Centuri Holdings, Inc.
CTRI NYSE Natural Gas Transmisison & Distribution Financials FY2022–FY2025
Last close · Oct 23, 2026
$19.34
0.1%
Revenue
Total sales reported in the income statement.
$3.0B
13.1%
vs prior year
Operating margin
Operating income as a share of revenue.
3.1%
0.2 pts
Net income
Profit after all expenses, interest and tax.
$22.4M
Free cash flow
Cash from operations minus capital spending.
−$8.2M
113.9%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
6.3%
1.3 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
$2.0B
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
58.6x
On $0.33 EPS (TTM)
What Centuri Holdings, Inc. does
No business description yet.
- Legal name
- Centuri Holdings, Inc.
- Fiscal year ends
- December 28, 2025
- Latest annual report
- 10-K · Feb 26, 2026
- Accession · CIK
- 0001981599-26-000020
0001981599
Revenue and margins
Centuri Holdings, Inc. had $3.0B of revenue in fiscal 2025, up 13.1% on the year before.
FY22
Revenue $2.8B
FY23
Revenue $2.9B
FY24
Revenue $2.6B
FY25
Revenue $3.0B
Q3 '23
Revenue $775M
Q4 '23
Revenue $665M
Q1 '24
Revenue $528M
Q2 '24
Revenue $672M
Q3 '24
Revenue $720M
Q4 '24
Revenue $717M
Q1 '25
Revenue $550M
Q2 '25
Revenue $724M
Q3 '25
Revenue $850M
Q4 '25
Revenue $859M
Q1 '26
Revenue $723M
Q2 '26
Revenue $962M
FY22
Gross 7.8%
Operating −3.7%
Net −6.1%
FCF −1.3%
FY23
Gross 9.4%
Operating −2.7%
Net −6.4%
FCF 2.1%
FY24
Gross 8.4%
Operating 3.3%
Net −0.3%
FCF 2.2%
FY25
Gross 8.3%
Operating 3.1%
Net 0.8%
FCF −0.3%
Gross
Operating
Net
FCF
Q3 '23
Gross 11.3%
Operating 6.8%
Net 2.1%
FCF 7.2%
Q4 '23
Gross 8.1%
Operating −29.4%
Net −31.7%
FCF 11.8%
Q1 '24
Gross 2.5%
Operating −4.2%
Net −4.7%
FCF −10.0%
Q2 '24
Gross 9.0%
Operating 4.9%
Net 1.7%
FCF −11.4%
Q3 '24
Gross 10.5%
Operating 5.8%
Net −0.5%
FCF 22.3%
Q4 '24
Gross 9.9%
Operating 4.7%
Net 1.4%
FCF 3.9%
Q1 '25
Gross 3.7%
Operating −2.3%
Net −3.3%
FCF −1.4%
Q2 '25
Gross 9.4%
Operating 4.4%
Net 1.1%
FCF −6.7%
Q3 '25
Gross 9.2%
Operating 4.3%
Net 0.2%
FCF −2.2%
Q4 '25
Gross 9.4%
Operating 4.3%
Net 3.5%
FCF 7.7%
Q1 '26
Gross 4.9%
Operating −0.7%
Net −1.3%
FCF −7.6%
Q2 '26
Gross 7.2%
Operating 2.5%
Net 0.6%
FCF −0.8%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY22
Net income −$168M
FY23
Net income −$186M
FY24
Net income −$6.7M
FY25
Net income $22.4M
Q3 '23
Net income $16.2M
Q4 '23
Net income −$211M
Q1 '24
Net income −$25.1M
Q2 '24
Net income $11.7M
Q3 '24
Net income −$3.7M
Q4 '24
Net income $10.3M
Q1 '25
Net income −$17.9M
Q2 '25
Net income $8.1M
Q3 '25
Net income $2.1M
Q4 '25
Net income $30.2M
Q1 '26
Net income −$9.5M
Q2 '26
Net income $6.1M
FY22
Diluted EPS −$2.35
FY23
Diluted EPS −$2.60
FY24
Diluted EPS −$0.08
FY25
Diluted EPS $0.25
Q3 '23
Diluted EPS $0.23
Q4 '23
Diluted EPS $85,429.93
Q1 '24
Diluted EPS −$0.35
Q2 '24
Diluted EPS $0.14
Q3 '24
Diluted EPS −$0.04
Q4 '24
Diluted EPS $0.17
Q1 '25
Diluted EPS −$0.20
Q2 '25
Diluted EPS $0.09
Q3 '25
Diluted EPS $0.02
Q4 '25
Diluted EPS $0.34
Q1 '26
Diluted EPS −$0.09
Q2 '26
Diluted EPS $0.06
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY22
Return on capital —
Return on equity −43.5%
Return on assets —
FY23
Return on capital −4.6%
Return on equity −60.8%
Return on assets −8.5%
FY24
Return on capital 5.0%
Return on equity −1.7%
Return on assets −0.3%
FY25
Return on capital 6.3%
Return on equity 3.1%
Return on assets 1.0%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was −$8.2M in fiscal 2025, −0.3% of revenue. Cash from operations minus capital spending.
