TUTOR PERINI CORP, 10-Q filed on 5/6/2026
Quarterly Report
v3.26.1
Cover - shares
 3 Months Ended
Mar. 31, 2026
Apr. 30, 2026
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2026  
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, $1.00 par value  
Trading Symbol TPC  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   52,614,703
Document Fiscal Period Focus Q1  
Entity Central Index Key 0000077543  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2026  
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Statement [Abstract]    
REVENUE $ 1,389,458 $ 1,246,633
COST OF OPERATIONS (1,234,825) (1,112,232)
GROSS PROFIT 154,633 134,401
General and administrative expenses (95,451) (69,076)
INCOME FROM CONSTRUCTION OPERATIONS 59,182 65,325
Other income, net 10,726 4,688
Interest expense (13,397) (14,352)
INCOME BEFORE INCOME TAXES 56,511 55,661
Income tax expense (16,983) (12,912)
NET INCOME 39,528 42,749
LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS 13,832 14,751
NET INCOME ATTRIBUTABLE TO TUTOR PERINI CORPORATION $ 25,696 $ 27,998
BASIC EARNINGS (LOSS) PER COMMON SHARE (in dollars per share) $ 0.49 $ 0.53
DILUTED EARNINGS (LOSS) PER COMMON SHARE (in dollars per share) $ 0.48 $ 0.53
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING:    
BASIC (in shares) 52,736 52,537
DILUTED (in shares) 53,750 53,010
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Statement of Comprehensive Income [Abstract]    
NET INCOME $ 39,528 $ 42,749
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:    
Defined benefit pension plan adjustments 313 302
Foreign currency translation adjustments (496) 669
Unrealized gain (loss) in fair value of investments (2,048) 1,305
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX (2,231) 2,276
COMPREHENSIVE INCOME 37,297 45,025
LESS: COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS 13,390 15,229
COMPREHENSIVE INCOME ATTRIBUTABLE TO TUTOR PERINI CORPORATION $ 23,907 $ 29,796
v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
CURRENT ASSETS:    
Cash and cash equivalents ($377,544 and $361,898 related to variable interest entities (“VIEs”)) $ 802,979 $ 734,553
Restricted cash 23,811 35,641
Restricted investments 255,908 228,959
Accounts receivable ($187,977 and $126,245 related to VIEs) 1,137,800 1,218,609
Retention receivable ($216,422 and $216,099 related to VIEs) 699,946 668,894
Costs and estimated earnings in excess of billings ($71,526 and $82,426 related to VIEs) 807,468 819,199
Other current assets ($122,878 and $145,473 related to VIEs) 371,170 411,030
Total current assets 4,099,082 4,116,885
PROPERTY AND EQUIPMENT (“P&E”), net of accumulated depreciation of $579,268 and $570,186 (net P&E of $21,945 and $23,246 related to VIEs) 554,766 547,995
GOODWILL 205,143 205,143
INTANGIBLE ASSETS, NET 63,273 63,832
DEFERRED INCOME TAXES 82,175 96,573
OTHER ASSETS ($15,638 and $13,202 related to VIEs) 133,140 129,994
TOTAL ASSETS 5,137,579 5,160,422
CURRENT LIABILITIES:    
Current maturities of long-term debt 8,109 14,589
Accounts payable ($111,805 and $64,712 related to VIEs) 679,129 724,932
Retention payable ($27,765 and $27,743 related to VIEs) 275,882 265,246
Billings in excess of costs and estimated earnings ($474,941 and $520,455 related to VIEs) 1,893,509 1,838,610
Accrued expenses and other current liabilities ($47,401 and $56,044 related to VIEs) 352,998 396,121
Total current liabilities 3,209,627 3,239,498
LONG-TERM DEBT, less current maturities, net of unamortized discount and debt issuance costs totaling $16,897 and $17,983 390,787 392,785
OTHER LONG-TERM LIABILITIES ($12,992 and $10,602 related to VIEs) 272,154 265,477
TOTAL LIABILITIES 3,872,568 3,897,760
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 52,614,703 and 52,791,451 shares 52,615 52,791
Additional paid-in capital 1,137,499 1,148,634
Retained earnings 55,008 46,443
Accumulated other comprehensive loss (31,023) (29,234)
Total stockholders' equity 1,214,099 1,218,634
Noncontrolling interests 50,912 44,028
TOTAL EQUITY 1,265,011 1,262,662
TOTAL LIABILITIES AND EQUITY $ 5,137,579 $ 5,160,422
v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Cash and cash equivalents $ 802,979 $ 734,553
Accounts receivable 1,137,800 1,218,609
Retention receivable 699,946 668,894
Costs and estimated earnings in excess of billings 807,468 819,199
Other current assets 371,170 411,030
Accumulated depreciation 579,268 570,186
Property and equipment, net 554,766 547,995
Other assets 133,140 129,994
Accounts payable 679,129 724,932
Retainage payable 275,882 265,246
Billings in excess of costs and estimated earnings 1,893,509 1,838,610
Accrued expenses and other current liabilities 352,998 396,121
Unamortized discount and debt issuance costs, non-current 16,897 17,983
Other long-term Liabilities $ 272,154 $ 265,477
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) 52,614,703 52,791,451
Common stock, shares outstanding (in shares) 52,614,703 52,791,451
VIEs    
Cash and cash equivalents $ 377,544 $ 361,898
Accounts receivable 187,977 126,245
Retention receivable 216,422 216,099
Costs and estimated earnings in excess of billings 71,526 82,426
Other current assets 122,878 145,473
Property and equipment, net 21,945 23,246
Other assets 15,638 13,202
Accounts payable 111,805 64,712
Retainage payable 27,765 27,743
Billings in excess of costs and estimated earnings 474,941 520,455
Accrued expenses and other current liabilities 47,401 56,044
Other long-term Liabilities $ 12,992 $ 10,602
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash Flows from Operating Activities:    
Net income $ 39,528 $ 42,749
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 10,912 12,014
Amortization of intangible assets 559 560
Share-based compensation expense 30,051 6,565
Change in debt discounts and deferred debt issuance costs 1,226 1,088
Deferred income taxes 14,881 8,904
(Gain) loss on sale of property and equipment (159) 97
Changes in other components of working capital 45,381 (43,983)
Other long-term liabilities 5,388 (6,427)
Other, net (904) 1,296
NET CASH PROVIDED BY OPERATING ACTIVITIES 146,863 22,863
Cash Flows from Investing Activities:    
Acquisition of property and equipment (17,994) (30,104)
Proceeds from sale of property and equipment 2,582 496
Investments in securities (38,468) (3,658)
Proceeds from maturities and sales of investments in securities 10,090 9,394
NET CASH USED IN INVESTING ACTIVITIES (43,790) (23,872)
Cash Flows from Financing Activities:    
Proceeds from debt 0 60,000
Repayment of debt (9,563) (189,493)
Cash payments related to share-based compensation (7,117) (5,151)
Payment of dividends (3,291) 0
Repurchase of common stock (20,000) 0
Distributions paid to noncontrolling interests (11,500) (11,750)
Contributions from noncontrolling interests 4,994 0
NET CASH USED IN FINANCING ACTIVITIES (46,477) (146,394)
Net increase (decrease) in cash, cash equivalents and restricted cash 56,596 (147,403)
Cash, cash equivalents and restricted cash at beginning of period 770,194 464,188
Cash, cash equivalents and restricted cash at end of period $ 826,790 $ 316,785
v3.26.1
Basis of Presentation
 3 Months Ended
Mar. 31, 2026
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, 2025. The results of operations for the three months ended March 31, 2026 may not be indicative of the results that will be achieved for the full year ending December 31, 2026.
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 March 31, 2026 and its condensed consolidated statements of income 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.
v3.26.1
Recent Accounting Pronouncements
 3 Months Ended
Mar. 31, 2026
Accounting Standards Update and Change in Accounting Principle [Abstract]  
Recent Accounting Pronouncements Recent Accounting Pronouncements
In November 2024, the Financial Accounting Standards Board issued Accounting Standards Update (“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.
v3.26.1
Revenue
 3 Months Ended
Mar. 31, 2026
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 months ended March 31, 2026 and 2025.
Three Months Ended
March 31,
(in thousands)20262025
Civil segment revenue by end market:
Mass transit (includes certain transportation and tunneling projects)$449,791 $353,185 
Military facilities82,308 101,128 
Bridges61,346 51,851 
Power and energy33,125 30,611 
Detention facilities29,295 45,987 
Other41,862 27,279 
Total Civil segment revenue$697,727 $610,041 
Three Months Ended
March 31,
(in thousands)20262025
Building segment revenue by end market:
Healthcare facilities$245,783 $214,548 
Detention facilities116,445 88,004 
Government32,943 60,015 
Mass transit (includes transportation projects)32,012 29,510 
Education facilities25,965 47,990 
Other19,852 19,717 
Total Building segment revenue$473,000 $459,784 
Three Months Ended
March 31,
(in thousands)20262025
Specialty Contractors segment revenue by end market:
Mass transit (includes certain transportation and tunneling projects)$58,004 $42,595 
Healthcare facilities40,252 20,574 
Detention facilities28,529 6,652 
Commercial and industrial facilities28,331 32,190 
Multi-unit residential26,838 25,569 
Government17,272 23,444 
Other19,505 25,784 
Total Specialty Contractors segment revenue$218,731 $176,808 
Three Months Ended
March 31, 2026		Three Months Ended
March 31, 2025
(in thousands)CivilBuildingSpecialty
Contractors		TotalCivilBuildingSpecialty
Contractors		Total
Revenue by customer type:
State and local agencies$544,208 $226,053 $131,016 $901,277 $441,110 $221,175 $91,183 $753,468 
Federal agencies98,876 24,865 3,939 127,680 112,079 36,644 3,117 151,840 
Private owners
54,643 222,082 83,776 360,501 56,852 201,965 82,508 341,325 
Total revenue$697,727 $473,000 $218,731 $1,389,458 $610,041 $459,784 $176,808 $1,246,633 

Three Months Ended
March 31, 2026		Three Months Ended
March 31, 2025
(in thousands)CivilBuildingSpecialty
Contractors		TotalCivilBuildingSpecialty
Contractors		Total
Revenue by contract type:
Fixed price$622,974 $184,537 $165,577 $973,088 $538,414 $194,388 $143,245 $876,047 
Guaranteed maximum price
— 241,605 20,872 262,477 181 235,615 5,359 241,155 
Unit price68,347 — 8,355 76,702 38,017 — 16,690 54,707 
Cost plus fee and other6,406 46,858 23,927 77,191 33,429 29,781 11,514 74,724 
Total revenue$697,727 $473,000 $218,731 $1,389,458 $610,041 $459,784 $176,808 $1,246,633 
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 $3.3 million during the three months ended March 31, 2026 due to performance obligations satisfied (or partially satisfied) in prior periods. Revenue was negatively impacted by $17.4 million during the three months ended March 31, 2025 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 March 31, 2026, the aggregate amounts of the transaction prices allocated to the remaining performance obligations of the Company’s construction contracts were $9.3 billion, $4.7 billion and $2.2 billion for the Civil, Building and Specialty Contractors segments, respectively. As of March 31, 2025, the aggregate amounts of the transaction prices allocated to the remaining performance obligations of the Company’s construction contracts were $9.2 billion, $4.3 billion and $2.2 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. Certain larger projects across all three segments may extend over a longer duration.
v3.26.1
Contract Assets and Liabilities
 3 Months Ended
Mar. 31, 2026
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 March 31,
2026		As of December 31,
2025
Contract Assets:
Costs and estimated earnings in excess of billings:
Claims$322,842 $324,727 
Unapproved change orders405,646 402,060 
Other unbilled costs and profits78,980 92,412 
Total costs and estimated earnings in excess of billings$807,468 $819,199 
Contract Liabilities:
Billings in excess of costs and estimated earnings$1,893,509 $1,838,610 
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 March 31, 2026 estimated by management to be collected beyond one year is approximately $518.9 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 months ended March 31, 2026 and 2025 and included in the opening billings in excess of costs and estimated earnings balances for each period totaled $900.2 million and $634.7 million, respectively.
v3.26.1
Cash, Cash Equivalents and Restricted Cash
 3 Months Ended
Mar. 31, 2026
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 March 31,
2026		As of December 31,
2025
Cash and cash equivalents available for general corporate purposes$320,901 $270,715 
Joint venture cash and cash equivalents482,078 463,838 
Cash and cash equivalents802,979 734,553 
Restricted cash23,811 35,641 
Total cash, cash equivalents and restricted cash$826,790 $770,194 
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.
v3.26.1
Other Current Assets
 3 Months Ended
Mar. 31, 2026
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 March 31,
2026		As of December 31,
2025
Capitalized contract costs
$290,773 $322,284 
Other
80,397 88,746 
Total other current assets
$371,170 $411,030 
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 months ended March 31, 2026 and 2025, $53.0 million and $18.0 million, respectively, of previously capitalized contract costs were amortized and recognized as expense on the related contracts.
v3.26.1
Earnings Per Common Share
 3 Months Ended
Mar. 31, 2026
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 March 31,
(in thousands, except per common share data)20262025
Net income attributable to Tutor Perini Corporation$25,696 $27,998 
Weighted-average common shares outstanding, basic52,736 52,537 
Effect of dilutive RSUs and stock options1,014 473 
Weighted-average common shares outstanding, diluted53,750 53,010 
Net income attributable to Tutor Perini Corporation per common share:
Basic$0.49 $0.53 
Diluted$0.48 $0.53 
Anti-dilutive securities not included above— 402 
Refer to Note 19, Business Segments, for additional details on significant impacts to net income and diluted EPS.
