 30, 2025 and 2024:
Three Months Ended
September 30,		Nine Months Ended
September 30,
(in thousands)2025202420252024
Operating lease expense$3,290 $3,471 $10,011 $9,993 
Short-term lease expense(a)
15,047 16,682 43,109 42,550 
18,337 20,153 53,120 52,543 
Less: Sublease income296 202 887 604 
Total lease expense$18,041 $19,951 $52,233 $51,939 
____________________________________________________________________________________________________
(a)Short-term lease expense includes all leases with lease terms of up to one year. Short-term leases include, among other things, construction equipment rented on an as-needed basis as well as temporary housing.
Schedule of Supplemental Balance Sheet Information Related to Leases and Supplemental Cash Flow and Other Information Related to Leases
The following table presents supplemental balance sheet information related to operating leases:
(dollars in thousands)Balance Sheet Line ItemAs of September 30,
2025		As of December 31,
2024
Assets
Right-of-use assetsOther assets$55,190 $41,695 
Total lease assets$55,190 $41,695 
Liabilities
Current lease liabilitiesAccrued expenses and other current liabilities$11,042 $7,066 
Long-term lease liabilitiesOther long-term liabilities48,903 38,630 
Total lease liabilities$59,945 $45,696 
Weighted-average remaining lease term6.6 years8.0 years
Weighted-average discount rate8.94 %9.73 %
The following table presents supplemental cash flow information and non-cash activity related to operating leases:
Nine Months Ended
September 30,
(in thousands)20252024
Operating cash flow information:
Cash paid for amounts included in the measurement of lease liabilities$(10,159)$(9,663)
Non-cash activity:
Right-of-use assets obtained in exchange for lease liabilities$20,754 $7,772 
Schedule of Maturity of Operating Lease Liabilities on an Undiscounted Basis
The following table presents maturities of operating lease liabilities on an undiscounted basis as of September 30, 2025:
Year (in thousands)
Operating Leases
2025 (excluding the nine months ended September 30, 2025)
$4,129 
202615,168 
202713,441 
202812,031 
20299,568 
Thereafter26,781 
Total lease payments81,118 
Less: Imputed interest21,173 
Total$59,945 
v3.25.3
Employee Pension Plans (Tables)
 9 Months Ended
Sep. 30, 2025
Retirement Benefits [Abstract]  
Schedule of Net Periodic Benefit Cost
The following table sets forth a summary of the net periodic benefit cost for the three and nine months ended September 30, 2025 and 2024:
Three Months Ended September 30,Nine Months Ended September 30,
(in thousands)2025202420252024
Interest cost$933 $911 $2,799 $2,732 
Service cost170 231 510 694 
Expected return on plan assets(902)(943)(2,707)(2,831)
Recognized net actuarial losses414 437 1,242 1,312 
Net periodic benefit cost$615 $636 $1,844 $1,907 
v3.25.3
Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis
The following fair value hierarchy table presents the Company’s assets that are measured at fair value on a recurring basis as of September 30, 2025 and December 31, 2024:
As of September 30, 2025As of December 31, 2024
Fair Value HierarchyFair Value Hierarchy
(in thousands)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Cash and cash equivalents(a)
$695,732 $— $— $695,732 $455,084 $— $— $455,084 
Restricted cash(a)
62,352 — — 62,352 9,104 — — 9,104 
Restricted investments(b)
— 173,435 — 173,435 — 139,986 — 139,986 
Investments in lieu of retention(c)
35,153 140,332 — 175,485 38,359 106,765 — 145,124 
Total$793,237 $313,767 $— $1,107,004 $502,547 $246,751 $— $749,298 
____________________________________________________________________________________________________
(a)Includes money market funds and short-term investments with maturity dates of three months or less when acquired.
(b)Restricted investments, as of September 30, 2025 and December 31, 2024, consist of available-for-sale (“AFS”) debt securities, which are valued based on pricing models determined from a compilation of primarily observable market information, broker quotes in non-active markets or similar assets; therefore, they are classified as Level 2 assets.
(c)Investments in lieu of retention are included in retention receivable as of September 30, 2025 and December 31, 2024, and are composed of money market funds of $35.2 million and $38.4 million, respectively, and AFS debt securities of $140.3 million and $106.8 million, respectively. The fair values of the money market funds are measured using quoted market prices; therefore, they are classified as Level 1 assets. The fair values of AFS debt securities are determined from a compilation of primarily observable market information, broker quotes in non-active markets or similar assets; therefore, they are classified as Level 2 assets.
Schedule of Available-for-Sale Securities Reconciliation
Investments in AFS debt securities consisted of the following as of September 30, 2025 and December 31, 2024:
As of September 30, 2025As of December 31, 2024
(in thousands)Amortized CostUnrealized GainsUnrealized LossesFair ValueAmortized CostUnrealized GainsUnrealized LossesFair Value
Restricted investments:
Corporate debt securities$153,219 $1,909 $(450)$154,678 $118,421 $603 $(1,242)$117,782 
U.S. government agency securities12,038 18 (356)11,700 16,323 35 (663)15,695 
Municipal bonds7,432 24 (583)6,873 7,159 — (831)6,328 
Corporate certificates of deposit198 — (14)184 200 — (19)181 
Total restricted investments172,887 1,951 (1,403)173,435 142,103 638 (2,755)139,986 
Investments in lieu of retention:
Corporate debt securities131,638 817 (32)132,423 106,014 224 (491)105,747 
Municipal bonds7,897 195 (183)7,909 830 188 — 1,018 
Total investments in lieu of retention139,535 1,012 (215)140,332 106,844 412 (491)106,765 
Total AFS debt securities$312,422 $2,963 $(1,618)$313,767 $248,947 $1,050 $(3,246)$246,751 
Schedule of Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value
The following table summarizes the fair value and gross unrealized losses aggregated by category and the length of time that individual AFS debt securities have been in a continuous unrealized loss position as of September 30, 2025 and December 31, 2024:
As of September 30, 2025
Less than 12 Months12 Months or GreaterTotal
(in thousands)Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
Restricted investments:
Corporate debt securities$17,881 $(76)$22,344 $(374)$40,225 $(450)
U.S. government agency securities289 (1)5,236 (355)5,525 (356)
Municipal bonds261 (4)4,986 (579)5,247 (583)
Corporate certificates of deposit— — 185 (14)185 (14)
Total restricted investments18,431 (81)32,751 (1,322)51,182 (1,403)
Investments in lieu of retention:
Corporate debt securities5,459 (32)— — 5,459 (32)
Municipal bonds6,880 (183)— — 6,880 (183)
Total investments in lieu of retention12,339 (215)— — 12,339 (215)
Total AFS debt securities$30,770 $(296)$32,751 $(1,322)$63,521 $(1,618)
As of December 31, 2024
Less than 12 Months12 Months or GreaterTotal
(in thousands)Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
Restricted investments:
Corporate debt securities$23,985 $(159)$30,384 $(1,083)$54,369 $(1,242)
U.S. government agency securities4,371 (43)10,699 (620)15,070 (663)
Municipal bonds704 (13)5,560 (818)6,264 (831)
Corporate certificates of deposit— — 181 (19)181 (19)
Total restricted investments29,060 (215)46,824 (2,540)75,884 (2,755)
Investments in lieu of retention:
Corporate debt securities24,470 (149)37,755 (342)62,225 (491)
Total investments in lieu of retention24,470 (149)37,755 (342)62,225 (491)
Total AFS debt securities$53,530 $(364)$84,579 $(2,882)$138,109 $(3,246)
Schedule of Investments Classified by Contractual Maturity Date
The amortized cost and fair value of AFS debt securities by contractual maturity as of September 30, 2025 are summarized in the table below. Actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay certain obligations.
