Is Primoris Services profitable in 2026?

Yes but shrinking fast. FY2025 net income was $274.9 million, but Primoris cut FY2026 net income guidance from $223-234M to just $71-101M by June 22, 2026, a roughly 70% reduction, due to renewables cost overruns.

Why did Primoris stock crash in 2026?

Primoris cut FY2026 guidance twice in seven weeks, first on May 5, 2026 (stock fell ~50% intraday) and again on June 22, 2026 (stock fell ~40% intraday), both tied to cost overruns on six renewables projects and a departing COO.

Could AI replace Primoris Services workers?

No. Primoris's core work is physical field construction, pipefitting, electrical and turbine erection, which frontier AI cannot perform. AI is instead a demand driver: Primoris signed a June 30, 2026 EPC deal with Fermi America to build gas-turbine infrastructure for an AI data-center campus.

Is Primoris Services facing lawsuits in 2026?

Yes. As of July 2026, at least four law firms, Pomerantz, Levi & Korsinsky, Hagens Berman Sobol Shapiro, and the Portnoy Law Firm, are investigating Primoris over alleged concealment of cost overruns on six renewables projects tied to the May and June 2026 guidance cuts.

Who is Primoris Services' biggest competitor?

Quanta Services (PWR), with a backlog of roughly $35.8 billion as of March 10, 2026, dwarfs Primoris. MasTec (MTZ) is also outperforming, up 56.8% year-to-date through July 17, 2026, while Primoris stock has cratered on execution problems.

Does Primoris Services benefit from the AI boom?

Yes, indirectly. On June 30, 2026, Primoris was selected by Fermi America to build balance-of-plant infrastructure for six SGT-800 gas turbines at the 'Project Matador' AI data-center campus in Amarillo, Texas, part of a wider Texas gas-plant buildout for AI power demand.

Real estate developers · United States

Primoris Services

primoris.com ↗

Primoris builds and maintains power, pipeline, and renewables infrastructure for US utilities.

Losing its protection

Assessed 20 July 2026 · Evidence as of 20 July 2026

The structural protection is eroding.

On the recordSince 20 July 2026 · Checkable from August-September 2026 · Every call on the record Checkpoint: Q2 2026 earnings release and six ring-fenced renewables project milestones

The call

Primoris holds real utility relationships and AI-driven power demand, but two guidance cuts, a COO exit, and litigation over cost overruns leave it in acute near-term distress.

Primoris builds power and utility infrastructure for companies and governments, earning money through long-term agreements that keep work flowing in. The company is hard to replace because it has existing relationships with major utilities, skilled union workers, and the ability to get bonded for huge projects, which blocks smaller competitors, though other large construction firms could theoretically do the same work. Right now the company is in serious trouble: it cut its profit forecast in half in just seven weeks, its operations chief suddenly quit, and lawyers are investigating whether it hid cost overruns on renewable energy projects. The company's next test is whether six troubled solar and wind jobs can finish by mid-2026 without losing more money, because if they do, the underlying business is solid and would benefit from rising demand for data-center power infrastructure.

Why

AI pressure: None apparent. AI data-center power demand is a tailwind for Primoris, not a threat; it builds the grid AI needs, it doesn't compete with AI tools. Could AI do the core job? Unlikely.

Bigger players: None apparent. Larger EPC rivals like Quanta Services or MasTec could out-bid Primoris on utility contracts if its execution problems continue. Could a giant copy it? Probably.

What protects it. Long-term utility MSA relationships, bonding capacity, and $7.5B recurring backlog make Primoris hard to swap out mid-contract.

What would change this call

Primoris reports Q2 2026 earnings around August 2026. Shows whether guidance stabilizes or a third cut confirms deeper execution problems.
Six ring-fenced renewables projects hit mid-September and year-end 2026 milestones without new overruns. Confirms whether the cost-overrun problem is contained or spreading.
Primoris names a permanent COO to replace Jeremy Kinch within the next year. Indicates whether leadership instability is resolved or persists.