v3.26.1
Income Taxes
 3 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Company recognized income tax expense of $17.0 million for the three months ended March 31, 2026. The effective income tax rate was 30.1% for the three months ended March 31, 2026. The effective income tax rate for the three months ended March 31, 2026 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 income tax expense of $12.9 million for the three months ended March 31, 2025. The effective income tax rate was 23.2% for the three months ended March 31, 2025. The effective income tax rate for the three months ended March 31, 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), substantially offset by earnings attributable to noncontrolling interests (for which income taxes are not the responsibility of the Company) and federal income tax credits.
v3.26.1
Goodwill and Intangible Assets
 3 Months Ended
Mar. 31, 2026
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 March 31, 2026:
(in thousands)CivilBuildingSpecialty
Contractors		Total
Gross goodwill as of December 31, 2025
$492,074 $424,724 $156,193 $1,072,991 
Accumulated impairment as of December 31, 2025
(286,931)(424,724)(156,193)(867,848)
Goodwill as of December 31, 2025205,143 — — 205,143 
Current year activity— — — — 
Goodwill as of March 31, 2026$205,143 $— $— $205,143 
The Company performed its annual impairment test in the fourth quarter of 2025 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 March 31, 2026Weighted-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 (33,155)(23,232)12,863 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 $(205,600)$(113,067)$63,273 
As of December 31, 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 (32,596)(23,232)13,422 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 $(205,041)$(113,067)$63,832 
Amortization expense related to amortizable intangible assets for each of the three months ended March 31, 2026 and 2025 was $0.6 million. As of March 31, 2026, future amortization expense related to amortizable intangible assets will be approximately $1.7 million for the remainder of 2026, $2.2 million per year for the years 2027 through 2030 and $2.4 million for 2031.
The Company performed its annual impairment test for non-amortizable trade names during the fourth quarter of 2025. 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 months ended March 31, 2026 or 2025.
v3.26.1
Financial Commitments
 3 Months Ended
Mar. 31, 2026
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 March 31,
2026		As of December 31,
2025
2024 Senior Notes$383,103 $382,017 
Revolver— — 
Equipment financing and mortgages12,757 18,261 
Other indebtedness3,036 7,096 
Total debt398,896 407,374 
Less: Current maturities8,109 14,589 
Long-term debt, net$390,787 $392,785 
The following table reconciles the outstanding debt balances to the reported debt balances as of March 31, 2026 and December 31, 2025:
As of March 31, 2026As of December 31, 2025
(in thousands)Outstanding DebtUnamortized Discounts and Issuance CostsDebt,
as reported		Outstanding DebtUnamortized Discounts and Issuance CostsDebt,
as reported
2024 Senior Notes$400,000 $(16,897)$383,103 $400,000 $(17,983)$382,017 
The unamortized issuance costs related to the Revolver were $0.7 million and $0.9 million as of March 31, 2026 and December 31, 2025, 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.
The Company may redeem the 2024 Senior Notes at redemption prices during the twelve-month periods beginning on April 30, 2026, April 30, 2027 and April 30, 2028 of 108.906%, 104.453% and 100.0%, respectively, of the principal amount being redeemed. 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.
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 provides for a $170.0 million revolving credit facility (the “Revolver”), which matures on August 18, 2027, 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 2020 Credit Agreement also originally provided for a $425.0 million term loan B facility (the “Term Loan B”), which was set to mature on August 18, 2027. 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) 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 Secured Overnight Financing Rate (“Adjusted Term SOFR”) (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 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. 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.
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 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.
The Company had no borrowings under the Revolver during the three months ended March 31, 2026. As of March 31, 2026, the entire $170.0 million was available under the Revolver with a borrowing rate of 10.0%. The Company was in compliance with the financial covenant under the 2020 Credit Agreement for the period ended March 31, 2026.
Interest Expense
Interest expense as reported in the Condensed Consolidated Statements of Income consisted of the following:
Three Months Ended
March 31,
(in thousands)20262025
Cash interest expense:
Interest on 2024 Senior Notes$11,875 $11,875 
Interest on Term Loan B— 876 
Interest on Revolver— 121 
Other interest296 392 
Total cash interest expense12,171 13,264 
Non-cash interest expense:(a)
Amortization of debt issuance costs on 2024 Senior Notes1,086 948 
Amortization of debt issuance costs on Revolver140 140 
Total non-cash interest expense1,226 1,088 
Total interest expense$13,397 $14,352 
____________________________________________________________________________________________________
(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 three months ended March 31, 2026.
v3.26.1
Leases
 3 Months Ended
Mar. 31, 2026
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 March 31, 2026, the Company’s operating leases have remaining lease terms ranging from less than one year to 12 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 months ended March 31, 2026 and 2025:
Three Months Ended
March 31,
(in thousands)20262025
Operating lease expense$4,618 $3,160 
Short-term lease expense(a)
14,372 13,485 
18,990 16,645 
Less: Sublease income205 294 
Total lease expense$18,785 $16,351 
____________________________________________________________________________________________________
(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 March 31,
2026		As of December 31,
2025
Assets
Right-of-use assetsOther assets$62,014 $58,608 
Total lease assets$62,014 $58,608 
Liabilities
Current lease liabilitiesAccrued expenses and other current liabilities$12,256 $11,763 
Long-term lease liabilitiesOther long-term liabilities54,866 51,783 
Total lease liabilities$67,122 $63,546 
Weighted-average remaining lease term6.2 years6.4 years
Weighted-average discount rate8.51 %8.04 %
The following table presents supplemental cash flow information and non-cash activity related to operating leases:
Three Months Ended
March 31,
(in thousands)20262025
Operating cash flow information:
Cash paid for amounts included in the measurement of lease liabilities$(4,447)$(2,912)
Non-cash activity:
Right-of-use assets obtained in exchange for lease liabilities$6,740 $4,581 
The following table presents maturities of operating lease liabilities on an undiscounted basis as of March 31, 2026:
Year (in thousands)
Operating Leases
2026 (excluding the three months ended March 31, 2026)
$13,014 
202716,321 
202814,752 
202912,286 
20308,309 
Thereafter23,702 
Total lease payments88,384 
Less: Imputed interest21,262 
Total$67,122 
v3.26.1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2026
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, STP’s claim against HNTB was revised 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. On March 7, 2026, a confidential settlement was reached resolving the case in full for a substantial sum, which did not have a material impact on the Company’s financial statements.
Payment was received in March and April 2026 and the case against HNTB is expected to be dismissed in the second quarter of 2026. As a result of the settlement, all matters related to the project have been resolved.
W/Element Hotel Matter
On March 15, 2015, Tutor Perini Building Corp. (“TPBC”), a wholly owned subsidiary of the Company, acting as construction manager, entered into two contracts with Chestlen Development, L.P. (the “Developer”) for the construction of a dual-branded W/Element Hotel project in Philadelphia, Pennsylvania. The project consisted of a 295-room W Philadelphia hotel and a 460-room Element hotel within a single 51-story tower, together with a parking garage and public and retail spaces. The adjusted contract value was $256 million. Construction commenced in April 2015. The Developer received a certificate of occupancy from the City of Philadelphia in April 2021, and the hotel opened to the public in May 2021.
Design Delays and COVID Impact
During construction, the project experienced substantial delays and incurred additional costs. A principal area of dispute concerned the design of the building’s concrete floor system. The floor system was designed by professional designers retained directly by, and under contract solely with, the Developer. At the direction of the Developer, in an effort to reduce construction costs by decreasing the quantity of materials and labor required, the designers reduced the floor slab thickness to nine inches of combined concrete and rebar between building levels. This thinner floor design resulted in increased floor deflection, meaning greater bending or sagging of the floors under load. As a consequence of the excessive floor deflection, additional remedial work was required before installation of finish materials. In addition, the window system, which is anchored to the floor slabs, required further adjustments to accommodate conditions. These conditions caused additional project costs and contributed to further delays in completing the project.

In addition, the project experienced significant delays and cost impacts arising from the COVID-19 pandemic, during which major construction activities were being performed. As a result of governmental restrictions and other practical realities associated with the pandemic, work hours were reduced, access to and use of equipment was limited, materials were disrupted, and other conditions adversely affected productivity and slowed project progress.
Litigation Against Developer
In 2020, litigation commenced in the Philadelphia Court of Common Pleas which ultimately resulted in a consolidated case of more than twenty parties, including the Developer, TPBC, trade subcontractors, designers, and others. The parties asserted claims for breach of contract and to enforce mechanics’ liens, including a mechanics’ lien filed by TPBC on behalf of itself and its trade subcontractors in the amount of approximately $119 million. Claims involving the designers were subsequently settled, with the settlement proceeds placed into escrow pending further determination regarding entitlement to those funds. The disputes among the remaining parties continued in litigation. On October 31, 2025, the court issued a ruling finding that the project’s principal defects relating to floor deflection and window installation were attributable to the contractors and not to the Developer. On February 27, 2026, the court granted the Developer’s motion to strike the mechanics’ lien filed by TPBC against the project, which TPBC is appealing. On April 10, 2026, the court issued its Findings as to Damages and Order in favor of the Developer, awarding approximately $175 million, including approximately $98 million in liquidated damages, of which approximately $60 million relates to periods extending beyond the date the hotel opened. The court also rejected the other delay-related defenses and claims asserted by TPBC. On April 23, 2026, TPBC filed a motion for reconsideration of both the liability determination and the damages award.

If the matter is not resolved through reconsideration by the trial court, TPBC intends to appeal the decision. The anticipated grounds for appeal are expected to include challenges to: (i) the findings on the merits regarding the cause of the floor deflections; (ii) the legal standard applied in determining responsibility of the project designers retained by the Developer; (iii) the methodology used to calculate damages; (iv) the award of damages barred by the consequential damages waiver provisions of the contracts; (v) the award of liquidated damages for periods extending beyond the issuance of a certificate of occupancy; and (vi) the withholding of approximately $31 million in unpaid contract balances due to TPBC. Additionally, TPBC will appeal the trial court’s ruling as to whether the majority of the claims should have been covered under the builder’s risk insurance procured by the Developer, which provided coverage to the Developer, TPBC and its subcontractors. The Developer agreed to serve as “the sole and irrevocable agent” for submitting insurance claims. TPBC asserts that the Developer’s failure to submit timely claims to the insurance carrier constituted a material breach of its contractual obligations resulting in a waiver of otherwise insurable damages.
Litigation Involving Subcontractors
Between December 2025 and April 2026, TPBC settled with, or paid contract balances to, most of the subcontractors despite not yet collecting said contract balances from the Developer. Five subcontractors continue to assert unresolved claims, which remain subject to further settlement discussions or adjudication.

The litigation remains pending before the trial court and is expected to proceed to the appellate courts following final disposition of the remaining matters. Payment of any potential damages will only be made if the adverse verdict is upheld on appeal.

As of March 31, 2026, the Company has concluded that the potential for a material adverse financial impact due to the Developer’s and subcontractors’ legal actions is neither probable nor remote. With respect to TPBC’s claims against the Developer and certain subcontractors, as a result of the rulings, management recognized an immaterial charge to earnings during the period. Management has continued to include an estimate of the total anticipated recovery, concluded to be both probable and reliably estimable, in receivables or costs and estimated earnings in excess of billings. To the extent new facts become known or the final recoveries or payments vary from the estimate, the impact of the change will be reflected in the financial statements at that time.
v3.26.1
Share-Based Compensation
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Share-Based Compensation Share-Based Compensation
As of March 31, 2026, there were 3,816,336 shares of common stock available for grant under the Tutor Perini Corporation Omnibus Incentive Plan (the “Plan”). During the three months ended March 31, 2026 and 2025, the Company granted cash-settled restricted stock units (“CRSUs”) with service-based vesting conditions and payouts indexed to shares of the Company’s common stock totaling 58,510 and 307,131, respectively, with weighted-average grant date fair values per unit of $69.83 and $25.47, respectively. During the three months ended March 31, 2025, the Company also granted service-based RSUs totaling 68,638 with a weighted-average grant date fair value per unit of $25.46 and performance-based RSUs totaling 151,623 with a weighted-average grant date fair value per unit of $47.76. The number of performance-based RSUs granted is shown at target-level performance.
As of March 31, 2026 and December 31, 2025, the Company recognized liabilities for cash-settled performance stock units and CRSUs on the Condensed Consolidated Balance Sheets totaling approximately $81.7 million and $85.2 million, respectively. During the three months ended March 31, 2026 and 2025, the Company paid approximately $31.0 million and $10.9 million, respectively, to settle certain awards.
For the three months ended March 31, 2026 and 2025, the Company recognized, as part of general and administrative expenses, costs for share-based payment arrangements totaling $30.1 million and $6.6 million, respectively. As of March 31, 2026, the balance of unamortized share-based compensation expense was $66.9 million, which is expected to be recognized over a weighted-average period of 1.2 years.
v3.26.1
Employee Pension Plans
 3 Months Ended
Mar. 31, 2026
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. In November 2025, the Company’s Board of Directors voted to terminate the Company’s pension plan with an effective date of March 31, 2026. The Company expects that all obligations under the plan will be satisfied by the end of 2026.