(in thousands)Amortized CostFair Value
Due within one year$62,604 $62,446 
Due after one year through five years238,129 240,124 
Due after five years11,689 11,197 
Total$312,422 $313,767 
v3.25.3
Changes in Equity (Tables)
 9 Months Ended
Sep. 30, 2025
Stockholders' Equity Note [Abstract]  
Schedule of Stockholders Equity
A reconciliation of the changes in equity for the three and nine months ended September 30, 2025 and 2024 is provided below:
Three Months Ended September 30, 2025
(in thousands)Common
Stock		Additional
Paid-in
Capital
Retained Earnings
Accumulated
Other
Comprehensive
Loss		Noncontrolling
Interests		Total
Equity
Balance - June 30, 2025$52,743 $1,145,283 $17,397 $(30,244)$54,640 $1,239,819 
Net income— — 3,631 — 15,217 18,848 
Other comprehensive income (loss)— — — 306 (574)(268)
Share-based compensation— 2,514 — — — 2,514 
Distributions to noncontrolling interests— — — — (7,500)(7,500)
Balance - September 30, 2025$52,743 $1,147,797 $21,028 $(29,938)$61,783 $1,253,413 
Nine Months Ended September 30, 2025
(in thousands)Common
Stock		Additional
Paid-in
Capital
Retained Earnings (Deficit)
Accumulated
Other
Comprehensive
Loss		Noncontrolling
Interests		Total
Equity
Balance - December 31, 2024$52,486 $1,146,800 $(30,575)$(33,988)$23,883 $1,158,606 
Net income— — 51,603 — 57,080 108,683 
Other comprehensive income— — — 4,050 1,220 5,270 
Share-based compensation— 6,365 — — — 6,365 
Issuance of common stock, net257 (5,368)— — — (5,111)
Contributions from noncontrolling interests— — — — 7,500 7,500 
Distributions to noncontrolling interests— — — — (27,900)(27,900)
Balance - September 30, 2025$52,743 $1,147,797 $21,028 $(29,938)$61,783 $1,253,413 
Three Months Ended September 30, 2024
(in thousands)Common
Stock		Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Loss		Noncontrolling
Interests		Total
Equity
Balance - June 30, 2024$52,389 $1,148,074 $149,718 $(40,226)$6,162 $1,316,117 
Net income (loss)— — (100,862)— 11,260 (89,602)
Other comprehensive income— — — 4,242 677 4,919 
Share-based compensation— 1,230 — — — 1,230 
Issuance of common stock, net46 (1,108)— — — (1,062)
Contributions from noncontrolling interests— — — — 87 87 
Balance - September 30, 2024$52,435 $1,148,196 $48,856 $(35,984)$18,186 $1,231,689 
Nine Months Ended September 30, 2024
(in thousands)Common
Stock		Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Loss		Noncontrolling
Interests		Total
Equity
Balance - December 31, 2023$52,025 $1,146,204 $133,146 $(39,787)$(7,677)$1,283,911 
Net income (loss)— — (84,290)— 38,159 (46,131)
Other comprehensive income— — — 3,803 17 3,820 
Share-based compensation— 5,585 — — — 5,585 
Issuance of common stock, net410 (3,593)— — — (3,183)
Contributions from noncontrolling interests— — — — 87 87 
Distributions to noncontrolling interests— — — — (12,400)(12,400)
Balance - September 30, 2024$52,435 $1,148,196 $48,856 $(35,984)$18,186 $1,231,689 
v3.25.3
Other Comprehensive Income (Loss) (Tables)
 9 Months Ended
Sep. 30, 2025
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Schedule of Components of Other Comprehensive Income (Loss) and Related Tax Effects
The components of other comprehensive income (loss) and the related tax effects for the three and nine months ended September 30, 2025 and 2024 were as follows:
Three Months Ended September 30, 2025Three Months Ended September 30, 2024
(in thousands)Before-Tax AmountTax (Expense) BenefitNet-of-Tax AmountBefore-Tax AmountTax ExpenseNet-of-Tax Amount
Other comprehensive income:
Defined benefit pension plan adjustments$420 $(113)$307 $282 $(75)$207 
Foreign currency translation adjustments(1,488)231 (1,257)1,046 (192)854 
Unrealized gain in fair value of investments
864 (182)682 4,872 (1,014)3,858 
Total other comprehensive income (loss)(204)(64)(268)6,200 (1,281)4,919 
Less: Other comprehensive income (loss) attributable to noncontrolling interests
(574)— (574)677 — 677 
Total other comprehensive income attributable to Tutor Perini Corporation
$370 $(64)$306 $5,523 $(1,281)$4,242 
Nine Months Ended September 30, 2025Nine Months Ended September 30, 2024
(in thousands)Before-Tax AmountTax ExpenseNet-of-Tax AmountBefore-Tax AmountTax (Expense) BenefitNet-of-Tax Amount
Other comprehensive income:
Defined benefit pension plan adjustments$1,228 $(330)$898 $1,157 $(308)$849 
Foreign currency translation adjustments1,776 (220)1,556 (905)129 (776)
Unrealized gain in fair value of investments
3,541 (725)2,816 4,724 (977)3,747 
Total other comprehensive income
6,545 (1,275)5,270 4,976 (1,156)3,820 
Less: Other comprehensive income attributable to noncontrolling interests
1,220 — 1,220 17 — 17 
Total other comprehensive income attributable to Tutor Perini Corporation
$5,325 $(1,275)$4,050 $4,959 $(1,156)$3,803 
Schedule of Changes in AOCI Balances by Component (After-Tax)
The changes in AOCI balances by component (after tax) attributable to Tutor Perini Corporation and attributable to noncontrolling interests during the three and nine months ended September 30, 2025 and 2024 were as follows:
Three Months Ended September 30, 2025
(in thousands)Defined
Benefit
Pension
Plan		Foreign
Currency
Translation
Unrealized Gain (Loss) in Fair
Value of Investments, Net
Accumulated
Other
Comprehensive
Income (Loss)
Attributable to Tutor Perini Corporation:
Balance as of June 30, 2025$(22,981)$(7,430)$167 $(30,244)
Other comprehensive income (loss) before reclassifications
— (628)638 10 
Amounts reclassified from AOCI307 — (11)296 
Total other comprehensive income (loss)
307 (628)627 306 
Balance as of September 30, 2025$(22,674)$(8,058)$794 $(29,938)
Attributable to Noncontrolling Interests:
Balance as of June 30, 2025$— $(837)$148 $(689)
Other comprehensive income (loss)
— (629)55 (574)
Balance as of September 30, 2025$— $(1,466)$203 $(1,263)
Nine Months Ended September 30, 2025
(in thousands)Defined
Benefit
Pension
Plan		Foreign
Currency
Translation
Unrealized Gain (Loss) in Fair
Value of Investments, Net
Accumulated
Other
Comprehensive
Income (Loss)
Attributable to Tutor Perini Corporation:
Balance as of December 31, 2024$(23,572)$(8,657)$(1,759)$(33,988)
Other comprehensive income before reclassifications
— 599 2,582 3,181 
Amounts reclassified from AOCI898 — (29)869 
Total other comprehensive income
898 599 2,553 4,050 
Balance as of September 30, 2025$(22,674)$(8,058)$794 $(29,938)
Attributable to Noncontrolling Interests:
Balance as of December 31, 2024$— $(2,423)$(60)$(2,483)
Other comprehensive income— 957 263 1,220 
Balance as of September 30, 2025$— $(1,466)$203 $(1,263)
Three Months Ended September 30, 2024
(in thousands)Defined
Benefit
Pension
Plan		Foreign
Currency
Translation
Unrealized Gain (Loss) in Fair
Value of Investments, Net
Accumulated
Other
Comprehensive
Income (Loss)
Attributable to Tutor Perini Corporation:
Balance as of June 30, 2024$(28,712)$(7,784)$(3,730)$(40,226)
Other comprehensive income before reclassifications— 535 3,411 3,946 
Amounts reclassified from AOCI207 — 89 296 
Total other comprehensive income207 535 3,500 4,242 
Balance as of September 30, 2024$(28,505)$(7,249)$(230)$(35,984)
Attributable to Noncontrolling Interests:
Balance as of June 30, 2024$— $(1,051)$(340)$(1,391)
Other comprehensive income— 319 358 677 
Balance as of September 30, 2024$— $(732)$18 $(714)
Nine Months Ended September 30, 2024
(in thousands)Defined
Benefit
Pension
Plan		Foreign
Currency
Translation
Unrealized Gain (Loss) in Fair
Value of Investments, Net
Accumulated
Other
Comprehensive
Income (Loss)
Attributable to Tutor Perini Corporation:
Balance as of December 31, 2023$(29,354)$(6,893)$(3,540)$(39,787)
Other comprehensive income (loss) before reclassifications— (356)3,206 2,850 
Amounts reclassified from AOCI849 — 104 953 
Total other comprehensive income (loss)849 (356)3,310 3,803 
Balance as of September 30, 2024$(28,505)$(7,249)$(230)$(35,984)
Attributable to Noncontrolling Interests:
Balance as of December 31, 2023$— $(312)$(419)$(731)
Other comprehensive income (loss)— (420)437 17 
Balance as of September 30, 2024$— $(732)$18 $(714)
The significant items reclassified out of AOCI and the corresponding location and impact on the Condensed Consolidated Statements of Operations during the three and nine months ended September 30, 2025 and 2024 were as follows:
Three Months Ended
September 30,		 Nine Months Ended
September 30,
(in thousands)2025202420252024
Component of AOCI:
Defined benefit pension plan adjustments(a)
$420 $282 $1,228 $1,157 
Income tax benefit(b)
(113)(75)(330)(308)
Net of tax$307 $207 $898 $849 
Unrealized (gain) loss in fair value of investment adjustments(a)
$(14)$113 $(37)$132 
Income tax expense (benefit)(b)
3 (24)8 (28)
Net of tax$(11)$89 $(29)$104 
___________________________________________________________________________________________________
(a)Amounts included in other income, net on the Condensed Consolidated Statements of Operations.
(b)Amounts included in income tax (expense) benefit on the Condensed Consolidated Statements of Operations.
v3.25.3
Business Segments (Tables)
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Schedule of Reportable Segments
The following tables set forth certain reportable segment information relating to the Company’s operations for the three and nine months ended September 30, 2025 and 2024:
Reportable Segments
(in thousands)CivilBuildingSpecialty
Contractors		TotalCorporateConsolidated
Total
Three Months Ended September 30, 2025
Total revenue$832,966 $437,933 $226,462 $1,497,361 $— $1,497,361 
Elimination of intersegment revenue(62,732)(19,269)— (82,001)— (82,001)
Revenue from external customers$770,234 $418,664 $226,462 $1,415,360 $— $1,415,360 
Reconciliation of revenue to income (loss) from construction operations
Less:
Cost of operations$649,094 $391,601 $205,270 $1,245,965 $— $1,245,965 
General and administrative expenses(a)
21,988 12,620 15,020 49,628 79,673 129,301 
Income (loss) from construction operations$99,152 $14,443 $6,172 $119,767 $(79,673)

$40,094 
Capital expenditures$45,982 $12 $1,728 $47,722 $1,229 $48,951 
Depreciation and amortization(b)
$10,724 $540 $624 $11,888 $324 $12,212 
Three Months Ended September 30, 2024
Total revenue$569,080 $457,141 $101,206 $1,127,427 $— $1,127,427 
Elimination of intersegment revenue(23,185)(21,426)— (44,611)— (44,611)
Revenue from external customers$545,895 $435,715 $101,206 $1,082,816 $— $1,082,816 
Reconciliation of revenue to income (loss) from construction operations
Less:
Cost of operations$536,854 $427,804 $143,078 $1,107,736 $908 $1,108,644 
General and administrative expenses(a)
21,586 11,806 15,039 48,431 32,548 80,979 
Loss from construction operations$(12,545)$(3,895)$(56,911)$(73,351)
(c)
$(33,456)

$(106,807)
Capital expenditures$4,237 $238 $53 $4,528 $2,386 $6,914 
Depreciation and amortization(b)
$10,718 $579 $569 $11,866 $1,644 $13,510 
____________________________________________________________________________________________________
(a)General and administrative expenses for the three months ended September 30, 2025 and 2024 included share-based compensation expense of $58.7 million ($58.3 million after tax, or $1.08 per diluted share) and $16.5 million ($16.4 million after tax, or $0.31 per diluted share), respectively. The increase in share-based compensation expense in the third quarter of 2025 was primarily due to a substantial increase in the Company’s stock price during the period, which impacted the fair value of liability-classified awards. These awards are remeasured at fair value at the end of each reporting period with the change recognized in earnings.