Key numbers

FY2026 net income guidance cut ~70% to $71-101M (2026-06-22)
Stock down 65% from 2026 peak, now $86.77 (2026-07-20)
Q1 2026 adjusted EBITDA fell 39% to $60.5M (2026-03-31)

Named risks

Securities fraud investigations by four law firms over alleged concealment of renewables cost overruns. Severity: high
Two guidance cuts in seven weeks (May and June 2026) cutting net income guidance ~70%. Severity: high
COO departure June 22, 2026 leaves leadership vacancy during crisis. Severity: medium
Six ring-fenced renewables projects (2020-2024 vintage) still have milestones due mid-September and year-end 2026 with overrun risk. Severity: high
Stock volatility with 52-week range of $65.00 to $205.50 reflecting investor uncertainty. Severity: medium

Rivals, as read in July 2026

Rival	Direction	Evidence
MasTec	losing to	MasTec stock up 56.8% YTD through July 17, 2026 vs Primoris underperformance amid guidance cuts
Quanta Services	losing to	Quanta backlog ~$35.8B as of March 10, 2026, roughly 3x Primoris's $11.6B backlog
Fluor Corporation	contesting	Both compete for large EPC infrastructure contracts including AI data-center power buildout
Bechtel Corporation	contesting	Adjacent large-scale EPC competitor in industrial and power infrastructure work

Questions people ask

Is Primoris Services profitable in 2026?: Yes but shrinking fast. FY2025 net income was $274.9 million, but Primoris cut FY2026 net income guidance from $223-234M to just $71-101M by June 22, 2026, a roughly 70% reduction, due to renewables cost overruns.
Why did Primoris stock crash in 2026?: Primoris cut FY2026 guidance twice in seven weeks, first on May 5, 2026 (stock fell ~50% intraday) and again on June 22, 2026 (stock fell ~40% intraday), both tied to cost overruns on six renewables projects and a departing COO.
Could AI replace Primoris Services workers?: No. Primoris's core work is physical field construction, pipefitting, electrical and turbine erection, which frontier AI cannot perform. AI is instead a demand driver: Primoris signed a June 30, 2026 EPC deal with Fermi America to build gas-turbine infrastructure for an AI data-center campus.
Is Primoris Services facing lawsuits in 2026?: Yes. As of July 2026, at least four law firms, Pomerantz, Levi & Korsinsky, Hagens Berman Sobol Shapiro, and the Portnoy Law Firm, are investigating Primoris over alleged concealment of cost overruns on six renewables projects tied to the May and June 2026 guidance cuts.
Who is Primoris Services' biggest competitor?: Quanta Services (PWR), with a backlog of roughly $35.8 billion as of March 10, 2026, dwarfs Primoris. MasTec (MTZ) is also outperforming, up 56.8% year-to-date through July 17, 2026, while Primoris stock has cratered on execution problems.
Does Primoris Services benefit from the AI boom?: Yes, indirectly. On June 30, 2026, Primoris was selected by Fermi America to build balance-of-plant infrastructure for six SGT-800 gas turbines at the 'Project Matador' AI data-center campus in Amarillo, Texas, part of a wider Texas gas-plant buildout for AI power demand.

Timeline

2026-07-20Stock trades at $86.77, down from 2026 high of $205.50; market cap ~$4.66 billion
2026-06-30Fermi America selects Primoris for gas-turbine EPC work on AI data-center 'Project Matador' in Amarillo, TX
2026-06-23Shares fall ~40% intraday after second guidance cut
2026-06-22COO Jeremy Kinch departs; second FY2026 guidance cut to net income $71-101M, EBITDA $275-325M
2026-05-06Shares fall ~50% intraday after first guidance cut
2026-05-05First FY2026 guidance cut: adjusted EBITDA lowered from $560-580M to $480-500M
2026-05-01PayneCrest Electric acquisition closes for $422 million all-cash
2026-03-31PayneCrest Electric acquisition announced
2026-03-31Q1 2026 revenue reported at $1.6 billion, down 5.4% year over year
2025-12-31FY2025 revenue $7.57 billion, net income $274.9 million, ~18,526 employees

Revision history

20 July 2026

First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.

In the same band

Poly Developments and Holdings Group China Merchants Shekou Industrial Zone Holdings Century Communities