The following table sets forth a summary of the net periodic benefit cost for the three months ended March 31, 2026 and 2025:
Three Months Ended March 31,
(in thousands)20262025
Interest cost$940 $933 
Service cost171 170 
Expected return on plan assets(898)(902)
Recognized net actuarial losses437 414 
Net periodic benefit cost$650 $615 
The Company contributed $0.6 million and $0.7 million, respectively, to its defined benefit pension plan during the three months ended March 31, 2026 and 2025, and expects to contribute an additional $0.3 million in cash by the end of 2026, excluding any payments required to settle obligations under the plan.
v3.26.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2026
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 March 31, 2026 and December 31, 2025:
As of March 31, 2026As of December 31, 2025
Fair Value HierarchyFair Value Hierarchy
(in thousands)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Cash and cash equivalents(a)
$802,979 $— $— $802,979 $734,553 $— $— $734,553 
Restricted cash(a)
23,811 — — 23,811 35,641 — — 35,641 
Restricted investments(b)
— 255,908 — 255,908 — 228,959 — 228,959 
Investments in lieu of retention(c)
40,592 173,973 — 214,565 27,849 159,142 — 186,991 
Total$867,382 $429,881 $— $1,297,263 $798,043 $388,101 $— $1,186,144 
____________________________________________________________________________________________________
(a)Includes money market funds and short-term investments with maturity dates of three months or less when acquired.
(b)Restricted investments, as of March 31, 2026 and December 31, 2025, 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 March 31, 2026 and December 31, 2025, and are composed of cash and cash equivalents of $40.6 million and $27.8 million, respectively, and AFS debt securities of $174.0 million and $159.1 million, respectively. The fair values of cash equivalents 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 March 31, 2026 and December 31, 2025:
As of March 31, 2026As of December 31, 2025
(in thousands)Amortized CostUnrealized GainsUnrealized LossesFair ValueAmortized CostUnrealized GainsUnrealized LossesFair Value
Restricted investments:
Corporate debt securities$210,537 $1,076 $(1,042)$210,571 $205,584 $1,900 $(472)$207,012 
U.S. government agency securities27,884 6 (494)27,396 12,300 11 (329)11,982 
Municipal bonds18,447 18 (708)17,757 10,282 32 (534)9,780 
Corporate certificates of deposit197 — (13)184 198 — (13)185 
Total restricted investments257,065 1,100 (2,257)255,908 228,364 1,943 (1,348)228,959 
Investments in lieu of retention:
Corporate debt securities156,063 300 (208)156,155 140,749 844 (38)141,555 
U.S. government agency securities4,337 — (44)4,293 4,337 — (43)4,294 
Municipal bonds13,681 188 (344)13,525 13,349 218 (274)13,293 
Total investments in lieu of retention174,081 488 (596)173,973 158,435 1,062 (355)159,142 
Total AFS debt securities$431,146 $1,588 $(2,853)$429,881 $386,799 $3,005 $(1,703)$388,101 
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 March 31, 2026 and December 31, 2025:
As of March 31, 2026
Less than 12 Months12 Months or GreaterTotal
(in thousands)Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
Restricted investments:
Corporate debt securities$85,758 $(883)$17,255 $(159)$103,013 $(1,042)
U.S. government agency securities19,642 (163)3,508 (331)23,150 (494)
Municipal bonds11,122 (154)4,988 (554)16,110 (708)
Corporate certificates of deposit— — 184 (13)184 (13)
Total restricted investments116,522 (1,200)25,935 (1,057)142,457 (2,257)
Investments in lieu of retention:
Corporate debt securities49,344 (207)1,499 (1)50,843 (208)
U.S. government agency securities4,293 (44)— — 4,293 (44)
Municipal bonds11,738 (344)— — 11,738 (344)
Total investments in lieu of retention65,375 (595)1,499 (1)66,874 (596)
Total AFS debt securities$181,897 $(1,795)$27,434 $(1,058)$209,331 $(2,853)
As of December 31, 2025
Less than 12 Months12 Months or GreaterTotal
(in thousands)Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
Restricted investments:
Corporate debt securities$57,673 $(221)$20,907 $(251)$78,580 $(472)
U.S. government agency securities3,056 (31)3,550 (298)6,606 (329)
Municipal bonds2,171 (7)4,894 (527)7,065 (534)
Corporate certificates of deposit— — 185 (13)185 (13)
Total restricted investments62,900 (259)29,536 (1,089)92,436 (1,348)
Investments in lieu of retention:
Corporate debt securities4,796 (37)2,982 (1)7,778 (38)
U.S. government agency securities4,294 (43)— — 4,294 (43)
Municipal bonds11,855 (274)— — 11,855 (274)
Total investments in lieu of retention20,945 (354)2,982 (1)23,927 (355)
Total AFS debt securities$83,845 $(613)$32,518 $(1,090)$116,363 $(1,703)
The unrealized losses in AFS debt securities as of March 31, 2026 and December 31, 2025 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 March 31, 2026 and December 31, 2025.
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 2025, the Company has not recognized any impairment losses in earnings during the three months ended March 31, 2026.
The amortized cost and fair value of AFS debt securities by contractual maturity as of March 31, 2026 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$101,440 $101,389 
Due after one year through five years295,203 294,794 
Due after five years34,503 33,698 
Total$431,146 $429,881 
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 $439.1 million and $444.2 million as of March 31, 2026 and December 31, 2025, respectively. The fair values of the 2024 Senior Notes were determined using Level 1 inputs, specifically current observable market prices. The reported value of the Company’s remaining borrowings approximates fair value as of March 31, 2026 and December 31, 2025.
v3.26.1
Variable Interest Entities (VIEs)
 3 Months Ended
Mar. 31, 2026
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 March 31, 2026, the Company had unconsolidated VIE-related current assets and noncurrent assets of $65.1 million and $6.1 million, respectively, as well as current liabilities of $75.1 million included in the Company’s Condensed Consolidated Balance Sheets. As of December 31, 2025, the Company had unconsolidated VIE-related current assets and noncurrent assets of $58.5 million and $6.3 million, respectively, as well as current liabilities of $70.2 million 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 March 31, 2026.
As of March 31, 2026, the Company’s Condensed Consolidated Balance Sheets included current assets and noncurrent assets of $976.3 million and $37.6 million, respectively, as well as current liabilities and noncurrent liabilities of $661.9 million and $13.0 million, respectively, related to the operations of its consolidated VIEs. As of December 31, 2025, the Company’s Condensed Consolidated Balance Sheets included current assets and noncurrent assets of $932.1 million and $36.4 million, respectively, as well as current liabilities and noncurrent liabilities of $669.0 million and $10.6 million, respectively, 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 (“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.
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.
v3.26.1
Changes in Equity
 3 Months Ended
Mar. 31, 2026
Stockholders' Equity Note [Abstract]  
Changes in Equity Changes in Equity
A reconciliation of the changes in equity for the three months ended March 31, 2026 and 2025 is provided below:
Three Months Ended March 31, 2026
(in thousands)Common
Stock		Additional
Paid-in
Capital
Retained Earnings
Accumulated
Other
Comprehensive
Loss		Noncontrolling
Interests		Total
Equity
Balance - December 31, 2025$52,791 $1,148,634 $46,443 $(29,234)$44,028 $1,262,662 
Net income— — 25,696 — 13,832 39,528 
Other comprehensive loss— — — (1,789)(442)(2,231)
Share-based compensation— 2,132 — — — 2,132 
Issuance of common stock, net102 (7,219)— — — (7,117)
Dividends— — (3,330)— — (3,330)
Repurchase of common stock(278)(6,048)(13,801)— — (20,127)
Contributions from noncontrolling interests— — — — 4,994 4,994 
Distributions to noncontrolling interests— — — — (11,500)(11,500)
Balance - March 31, 2026$52,615 $1,137,499 $55,008 $(31,023)$50,912 $1,265,011 
Three Months Ended March 31, 2025
(in thousands)Common
Stock		Additional
Paid-in
Capital
Accumulated 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— — 27,998 — 14,751 42,749 
Other comprehensive income— — — 1,798 478 2,276 
Share-based compensation— 867 — — — 867 
Issuance of common stock, net217 (5,368)— — — (5,151)
Distributions to noncontrolling interests— — — — (11,750)(11,750)
Balance - March 31, 2025$52,703 $1,142,299 $(2,577)$(32,190)$27,362 $1,187,597 
Dividends
In February 2026, the Board of Directors declared a cash dividend of $0.06 per share payable on March 26, 2026 to all shareholders of record as of March 10, 2026. Total dividends declared in the three months ended March 31, 2026 amounted to $3.3 million, including $0.2 million of accrued dividend equivalent rights relating to unvested share-based awards that are payable when the awards vest.
Share Repurchases
In November 2025, the Company’s Board of Directors authorized a $200 million share repurchase program. During the three months ended March 31, 2026, we repurchased 277,578 shares of our common stock on the open market for $20 million, at an average price of $72.03 per share, under the repurchase program. As of March 31, 2026, the Company also accrued $0.1 million for applicable excise tax on share repurchases in excess of issuances.
v3.26.1
Other Comprehensive Income (Loss)
 3 Months Ended
Mar. 31, 2026
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 months ended March 31, 2026 and 2025 were as follows:
Three Months Ended March 31, 2026Three Months Ended March 31, 2025
(in thousands)Before-Tax AmountTax (Expense) BenefitNet-of-Tax AmountBefore-Tax AmountTax ExpenseNet-of-Tax Amount
Other comprehensive income (loss):
Defined benefit pension plan adjustments$431 $(118)$313 $413 $(111)$302 
Foreign currency translation adjustments(577)81 (496)787 (118)669 
Unrealized gain (loss) in fair value of investments
(2,567)519 (2,048)1,644 (339)1,305 
Total other comprehensive income (loss)(2,713)482 (2,231)2,844 (568)2,276 
Less: Other comprehensive income (loss) attributable to noncontrolling interests(442)— (442)478 — 478 
Total other comprehensive income (loss) attributable to Tutor Perini Corporation
$(2,271)$482 $(1,789)$2,366 $(568)$1,798 
The changes in AOCI balances by component (after tax) attributable to Tutor Perini Corporation and attributable to noncontrolling interests during the three months ended March 31, 2026 and 2025 were as follows:
Three Months Ended March 31, 2026
(in thousands)Defined
Benefit
Pension
Plan		Foreign
Currency
Translation
Unrealized Gain (Loss) in Fair
Value of Investments, Net
Accumulated
Other
Comprehensive
Income (Loss)
Attributable to Tutor Perini Corporation:
Balance as of December 31, 2025$(22,063)$(7,930)$759 $(29,234)
Other comprehensive loss before reclassifications
— (220)(1,869)(2,089)
Amounts reclassified from AOCI313 — (13)300 
Total other comprehensive income (loss)
313 (220)(1,882)(1,789)
Balance as of March 31, 2026$(21,750)$(8,150)$(1,123)$(31,023)
Attributable to Noncontrolling Interests:
Balance as of December 31, 2025$— $(1,151)$208 $(943)
Other comprehensive loss
— (276)(166)(442)
Balance as of March 31, 2026$— $(1,427)$42 $(1,385)
Three Months Ended March 31, 2025
(in thousands)Defined
Benefit
Pension
Plan		Foreign
Currency
Translation
Unrealized Gain (Loss) in Fair
Value of Investments, Net
Accumulated
Other
Comprehensive
Income (Loss)
Attributable to Tutor Perini Corporation:
Balance as of December 31, 2024$(23,572)$(8,657)$(1,759)$(33,988)
Other comprehensive income before reclassifications— 313 1,201 1,514 
Amounts reclassified from AOCI302 — (18)284 
Total other comprehensive income302 313 1,183 1,798 
Balance as of March 31, 2025$(23,270)$(8,344)$(576)$(32,190)
Attributable to Noncontrolling Interests:
Balance as of December 31, 2024$— $(2,423)$(60)$(2,483)
Other comprehensive income— 356 122 478 
Balance as of March 31, 2025$— $(2,067)$62 $(2,005)
The significant items reclassified out of AOCI and the corresponding location and impact on the Condensed Consolidated Statements of Income during the three months ended March 31, 2026 and 2025 were as follows:
Three Months Ended
March 31,
(in thousands)20262025
Component of AOCI:
Defined benefit pension plan adjustments(a)
$431 $413 
Income tax benefit(b)
(118)(111)
Net of tax$313 $302 
Unrealized gain in fair value of investment adjustments(a)
$(17)$(23)
Income tax expense(b)
4 5 
Net of tax$(13)$(18)
___________________________________________________________________________________________________
(a)Amounts included in other income, net on the Condensed Consolidated Statements of Income.