(b)Depreciation and amortization is included in income (loss) from construction operations.
(c)During the three months ended September 30, 2024, the Company’s loss from construction operations was impacted by unfavorable adjustments of $101.6 million ($74.5 million after tax, or $1.42 per diluted share) related to an unexpected adverse arbitration decision on a legacy dispute related to a completed Civil segment bridge project in California, which the Company is appealing; $20.0 million ($14.7 million after tax, or $0.28 per diluted share) related to a settlement on a legacy dispute related to a completed Building segment government facility project in Florida; and $17.7 million ($13.0 million after tax, or $0.25 per diluted share) due to an unfavorable judgment on a completed Specialty Contractors segment mass-transit project in California. The period was also impacted by a favorable adjustment of $18.4 million ($13.5 million after tax, or $0.26 per diluted share) due to a settlement of a claim associated with a completed Civil segment highway tunneling project in the Western United States.
Reportable Segments
(in thousands)CivilBuildingSpecialty
Contractors		TotalCorporateConsolidated
Total
Nine Months Ended September 30, 2025
Total revenue$2,262,584 $1,412,292 $580,682 $4,255,558 $— $4,255,558 
Elimination of intersegment revenue(148,122)(71,762)— (219,884)— (219,884)
Revenue from external customers$2,114,462 $1,340,530 $580,682 $4,035,674 $— $4,035,674 
Reconciliation of revenue to income (loss) from construction operations
Less:
Cost of operations$1,727,984 $1,254,481 $553,383 $3,535,848 $35 $3,535,883 
General and administrative expenses(a)
67,611 38,697 46,254 152,562 165,380 317,942 
Income (loss) from construction operations$318,867 $47,352 $(18,955)$347,264 
(b)
$(165,415)$181,849 
Capital expenditures$97,390 $1,550 $3,828 $102,768 $3,123 $105,891 
Depreciation and amortization(c)
$32,492 $1,610 $1,899 $36,001 $1,686 $37,687 
Nine Months Ended September 30, 2024
Total revenue$1,649,421 $1,313,114 $429,152 $3,391,687 $— $3,391,687 
Elimination of intersegment revenue(84,873)(47,591)50 (132,414)— (132,414)
Revenue from external customers$1,564,548 $1,265,523 $429,202 $3,259,273 $— $3,259,273 
Reconciliation of revenue to income (loss) from construction operations
Less:
Cost of operations$1,368,736 $1,214,734 $467,645 $3,051,115 $1,658 $3,052,773 
General and administrative expenses(a)
62,027 33,517 44,626 140,170 83,838 224,008 
Income (loss) from construction operations$133,785 $17,272 $(83,069)$67,988 
(d)
$(85,496)$(17,508)
Capital expenditures$21,847 $523 $326 $22,696 $5,570 $28,266 
Depreciation and amortization(c)
$31,699 $1,749 $1,741 $35,189 $5,909 $41,098 
____________________________________________________________________________________________________
(a)General and administrative expenses for the nine months ended September 30, 2025 and 2024 included share-based compensation expense of $120.7 million ($119.8 million after tax, or $2.25 per diluted share) and $39.0 million ($38.5 million after tax, or $0.73 per diluted share), respectively. The increase in share-based compensation expense in the current-year period was primarily due to a substantial increase in the Company’s stock price during the period, which impacted the fair value of liability-classified awards. These awards are remeasured at fair value at the end of each reporting period with the change recognized in earnings.
(b)During the nine months ended September 30, 2025, the Company’s income (loss) from construction operations was impacted by favorable adjustments in the second quarter totaling $28.0 million ($20.3 million after tax, or $0.38 per diluted share) due to the settlement of certain change orders and changes in estimates due to improved performance on a Civil segment mass-transit project in the Midwest.
(c)Depreciation and amortization is included in income (loss) from construction operations.
(d)During the nine months ended September 30, 2024, the Company’s income (loss) from construction operations was impacted by unfavorable adjustments of $101.6 million ($74.5 million after tax, or $1.43 per diluted share) in the third quarter related to an unexpected adverse arbitration decision on a legacy dispute related to a completed Civil segment bridge project in California, which the Company is appealing; $20.0 million ($14.7 million after tax, or $0.28 per diluted share) in the third quarter related to a settlement on a legacy dispute related to a completed Building segment government facility project in Florida; and $17.7 million ($13.0 million after tax, or $0.25 per diluted share) in the third quarter due to an unfavorable judgment on a completed Specialty Contractors segment mass-transit project in California. The period was also impacted by a favorable adjustment of $18.4 million ($13.5 million after tax, or $0.26 per diluted share) in the third quarter due to a settlement of a claim associated with a completed Civil segment highway tunneling project in the Western United States.
Schedule of Total Assets for Reportable Segments
Total assets by segment were as follows:
(in thousands)As of September 30,
2025		As of December 31,
2024
Civil$4,384,257 $3,636,825 
Building1,256,359 1,085,998 
Specialty Contractors266,536 198,952 
Corporate and other(a)
(741,898)(679,065)
Total assets$5,165,254 $4,242,710 
____________________________________________________________________________________________________
(a)Consists principally of cash, equipment, tax-related assets and insurance-related assets, offset by the elimination of assets related to intersegment revenue.
Schedule of Revenue from External Customers by Geographic Areas
Information concerning principal geographic areas is as follows:
Three Months Ended September 30,Nine Months Ended September 30,
(in thousands)2025202420252024
Revenue:
United States$1,304,517 $936,096 $3,645,610 $2,813,840 
Foreign and U.S. territories110,843 146,720 390,064 445,433 
Total revenue$1,415,360 $1,082,816 $4,035,674 $3,259,273 

(in thousands)As of September 30,
2025		As of December 31,
2024
Assets:
United States$4,583,120 $3,759,874 
Foreign and U.S. territories582,134 482,836 
Total assets$5,165,254 $4,242,710 
Schedule of Reconciliation of Segment Results to Consolidated Income (Loss) Before Income Taxes
A reconciliation of segment results to the consolidated income (loss) before income taxes is as follows:
Three Months Ended September 30,Nine Months Ended September 30,
(in thousands)2025202420252024
Income (loss) from construction operations$40,094 $(106,807)$181,849 $(17,508)
Other income, net7,457 4,487 18,349 15,636 
Interest expense(13,549)(21,223)(41,489)(63,614)
Income (loss) before income taxes
$34,002 $(123,543)$158,709 $(65,486)
v3.25.3
Revenue (Schedule of Disaggregation of Revenue) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Disaggregation of Revenue [Line Items]        
Revenue $ 1,415,360 $ 1,082,816 $ 4,035,674 $ 3,259,273
State and local agencies(a)        
Disaggregation of Revenue [Line Items]        
Revenue 919,991 610,241 2,522,972 1,894,571
Federal agencies        
Disaggregation of Revenue [Line Items]        
Revenue 147,575 173,636 459,960 499,317
Private owners        
Disaggregation of Revenue [Line Items]        
Revenue 347,794 298,939 1,052,742 865,385
Civil        
Disaggregation of Revenue [Line Items]        
Revenue 770,234 545,895 2,114,462 1,564,548
Civil | State and local agencies(a)        
Disaggregation of Revenue [Line Items]        
Revenue 601,597 325,543 1,589,534 955,157
Civil | Federal agencies        
Disaggregation of Revenue [Line Items]        
Revenue 117,852 137,110 353,606 369,876
Civil | Private owners        
Disaggregation of Revenue [Line Items]        
Revenue 50,785 83,242 171,322 239,515
Civil | Mass transit (includes certain transportation and tunneling projects)        
Disaggregation of Revenue [Line Items]        
Revenue 466,226 341,827 1,240,094 883,930
Civil | Military facilities        
Disaggregation of Revenue [Line Items]        
Revenue 86,696 110,214 289,383 333,137
Civil | Bridges        
Disaggregation of Revenue [Line Items]        
Revenue 122,081 1,539 278,015 91,519
Civil | Detention facilities        
Disaggregation of Revenue [Line Items]        
Revenue 31,818 22,216 116,531 29,088
Civil | Power and energy        
Disaggregation of Revenue [Line Items]        
Revenue 40,288 34,456 108,956 96,382
Civil | Commercial and industrial sites        
Disaggregation of Revenue [Line Items]        
Revenue 19,745 31,463 67,053 107,583
Civil | Other        
Disaggregation of Revenue [Line Items]        
Revenue 3,380 4,180 14,430 22,909
Building        
Disaggregation of Revenue [Line Items]        
Revenue 418,664 435,715 1,340,530 1,265,523
Building | State and local agencies(a)        
Disaggregation of Revenue [Line Items]        
Revenue 181,817 241,584 613,772 736,220
Building | Federal agencies        
Disaggregation of Revenue [Line Items]        
Revenue 23,721 40,616 95,186 132,753
Building | Private owners        
Disaggregation of Revenue [Line Items]        
Revenue 213,126 153,515 631,572 396,550
Building | Mass transit (includes certain transportation and tunneling projects)        
Disaggregation of Revenue [Line Items]        
Revenue 25,615 64,861 90,843 183,359
Building | Detention facilities        
Disaggregation of Revenue [Line Items]        
Revenue 99,129 49,762 263,044 108,302
Building | Healthcare facilities        
Disaggregation of Revenue [Line Items]        
Revenue 224,392 160,904 672,366 408,845
Building | Government        
Disaggregation of Revenue [Line Items]        
Revenue 28,864 61,278 151,985 247,467
Building | Education facilities        
Disaggregation of Revenue [Line Items]        
Revenue 25,578 74,624 110,329 226,973
Building | Other        
Disaggregation of Revenue [Line Items]        
Revenue 15,086 24,286 51,963 90,577
Specialty Contractors        
Disaggregation of Revenue [Line Items]        
Revenue 226,462 101,206 580,682 429,202
Specialty Contractors | State and local agencies(a)        
Disaggregation of Revenue [Line Items]        
Revenue 136,577 43,114 319,666 203,194
Specialty Contractors | Federal agencies        
Disaggregation of Revenue [Line Items]        
Revenue 6,002 (4,090) 11,168 (3,312)
Specialty Contractors | Private owners        
Disaggregation of Revenue [Line Items]        
