In the latest round of earnings filings, large contractors – Fluor, Tutor Perini, Granite Construction and Skanska – reported a mixed bag of revenue results for their second quarter after reporting strong results across the board in their first quarters.
Fluor
Total revenue in Fluor’s second quarter was down 6% year-over-year to $4 billion and was almost unchanged for the first six months of the year at just under $8 billion.
Revenue from Fluor’s Urban Solutions division, which encompasses its engineering, procurement and construction services, totaled $2 billion, up 13% year-over-year. For the first six months of the year, Urban Solutions revenue fell 22% to $2.4 billion.
Urban Solutions profit was down 72% in the second quarter to $29 million and down 36% for the first half of the year to $99 million
Total profit in the quarter was down 60% to $78 million and down 33% for the first six months to $210 million.
Total new awards in the Urban Solutions department were down 65% in the second quarter to $856 million and down 15% for the first six months to $6.2 billion.
Fluor’s Urban Solutions backlog was valued at $20.6 billion as of June 30, 2025, up 5% from $19.6 billion one year ago.
Tutor Perini
Tutor Perini’s second-quarter revenue was up 22% year-over-year to $1.4 billion, driven by increased project execution activities on certain newer, higher-margin projects. Revenue for the first half of the year was down 20% to $2.6 billion.
Tutor Perini’s Civil segment reported $784 million in second-quarter revenue, up 36% year-over-year. Building segment revenue was up 12% to $486 million, and Specialty Contractors revenue rose 9% year-over-year to $177 million.
Income from construction operations came in at $76.4 million, up 89% year-over-year. For the first half of the fiscal year, construction operations income was up 59% to $141 million.
Total backlogs were valued at $19.4 billion, as of March 31, with $9.7 billion in its Civil segment, $6.7 billion in its Building segment and $3 billion in its Specialty Bontractors segment.
Tutor Perini reported just over $3 billion in new awards for its second quarter, with $2.2 billion of that attributed to its Civil segment.
Granite Construction
Granite Construction reported total revenue in its second quarter of $1.1 billion, up 4% year-over-year. Total revenue was also up during the first six months of Granite’s fiscal year, up 4% to $1.8 billion.
Total gross profit rose 21% in the second quarter to $199 million and rose 29% in the first half of the year to $282 million
Revenue from Granite’s Construction segment was up 2.1% year-over-year to $937 million in the second quarter and up 2.6% in the first half of the year to $1.6 billion. Total gross profit in the quarter rose 13.5% to $154 million and rose 24.4% for the first six months to $239 million.
The Materials segment's second-quarter revenue rose 14.6% to $189 million and was up 13.2% for the first half of the year to $273 million. Gross profit also rose for the segment, up 54.9% for the quarter to $45 million and up 63.6% for the first six months of the fiscal year to $44 million.
Skanska
Skanska’s total second-quarter revenue came in at $4.6 billion, down 6% year-over-year from $4.9 billion in the previous year’s second quarter. Total operating income for the quarter was down 30% to $187 million.
Construction revenue was down 1% to $4.5 billion in the second quarter, while construction operating income was up 8% to $173 million.
Total profit in the quarter was down 26% year-over-year to $158 million.
Construction order bookings in the quarter came in at $5.9 billion, down 7% from $6.3 billion. Order backlogs as of March 31 were valued at $27.8 billion, up 2% from one year ago.
Major orders in Skanska’s second quarter include:
- A $690 million bridge order from the Virginia Passenger Railroad Authority
- A $290 million bridge order from the Massachusetts Department of Transportation
- A $260 million engineering facility order from Virginia Tech