(b)Amounts included in income tax expense on the Condensed Consolidated Statements of Income.
v3.26.1
Business Segments
 3 Months Ended
Mar. 31, 2026
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. In addition, 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 months ended March 31, 2026 and 2025:
Reportable Segments
(in thousands)CivilBuildingSpecialty
Contractors		TotalCorporateConsolidated
Total
Three Months Ended March 31, 2026
Total revenue$744,816 $498,137 $218,731 $1,461,684 $— $1,461,684 
Elimination of intersegment revenue(47,089)(25,137)— (72,226)— (72,226)
Revenue from external customers$697,727 $473,000 $218,731 $1,389,458 $— $1,389,458 
Reconciliation of revenue to income (loss) from construction operations
Less:
Cost of operations$588,654 $443,031 $203,140 $1,234,825 $— $1,234,825 
General and administrative expenses(a)
21,344 13,625 15,024 49,993 45,458 95,451 
Income (loss) from construction operations$87,729 $16,344 $567 $104,640 
(b)
$(45,458)

$59,182 
Capital expenditures$15,461 $373 $1,150 $16,984 $1,010 $17,994 
Depreciation and amortization(c)
$10,033 $519 $602 $11,154 $317 $11,471 
Three Months Ended March 31, 2025
Total revenue$645,003 $488,324 $176,808 $1,310,135 $— $1,310,135 
Elimination of intersegment revenue(34,962)(28,540)— (63,502)— (63,502)
Revenue from external customers$610,041 $459,784 $176,808 $1,246,633 $— $1,246,633 
Reconciliation of revenue to income (loss) from construction operations
Less:
Cost of operations$508,773 $436,288 $167,171 $1,112,232 $— $1,112,232 
General and administrative expenses(a)
21,668 13,037 16,748 51,453 17,623 69,076 
Income (loss) from construction operations$79,600 $10,459 $(7,111)$82,948 $(17,623)

$65,325 
Capital expenditures$26,850 $1,016 $840 $28,706 $1,398 $30,104 
Depreciation and amortization(c)
$10,690 $527 $604 $11,821 $753 $12,574 
____________________________________________________________________________________________________
(a)General and administrative expenses for the three months ended March 31, 2026 and 2025 included share-based compensation expense of $30.1 million ($29.6 million after tax, or $0.55 per diluted share) and $6.6 million ($6.4 million after tax, or $0.12 per diluted share), respectively. The increase in share-based compensation expense in the first quarter of 2026 was primarily due to the Company’s stock price being substantially higher in 2026 as compared to the same period of 2025, 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 three months ended March 31, 2026, the Company’s income (loss) from construction operations was impacted by an unfavorable adjustment of $16.4 million ($12.3 million attributable to the Company and $8.9 million after tax, or $0.17 per diluted share) on a Civil segment mass-transit project in California primarily due to changes in estimates resulting from ongoing negotiations of change orders with the owner and subcontractors, as well as other temporary impacts related to unapproved change orders.
(c)Depreciation and amortization is included in income (loss) from construction operations.
Total assets by segment were as follows:
(in thousands)As of March 31,
2026		As of December 31,
2025
Civil$4,631,392 $4,348,288 
Building1,376,425 1,354,282 
Specialty Contractors421,828 397,750 
Corporate and other(a)
(1,292,066)(939,898)
Total assets$5,137,579 $5,160,422 
____________________________________________________________________________________________________
(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 March 31,
(in thousands)20262025
Revenue:
United States$1,266,970 $1,107,706 
Foreign and U.S. territories122,488 138,927 
Total revenue$1,389,458 $1,246,633 

(in thousands)As of March 31,
2026		As of December 31,
2025
Assets:
United States$4,557,424 $4,604,866 
Foreign and U.S. territories580,155 555,556 
Total assets$5,137,579 $5,160,422 

Major Customers

Revenue from a single customer with multiple projects, impacting the Civil, Building and Specialty Contractors segments, represented 13.3% and 15.6% of the Company’s consolidated revenue for the three months ended March 31, 2026 and 2025, respectively. Revenue from an additional customer with multiple projects, impacting the Civil, Building and Specialty Contractors segments, represented 12.6% of the Company’s consolidated revenue for the three months ended March 31, 2026.
Reconciliation of Segment Information to Consolidated Amounts
A reconciliation of segment results to the consolidated income before income taxes is as follows:
Three Months Ended March 31,
(in thousands)20262025
Income from construction operations$59,182 $65,325 
Other income, net10,726 4,688 
Interest expense(13,397)(14,352)
Income before income taxes$56,511 $55,661 
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2026
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
v3.26.1
Recent Accounting Pronouncements (Policies)
 3 Months Ended
Mar. 31, 2026
Accounting Standards Update and Change in Accounting Principle [Abstract]  
Recent Accounting Pronouncements Recent Accounting Pronouncements
In November 2024, the Financial Accounting Standards Board issued Accounting Standards Update (“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.
v3.26.1
Revenue (Tables)
 3 Months Ended
Mar. 31, 2026
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 months ended March 31, 2026 and 2025.
Three Months Ended
March 31,
(in thousands)20262025
Civil segment revenue by end market:
Mass transit (includes certain transportation and tunneling projects)$449,791 $353,185 
Military facilities82,308 101,128 
Bridges61,346 51,851 
Power and energy33,125 30,611 
Detention facilities29,295 45,987 
Other41,862 27,279 
Total Civil segment revenue$697,727 $610,041 
Three Months Ended
March 31,
(in thousands)20262025
Building segment revenue by end market:
Healthcare facilities$245,783 $214,548 
Detention facilities116,445 88,004 
Government32,943 60,015 
Mass transit (includes transportation projects)32,012 29,510 
Education facilities25,965 47,990 
Other19,852 19,717 
Total Building segment revenue$473,000 $459,784 
Three Months Ended
March 31,
(in thousands)20262025
Specialty Contractors segment revenue by end market:
Mass transit (includes certain transportation and tunneling projects)$58,004 $42,595 
Healthcare facilities40,252 20,574 
Detention facilities28,529 6,652 
Commercial and industrial facilities28,331 32,190 
Multi-unit residential26,838 25,569 
Government17,272 23,444 
Other19,505 25,784 
Total Specialty Contractors segment revenue$218,731 $176,808 
Three Months Ended
March 31, 2026		Three Months Ended
March 31, 2025
(in thousands)CivilBuildingSpecialty
Contractors		TotalCivilBuildingSpecialty
Contractors		Total
Revenue by customer type:
State and local agencies$544,208 $226,053 $131,016 $901,277 $441,110 $221,175 $91,183 $753,468 
Federal agencies98,876 24,865 3,939 127,680 112,079 36,644 3,117 151,840 
Private owners
54,643 222,082 83,776 360,501 56,852 201,965 82,508 341,325 
Total revenue$697,727 $473,000 $218,731 $1,389,458 $610,041 $459,784 $176,808 $1,246,633 

Three Months Ended
March 31, 2026		Three Months Ended
March 31, 2025
(in thousands)CivilBuildingSpecialty
Contractors		TotalCivilBuildingSpecialty
Contractors		Total
Revenue by contract type:
Fixed price$622,974 $184,537 $165,577 $973,088 $538,414 $194,388 $143,245 $876,047 
Guaranteed maximum price
— 241,605 20,872 262,477 181 235,615 5,359 241,155 
Unit price68,347 — 8,355 76,702 38,017 — 16,690 54,707 
Cost plus fee and other6,406 46,858 23,927 77,191 33,429 29,781 11,514 74,724 
Total revenue$697,727 $473,000 $218,731 $1,389,458 $610,041 $459,784 $176,808 $1,246,633 
v3.26.1
Contract Assets and Liabilities (Tables)
 3 Months Ended
Mar. 31, 2026
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 March 31,
2026		As of December 31,
2025
Contract Assets:
Costs and estimated earnings in excess of billings:
Claims$322,842 $324,727 
Unapproved change orders405,646 402,060 
Other unbilled costs and profits78,980 92,412 
Total costs and estimated earnings in excess of billings$807,468 $819,199 
Contract Liabilities:
Billings in excess of costs and estimated earnings$1,893,509 $1,838,610 
v3.26.1
Cash, Cash Equivalents and Restricted Cash (Tables)
 3 Months Ended
Mar. 31, 2026
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 March 31,
2026		As of December 31,
2025
Cash and cash equivalents available for general corporate purposes$320,901 $270,715 
Joint venture cash and cash equivalents482,078 463,838 
Cash and cash equivalents802,979 734,553 
Restricted cash23,811 35,641 
Total cash, cash equivalents and restricted cash$826,790 $770,194 
v3.26.1
Other Current Assets (Tables)
 3 Months Ended
Mar. 31, 2026
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 March 31,
2026		As of December 31,
2025
Capitalized contract costs
$290,773 $322,284 
Other
80,397 88,746 
Total other current assets
$371,170 $411,030 
v3.26.1
Earnings Per Common Share (Tables)
 3 Months Ended
Mar. 31, 2026
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 March 31,
(in thousands, except per common share data)20262025
Net income attributable to Tutor Perini Corporation$25,696 $27,998 
Weighted-average common shares outstanding, basic52,736 52,537 
Effect of dilutive RSUs and stock options1,014 473 
Weighted-average common shares outstanding, diluted53,750 53,010 
Net income attributable to Tutor Perini Corporation per common share:
Basic$0.49 $0.53 
Diluted$0.48 $0.53 
Anti-dilutive securities not included above— 402 
v3.26.1
Goodwill and Intangible Assets (Tables)
 3 Months Ended
Mar. 31, 2026
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 March 31, 2026:
(in thousands)CivilBuildingSpecialty
Contractors		Total
Gross goodwill as of December 31, 2025
$492,074 $424,724 $156,193 $1,072,991 
Accumulated impairment as of December 31, 2025
(286,931)(424,724)(156,193)(867,848)
Goodwill as of December 31, 2025205,143 — — 205,143 
Current year activity— — — — 
Goodwill as of March 31, 2026$205,143 $— $— $205,143 
Schedule of Intangible Assets
Intangible assets consist of the following:
As of March 31, 2026Weighted-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 (33,155)(23,232)12,863 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 $(205,600)$(113,067)$63,273 
As of December 31, 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 (32,596)(23,232)13,422 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 $(205,041)$(113,067)$63,832 
v3.26.1
Financial Commitments (Tables)
 3 Months Ended
Mar. 31, 2026
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 March 31,
2026		As of December 31,
2025
2024 Senior Notes$383,103 $382,017 
Revolver— — 
Equipment financing and mortgages12,757 18,261 
Other indebtedness3,036 7,096 
Total debt398,896 407,374 
Less: Current maturities8,109 14,589 
Long-term debt, net$390,787 $392,785 
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 March 31, 2026 and December 31, 2025:
As of March 31, 2026As of December 31, 2025
(in thousands)Outstanding DebtUnamortized Discounts and Issuance CostsDebt,
as reported		Outstanding DebtUnamortized Discounts and Issuance CostsDebt,
as reported
2024 Senior Notes$400,000 $(16,897)$383,103 $400,000 $(17,983)$382,017 
Schedule of Interest Expense as Reported in the Consolidated Statements of Income
Interest expense as reported in the Condensed Consolidated Statements of Income consisted of the following:
Three Months Ended
March 31,
(in thousands)20262025
Cash interest expense:
Interest on 2024 Senior Notes$11,875 $11,875 
Interest on Term Loan B— 876 
Interest on Revolver— 121 
Other interest296 392 
Total cash interest expense12,171 13,264 
Non-cash interest expense:(a)
Amortization of debt issuance costs on 2024 Senior Notes1,086 948 
Amortization of debt issuance costs on Revolver140 140 
Total non-cash interest expense1,226 1,088 
Total interest expense$13,397 $14,352 
____________________________________________________________________________________________________
(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 three months ended March 31, 2026.
v3.26.1
Leases (Tables)
 3 Months Ended
Mar. 31, 2026
Leases [Abstract]  
Schedule of Components of Lease Expense
The following table presents components of lease expense for the three months ended March 31, 2026 and 2025:
Three Months Ended
March 31,
(in thousands)20262025
Operating lease expense$4,618 $3,160 
Short-term lease expense(a)
14,372 13,485 
18,990 16,645 
Less: Sublease income205 294 
Total lease expense$18,785 $16,351 
____________________________________________________________________________________________________
(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 March 31,
2026		As of December 31,
2025
Assets
Right-of-use assetsOther assets$62,014 $58,608 
Total lease assets$62,014 $58,608 
Liabilities
Current lease liabilitiesAccrued expenses and other current liabilities$12,256 $11,763 
Long-term lease liabilitiesOther long-term liabilities54,866 51,783 
Total lease liabilities$67,122 $63,546 
Weighted-average remaining lease term6.2 years6.4 years
Weighted-average discount rate8.51 %8.04 %
The following table presents supplemental cash flow information and non-cash activity related to operating leases:
Three Months Ended
March 31,
(in thousands)20262025
Operating cash flow information:
Cash paid for amounts included in the measurement of lease liabilities$(4,447)$(2,912)
Non-cash activity:
Right-of-use assets obtained in exchange for lease liabilities$6,740 $4,581 
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 March 31, 2026:
Year (in thousands)
Operating Leases
2026 (excluding the three months ended March 31, 2026)
$13,014 
202716,321 
202814,752 
202912,286 
20308,309 
Thereafter23,702 
Total lease payments88,384 
Less: Imputed interest21,262 
Total$67,122 
v3.26.1
Employee Pension Plans (Tables)
 3 Months Ended
Mar. 31, 2026
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 months ended March 31, 2026 and 2025:
Three Months Ended March 31,
(in thousands)20262025
Interest cost$940 $933 
Service cost171 170 
Expected return on plan assets(898)(902)
Recognized net actuarial losses437 414 
Net periodic benefit cost$650 $615 
v3.26.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2026
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 March 31, 2026 and December 31, 2025:
As of March 31, 2026As of December 31, 2025
Fair Value HierarchyFair Value Hierarchy
(in thousands)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Cash and cash equivalents(a)
$802,979 $— $— $802,979 $734,553 $— $— $734,553 
Restricted cash(a)
23,811 — — 23,811 35,641 — — 35,641 
Restricted investments(b)
— 255,908 — 255,908 — 228,959 — 228,959 
Investments in lieu of retention(c)
40,592 173,973 — 214,565 27,849 159,142 — 186,991 
Total$867,382 $429,881 $— $1,297,263 $798,043 $388,101 $— $1,186,144 
____________________________________________________________________________________________________
(a)Includes money market funds and short-term investments with maturity dates of three months or less when acquired.