Revenue 83,883 62,182 249,848 229,320
Specialty Contractors | Mass transit (includes certain transportation and tunneling projects)        
Disaggregation of Revenue [Line Items]        
Revenue 75,648 22,674 174,416 119,626
Specialty Contractors | Detention facilities        
Disaggregation of Revenue [Line Items]        
Revenue 12,714 209 25,096 629
Specialty Contractors | Healthcare facilities        
Disaggregation of Revenue [Line Items]        
Revenue 27,424 15,566 71,881 46,994
Specialty Contractors | Government        
Disaggregation of Revenue [Line Items]        
Revenue 20,071 13,815 63,883 54,839
Specialty Contractors | Education facilities        
Disaggregation of Revenue [Line Items]        
Revenue 5,812 8,566 13,937 22,828
Specialty Contractors | Commercial and industrial facilities        
Disaggregation of Revenue [Line Items]        
Revenue 39,628 27,811 105,394 86,234
Specialty Contractors | Multi-unit residential        
Disaggregation of Revenue [Line Items]        
Revenue 27,941 16,623 76,427 61,647
Specialty Contractors | Water        
Disaggregation of Revenue [Line Items]        
Revenue 4,493 10,544 20,789 39,462
Specialty Contractors | Other        
Disaggregation of Revenue [Line Items]        
Revenue $ 12,731 $ (14,602) $ 28,859 $ (3,057)
v3.25.3
Revenue (Schedule of Revenue by Contract Type) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Disaggregation of Revenue [Line Items]        
Revenue $ 1,415,360 $ 1,082,816 $ 4,035,674 $ 3,259,273
Fixed price(a)        
Disaggregation of Revenue [Line Items]        
Revenue 978,775 731,703 2,822,219 2,248,088
Guaranteed maximum price        
Disaggregation of Revenue [Line Items]        
Revenue 239,944 207,244 728,059 586,881
Unit price        
Disaggregation of Revenue [Line Items]        
Revenue 137,028 106,669 301,894 256,661
Cost plus fee and other        
Disaggregation of Revenue [Line Items]        
Revenue 59,613 37,200 183,502 167,643
Civil        
Disaggregation of Revenue [Line Items]        
Revenue 770,234 545,895 2,114,462 1,564,548
Civil | Unfavorable Adjustment Due to Arbitration Ruling on Bridge Project in California        
Disaggregation of Revenue [Line Items]        
Revenue   79,400   79,400
Loss contingency, loss in period   101,600   101,600
Civil | Fixed price(a)        
Disaggregation of Revenue [Line Items]        
Revenue 636,390 446,208 1,822,443 1,330,549
Civil | Guaranteed maximum price        
Disaggregation of Revenue [Line Items]        
Revenue 82 420 304 554
Civil | Unit price        
Disaggregation of Revenue [Line Items]        
Revenue 115,858 90,090 244,170 199,257
Civil | Cost plus fee and other        
Disaggregation of Revenue [Line Items]        
Revenue 17,904 9,177 47,545 34,188
Building        
Disaggregation of Revenue [Line Items]        
Revenue 418,664 435,715 1,340,530 1,265,523
Building | Fixed price(a)        
Disaggregation of Revenue [Line Items]        
Revenue 168,226 211,625 546,460 567,821
Building | Guaranteed maximum price        
Disaggregation of Revenue [Line Items]        
Revenue 228,445 205,184 703,520 583,127
Building | Unit price        
Disaggregation of Revenue [Line Items]        
Revenue 0 0 0 0
Building | Cost plus fee and other        
Disaggregation of Revenue [Line Items]        
Revenue 21,993 18,906 90,550 114,575
Specialty Contractors        
Disaggregation of Revenue [Line Items]        
Revenue 226,462 101,206 580,682 429,202
Specialty Contractors | Fixed price(a)        
Disaggregation of Revenue [Line Items]        
Revenue 174,159 73,870 453,316 349,718
Specialty Contractors | Guaranteed maximum price        
Disaggregation of Revenue [Line Items]        
Revenue 11,417 1,640 24,235 3,200
Specialty Contractors | Unit price        
Disaggregation of Revenue [Line Items]        
Revenue 21,170 16,579 57,724 57,404
Specialty Contractors | Cost plus fee and other        
Disaggregation of Revenue [Line Items]        
Revenue $ 19,716 $ 9,117 $ 45,407 $ 18,880
v3.25.3
Revenue (Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Net revenue recognized related to performance obligations satisfies (or partially satisfied) in prior periods $ (23.6) $ (163.5) $ (26.6) $ (180.4)
Civil        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Remaining performance obligations revenue amount 10,200.0 4,100.0 $ 10,200.0 4,100.0
Civil | Minimum        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Remaining performance obligations revenue period     3 years  
Civil | Maximum        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Remaining performance obligations revenue period     5 years  
Building and Specialty Contractors | Minimum        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Remaining performance obligations revenue period     1 year  
Building and Specialty Contractors | Maximum        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Remaining performance obligations revenue period     3 years  
Building        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Remaining performance obligations revenue amount 5,200.0 3,200.0 $ 5,200.0 3,200.0
Specialty Contractors        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Remaining performance obligations revenue amount $ 2,500.0 $ 1,300.0 $ 2,500.0 $ 1,300.0
v3.25.3
Contract Assets and Liabilities (Schedule of Contract Assets) (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Costs and estimated earnings in excess of billings:    
Claims $ 365,533 $ 451,770
Unapproved change orders 398,174 393,803
Other unbilled costs and profits 84,071 96,949
Total costs and estimated earnings in excess of billings 847,778 942,522
Billings in excess of costs and estimated earnings $ 1,904,637 $ 1,216,623
v3.25.3
Contract Assets and Liabilities (Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]        
Costs and estimated earnings in excess of billings $ 513.4   $ 513.4  
Revenue recognized $ 784.3 $ 534.2 $ 886.9 $ 891.4
v3.25.3
Cash, Cash Equivalents and Restricted Cash (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Dec. 31, 2023
Cash and Cash Equivalents [Line Items]        
Cash and cash equivalents $ 695,732 $ 455,084    
Restricted cash 62,352 9,104    
Total cash, cash equivalents and restricted cash 758,084 464,188 $ 301,397 $ 394,680
Joint venture cash and cash equivalents        
Cash and Cash Equivalents [Line Items]        
Cash and cash equivalents 494,034 189,437    
Cash and cash equivalents available for general corporate purposes        
Cash and Cash Equivalents [Line Items]        
Cash and cash equivalents $ 201,698 $ 265,647    
v3.25.3
Other Current Assets - Schedule of Other Current Assets (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]    
Capitalized contract costs $ 352,651 $ 100,593
Other 78,558 92,322
Total other current assets $ 431,209 $ 192,915
v3.25.3
Other Current Assets - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]        
Capitalized contract cost, amortization $ 36.3 $ 15.1 $ 68.7 $ 47.0
v3.25.3
Earnings Per Common Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Earnings Per Share [Abstract]        
Net income (loss) attributable to Tutor Perini Corporation $ 3,631 $ (100,862) $ 51,603 $ (84,290)
Weighted-average common shares outstanding, basic (in shares) 52,743 52,408 52,669 52,276
Effect of dilutive RSUs and stock options (in shares) 921 0 621 0
Weighted-average common shares outstanding, diluted (in shares) 53,664 52,408 53,290 52,276
Basic (in dollars per share) $ 0.07 $ (1.92) $ 0.98 $ (1.61)
Diluted (in dollars per share) $ 0.07 $ (1.92) $ 0.97 $ (1.61)
Anti-dilutive securities not included above (in shares) 0 1,817 167 1,388
v3.25.3
Income Taxes (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Income Tax Disclosure [Abstract]        
Income tax expense (benefit) $ 15,154 $ (33,941) $ 50,026 $ (19,355)
Effective tax rate (as a percent) 44.60% 27.50% 31.50% 29.60%
v3.25.3
Goodwill and Intangible Assets (Schedule of Changes in Carrying Amount of Goodwill) (Details) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Dec. 31, 2024
Goodwill [Line Items]    
Gross goodwill as of December 31, 2024   $ 1,072,991
Accumulated impairment as of December 31, 2024   (867,848)
Goodwill [Roll Forward]    
Balance at beginning of period $ 205,143  
Current year activity 0  
Balance at end of period 205,143  
Civil    
Goodwill [Line Items]    
Gross goodwill as of December 31, 2024   492,074
Accumulated impairment as of December 31, 2024   (286,931)
Goodwill [Roll Forward]    
Balance at beginning of period 205,143  
Current year activity 0  
Balance at end of period 205,143  
Building    
Goodwill [Line Items]    
Gross goodwill as of December 31, 2024   424,724
Accumulated impairment as of December 31, 2024   (424,724)
Goodwill [Roll Forward]    
Balance at beginning of period 0  
Current year activity 0  
Balance at end of period 0  
Specialty Contractors    
Goodwill [Line Items]    
Gross goodwill as of December 31, 2024   156,193
Accumulated impairment as of December 31, 2024   $ (156,193)
Goodwill [Roll Forward]    
Balance at beginning of period 0  
Current year activity 0  
Balance at end of period $ 0  
v3.25.3
Goodwill and Intangible Assets (Narrative) (Details) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]          
Goodwill impairment charge   $ 0      
Amortization expense $ 600,000   $ 600,000 $ 1,678,000 $ 1,677,000
Estimated amortization expense, remainder of 2025 600,000     600,000  
Estimated amortization expense, 2026 2,200,000     2,200,000  
Estimated amortization expense, 2027 2,200,000     2,200,000  
Estimated amortization expense, 2028 2,200,000     2,200,000  
Estimated amortization expense, 2029 2,200,000     2,200,000  
Estimated amortization expense, 2030 2,200,000     2,200,000  
Estimated amortization expense, thereafter 2,400,000     2,400,000  
Impairment of intangible assets $ 0   $ 0 $ 0 $ 0
v3.25.3
Goodwill and Intangible Assets (Schedule of Intangible Assets) (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Total intangible assets    
Cost $ 381,940 $ 381,940
Accumulated Amortization (204,482) (202,804)
Accumulated Impairment Charge (113,067) (113,067)
Carrying Value 64,391 66,069
Trade Names    
Finite-Lived intangible assets    
Cost 69,250 69,250
Accumulated Amortization (32,037) (30,359)
Accumulated Impairment Charge (23,232) (23,232)
Carrying Value $ 13,981 $ 15,659
Weighted-Average Amortization Period 20 years 20 years
