In the latest round of third-quarter earnings filings, large contractors Tutor Perini, Granite Construction, Fluor and Skanska reported growing revenue from their construction operations. Due to a lawsuit, however, Fluor's total revenue dropped significantly.
Granite Construction
Construction revenue in Granite Construction’s third quarter was up 8% year-over-year to $1.2 billion and was up 5% for the first nine months of the year to $2.7 billion.
Construction gross profit also rose in the third quarter, 13% to $192 million, and for the first nine months of the year, 18.9% to $432 million.
In the company’s materials segment, third-quarter revenue rose 39% to $271 million, and rose 25% to $544 million for the first nine months. Gross profit in the segment was up 111% for the quarter to $68 million and up 90% for the first nine months to $112 million.
Total revenue in the quarter rose 12% to $1.4 billion, while net income in the third quarter was up 30% to $109 million. Looking at the first nine months of the year, revenue was up 8% to $3.3 billion and net income was up 73% to $161 million.
Granite Construction now forecasts its total 2025 fiscal year revenue will land in the $4.35 billion to $4.45 billion range.
Fluor
Fluor’s total third-quarter revenue fell 18% year-over-year to $3.4 billion, driven by a $653 million recorded loss from a lawsuit ruling stemming from a Gladstone LNG project in Queensland, Australia. In that case, Fluor was ordered to pay energy company Santos the disputed project costs that Santos sued to reclaim.
Revenue from Fluor’s Urban Solutions division, which encompasses its engineering, procurement and construction services, rose 21% year-over-year to $2.3 billion. For the first nine months of the year, Urban Solutions revenue was up 25% to $6.6 billion.
Urban Solutions profit was down 10% in the third quarter and down 28% year-to-date to $160 million. Fluor reported a total loss of $439 million among all its business segments for the third quarter.
New awards for the Urban Solutions segment rose from $828 million one year ago to $1.8 billion, up 117%. For the first nine months of the year, Urban Solutions' new awards were down 2% to $8 billion.
Additionally, the ending Urban Solutions backlog in the third quarter rose 8% to $20.5 billion versus $19 billion in last year’s third quarter.
Skanska
Construction revenue for the third quarter was up 1% year-over-year to $4.5 billion and up 3% for the rolling 12 months to $18.4 billion. Operating income in Skanska’s construction segment rose 16% to $186 million in the third quarter and up 15% for the first nine months of the year to $711 million.
Construction order bookings came in at $4.2 billion in the third quarter, down 17% year-over-year when adjusted for currency effects.
Total revenue in Skanska’s third quarter was up 1% year-over-year to $4.6 billion, while total operating income was up 8% to $143 million.
Total profit in the third quarter rose 36% to $138 million and was up 5% for the first nine months of the year to $644 million.
Tutor Perini
In its third quarter, Tutor Perini brought in $1.4 billion in total revenue, a 31% year-over-year increase. For the first nine months of the year, revenue was up 24% year-over-year to $4 billion.
Third-quarter revenue in Tutor Perini’s civil segment rose 41% to $833 million, while Special Contractors revenue was up 124% to $227 million.
Construction operations income rose to $40 million compared to a $107 million loss in last year’s third quarter. Construction income for the first nine months was up to $182 million versus an $18 million loss in the same period last year.
Total gross profit came in at $169 million in the third quarter and $500 million for the first nine months of the year.
At the end of the third quarter. Tutor Perini reached a record backlog of $21.6 billion, up 54% year-over-year and including $2 billion in new awards and contract adjustments.
Currency conversions as of November 17, 2025.