(b)Restricted investments, as of March 31, 2026 and December 31, 2025, 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 March 31, 2026 and December 31, 2025, and are composed of cash and cash equivalents of $40.6 million and $27.8 million, respectively, and AFS debt securities of $174.0 million and $159.1 million, respectively. The fair values of cash equivalents 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 March 31, 2026 and December 31, 2025:
As of March 31, 2026As of December 31, 2025
(in thousands)Amortized CostUnrealized GainsUnrealized LossesFair ValueAmortized CostUnrealized GainsUnrealized LossesFair Value
Restricted investments:
Corporate debt securities$210,537 $1,076 $(1,042)$210,571 $205,584 $1,900 $(472)$207,012 
U.S. government agency securities27,884 6 (494)27,396 12,300 11 (329)11,982 
Municipal bonds18,447 18 (708)17,757 10,282 32 (534)9,780 
Corporate certificates of deposit197 — (13)184 198 — (13)185 
Total restricted investments257,065 1,100 (2,257)255,908 228,364 1,943 (1,348)228,959 
Investments in lieu of retention:
Corporate debt securities156,063 300 (208)156,155 140,749 844 (38)141,555 
U.S. government agency securities4,337 — (44)4,293 4,337 — (43)4,294 
Municipal bonds13,681 188 (344)13,525 13,349 218 (274)13,293 
Total investments in lieu of retention174,081 488 (596)173,973 158,435 1,062 (355)159,142 
Total AFS debt securities$431,146 $1,588 $(2,853)$429,881 $386,799 $3,005 $(1,703)$388,101 
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 March 31, 2026 and December 31, 2025:
As of March 31, 2026
Less than 12 Months12 Months or GreaterTotal
(in thousands)Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
Restricted investments:
Corporate debt securities$85,758 $(883)$17,255 $(159)$103,013 $(1,042)
U.S. government agency securities19,642 (163)3,508 (331)23,150 (494)
Municipal bonds11,122 (154)4,988 (554)16,110 (708)
Corporate certificates of deposit— — 184 (13)184 (13)
Total restricted investments116,522 (1,200)25,935 (1,057)142,457 (2,257)
Investments in lieu of retention:
Corporate debt securities49,344 (207)1,499 (1)50,843 (208)
U.S. government agency securities4,293 (44)— — 4,293 (44)
Municipal bonds11,738 (344)— — 11,738 (344)
Total investments in lieu of retention65,375 (595)1,499 (1)66,874 (596)
Total AFS debt securities$181,897 $(1,795)$27,434 $(1,058)$209,331 $(2,853)
As of December 31, 2025
Less than 12 Months12 Months or GreaterTotal
(in thousands)Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
Restricted investments:
Corporate debt securities$57,673 $(221)$20,907 $(251)$78,580 $(472)
U.S. government agency securities3,056 (31)3,550 (298)6,606 (329)
Municipal bonds2,171 (7)4,894 (527)7,065 (534)
Corporate certificates of deposit— — 185 (13)185 (13)
Total restricted investments62,900 (259)29,536 (1,089)92,436 (1,348)
Investments in lieu of retention:
Corporate debt securities4,796 (37)2,982 (1)7,778 (38)
U.S. government agency securities4,294 (43)— — 4,294 (43)
Municipal bonds11,855 (274)— — 11,855 (274)
Total investments in lieu of retention20,945 (354)2,982 (1)23,927 (355)
Total AFS debt securities$83,845 $(613)$32,518 $(1,090)$116,363 $(1,703)
Schedule of Investments Classified by Contractual Maturity Date
The amortized cost and fair value of AFS debt securities by contractual maturity as of March 31, 2026 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$101,440 $101,389 
Due after one year through five years295,203 294,794 
Due after five years34,503 33,698 
Total$431,146 $429,881 
v3.26.1
Changes in Equity (Tables)
 3 Months Ended
Mar. 31, 2026
Stockholders' Equity Note [Abstract]  
Schedule of Stockholders Equity
A reconciliation of the changes in equity for the three months ended March 31, 2026 and 2025 is provided below:
Three Months Ended March 31, 2026
(in thousands)Common
Stock		Additional
Paid-in
Capital
Retained Earnings
Accumulated
Other
Comprehensive
Loss		Noncontrolling
Interests		Total
Equity
Balance - December 31, 2025$52,791 $1,148,634 $46,443 $(29,234)$44,028 $1,262,662 
Net income— — 25,696 — 13,832 39,528 
Other comprehensive loss— — — (1,789)(442)(2,231)
Share-based compensation— 2,132 — — — 2,132 
Issuance of common stock, net102 (7,219)— — — (7,117)
Dividends— — (3,330)— — (3,330)
Repurchase of common stock(278)(6,048)(13,801)— — (20,127)
Contributions from noncontrolling interests— — — — 4,994 4,994 
Distributions to noncontrolling interests— — — — (11,500)(11,500)
Balance - March 31, 2026$52,615 $1,137,499 $55,008 $(31,023)$50,912 $1,265,011 
Three Months Ended March 31, 2025
(in thousands)Common
Stock		Additional
Paid-in
Capital
Accumulated 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— — 27,998 — 14,751 42,749 
Other comprehensive income— — — 1,798 478 2,276 
Share-based compensation— 867 — — — 867 
Issuance of common stock, net217 (5,368)— — — (5,151)
Distributions to noncontrolling interests— — — — (11,750)(11,750)
Balance - March 31, 2025$52,703 $1,142,299 $(2,577)$(32,190)$27,362 $1,187,597 
v3.26.1
Other Comprehensive Income (Loss) (Tables)
 3 Months Ended
Mar. 31, 2026
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 months ended March 31, 2026 and 2025 were as follows:
Three Months Ended March 31, 2026Three Months Ended March 31, 2025
(in thousands)Before-Tax AmountTax (Expense) BenefitNet-of-Tax AmountBefore-Tax AmountTax ExpenseNet-of-Tax Amount
Other comprehensive income (loss):
Defined benefit pension plan adjustments$431 $(118)$313 $413 $(111)$302 
Foreign currency translation adjustments(577)81 (496)787 (118)669 
Unrealized gain (loss) in fair value of investments
(2,567)519 (2,048)1,644 (339)1,305 
Total other comprehensive income (loss)(2,713)482 (2,231)2,844 (568)2,276 
Less: Other comprehensive income (loss) attributable to noncontrolling interests(442)— (442)478 — 478 
Total other comprehensive income (loss) attributable to Tutor Perini Corporation
$(2,271)$482 $(1,789)$2,366 $(568)$1,798 
Schedule of Changes in AOCI Balances by Component (After-Tax)
The changes in AOCI balances by component (after tax) attributable to Tutor Perini Corporation and attributable to noncontrolling interests during the three months ended March 31, 2026 and 2025 were as follows:
Three Months Ended March 31, 2026
(in thousands)Defined
Benefit
Pension
Plan		Foreign
Currency
Translation
Unrealized Gain (Loss) in Fair
Value of Investments, Net
Accumulated
Other
Comprehensive
Income (Loss)
Attributable to Tutor Perini Corporation:
Balance as of December 31, 2025$(22,063)$(7,930)$759 $(29,234)
Other comprehensive loss before reclassifications
— (220)(1,869)(2,089)
Amounts reclassified from AOCI313 — (13)300 
Total other comprehensive income (loss)
313 (220)(1,882)(1,789)
Balance as of March 31, 2026$(21,750)$(8,150)$(1,123)$(31,023)
Attributable to Noncontrolling Interests:
Balance as of December 31, 2025$— $(1,151)$208 $(943)
Other comprehensive loss
— (276)(166)(442)
Balance as of March 31, 2026$— $(1,427)$42 $(1,385)
Three Months Ended March 31, 2025
(in thousands)Defined
Benefit
Pension
Plan		Foreign
Currency
Translation
Unrealized Gain (Loss) in Fair
Value of Investments, Net
Accumulated
Other
Comprehensive
Income (Loss)
Attributable to Tutor Perini Corporation:
Balance as of December 31, 2024$(23,572)$(8,657)$(1,759)$(33,988)
Other comprehensive income before reclassifications— 313 1,201 1,514 
Amounts reclassified from AOCI302 — (18)284 
Total other comprehensive income302 313 1,183 1,798 
Balance as of March 31, 2025$(23,270)$(8,344)$(576)$(32,190)
Attributable to Noncontrolling Interests:
Balance as of December 31, 2024$— $(2,423)$(60)$(2,483)
Other comprehensive income— 356 122 478 
Balance as of March 31, 2025$— $(2,067)$62 $(2,005)
The significant items reclassified out of AOCI and the corresponding location and impact on the Condensed Consolidated Statements of Income during the three months ended March 31, 2026 and 2025 were as follows:
Three Months Ended
March 31,
(in thousands)20262025
Component of AOCI:
Defined benefit pension plan adjustments(a)
$431 $413 
Income tax benefit(b)
(118)(111)
Net of tax$313 $302 
Unrealized gain in fair value of investment adjustments(a)
$(17)$(23)
Income tax expense(b)
4 5 
Net of tax$(13)$(18)
___________________________________________________________________________________________________
(a)Amounts included in other income, net on the Condensed Consolidated Statements of Income.
(b)Amounts included in income tax expense on the Condensed Consolidated Statements of Income.
v3.26.1
Business Segments (Tables)
 3 Months Ended
Mar. 31, 2026
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 months ended March 31, 2026 and 2025:
Reportable Segments
(in thousands)CivilBuildingSpecialty
Contractors		TotalCorporateConsolidated
Total
Three Months Ended March 31, 2026
Total revenue$744,816 $498,137 $218,731 $1,461,684 $— $1,461,684 
Elimination of intersegment revenue(47,089)(25,137)— (72,226)— (72,226)
Revenue from external customers$697,727 $473,000 $218,731 $1,389,458 $— $1,389,458 
Reconciliation of revenue to income (loss) from construction operations
Less:
Cost of operations$588,654 $443,031 $203,140 $1,234,825 $— $1,234,825 
General and administrative expenses(a)
21,344 13,625 15,024 49,993 45,458 95,451 
Income (loss) from construction operations$87,729 $16,344 $567 $104,640 
(b)
$(45,458)

$59,182 
Capital expenditures$15,461 $373 $1,150 $16,984 $1,010 $17,994 
Depreciation and amortization(c)
$10,033 $519 $602 $11,154 $317 $11,471 
Three Months Ended March 31, 2025
Total revenue$645,003 $488,324 $176,808 $1,310,135 $— $1,310,135 
Elimination of intersegment revenue(34,962)(28,540)— (63,502)— (63,502)
Revenue from external customers$610,041 $459,784 $176,808 $1,246,633 $— $1,246,633 
Reconciliation of revenue to income (loss) from construction operations
Less:
Cost of operations$508,773 $436,288 $167,171 $1,112,232 $— $1,112,232 
General and administrative expenses(a)
21,668 13,037 16,748 51,453 17,623 69,076 
Income (loss) from construction operations$79,600 $10,459 $(7,111)$82,948 $(17,623)

$65,325 
Capital expenditures$26,850 $1,016 $840 $28,706 $1,398 $30,104 
Depreciation and amortization(c)
$10,690 $527 $604 $11,821 $753 $12,574 
____________________________________________________________________________________________________
(a)General and administrative expenses for the three months ended March 31, 2026 and 2025 included share-based compensation expense of $30.1 million ($29.6 million after tax, or $0.55 per diluted share) and $6.6 million ($6.4 million after tax, or $0.12 per diluted share), respectively. The increase in share-based compensation expense in the first quarter of 2026 was primarily due to the Company’s stock price being substantially higher in 2026 as compared to the same period of 2025, 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 three months ended March 31, 2026, the Company’s income (loss) from construction operations was impacted by an unfavorable adjustment of $16.4 million ($12.3 million attributable to the Company and $8.9 million after tax, or $0.17 per diluted share) on a Civil segment mass-transit project in California primarily due to changes in estimates resulting from ongoing negotiations of change orders with the owner and subcontractors, as well as other temporary impacts related to unapproved change orders.
(c)Depreciation and amortization is included in income (loss) from construction operations.