Customer relationships    
Finite-Lived intangible assets    
Cost $ 39,800 $ 39,800
Accumulated Amortization (23,155) (23,155)
Accumulated Impairment Charge (16,645) (16,645)
Carrying Value 0 0
Construction contract backlog    
Finite-Lived intangible assets    
Cost 149,290 149,290
Accumulated Amortization (149,290) (149,290)
Carrying Value 0 0
Trade Names    
Indefinite-lived intangible assets    
Cost 117,600 117,600
Accumulated Impairment Charge (67,190) (67,190)
Carrying Value 50,410 50,410
Contractor license    
Indefinite-lived intangible assets    
Cost 6,000 6,000
Accumulated Impairment Charge (6,000) (6,000)
Finite-Lived intangible assets    
Carrying Value $ 0 $ 0
v3.25.3
Financial Commitments (Schedule of Long-Term Debt) (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Total debt $ 413,083 $ 534,138
Less: Current maturities 20,068 24,113
Long-term debt, net 393,015 510,025
Revolver    
Debt Instrument [Line Items]    
Total debt 0 0
Term Loan B    
Debt Instrument [Line Items]    
Total debt 0 121,863
Equipment financing and mortgages    
Debt Instrument [Line Items]    
Total debt 21,096 25,038
Other indebtedness    
Debt Instrument [Line Items]    
Total debt 11,019 9,214
2024 Senior Notes | 2024 Senior Notes    
Debt Instrument [Line Items]    
Total debt $ 380,968 $ 378,023
v3.25.3
Financial Commitments (Schedule of Reconciliation of Outstanding Debt Balance to Reported Debt Balance) (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Total debt $ 413,083 $ 534,138
Term Loan B    
Debt Instrument [Line Items]    
Outstanding Debt 0 121,863
Unamortized Discounts and Issuance Costs 0 0
Total debt 0 121,863
2024 Senior Notes | 2024 Senior Notes    
Debt Instrument [Line Items]    
Outstanding Debt 400,000 400,000
Unamortized Discounts and Issuance Costs (19,032) (21,977)
Total debt $ 380,968 $ 378,023
v3.25.3
Financial Commitments (Narrative) (Details) - USD ($)
 3 Months Ended 9 Months Ended
Apr. 22, 2024
Apr. 15, 2024
May 02, 2023
Oct. 31, 2022
Aug. 18, 2020
Mar. 31, 2025
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Apr. 20, 2017
Debt Instrument [Line Items]                    
Repayments of debt             $ 312,215,000 $ 842,127,000    
BMO Harris Bank                    
Debt Instrument [Line Items]                    
Applicable margin on overdue amounts (as a percent)         2.00%          
Unsecured Debt | BMO Harris Bank                    
Debt Instrument [Line Items]                    
Fixed charge coverage ratio (maximum)         2.00          
2024 Senior Notes | 2024 Senior Notes | Debt Instrument, Redemption, Period One                    
Debt Instrument [Line Items]                    
Redemption price (as a percent) 100.00%                  
2024 Senior Notes | 2024 Senior Notes | Debt Instrument, Redemption, Period Two                    
Debt Instrument [Line Items]                    
Redemption price (as a percent) 111.875%                  
Percentage of principal amount redeemed (as a percent) 40.00%                  
2024 Senior Notes | 2024 Senior Notes | Debt Instrument, Redemption, Period Three                    
Debt Instrument [Line Items]                    
Redemption price (as a percent) 101.00%                  
2024 Senior Notes | 2024 Senior Notes | Private Placement                    
Debt Instrument [Line Items]                    
Face amount $ 400,000,000.0                  
Interest rate (as a percent) 11.875%                  
Interest on 2017 Senior Notes | 2024 Senior Notes | Private Placement                    
Debt Instrument [Line Items]                    
Face amount                   $ 500,000,000.0
Interest rate (as a percent)                   6.875%
2020 Credit Agreement | BMO Harris Bank                    
Debt Instrument [Line Items]                    
Days prior to maturity   90 days                
Increase (decrease) in line of credit   $ (5,000,000)                
2020 Credit Agreement | BMO Harris Bank | Secured Overnight Financing Rate (SOFR)                    
Debt Instrument [Line Items]                    
Basis point spread, 1 month interest period     0.11448%              
Basis point spread, 3 month interest period     0.26161%              
Basis point spread, 6 month interest period     0.42826%              
Basis spread on variable rate       1.00% 1.00%          
Debt instrument, basis spread on variable rate adjustment       0.10%            
2020 Credit Agreement | BMO Harris Bank | Federal Funds Rate                    
Debt Instrument [Line Items]                    
Basis spread on variable rate       0.50% 0.50%          
2020 Credit Agreement | Line of Credit | BMO Harris Bank                    
Debt Instrument [Line Items]                    
Maximum borrowing capacity         $ 425,000,000          
Periodic payment principal (as a percent)         0.25%          
2020 Credit Agreement | Term Loan B | BMO Harris Bank                    
Debt Instrument [Line Items]                    
Repayments of debt           $ 121,900,000        
Term Loan B | BMO Harris Bank                    
Debt Instrument [Line Items]                    
Weighted-average annual interest rate on borrowings (as a percent)             9.20%      
Term Loan B | BMO Harris Bank | Secured Overnight Financing Rate (SOFR) | Minimum                    
Debt Instrument [Line Items]                    
Basis spread on variable rate         4.50%          
Term Loan B | BMO Harris Bank | Secured Overnight Financing Rate (SOFR) | Maximum                    
Debt Instrument [Line Items]                    
Basis spread on variable rate         4.75%          
Term Loan B | BMO Harris Bank | Base Rate | Minimum                    
Debt Instrument [Line Items]                    
Basis spread on variable rate         3.50%          
Term Loan B | BMO Harris Bank | Base Rate | Maximum                    
Debt Instrument [Line Items]                    
Basis spread on variable rate         3.75%          
First Lien | BMO Harris Bank                    
Debt Instrument [Line Items]                    
Net leverage ratio (maximum)         1.35          
Revolver                    
Debt Instrument [Line Items]                    
Unamortized debt issuance costs             $ 1,000,000.0   $ 1,400,000  
Revolver | BMO Harris Bank                    
Debt Instrument [Line Items]                    
Weighted-average annual interest rate on borrowings (as a percent)             10.80%      
Remaining borrowing capacity             $ 170,000,000.0      
Revolver | BMO Harris Bank | Secured Overnight Financing Rate (SOFR) | Minimum                    
Debt Instrument [Line Items]                    
Basis spread on variable rate         4.25%          
Revolver | BMO Harris Bank | Secured Overnight Financing Rate (SOFR) | Maximum                    
Debt Instrument [Line Items]                    
Basis spread on variable rate         4.75%          
Revolver | BMO Harris Bank | Base Rate | Minimum                    
Debt Instrument [Line Items]                    
Basis spread on variable rate         3.25%          
Revolver | BMO Harris Bank | Base Rate | Maximum                    
Debt Instrument [Line Items]                    
Basis spread on variable rate         3.75%          
Revolver | BMO Harris Bank | Net Leverage Ratio | Fiscal Quarter December 31, 2022                    
Debt Instrument [Line Items]                    
Net leverage ratio (maximum)         3.50          
Revolver | BMO Harris Bank | Net Leverage Ratio | Fiscal Quarter March 31, 2023                    
Debt Instrument [Line Items]                    
Net leverage ratio (maximum)         3.75          
Revolver | BMO Harris Bank | Net Leverage Ratio | Fiscal Quarter June 30, 2023                    
Debt Instrument [Line Items]                    
Net leverage ratio (maximum)         3.00          
Revolver | BMO Harris Bank | Net Leverage Ratio | Fiscal Quarter September 30, 2023                    
Debt Instrument [Line Items]                    
Net leverage ratio (maximum)         2.50          
Revolver | BMO Harris Bank | Net Leverage Ratio | Fiscal Quarter December 31, 2023                    
Debt Instrument [Line Items]                    
Net leverage ratio (maximum)         2.25          
Revolver | 2020 Credit Agreement | BMO Harris Bank                    
Debt Instrument [Line Items]                    
Increase (decrease) in line of credit         $ 173,500,000          
Accordion feature, percentage of LTM EBITDA         50.00%          
Revolver | 2020 Credit Agreement | Line of Credit | BMO Harris Bank                    
Debt Instrument [Line Items]                    
Maximum borrowing capacity   $ 170,000,000.0     $ 175,000,000.0          
Letters of Credit | 2020 Credit Agreement | Line of Credit | BMO Harris Bank                    
Debt Instrument [Line Items]                    
Maximum borrowing capacity         75,000,000          
Bridge Loan | 2020 Credit Agreement | Line of Credit | BMO Harris Bank                    
Debt Instrument [Line Items]                    
Maximum borrowing capacity         $ 10,000,000          
Secured Debt | Unsecured Debt | BMO Harris Bank | Junior Lien                    
Debt Instrument [Line Items]                    
Total net leverage ratio (maximum)         3.50          
v3.25.3
Financial Commitments (Schedule of Interest Expense as Reported in the Consolidated Statements of Income) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Debt Instrument [Line Items]        
Other interest $ 519 $ 686 $ 1,431 $ 1,904
Total cash interest expense 12,394 19,702 38,125 57,727
Non-cash portion of loss on extinguishment 0 0 0 1,198
Total non-cash interest expense 1,155 1,521 3,364 5,887
Total interest expense 13,549 21,223 41,489 63,614
Term Loan B        
Debt Instrument [Line Items]        
Cash interest expense 0 7,121 876 22,693
Amortization of debt issuance costs and discounts 0 494 0 2,285
Revolver        
Debt Instrument [Line Items]        
Cash interest expense 0 20 193 993
Amortization of debt issuance costs and discounts 140 140 419 493
2024 Senior Notes | 2024 Senior Notes        
Debt Instrument [Line Items]        
Cash interest expense 11,875 11,875 35,625 20,583
Amortization of debt issuance costs and discounts $ 1,015 887 $ 2,945 1,519
Effective interest rates 13.56%   13.56%  
Interest on 2017 Senior Notes | 2024 Senior Notes        