Schedule of Total Assets for Reportable Segments
Total assets by segment were as follows:
(in thousands)As of March 31,
2026		As of December 31,
2025
Civil$4,631,392 $4,348,288 
Building1,376,425 1,354,282 
Specialty Contractors421,828 397,750 
Corporate and other(a)
(1,292,066)(939,898)
Total assets$5,137,579 $5,160,422 
____________________________________________________________________________________________________
(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 March 31,
(in thousands)20262025
Revenue:
United States$1,266,970 $1,107,706 
Foreign and U.S. territories122,488 138,927 
Total revenue$1,389,458 $1,246,633 

(in thousands)As of March 31,
2026		As of December 31,
2025
Assets:
United States$4,557,424 $4,604,866 
Foreign and U.S. territories580,155 555,556 
Total assets$5,137,579 $5,160,422 
Schedule of Reconciliation of Segment Results to Consolidated Income (Loss) Before Income Taxes
A reconciliation of segment results to the consolidated income before income taxes is as follows:
Three Months Ended March 31,
(in thousands)20262025
Income from construction operations$59,182 $65,325 
Other income, net10,726 4,688 
Interest expense(13,397)(14,352)
Income before income taxes$56,511 $55,661 
v3.26.1
Revenue (Schedule of Disaggregation of Revenue) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Disaggregation of Revenue [Line Items]    
Revenue $ 1,389,458 $ 1,246,633
State and local agencies    
Disaggregation of Revenue [Line Items]    
Revenue 901,277 753,468
Federal agencies    
Disaggregation of Revenue [Line Items]    
Revenue 127,680 151,840
Private owners    
Disaggregation of Revenue [Line Items]    
Revenue 360,501 341,325
Civil    
Disaggregation of Revenue [Line Items]    
Revenue 697,727 610,041
Civil | State and local agencies    
Disaggregation of Revenue [Line Items]    
Revenue 544,208 441,110
Civil | Federal agencies    
Disaggregation of Revenue [Line Items]    
Revenue 98,876 112,079
Civil | Private owners    
Disaggregation of Revenue [Line Items]    
Revenue 54,643 56,852
Civil | Mass transit (includes certain transportation and tunneling projects)    
Disaggregation of Revenue [Line Items]    
Revenue 449,791 353,185
Civil | Military facilities    
Disaggregation of Revenue [Line Items]    
Revenue 82,308 101,128
Civil | Bridges    
Disaggregation of Revenue [Line Items]    
Revenue 61,346 51,851
Civil | Power and energy    
Disaggregation of Revenue [Line Items]    
Revenue 33,125 30,611
Civil | Detention facilities    
Disaggregation of Revenue [Line Items]    
Revenue 29,295 45,987
Civil | Other    
Disaggregation of Revenue [Line Items]    
Revenue 41,862 27,279
Building    
Disaggregation of Revenue [Line Items]    
Revenue 473,000 459,784
Building | State and local agencies    
Disaggregation of Revenue [Line Items]    
Revenue 226,053 221,175
Building | Federal agencies    
Disaggregation of Revenue [Line Items]    
Revenue 24,865 36,644
Building | Private owners    
Disaggregation of Revenue [Line Items]    
Revenue 222,082 201,965
Building | Mass transit (includes certain transportation and tunneling projects)    
Disaggregation of Revenue [Line Items]    
Revenue 32,012 29,510
Building | Detention facilities    
Disaggregation of Revenue [Line Items]    
Revenue 116,445 88,004
Building | Government    
Disaggregation of Revenue [Line Items]    
Revenue 32,943 60,015
Building | Healthcare facilities    
Disaggregation of Revenue [Line Items]    
Revenue 245,783 214,548
Building | Education facilities    
Disaggregation of Revenue [Line Items]    
Revenue 25,965 47,990
Building | Other    
Disaggregation of Revenue [Line Items]    
Revenue 19,852 19,717
Specialty Contractors    
Disaggregation of Revenue [Line Items]    
Revenue 218,731 176,808
Specialty Contractors | State and local agencies    
Disaggregation of Revenue [Line Items]    
Revenue 131,016 91,183
Specialty Contractors | Federal agencies    
Disaggregation of Revenue [Line Items]    
Revenue 3,939 3,117
Specialty Contractors | Private owners    
Disaggregation of Revenue [Line Items]    
Revenue 83,776 82,508
Specialty Contractors | Mass transit (includes certain transportation and tunneling projects)    
Disaggregation of Revenue [Line Items]    
Revenue 58,004 42,595
Specialty Contractors | Detention facilities    
Disaggregation of Revenue [Line Items]    
Revenue 28,529 6,652
Specialty Contractors | Government    
Disaggregation of Revenue [Line Items]    
Revenue 17,272 23,444
Specialty Contractors | Commercial and industrial facilities    
Disaggregation of Revenue [Line Items]    
Revenue 28,331 32,190
Specialty Contractors | Healthcare facilities    
Disaggregation of Revenue [Line Items]    
Revenue 40,252 20,574
Specialty Contractors | Multi-unit residential    
Disaggregation of Revenue [Line Items]    
Revenue 26,838 25,569
Specialty Contractors | Other    
Disaggregation of Revenue [Line Items]    
Revenue $ 19,505 $ 25,784
v3.26.1
Revenue (Schedule of Revenue by Contract Type) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Disaggregation of Revenue [Line Items]    
Revenue $ 1,389,458 $ 1,246,633
Fixed price    
Disaggregation of Revenue [Line Items]    
Revenue 973,088 876,047
Guaranteed maximum price    
Disaggregation of Revenue [Line Items]    
Revenue 262,477 241,155
Unit price    
Disaggregation of Revenue [Line Items]    
Revenue 76,702 54,707
Cost plus fee and other    
Disaggregation of Revenue [Line Items]    
Revenue 77,191 74,724
Civil    
Disaggregation of Revenue [Line Items]    
Revenue 697,727 610,041
Civil | Fixed price    
Disaggregation of Revenue [Line Items]    
Revenue 622,974 538,414
Civil | Guaranteed maximum price    
Disaggregation of Revenue [Line Items]    
Revenue 0 181
Civil | Unit price    
Disaggregation of Revenue [Line Items]    
Revenue 68,347 38,017
Civil | Cost plus fee and other    
Disaggregation of Revenue [Line Items]    
Revenue 6,406 33,429
Building    
Disaggregation of Revenue [Line Items]    
Revenue 473,000 459,784
Building | Fixed price    
Disaggregation of Revenue [Line Items]    
Revenue 184,537 194,388
Building | Guaranteed maximum price    
Disaggregation of Revenue [Line Items]    
Revenue 241,605 235,615
Building | Unit price    
Disaggregation of Revenue [Line Items]    
Revenue 0 0
Building | Cost plus fee and other    
Disaggregation of Revenue [Line Items]    
Revenue 46,858 29,781
Specialty Contractors    
Disaggregation of Revenue [Line Items]    
Revenue 218,731 176,808
Specialty Contractors | Fixed price    
Disaggregation of Revenue [Line Items]    
Revenue 165,577 143,245
Specialty Contractors | Guaranteed maximum price    
Disaggregation of Revenue [Line Items]    
Revenue 20,872 5,359
Specialty Contractors | Unit price    
Disaggregation of Revenue [Line Items]    
Revenue 8,355 16,690
Specialty Contractors | Cost plus fee and other    
Disaggregation of Revenue [Line Items]    
Revenue $ 23,927 $ 11,514
v3.26.1
Revenue (Narrative) (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2026
USD ($)
segment
Mar. 31, 2025
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Net revenue recognized related to performance obligations satisfies (or partially satisfied) in prior periods $ 3.3 $ 17.4
Number of reportable segments | segment 3  
Civil    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Remaining performance obligations revenue amount $ 9,300.0 9,200.0
Civil | Minimum    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Remaining performance obligations revenue period (in years) 3 years  
Civil | Maximum    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Remaining performance obligations revenue period (in years) 5 years  
Building    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Remaining performance obligations revenue amount $ 4,700.0 4,300.0
Specialty Contractors    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Remaining performance obligations revenue amount $ 2,200.0 $ 2,200.0
Building and Specialty Contractors | Minimum    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Remaining performance obligations revenue period (in years) 1 year  
Building and Specialty Contractors | Maximum    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Remaining performance obligations revenue period (in years) 3 years  
v3.26.1
Contract Assets and Liabilities (Schedule of Contract Assets) (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Costs and estimated earnings in excess of billings:    
Claims $ 322,842 $ 324,727
Unapproved change orders 405,646 402,060
Other unbilled costs and profits 78,980 92,412
Total costs and estimated earnings in excess of billings 807,468 819,199
Billings in excess of costs and estimated earnings $ 1,893,509 $ 1,838,610
v3.26.1
Contract Assets and Liabilities (Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]    
Costs and estimated earnings in excess of billings $ 518.9  
Revenue recognized $ 900.2 $ 634.7
v3.26.1
Cash, Cash Equivalents and Restricted Cash (Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash) (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Dec. 31, 2024
Cash and Cash Equivalents [Line Items]        
Cash and cash equivalents $ 802,979 $ 734,553    
Restricted cash 23,811 35,641    
Total cash, cash equivalents and restricted cash 826,790 770,194 $ 316,785 $ 464,188
Joint venture cash and cash equivalents        
Cash and Cash Equivalents [Line Items]        
Cash and cash equivalents 482,078 463,838    
Cash and cash equivalents available for general corporate purposes        
Cash and Cash Equivalents [Line Items]        
Cash and cash equivalents $ 320,901 $ 270,715    
v3.26.1
Other Current Assets - Schedule of Other Current Assets (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]    
Capitalized contract costs $ 290,773 $ 322,284
Other 80,397 88,746
Total other current assets $ 371,170 $ 411,030
v3.26.1
Other Current Assets - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]    
Capitalized contract cost, amortization $ 53.0 $ 18.0
v3.26.1
Earnings Per Common Share (Schedule of Earnings Per Share, Basic and Diluted) (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Earnings Per Share [Abstract]    
Net income attributable to Tutor Perini Corporation $ 25,696 $ 27,998
Weighted-average common shares outstanding, basic (in shares) 52,736 52,537
Effect of dilutive RSUs and stock options (in shares) 1,014 473
Weighted-average common shares outstanding, diluted (in shares) 53,750 53,010
Basic (in dollars per share) $ 0.49 $ 0.53
Diluted (in dollars per share) $ 0.48 $ 0.53
Anti-dilutive securities not included above (in shares) 0 402
v3.26.1
Income Taxes (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Tax Disclosure [Abstract]    
Income tax expense (benefit) $ 16,983 $ 12,912
Effective tax rate (as a percent) 30.10% 23.20%
v3.26.1
Goodwill and Intangible Assets (Schedule of Changes in Carrying Amount of Goodwill) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Goodwill [Line Items]    
Gross goodwill as of December 31, 2025   $ 1,072,991
Accumulated impairment as of December 31, 2025   (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, 2025   492,074
Accumulated impairment as of December 31, 2025   (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, 2025   424,724
Accumulated impairment as of December 31, 2025   (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, 2025   156,193
Accumulated impairment as of December 31, 2025   $ (156,193)
Goodwill [Roll Forward]    
Balance at beginning of period 0  
Current year activity 0  
Balance at end of period $ 0  
v3.26.1
Goodwill and Intangible Assets (Narrative) (Details) - USD ($)
 3 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]      
Goodwill impairment charge   $ 0  
Amortization expense $ 559,000   $ 560,000
2026 1,700,000    
2027 2,200,000    
2028 2,200,000    
2029 2,200,000    
2030 2,200,000    
2031 2,400,000    
Impairment of intangible assets $ 0   $ 0
v3.26.1
Goodwill and Intangible Assets (Schedule of Intangible Assets) (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Total intangible assets    
Cost $ 381,940 $ 381,940
Accumulated Amortization (205,600) (205,041)
Accumulated Impairment Charge (113,067) (113,067)
Carrying Value 63,273 63,832
Trade Names    
Finite-Lived intangible assets    
Cost 69,250 69,250
Accumulated Amortization (33,155) (32,596)
Accumulated Impairment Charge (23,232) (23,232)
Carrying Value $ 12,863 $ 13,422
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
v3.26.1
Financial Commitments (Schedule of Long-Term Debt) (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Debt Instrument [Line Items]    
Total debt $ 398,896 $ 407,374
Less: Current maturities 8,109 14,589
Long-term debt, net 390,787 392,785
Revolver    
Debt Instrument [Line Items]    
Total debt 0 0
Equipment financing and mortgages    
Debt Instrument [Line Items]    
Total debt 12,757 18,261
Other indebtedness    
Debt Instrument [Line Items]    
Total debt 3,036 7,096
2024 Senior Notes | 2024 Senior Notes    
Debt Instrument [Line Items]    
Total debt $ 383,103 $ 382,017
v3.26.1
Financial Commitments (Schedule of Reconciliation of Outstanding Debt Balance to Reported Debt Balance) (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Debt Instrument [Line Items]    
Total debt $ 398,896 $ 407,374
2024 Senior Notes | 2024 Senior Notes    
Debt Instrument [Line Items]    
Outstanding Debt 400,000 400,000
Unamortized Discounts and Issuance Costs (16,897) (17,983)
Total debt $ 383,103 $ 382,017
v3.26.1
Financial Commitments (Narrative) (Details)
 3 Months Ended
Apr. 22, 2024
USD ($)
Oct. 31, 2022
Aug. 18, 2020
USD ($)
Mar. 31, 2026
USD ($)
Mar. 31, 2025
USD ($)
Dec. 31, 2025
USD ($)
Apr. 15, 2024
USD ($)
Debt Instrument [Line Items]              
Repayments of debt       $ 9,563,000 $ 189,493,000    
BMO Harris Bank              
Debt Instrument [Line Items]              
Applicable margin on overdue amounts (as a percent)     2.00%        
Debt Instrument, Redemption, Period One              
Debt Instrument [Line Items]              
Percentage of principal amount redeemed (as a percent) 108.906%            
Debt Instrument, Redemption, Period Two              
Debt Instrument [Line Items]              
Percentage of principal amount redeemed (as a percent) 104.453%            
Debt Instrument, Redemption, Period Three              
Debt Instrument [Line Items]              
Percentage of principal amount redeemed (as a percent) 100.00%            
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 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%            
2020 Credit Agreement | BMO Harris Bank              
Debt Instrument [Line Items]              
Interest rate (as a percent)       10.00%      
2020 Credit Agreement | BMO Harris Bank | Secured Overnight Financing Rate (SOFR)              
Debt Instrument [Line Items]              
Debt instrument, basis spread on variable rate adjustment   0.10%          
Basis spread on variable rate   1.00%          
2020 Credit Agreement | BMO Harris Bank | Federal Funds Rate              
Debt Instrument [Line Items]              
Basis spread on variable rate   0.50%          
2020 Credit Agreement | Term Loan B | BMO Harris Bank              
Debt Instrument [Line Items]              
Maximum borrowing capacity     $ 425,000,000.0        
Repayments of debt       $ 121,900,000      
First Lien | BMO Harris Bank              
Debt Instrument [Line Items]              
Net leverage ratio (maximum)     1.35        
Revolver              
Debt Instrument [Line Items]              
Unamortized debt issuance costs       700,000   $ 900,000  
Revolver | BMO Harris Bank              
Debt Instrument [Line Items]              
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, 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
Letters of Credit | 2020 Credit Agreement | Line of Credit | BMO Harris Bank              
Debt Instrument [Line Items]              
Maximum borrowing capacity     $ 75,000,000.0        
Bridge Loan | 2020 Credit Agreement | Line of Credit | BMO Harris Bank              
Debt Instrument [Line Items]              
Maximum borrowing capacity     $ 10,000,000.0        
Secured Debt | Unsecured Debt | BMO Harris Bank | Junior Lien              
Debt Instrument [Line Items]              
Total net leverage ratio (maximum)     3.50        
v3.26.1
Financial Commitments (Schedule of Interest Expense as Reported in the Consolidated Statements of Income) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Debt Instrument [Line Items]    
Other interest $ 296 $ 392
Total cash interest expense 12,171 13,264
Total non-cash interest expense 1,226 1,088
Total interest expense 13,397 14,352
Term Loan B    
Debt Instrument [Line Items]    
Cash interest expense 0 876
Revolver    
Debt Instrument [Line Items]    
Cash interest expense 0 121
Amortization of debt issuance costs and discounts 140 140
2024 Senior Notes | 2024 Senior Notes    
Debt Instrument [Line Items]    
Cash interest expense 11,875 11,875
Amortization of debt issuance costs and discounts $ 1,086 $ 948
Effective interest rates 13.56%  
v3.26.1
Leases (Narrative) (Details)
Mar. 31, 2026
Minimum  
Lessee, Lease, Description [Line Items]  
Operating lease, remaining lease terms (in years) 1 year
Maximum  
Lessee, Lease, Description [Line Items]  
Operating lease, remaining lease terms (in years) 12 years
v3.26.1
Leases (Schedule of Components of Lease Expense) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Lessee, Lease, Description [Line Items]    
Operating lease expense $ 4,618 $ 3,160
Short-term lease expense 14,372 13,485
Lease expense, gross 18,990 16,645
Less: Sublease income 205 294
Total lease expense $ 18,785 $ 16,351
Maximum    
Lessee, Lease, Description [Line Items]    
Short term lease, lease term (in years) 1 year  
v3.26.1
Leases (Schedule of Supplemental Balance Sheet Information Related to Leases) (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
ASSETS    
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] OTHER ASSETS ($15,638 and $13,202 related to VIEs) OTHER ASSETS ($15,638 and $13,202 related to VIEs)
Right-of-use assets $ 62,014 $ 58,608
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 $ 12,256 $ 11,763
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] Other long-term Liabilities Other long-term Liabilities
Long-term lease liabilities $ 54,866 $ 51,783
Total lease liabilities $ 67,122 $ 63,546
Weighted-average remaining lease term 6 years 2 months 12 days 6 years 4 months 24 days
Weighted-average discount rate 8.51% 8.04%
v3.26.1
Leases (Schedule of Supplemental Cash Flow and Other Information Related to Leases) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Leases [Abstract]    
Cash paid for amounts included in the measurement of lease liabilities $ (4,447) $ (2,912)
Right-of-use assets obtained in exchange for lease liabilities $ 6,740 $ 4,581
v3.26.1
Leases (Schedule of Maturity of Operating Lease Liabilities on an Undiscounted Basis) (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Leases [Abstract]    
2026 (excluding the three months ended March 31, 2026) $ 13,014  
2027 16,321  
2028 14,752  
2029 12,286  
2030 8,309  
Thereafter 23,702  
Total lease payments 88,384  
Less: Imputed interest 21,262  
Total $ 67,122 $ 63,546
v3.26.1
Commitments and Contingencies (Details)
$ in Millions
 1 Months Ended 3 Months Ended 12 Months Ended
Apr. 10, 2026
USD ($)
Oct. 18, 2022
USD ($)
Dec. 13, 2019
USD ($)
Mar. 31, 2016
USD ($)
Mar. 31, 2026
USD ($)
claim
Dec. 31, 2019
USD ($)
Dec. 31, 2020
USD ($)
plaintiff
Mar. 15, 2015
USD ($)
story
room
contract
Contingencies and Commitments                
Pending claims, number | claim         5      
Tutor Perini Building Corp                
Contingencies and Commitments                
Number of contracts | contract               2
Number of stories in tower | story               51
Adjusted contract value               $ 256.0
W Philadelphia Hotel | Tutor Perini Building Corp                
Contingencies and Commitments                
Number of rooms | room               295
Element Hotel | Tutor Perini Building Corp                
Contingencies and Commitments                
Number of rooms | room               460
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        
Litigation Against Developer                
Contingencies and Commitments                
Value of claim filed             $ 119.0  
Number of plaintiffs | plaintiff             20  
Loss contingency accrual         $ 31.0      
Litigation Against Developer | Subsequent Event                
Contingencies and Commitments                
Settlement on judgment $ 175.0              
Liquidated damages 98.0              
Liquidated damages, period beyond $ 60.0              
v3.26.1
Share-Based Compensation (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Number of shares authorized for grant (in shares) 3,816,336    
Costs for share-based payment arrangements $ 30.1 $ 6.6  
Unamortized share-based compensation expense $ 66.9    
Weighted average period over which unrecognized compensation cost is expected to be recognized (in years) 1 year 2 months 12 days    
Restricted Stock Units      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Units granted (in shares)   68,638  
Weighted-average fair values per share (in dollars per share)   $ 25.46  
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 $ 81.7   $ 85.2
Cash used to settle liabilities $ 31.0 $ 10.9  
Cash-settled Service-Based Units      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Units granted (in shares) 58,510 307,131  
Weighted-average fair values per share (in dollars per share) $ 69.83 $ 25.47  
v3.26.1
Employee Pension Plans (Schedule of Net Periodic Benefit Cost) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Summary of net periodic benefit cost    
Interest cost $ 940 $ 933
Service cost 171 170
Expected return on plan assets (898) (902)
Recognized net actuarial losses 437 414
Net periodic benefit cost $ 650 $ 615
v3.26.1
Employee Pension Plans (Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Pension Plan Assets    
Defined contribution plan, cost $ 0.6 $ 0.7
Expected future employer contribution, current year $ 0.3  
v3.26.1
Fair Value Measurements (Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Assets:    
Cash and cash equivalents $ 802,979 $ 734,553
Restricted cash 23,811 35,641
Restricted investments 255,908 228,959
Investments in lieu of retention 214,565 186,991
Total $ 1,297,263 1,186,144
Cash and cash equivalents maturity period (maximum) 3 months  
Level 1    
Assets:    
Cash and cash equivalents $ 802,979 734,553
Restricted cash 23,811 35,641
Restricted investments 0 0
Investments in lieu of retention 40,592 27,849
Total 867,382 798,043
Level 1 | Money Market Funds    
Assets:    
Investments in lieu of retention 40,600 27,800
Level 2    
Assets:    
Cash and cash equivalents 0 0
Restricted cash 0 0
Restricted investments 255,908 228,959
Investments in lieu of retention 173,973 159,142
Total 429,881 388,101
Level 2 | Debt Securities    
Assets:    
Investments in lieu of retention 174,000 159,100
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
v3.26.1
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
Mar. 31, 2026
Dec. 31, 2025
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Amortized Cost $ 431,146 $ 386,799
Unrealized Gains 1,588 3,005
Unrealized Losses (2,853) (1,703)
Fair Value 429,881 388,101
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Less than 12 Months, Fair Value 181,897 83,845
Less than 12 Months, Unrealized Losses (1,795) (613)
12 Months or Greater, Fair Value 27,434 32,518
12 Months or Greater, Unrealized Losses (1,058) (1,090)
Total, Fair Value 209,331 116,363
Total, Unrealized Losses (2,853) (1,703)
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Fair Value [Abstract]    
Amortized Cost, Due within one year 101,440  
Fair Value, Due within one year 101,389  
Amortized Cost, Due after one year through five years 295,203  
Fair Value, Due after one year through five years 294,794  
Amortized Cost, Due after five years 34,503  
Fair Value, Due after five years 33,698  
Restricted investments:    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Amortized Cost 257,065 228,364
Unrealized Gains 1,100 1,943
Unrealized Losses (2,257) (1,348)
Fair Value 255,908 228,959
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Less than 12 Months, Fair Value 116,522 62,900
Less than 12 Months, Unrealized Losses (1,200) (259)
12 Months or Greater, Fair Value 25,935 29,536
12 Months or Greater, Unrealized Losses (1,057) (1,089)
Total, Fair Value 142,457 92,436
Total, Unrealized Losses (2,257) (1,348)
Investments in lieu of retention:    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Amortized Cost 174,081 158,435
Unrealized Gains 488 1,062
Unrealized Losses (596) (355)
Fair Value 173,973 159,142
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Less than 12 Months, Fair Value 65,375 20,945
Less than 12 Months, Unrealized Losses (595) (354)
12 Months or Greater, Fair Value 1,499 2,982
12 Months or Greater, Unrealized Losses (1) (1)
Total, Fair Value 66,874 23,927
Total, Unrealized Losses (596) (355)
Corporate debt securities | Restricted investments:    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Amortized Cost 210,537 205,584
Unrealized Gains 1,076 1,900
Unrealized Losses (1,042) (472)
Fair Value 210,571 207,012
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Less than 12 Months, Fair Value 85,758 57,673
Less than 12 Months, Unrealized Losses (883) (221)
12 Months or Greater, Fair Value 17,255 20,907
12 Months or Greater, Unrealized Losses (159) (251)
Total, Fair Value 103,013 78,580
Total, Unrealized Losses (1,042) (472)
Corporate debt securities | Investments in lieu of retention:    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Amortized Cost 156,063 140,749
Unrealized Gains 300 844
Unrealized Losses (208) (38)
Fair Value 156,155 141,555
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Less than 12 Months, Fair Value 49,344 4,796
Less than 12 Months, Unrealized Losses (207) (37)
12 Months or Greater, Fair Value 1,499 2,982
12 Months or Greater, Unrealized Losses (1) (1)
Total, Fair Value 50,843 7,778
Total, Unrealized Losses (208) (38)
U.S. government agency securities | Restricted investments:    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Amortized Cost 27,884 12,300
Unrealized Gains 6 11
Unrealized Losses (494) (329)
Fair Value 27,396 11,982
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Less than 12 Months, Fair Value 19,642 3,056
Less than 12 Months, Unrealized Losses (163) (31)
12 Months or Greater, Fair Value 3,508 3,550
12 Months or Greater, Unrealized Losses (331) (298)
Total, Fair Value 23,150 6,606
Total, Unrealized Losses (494) (329)
U.S. government agency securities | Investments in lieu of retention:    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Amortized Cost 4,337 4,337
Unrealized Gains 0 0
Unrealized Losses (44) (43)
Fair Value 4,293 4,294
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Less than 12 Months, Fair Value 4,293 4,294
Less than 12 Months, Unrealized Losses (44) (43)
12 Months or Greater, Fair Value 0 0
12 Months or Greater, Unrealized Losses 0 0
Total, Fair Value 4,293 4,294
Total, Unrealized Losses (44) (43)
Municipal bonds | Restricted investments:    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Amortized Cost 18,447 10,282
Unrealized Gains 18 32
Unrealized Losses (708) (534)
Fair Value 17,757 9,780
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Less than 12 Months, Fair Value 11,122 2,171
Less than 12 Months, Unrealized Losses (154) (7)
12 Months or Greater, Fair Value 4,988 4,894
12 Months or Greater, Unrealized Losses (554) (527)
Total, Fair Value 16,110 7,065
Total, Unrealized Losses (708) (534)
Municipal bonds | Investments in lieu of retention:    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Amortized Cost 13,681 13,349
Unrealized Gains 188 218
Unrealized Losses (344) (274)
Fair Value 13,525 13,293
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Less than 12 Months, Fair Value 11,738 11,855
Less than 12 Months, Unrealized Losses (344) (274)
12 Months or Greater, Fair Value 0 0
12 Months or Greater, Unrealized Losses 0 0
Total, Fair Value 11,738 11,855
Total, Unrealized Losses (344) (274)
Corporate certificates of deposit | Restricted investments:    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Amortized Cost 197 198
Unrealized Gains 0 0
Unrealized Losses (13) (13)
Fair Value 184 185
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 184 185