Debt Instrument [Line Items]        
Cash interest expense $ 0 0 $ 0 11,554
Amortization of debt issuance costs and discounts $ 0 $ 0 $ 0 $ 392
v3.25.3
Leases (Narrative) (Details)
Sep. 30, 2025
Minimum  
Lessee, Lease, Description [Line Items]  
Operating lease, remaining lease terms 1 year
Maximum  
Lessee, Lease, Description [Line Items]  
Operating lease, remaining lease terms 13 years
v3.25.3
Leases (Schedule of Components of Lease Expense) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Lessee, Lease, Description [Line Items]        
Operating lease expense $ 3,290 $ 3,471 $ 10,011 $ 9,993
Short-term lease expense 15,047 16,682 43,109 42,550
Lease expense, gross 18,337 20,153 53,120 52,543
Less: Sublease income 296 202 887 604
Total lease expense $ 18,041 $ 19,951 $ 52,233 $ 51,939
Maximum        
Lessee, Lease, Description [Line Items]        
Short term lease, lease term     1 year  
v3.25.3
Leases (Schedule of Supplemental Balance Sheet Information Related to Leases) (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
ASSETS    
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] OTHER ASSETS OTHER ASSETS
Right-of-use assets $ 55,190 $ 41,695
Liabilities    
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] Accrued expenses and other current liabilities Accrued expenses and other current liabilities
Current lease liabilities $ 11,042 $ 7,066
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] Other Liabilities, Noncurrent Other Liabilities, Noncurrent
Long-term lease liabilities $ 48,903 $ 38,630
Total lease liabilities $ 59,945 $ 45,696
Weighted-average remaining lease term 6 years 7 months 6 days 8 years
Weighted-average discount rate 8.94% 9.73%
v3.25.3
Leases (Schedule of Supplemental Cash Flow and Other Information Related to Leases) (Details) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Leases [Abstract]    
Cash paid for amounts included in the measurement of lease liabilities $ (10,159) $ (9,663)
Right-of-use assets obtained in exchange for lease liabilities $ 20,754 $ 7,772
v3.25.3
Leases (Schedule of Maturity of Operating Lease Liabilities on an Undiscounted Basis) (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Leases [Abstract]    
2025 (excluding the nine months ended September 30, 2025) $ 4,129  
2026 15,168  
2027 13,441  
2028 12,031  
2029 9,568  
Thereafter 26,781  
Total lease payments 81,118  
Less: Imputed interest 21,173  
Total $ 59,945 $ 45,696
v3.25.3
Commitments and Contingencies (Details) - USD ($)
$ in Millions
 1 Months Ended 3 Months Ended 9 Months Ended
Oct. 18, 2022
Dec. 13, 2019
Mar. 31, 2016
Dec. 31, 2019
Sep. 30, 2025
Apr. 13, 2023
Alaskan Way Viaduct Matter            
Contingencies and Commitments            
Value of claim filed     $ 57.2      
Settlement on judgment, awarded to other party   $ 57.2        
Pre-tax charge, impact from jury verdict       $ 166.8    
Pre-tax accrual, impact from jury verdict       25.7    
Settlement on judgment       $ 57.2    
Loss contingency, damages paid, value $ 34.6          
Alaskan Way Viaduct Matter | Seattle Tunnel Partners            
Contingencies and Commitments            
Ownership joint venture (as a percent)       45.00% 45.00%  
Seattle Tunnel Partners            
Contingencies and Commitments            
Value of counterclaim filed in excess of     $ 640.0      
HNTB            
Contingencies and Commitments            
Value of counterclaim filed in excess of           $ 300.0
v3.25.3
Share-Based Compensation (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Number of shares authorized for grant (in shares) 3,639,951   3,639,951    
Costs for share-based payment arrangements $ 58.7 $ 16.5 $ 120.7 $ 39.0  
Unamortized share-based compensation expense 95.5   $ 95.5    
Weighted average period over which unrecognized compensation cost is expected to be recognized (in years)     1 year 6 months    
Restricted Stock Units          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Units granted (in shares)     444,405 30,000  
Weighted-average fair values per share (in dollars per share)     $ 36.45 $ 12.68  
Unrestricted Stock Units          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Units granted (in shares)     40,710 73,716  
Weighted-average fair values per share (in dollars per share)     $ 36.35 $ 20.89  
Performance Based RSUs          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Units granted (in shares)     151,623    
Weighted-average fair values per share (in dollars per share)     $ 47.76    
Cash-Settled Performance Stock Units and Cash-Settled Restricted Stock Units          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Liabilities recognized for restricted stock grants $ 137.6   $ 137.6   $ 34.6
Cash used to settle liabilities     $ 11.6 $ 2.9  
Cash-settled Service-Based Units          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Units granted (in shares)     381,410 673,855  
Weighted-average fair values per share (in dollars per share)     $ 27.59 $ 12.75  
Cash-settled Performance Stock Units          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Units granted (in shares)       645,180  
Weighted-average fair values per share (in dollars per share)       $ 19.17  
v3.25.3
Employee Pension Plans (Schedule of Net Periodic Benefit Cost) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Summary of net periodic benefit cost        
Interest cost $ 933 $ 911 $ 2,799 $ 2,732
Service cost 170 231 510 694
Expected return on plan assets (902) (943) (2,707) (2,831)
Recognized net actuarial losses 414 437 1,242 1,312
Net periodic benefit cost $ 615 $ 636 $ 1,844 $ 1,907
v3.25.3
Employee Pension Plans (Narrative) (Details)
$ in Millions
 9 Months Ended
Sep. 30, 2025
USD ($)
Pension Plan Assets  
Defined contribution plan, cost $ 1.8
Expected future employer contribution, current year $ 0.6
v3.25.3
Fair Value Measurements (Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis) (Details) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Dec. 31, 2024
Assets:    
Cash and cash equivalents maturity period (maximum) 3 months  
Fair value measured on a recurring basis    
Assets:    
Cash and cash equivalents $ 695,732 $ 455,084
Restricted cash 62,352 9,104
Restricted investments 173,435 139,986
Investments in lieu of retention 175,485 145,124
Total 1,107,004 749,298
Fair value measured on a recurring basis | Level 1    
Assets:    
Cash and cash equivalents 695,732 455,084
Restricted cash 62,352 9,104
Restricted investments 0 0
Investments in lieu of retention 35,153 38,359
Total 793,237 502,547
Fair value measured on a recurring basis | Level 1 | Money Market Funds    
Assets:    
Investments in lieu of retention 35,200 38,400
Fair value measured on a recurring basis | Level 2    
Assets:    
Cash and cash equivalents 0 0
Restricted cash 0 0
Restricted investments 173,435 139,986
Investments in lieu of retention 140,332 106,765
Total 313,767 246,751
Fair value measured on a recurring basis | Level 2 | Debt Securities    
Assets:    
Investments in lieu of retention 140,300 106,800
Fair value measured on a recurring basis | Level 3    
Assets:    
Cash and cash equivalents 0 0
Restricted cash 0 0
Restricted investments 0 0
Investments in lieu of retention 0 0
Total $ 0 $ 0
v3.25.3
Fair Value Measurements (Schedule of Available-for-Sale Securities Reconciliation and Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value and Investments Classified by Contractual Maturity Date ) (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Amortized Cost $ 312,422 $ 248,947
Unrealized Gains 2,963 1,050
Unrealized Losses (1,618) (3,246)
Fair Value 313,767 246,751
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Less than 12 Months, Fair Value 30,770 53,530
Less than 12 Months, Unrealized Losses (296) (364)
12 Months or Greater, Fair Value 32,751 84,579
12 Months or Greater, Unrealized Losses (1,322) (2,882)
Total, Fair Value 63,521 138,109
Total, Unrealized Losses (1,618) (3,246)
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Fair Value [Abstract]    
Amortized Cost, Due within one year 62,604  
Fair Value, Due within one year 62,446  
Amortized Cost, Due after one year through five years 238,129  
Fair Value, Due after one year through five years 240,124  
Amortized Cost, Due after five years 11,689  
Fair Value, Due after five years 11,197  
Restricted investments:    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Amortized Cost 172,887 142,103
Unrealized Gains 1,951 638
Unrealized Losses (1,403) (2,755)
Fair Value 173,435 139,986
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Less than 12 Months, Fair Value 18,431 29,060
Less than 12 Months, Unrealized Losses (81) (215)
12 Months or Greater, Fair Value 32,751 46,824
12 Months or Greater, Unrealized Losses (1,322) (2,540)
Total, Fair Value 51,182 75,884
Total, Unrealized Losses (1,403) (2,755)
Investments in lieu of retention:    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Amortized Cost 139,535 106,844
Unrealized Gains 1,012 412
Unrealized Losses (215) (491)
Fair Value 140,332 106,765
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Less than 12 Months, Fair Value 12,339 24,470
Less than 12 Months, Unrealized Losses (215) (149)
12 Months or Greater, Fair Value 0 37,755
12 Months or Greater, Unrealized Losses 0 (342)
Total, Fair Value 12,339 62,225
Total, Unrealized Losses (215) (491)
Corporate debt securities | Restricted investments:    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Amortized Cost 153,219 118,421
Unrealized Gains 1,909 603
Unrealized Losses (450) (1,242)
Fair Value 154,678 117,782
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Less than 12 Months, Fair Value 17,881 23,985
Less than 12 Months, Unrealized Losses (76) (159)
12 Months or Greater, Fair Value 22,344 30,384
12 Months or Greater, Unrealized Losses (374) (1,083)
Total, Fair Value 40,225 54,369
Total, Unrealized Losses (450) (1,242)
Corporate debt securities | Investments in lieu of retention:    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Amortized Cost 131,638 106,014
Unrealized Gains 817 224
Unrealized Losses (32) (491)
Fair Value 132,423 105,747
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Less than 12 Months, Fair Value 5,459 24,470
Less than 12 Months, Unrealized Losses (32) (149)
12 Months or Greater, Fair Value 0 37,755
12 Months or Greater, Unrealized Losses 0 (342)
Total, Fair Value 5,459 62,225
Total, Unrealized Losses (32) (491)
U.S. government agency securities | Restricted investments:    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Amortized Cost 12,038 16,323
Unrealized Gains 18 35
Unrealized Losses (356) (663)
Fair Value 11,700 15,695
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Less than 12 Months, Fair Value 289 4,371
Less than 12 Months, Unrealized Losses (1) (43)
12 Months or Greater, Fair Value 5,236 10,699
12 Months or Greater, Unrealized Losses (355) (620)
Total, Fair Value 5,525 15,070
Total, Unrealized Losses (356) (663)
Municipal bonds | Restricted investments:    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Amortized Cost 7,432 7,159
Unrealized Gains 24 0
Unrealized Losses (583) (831)
Fair Value 6,873 6,328
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Less than 12 Months, Fair Value 261 704
Less than 12 Months, Unrealized Losses (4) (13)
12 Months or Greater, Fair Value 4,986 5,560
12 Months or Greater, Unrealized Losses (579) (818)
Total, Fair Value 5,247 6,264
Total, Unrealized Losses (583) (831)
Municipal bonds | Investments in lieu of retention:    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Amortized Cost 7,897 830
Unrealized Gains 195 188
Unrealized Losses (183) 0
Fair Value 7,909 1,018
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Less than 12 Months, Fair Value 6,880  
Less than 12 Months, Unrealized Losses (183)  
12 Months or Greater, Fair Value 0  
12 Months or Greater, Unrealized Losses 0  
Total, Fair Value 6,880  
Total, Unrealized Losses (183)  
Corporate certificates of deposit | Restricted investments:    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Amortized Cost 198 200
Unrealized Gains 0 0
Unrealized Losses (14) (19)
Fair Value 184 181
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Less than 12 Months, Fair Value 0 0
Less than 12 Months, Unrealized Losses 0 0
12 Months or Greater, Fair Value 185 181
12 Months or Greater, Unrealized Losses (14) (19)
Total, Fair Value 185 181
Total, Unrealized Losses $ (14) $ (19)
v3.25.3
Fair Value Measurements (Narrative) (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
2024 Senior Notes | 2024 Senior Notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Long-term debt, fair value $ 448.5 $ 441.9
Term Loan B    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Long-term debt, fair value   $ 121.9
v3.25.3
Variable Interest Entities (VIEs) (Details) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Variable Interest Entity [Line Items]          
Assets, current $ 4,172,321,000   $ 4,172,321,000   $ 3,286,667,000
Liabilities, current 3,208,342,000   3,208,342,000   2,332,700,000
Future funding commitments 0   0    
Revenue $ 1,415,360,000 $ 1,082,816,000 $ 4,035,674,000 $ 3,259,273,000  
Purple Line Extension Section 2 and Section 3          
Variable Interest Entity [Line Items]          
Percent interest in the joint venture (as a percent)     75.00%    
Related Party | Purple Line Extension Section 2 and Section 3          
Variable Interest Entity [Line Items]          
Revenue     $ 2,800,000,000    
Related Party | Manhattan Jail Project          
Variable Interest Entity [Line Items]          
Revenue     $ 3,760,000,000    
Percent interest in the joint venture (as a percent)     75.00%    
O&G | Purple Line Extension Section 2 and Section 3          
Variable Interest Entity [Line Items]          
Noncontrolling interest, ownership percentage by noncontrolling owners (as a percent) 25.00%   25.00%    
O&G | Related Party | Manhattan Jail Project          
Variable Interest Entity [Line Items]          
Noncontrolling interest, ownership percentage by noncontrolling owners (as a percent) 25.00%   25.00%    
Variable Interest Entity, Not Primary Beneficiary          
Variable Interest Entity [Line Items]          
Assets, current $ 51,300,000   $ 51,300,000   26,700,000
Assets, noncurrent 6,200,000   6,200,000    
Liabilities, current 58,300,000   58,300,000   24,800,000
VIEs          
Variable Interest Entity [Line Items]          
Assets, current 1,000,000,000.0   1,000,000,000.0   475,600,000
Assets, noncurrent 32,400,000   32,400,000   19,900,000
Liabilities, current 738,500,000   738,500,000   $ 385,500,000
Liabilities, noncurrent $ 6,500,000   $ 6,500,000    
v3.25.3
Changes in Equity (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Attributable to Tutor Perini Corporation:        
Balance at the beginning of the period $ 1,239,819 $ 1,316,117 $ 1,158,606 $ 1,283,911
Net income (loss) 18,848 (89,602) 108,683 (46,131)
Other comprehensive income (loss) (268) 4,919 5,270 3,820
Share-based compensation 2,514 1,230 6,365 5,585
Issuance of common stock, net   (1,062) (5,111) (3,183)
Contributions from noncontrolling interests   87 7,500 87
Distributions to noncontrolling interests (7,500)   (27,900) (12,400)
Balance at the end of the period 1,253,413 1,231,689 1,253,413 1,231,689
Common Stock        
Attributable to Tutor Perini Corporation:        
Balance at the beginning of the period 52,743 52,389 52,486 52,025
Issuance of common stock, net   46 257 410
Balance at the end of the period 52,743 52,435 52,743 52,435
Additional Paid-in Capital        
Attributable to Tutor Perini Corporation:        
Balance at the beginning of the period 1,145,283 1,148,074 1,146,800 1,146,204
Share-based compensation 2,514 1,230 6,365 5,585
Issuance of common stock, net   (1,108) (5,368) (3,593)
Balance at the end of the period 1,147,797 1,148,196 1,147,797 1,148,196
(Accumulated Deficit) Retained Earnings        
Attributable to Tutor Perini Corporation:        
Balance at the beginning of the period 17,397 149,718 (30,575) 133,146
Net income (loss) 3,631 (100,862) 51,603 (84,290)
Balance at the end of the period 21,028 48,856 21,028 48,856
Accumulated Other Comprehensive Loss        
Attributable to Tutor Perini Corporation:        
Balance at the beginning of the period (30,244) (40,226) (33,988) (39,787)
Other comprehensive income (loss) 306 4,242 4,050 3,803
Balance at the end of the period (29,938) (35,984) (29,938) (35,984)
Noncontrolling Interests        
Attributable to Tutor Perini Corporation:        
Balance at the beginning of the period 54,640 6,162 23,883 (7,677)
Net income (loss) 15,217 11,260 57,080 38,159
Other comprehensive income (loss) (574) 677 1,220 17
Contributions from noncontrolling interests   87 7,500 87
Distributions to noncontrolling interests (7,500)   (27,900) (12,400)
Balance at the end of the period $ 61,783 $ 18,186 $ 61,783 $ 18,186
v3.25.3
Other Comprehensive Income (Loss) (Schedule of Components of Other Comprehensive Income (Loss) and Related Tax Effects) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Total other comprehensive income (loss), Before-Tax Amount $ (204) $ 6,200 $ 6,545 $ 4,976
Total other comprehensive income (loss), Tax Expense (64) (1,281) (1,275) (1,156)
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX (268) 4,919 5,270 3,820
Total other comprehensive income attributable to Tutor Perini Corporation        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Total other comprehensive income (loss), Before-Tax Amount 370 5,523 5,325 4,959
Total other comprehensive income (loss), Tax Expense (64) (1,281) (1,275) (1,156)
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX 306 4,242 4,050 3,803
Defined benefit pension plan adjustments        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Total other comprehensive income (loss), Before-Tax Amount 420 282 1,228 1,157
Total other comprehensive income (loss), Tax Expense (113) (75) (330) (308)
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX 307 207 898 849
Foreign currency translation adjustments        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Total other comprehensive income (loss), Before-Tax Amount (1,488) 1,046 1,776 (905)
Total other comprehensive income (loss), Tax Expense 231 (192) (220) 129
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX (1,257) 854 1,556 (776)
Unrealized gain in fair value of investments        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Total other comprehensive income (loss), Before-Tax Amount 864 4,872 3,541 4,724
Total other comprehensive income (loss), Tax Expense (182) (1,014) (725) (977)
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX 682 3,858 2,816 3,747
Less: Other comprehensive income (loss) attributable to noncontrolling interests        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Total other comprehensive income (loss), Before-Tax Amount (574) 677 1,220 17
Total other comprehensive income (loss), Tax Expense 0 0 0 0
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX $ (574) $ 677 $ 1,220 $ 17
v3.25.3
Other Comprehensive Income (Loss) (Schedule of Changes in AOCI Balances by Component (After-Tax)) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Attributable to Tutor Perini Corporation:        
Balance at the beginning of the period $ 1,239,819 $ 1,316,117 $ 1,158,606 $ 1,283,911
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX (268) 4,919 5,270 3,820
Balance at the end of the period 1,253,413 1,231,689 1,253,413 1,231,689
Accumulated Other Comprehensive Income (Loss)        
Attributable to Tutor Perini Corporation:        
Balance at the beginning of the period (30,244) (40,226) (33,988) (39,787)
Other comprehensive income (loss) before reclassifications 10 3,946 3,181 2,850
Amounts reclassified from AOCI 296 296 869 953
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX 306 4,242 4,050 3,803
Balance at the end of the period (29,938) (35,984) (29,938) (35,984)
Defined Benefit Pension Plan        
Attributable to Tutor Perini Corporation:        
Balance at the beginning of the period (22,981) (28,712) (23,572) (29,354)
Other comprehensive income (loss) before reclassifications 0 0 0 0
Amounts reclassified from AOCI 307 207 898 849
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX 307 207 898 849
Balance at the end of the period (22,674) (28,505) (22,674) (28,505)
Foreign Currency Translation        
Attributable to Tutor Perini Corporation:        
Balance at the beginning of the period (7,430) (7,784) (8,657) (6,893)
Other comprehensive income (loss) before reclassifications (628) 535 599 (356)
Amounts reclassified from AOCI 0 0 0 0
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX (628) 535 599 (356)
Balance at the end of the period (8,058) (7,249) (8,058) (7,249)