12 Months or Greater, Unrealized Losses (13) (13)
Total, Fair Value 184 185
Total, Unrealized Losses $ (13) $ (13)
v3.26.1
Fair Value Measurements (Narrative) (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
2024 Senior Notes | 2024 Senior Notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Long-term debt, fair value $ 439.1 $ 444.2
v3.26.1
Variable Interest Entities (VIEs) (Details) - USD ($)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Variable Interest Entity [Line Items]      
Assets, current $ 4,099,082,000   $ 4,116,885,000
Liabilities, current 3,209,627,000   3,239,498,000
Future funding commitments 0    
Revenue $ 1,389,458,000 $ 1,246,633,000  
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%    
O&G | Related Party | Manhattan Jail Project      
Variable Interest Entity [Line Items]      
Noncontrolling interest, ownership percentage by noncontrolling owners (as a percent) 25.00%    
Variable Interest Entity, Not Primary Beneficiary      
Variable Interest Entity [Line Items]      
Assets, current $ 65,100,000   58,500,000
Assets, noncurrent 6,100,000   6,300,000
Liabilities, current 75,100,000   70,200,000
VIEs      
Variable Interest Entity [Line Items]      
Assets, current 976,300,000   932,100,000
Assets, noncurrent 37,600,000   36,400,000
Liabilities, current 661,900,000   669,000,000.0
Liabilities, noncurrent $ 13,000,000.0   $ 10,600,000
v3.26.1
Changes in Equity (Schedule of Stockholders Equity) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Attributable to Tutor Perini Corporation:    
Balance at the beginning of the period $ 1,262,662 $ 1,158,606
Net income 39,528 42,749
Other comprehensive loss (2,231) 2,276
Share-based compensation 2,132 867
Issuance of common stock, net (7,117) (5,151)
Dividends (3,330)  
Repurchase of common stock (20,127)  
Contributions from noncontrolling interests 4,994  
Distributions to noncontrolling interests (11,500) (11,750)
Balance at the end of the period 1,265,011 1,187,597
Common Stock    
Attributable to Tutor Perini Corporation:    
Balance at the beginning of the period 52,791 52,486
Issuance of common stock, net 102 217
Repurchase of common stock (278)  
Balance at the end of the period 52,615 52,703
Additional Paid-in Capital    
Attributable to Tutor Perini Corporation:    
Balance at the beginning of the period 1,148,634 1,146,800
Share-based compensation 2,132 867
Issuance of common stock, net (7,219) (5,368)
Repurchase of common stock (6,048)  
Balance at the end of the period 1,137,499 1,142,299
Retained Earnings    
Attributable to Tutor Perini Corporation:    
Balance at the beginning of the period 46,443 (30,575)
Net income 25,696 27,998
Dividends (3,330)  
Repurchase of common stock (13,801)  
Balance at the end of the period 55,008 (2,577)
Accumulated Other Comprehensive Loss    
Attributable to Tutor Perini Corporation:    
Balance at the beginning of the period (29,234) (33,988)
Other comprehensive loss (1,789) 1,798
Balance at the end of the period (31,023) (32,190)
Noncontrolling Interests    
Attributable to Tutor Perini Corporation:    
Balance at the beginning of the period 44,028 23,883
Net income 13,832 14,751
Other comprehensive loss (442) 478
Contributions from noncontrolling interests 4,994  
Distributions to noncontrolling interests (11,500) (11,750)
Balance at the end of the period $ 50,912 $ 27,362
v3.26.1
Changes in Equity (Narrative) (Details) - USD ($)
 3 Months Ended
Mar. 31, 2026
Nov. 30, 2025
Stockholders' Equity Note [Abstract]    
Dividend declared (in dollars per share) $ 0.06  
Cash dividend declared $ 3,330,000  
Accrued dividends $ 200,000  
Share repurchase program, authorized amount   $ 200,000,000
Stock repurchased (in shares) 277,578  
Repurchase of common stock $ 20,000,000  
Average cost per share (in shares) $ 72.03  
Excise tax, payable $ 100,000  
v3.26.1
Other Comprehensive Income (Loss) (Schedule of Components of Other Comprehensive Income (Loss) and Related Tax Effects) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Total other comprehensive income (loss), Before-Tax Amount $ (2,713) $ 2,844
Total other comprehensive income (loss), Tax Expense 482 (568)
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX (2,231) 2,276
Total other comprehensive income (loss) attributable to Tutor Perini Corporation    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Total other comprehensive income (loss), Before-Tax Amount (2,271) 2,366
Total other comprehensive income (loss), Tax Expense 482 (568)
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX (1,789) 1,798
Defined benefit pension plan adjustments    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Total other comprehensive income (loss), Before-Tax Amount 431 413
Total other comprehensive income (loss), Tax Expense (118) (111)
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX 313 302
Foreign currency translation adjustments    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Total other comprehensive income (loss), Before-Tax Amount (577) 787
Total other comprehensive income (loss), Tax Expense 81 (118)
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX (496) 669
Unrealized gain (loss) in fair value of investments    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Total other comprehensive income (loss), Before-Tax Amount (2,567) 1,644
Total other comprehensive income (loss), Tax Expense 519 (339)
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX (2,048) 1,305
Less: Other comprehensive income (loss) attributable to noncontrolling interests    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Total other comprehensive income (loss), Before-Tax Amount (442) 478
Total other comprehensive income (loss), Tax Expense 0 0
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX $ (442) $ 478
v3.26.1
Other Comprehensive Income (Loss) (Schedule of Changes in AOCI Balances by Component (After-Tax)) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Attributable to Tutor Perini Corporation:    
Balance at the beginning of the period $ 1,262,662 $ 1,158,606
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX (2,231) 2,276
Balance at the end of the period 1,265,011 1,187,597
Accumulated Other Comprehensive Income (Loss)    
Attributable to Tutor Perini Corporation:    
Balance at the beginning of the period (29,234) (33,988)
Other comprehensive loss before reclassifications (2,089) 1,514
Amounts reclassified from AOCI 300 284
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX (1,789) 1,798
Balance at the end of the period (31,023) (32,190)
Defined Benefit Pension Plan    
Attributable to Tutor Perini Corporation:    
Balance at the beginning of the period (22,063) (23,572)
Other comprehensive loss before reclassifications 0 0
Amounts reclassified from AOCI 313 302
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX 313 302
Balance at the end of the period (21,750) (23,270)
Foreign Currency Translation    
Attributable to Tutor Perini Corporation:    
Balance at the beginning of the period (7,930) (8,657)
Other comprehensive loss before reclassifications (220) 313
Amounts reclassified from AOCI 0 0
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX (220) 313
Balance at the end of the period (8,150) (8,344)
Unrealized Gain (Loss) in Fair Value of Investments, Net    
Attributable to Tutor Perini Corporation:    
Balance at the beginning of the period 759 (1,759)
Other comprehensive loss before reclassifications (1,869) 1,201
Amounts reclassified from AOCI (13) (18)
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX (1,882) 1,183
Balance at the end of the period (1,123) (576)
AOCI Attributable to Noncontrolling Interest    
Attributable to Tutor Perini Corporation:    
Balance at the beginning of the period (943) (2,483)
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX (442) 478
Balance at the end of the period (1,385) (2,005)
Defined Benefit Pension Plan    
Attributable to Tutor Perini Corporation:    
Balance at the beginning of the period 0 0
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX 0 0
Balance at the end of the period 0 0
Foreign Currency Translation    
Attributable to Tutor Perini Corporation:    
Balance at the beginning of the period (1,151) (2,423)
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX (276) 356
Balance at the end of the period (1,427) (2,067)
Unrealized Gain (Loss) in Fair Value of Investments, Net    
Attributable to Tutor Perini Corporation:    
Balance at the beginning of the period 208 (60)
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX (166) 122
Balance at the end of the period $ 42 $ 62
v3.26.1
Other Comprehensive Income (Loss) (AOCI Reclassifications) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Defined benefit pension plan adjustments $ (10,726) $ (4,688)
Income tax expense (benefit) 16,983 12,912
Net of tax (25,696) (27,998)
Defined benefit pension plan adjustments | Reclassification out of Accumulated Other Comprehensive Income    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Defined benefit pension plan adjustments 431 413
Income tax expense (benefit) (118) (111)
Net of tax 313 302
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 (17) (23)
Income tax expense (benefit) 4 5
Net of tax $ (13) $ (18)
v3.26.1
Business Segments (Narrative) (Details) - segment
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
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) 13.30% 15.60%
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) 12.60%  
v3.26.1
Business Segments (Schedule of Reportable Segments) (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Segment Reporting Information [Line Items]    
Revenue $ 1,389,458 $ 1,246,633
Cost of operations 1,234,825 1,112,232
General and administrative expenses 95,451 69,076
Income (loss) from construction operations 59,182 65,325
Capital expenditures 17,994 30,104
Depreciation and amortization 11,471 12,574
Costs for share-based payment arrangements 30,100 6,600
Costs for share-based payment arrangements, after tax $ 29,600 $ 6,400
Costs for share-based payment arrangements, after tax, diluted (in dollars per share) $ 0.55 $ 0.12
Operating Segments    
Segment Reporting Information [Line Items]    
Revenue $ 1,461,684 $ 1,310,135
Cost of operations 1,234,825 1,112,232
General and administrative expenses 49,993 51,453
Income (loss) from construction operations 104,640 82,948
Capital expenditures 16,984 28,706
Depreciation and amortization 11,154 11,821
Intersegment Eliminations    
Segment Reporting Information [Line Items]    
Revenue (72,226) (63,502)
Corporate    
Segment Reporting Information [Line Items]    
Revenue 0 0
Cost of operations 0 0
General and administrative expenses 45,458 17,623
Income (loss) from construction operations (45,458) (17,623)
Capital expenditures 1,010 1,398
Depreciation and amortization 317 753
Civil    
Segment Reporting Information [Line Items]    
Revenue 697,727 610,041
Civil | Unfavorable Adjustment Legal Ruling Pertaining To Mass-Transit Project In California    
Segment Reporting Information [Line Items]    
Loss contingency, loss in period 16,400  
Loss contingency, loss in period, attributable to company 12,300  
Loss contingency, after tax $ 8,900  
Loss contingency, after tax, diluted (in dollars per share) $ 0.17  
Civil | Operating Segments    
Segment Reporting Information [Line Items]    
Revenue $ 744,816 645,003
Cost of operations 588,654 508,773
General and administrative expenses 21,344 21,668
Income (loss) from construction operations 87,729 79,600
Capital expenditures 15,461 26,850
Depreciation and amortization 10,033 10,690
Civil | Intersegment Eliminations    
Segment Reporting Information [Line Items]    
Revenue (47,089) (34,962)
Building    
Segment Reporting Information [Line Items]    
Revenue 473,000 459,784
Building | Operating Segments    
Segment Reporting Information [Line Items]    
Revenue 498,137 488,324
Cost of operations 443,031 436,288
General and administrative expenses 13,625 13,037
Income (loss) from construction operations 16,344 10,459
Capital expenditures 373 1,016
Depreciation and amortization 519 527
Building | Intersegment Eliminations    
Segment Reporting Information [Line Items]    
Revenue (25,137) (28,540)
Specialty Contractors    
Segment Reporting Information [Line Items]    
Revenue 218,731 176,808
Specialty Contractors | Operating Segments    
Segment Reporting Information [Line Items]    
Revenue 218,731 176,808
Cost of operations 203,140 167,171
General and administrative expenses 15,024 16,748
Income (loss) from construction operations 567 (7,111)
Capital expenditures 1,150 840
Depreciation and amortization 602 604
Specialty Contractors | Intersegment Eliminations    
Segment Reporting Information [Line Items]    
Revenue $ 0 $ 0
v3.26.1
Business Segments (Schedule of Total Assets for Reportable Segments) (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Segment Reporting Information [Line Items]    
Total assets $ 5,137,579 $ 5,160,422
Corporate and other    
Segment Reporting Information [Line Items]    
Total assets (1,292,066) (939,898)
Civil | Operating Segments    
Segment Reporting Information [Line Items]    
Total assets 4,631,392 4,348,288
Building | Operating Segments    
Segment Reporting Information [Line Items]    
Total assets 1,376,425 1,354,282
Specialty Contractors | Operating Segments    
Segment Reporting Information [Line Items]    
Total assets $ 421,828 $ 397,750
v3.26.1
Business Segments (Schedule of Revenue from External Customers by Geographic Areas) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Principal Geographical Areas Information      
Revenue $ 1,389,458 $ 1,246,633  
Total assets 5,137,579   $ 5,160,422
United States      
Principal Geographical Areas Information      
Revenue 1,266,970 1,107,706  
Total assets 4,557,424   4,604,866
Foreign and U.S. territories      
Principal Geographical Areas Information      
Revenue 122,488 $ 138,927  
Total assets $ 580,155   $ 555,556
v3.26.1
Business Segments (Schedule of Reconciliation of Segment Results to Consolidated Loss Before Income Taxes) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Segment Reporting [Abstract]    
Income (loss) from construction operations $ 59,182 $ 65,325
Other income, net 10,726 4,688
Interest expense (13,397) (14,352)
INCOME BEFORE INCOME TAXES $ 56,511 $ 55,661