Unrealized Gain (Loss) in Fair Value of Investments, Net        
Attributable to Tutor Perini Corporation:        
Balance at the beginning of the period 167 (3,730) (1,759) (3,540)
Other comprehensive income (loss) before reclassifications 638 3,411 2,582 3,206
Amounts reclassified from AOCI (11) 89 (29) 104
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX 627 3,500 2,553 3,310
Balance at the end of the period 794 (230) 794 (230)
AOCI Attributable to Noncontrolling Interest        
Attributable to Tutor Perini Corporation:        
Balance at the beginning of the period (689) (1,391) (2,483) (731)
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX (574) 677 1,220 17
Balance at the end of the period (1,263) (714) (1,263) (714)
Defined Benefit Pension Plan        
Attributable to Tutor Perini Corporation:        
Balance at the beginning of the period 0 0 0 0
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX 0 0 0 0
Balance at the end of the period 0 0 0 0
Foreign Currency Translation        
Attributable to Tutor Perini Corporation:        
Balance at the beginning of the period (837) (1,051) (2,423) (312)
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX (629) 319 957 (420)
Balance at the end of the period (1,466) (732) (1,466) (732)
Unrealized Gain (Loss) in Fair Value of Investments, Net        
Attributable to Tutor Perini Corporation:        
Balance at the beginning of the period 148 (340) (60) (419)
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX 55 358 263 437
Balance at the end of the period $ 203 $ 18 $ 203 $ 18
v3.25.3
Other Comprehensive Income (Loss) (AOCI Reclassifications) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Defined benefit pension plan adjustments $ (7,457) $ (4,487) $ (18,349) $ (15,636)
Income tax expense (benefit) 15,154 (33,941) 50,026 (19,355)
Net of tax (3,631) 100,862 (51,603) 84,290
Defined benefit pension plan adjustments | Reclassification out of Accumulated Other Comprehensive Income        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Defined benefit pension plan adjustments 420 282 1,228 1,157
Income tax expense (benefit) (113) (75) (330) (308)
Net of tax 307 207 898 849
Unrealized loss in fair value of investment adjustments | Reclassification out of Accumulated Other Comprehensive Income        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Defined benefit pension plan adjustments (14) 113 (37) 132
Income tax expense (benefit) 3 (24) 8 (28)
Net of tax $ (11) $ 89 $ (29) $ 104
v3.25.3
Business Segments (Narrative) (Details) - segment
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Segment Reporting [Abstract]        
Number of reportable segments     3  
Revenues from External Customers and Long-Lived Assets [Line Items]        
Number of reportable segments     3  
Revenue Benchmark | Customer Concentration Risk | Civil, Building, And Specialty Contractors | Customer One        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Concentration risk (as a percent) 14.40% 16.90% 15.10% 18.20%
Revenue Benchmark | Customer Concentration Risk | Civil, Building, And Specialty Contractors | Customer Two        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Concentration risk (as a percent) 10.10%   10.00%  
v3.25.3
Business Segments (Schedule of Reportable Segments) (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Segment Reporting Information [Line Items]        
Revenue $ 1,415,360 $ 1,082,816 $ 4,035,674 $ 3,259,273
Cost of operations 1,245,965 1,108,644 3,535,883 3,052,773
General and administrative expenses 129,301 80,979 317,942 224,008
Income (loss) from construction operations 40,094 (106,807) 181,849 (17,508)
Capital expenditures 48,951 6,914 105,891 28,266
Depreciation and amortization 12,212 13,510 37,687 41,098
Costs for share-based payment arrangements 58,700 16,500 120,700 39,000
Costs for share-based payment arrangements, after tax $ 58,300 $ 16,400 $ 119,800 $ 38,500
Costs for share-based payment arrangements, after tax, diluted (in dollars per share) $ 1.08 $ 0.31 $ 2.25 $ 0.73
Operating Segments        
Segment Reporting Information [Line Items]        
Revenue $ 1,497,361 $ 1,127,427 $ 4,255,558 $ 3,391,687
Cost of operations 1,245,965 1,107,736 3,535,848 3,051,115
General and administrative expenses 49,628 48,431 152,562 140,170
Income (loss) from construction operations 119,767 (73,351) 347,264 67,988
Capital expenditures 47,722 4,528 102,768 22,696
Depreciation and amortization 11,888 11,866 36,001 35,189
Intersegment Eliminations        
Segment Reporting Information [Line Items]        
Revenue (82,001) (44,611) (219,884) (132,414)
Corporate        
Segment Reporting Information [Line Items]        
Revenue 0 0 0 0
Cost of operations 0 908 35 1,658
General and administrative expenses 79,673 32,548 165,380 83,838
Income (loss) from construction operations (79,673) (33,456) (165,415) (85,496)
Capital expenditures 1,229 2,386 3,123 5,570
Depreciation and amortization 324 1,644 1,686 5,909
Civil        
Segment Reporting Information [Line Items]        
Revenue 770,234 545,895 2,114,462 1,564,548
Civil | Favorable Adjustment Legal Ruling Pertaining to Mass-Transit Project In Midwest        
Segment Reporting Information [Line Items]        
Gain contingency     28,000  
Gain contingency, after tax     $ 20,300  
Gain contingency, after tax, diluted (in dollars per share)     $ 0.38  
Civil | Unfavorable Adjustment Due to Arbitration Ruling on Bridge Project in California        
Segment Reporting Information [Line Items]        
Revenue   79,400   79,400
Loss contingency, loss in period   101,600   101,600
Loss contingency, after tax   $ 74,500   $ 74,500
Loss contingency, after tax, diluted (in dollars per share)   $ 1.42   $ 1.43
Civil | Favorable Adjustment Legal Settlement on Highway Tunneling Project in the Western United States        
Segment Reporting Information [Line Items]        
Gain contingency   $ 18,400   $ 18,400
Gain contingency, after tax   $ 13,500   $ 13,500
Gain contingency, after tax, diluted (in dollars per share)   $ 0.26   $ 0.26
Civil | Operating Segments        
Segment Reporting Information [Line Items]        
Revenue 832,966 $ 569,080 $ 2,262,584 $ 1,649,421
Cost of operations 649,094 536,854 1,727,984 1,368,736
General and administrative expenses 21,988 21,586 67,611 62,027
Income (loss) from construction operations 99,152 (12,545) 318,867 133,785
Capital expenditures 45,982 4,237 97,390 21,847
Depreciation and amortization 10,724 10,718 32,492 31,699
Civil | Intersegment Eliminations        
Segment Reporting Information [Line Items]        
Revenue (62,732) (23,185) (148,122) (84,873)
Building        
Segment Reporting Information [Line Items]        
Revenue 418,664 435,715 1,340,530 1,265,523
Building | Unfavorable Adjustment Adverse Legal Settlement on Government Facility Project in Florida        
Segment Reporting Information [Line Items]        
Loss contingency, loss in period   20,000   20,000
Loss contingency, after tax   $ 14,700   $ 14,700
Loss contingency, after tax, diluted (in dollars per share)   $ 0.28   $ 0.28
Building | Operating Segments        
Segment Reporting Information [Line Items]        
Revenue 437,933 $ 457,141 1,412,292 $ 1,313,114
Cost of operations 391,601 427,804 1,254,481 1,214,734
General and administrative expenses 12,620 11,806 38,697 33,517
Income (loss) from construction operations 14,443 (3,895) 47,352 17,272
Capital expenditures 12 238 1,550 523
Depreciation and amortization 540 579 1,610 1,749
Building | Intersegment Eliminations        
Segment Reporting Information [Line Items]        
Revenue (19,269) (21,426) (71,762) (47,591)
Specialty Contractors        
Segment Reporting Information [Line Items]        
Revenue 226,462 101,206 580,682 429,202
Specialty Contractors | Unfavourable Adjustments Due to Mass Transit Project In California        
Segment Reporting Information [Line Items]        
Loss contingency, loss in period   17,700   17,700
Loss contingency, after tax   $ 13,000   $ 13,000
Loss contingency, after tax, diluted (in dollars per share)   $ 0.25   $ 0.25
Specialty Contractors | Operating Segments        
Segment Reporting Information [Line Items]        
Revenue 226,462 $ 101,206 580,682 $ 429,152
Cost of operations 205,270 143,078 553,383 467,645
General and administrative expenses 15,020 15,039 46,254 44,626
Income (loss) from construction operations 6,172 (56,911) (18,955) (83,069)
Capital expenditures 1,728 53 3,828 326
Depreciation and amortization 624 569 1,899 1,741
Specialty Contractors | Intersegment Eliminations        
Segment Reporting Information [Line Items]        
Revenue $ 0 $ 0 $ 0 $ 50
v3.25.3
Business Segments (Schedule of Total Assets for Reportable Segments) (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Segment Reporting Information [Line Items]    
Total assets $ 5,165,254 $ 4,242,710
Corporate and other    
Segment Reporting Information [Line Items]    
Total assets (741,898) (679,065)
Civil | Operating Segments    
Segment Reporting Information [Line Items]    
Total assets 4,384,257 3,636,825
Building | Operating Segments    
Segment Reporting Information [Line Items]    
Total assets 1,256,359 1,085,998
Specialty Contractors | Operating Segments    
Segment Reporting Information [Line Items]    
Total assets $ 266,536 $ 198,952
v3.25.3
Business Segments (Schedule of Revenue from External Customers by Geographic Areas) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Principal Geographical Areas Information          
Revenue $ 1,415,360 $ 1,082,816 $ 4,035,674 $ 3,259,273  
Total assets 5,165,254   5,165,254   $ 4,242,710
United States          
Principal Geographical Areas Information          
Revenue 1,304,517 936,096 3,645,610 2,813,840  
Total assets 4,583,120   4,583,120   3,759,874
Foreign and U.S. territories          
Principal Geographical Areas Information          
Revenue 110,843 $ 146,720 390,064 $ 445,433  
Total assets $ 582,134   $ 582,134   $ 482,836
v3.25.3
Business Segments (Schedule of Reconciliation of Segment Results to Consolidated Loss Before Income Taxes) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Segment Reporting [Abstract]        
Income (loss) from construction operations $ 40,094 $ (106,807) $ 181,849 $ (17,508)
Other income, net 7,457 4,487 18,349 15,636
Interest expense (13,549) (21,223) (41,489) (63,614)
INCOME (LOSS) BEFORE INCOME TAXES $ 34,002 $ (123,543) $ 158,709 $ (65,486)