FY22
Free cash flow −$35.0M
FY23
Free cash flow $60.8M
FY24
Free cash flow $58.9M
FY25
Free cash flow −$8.2M
Q3 '23
Free cash flow $55.4M
Q4 '23
Free cash flow $78.6M
Q1 '24
Free cash flow −$52.7M
Q2 '24
Free cash flow −$76.9M
Q3 '24
Free cash flow $161M
Q4 '24
Free cash flow $27.8M
Q1 '25
Free cash flow −$7.7M
Q2 '25
Free cash flow −$48.5M
Q3 '25
Free cash flow −$18.4M
Q4 '25
Free cash flow $66.3M
Q1 '26
Free cash flow −$55.3M
Q2 '26
Free cash flow −$7.9M
FY22
Cash from operations $94.6M
Capital spending $130M
FY23
Cash from operations $167M
Capital spending $107M
FY24
Cash from operations $158M
Capital spending $99.3M
FY25
Cash from operations $78.1M
Capital spending $86.3M
Cash from operations
Capital spending
Q3 '23
Cash from operations $81.3M
Capital spending $25.9M
Q4 '23
Cash from operations $106M
Capital spending $27.0M
Q1 '24
Cash from operations −$26.5M
Capital spending $26.3M
Q2 '24
Cash from operations −$56.6M
Capital spending $20.3M
Q3 '24
Cash from operations $180M
Capital spending $19.5M
Q4 '24
Cash from operations $61.0M
Capital spending $33.2M
Q1 '25
Cash from operations $16.7M
Capital spending $24.4M
Q2 '25
Cash from operations −$27.7M
Capital spending $20.8M
Q3 '25
Cash from operations $5.2M
Capital spending $23.6M
Q4 '25
Cash from operations $83.9M
Capital spending $17.6M
Q1 '26
Cash from operations −$35.0M
Capital spending $20.2M
Q2 '26
Cash from operations $20.0M
Capital spending $27.9M
Cash from operations
Capital spending
Dividends, buybacks and share count
Centuri Holdings, Inc. returned — to shareholders in fiscal 2025. The diluted share count rose 8.4%.
FY22
Dividends $15.0M
Buybacks —
FY23
Dividends $0.0M
Buybacks —
FY24
Dividends $0.0M
Buybacks —
FY25
Dividends —
Buybacks —
Dividends
Buybacks
FY22
Diluted shares 0.07B
FY23
Diluted shares 0.07B
FY24
Diluted shares 0.08B
FY25
Diluted shares 0.09B
Balance sheet
Cash, debt and the ratios that show how comfortably Centuri Holdings, Inc. can carry it.
FY22
Cash $64.0M
Debt —
FY23
Cash $33.4M
Debt $1.2B
FY24
Cash $49.0M
Debt $898M
FY25
Cash $127M
Debt $754M
Cash
Debt
| Fiscal year end | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Cash and short-term investments | $64.0M | $33.4M | $49.0M | $127M |
| Debt incl. finance leases | — | $1.2B | $898M | $754M |
| Net debt / EBITDA | — | 27.1x | 4.3x | 3.1x |
| Debt / equity | — | 5.1x | 1.6x | 0.8x |
| Current ratio | — | 1.6x | 1.6x | 1.8x |
| Quick ratio | — | 1.6x | 1.6x | 1.8x |
| Total assets | — | $2.2B | $2.1B | $2.4B |
| Total liabilities | — | $1.9B | $1.5B | $1.5B |
| Shareholders' equity | $387M | $226M | $556M | $873M |
| Net debt (− = net cash) | — | $1.1B | $849M | $628M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. “Plan” marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Net income is positive | ✕ | ✕ | ✕ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ | ✓ |
| Return on assets rose | — | — | ✓ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | — | ✓ | ✓ |
| Current ratio rose | — | — | ✕ | ✓ |
| Share count didn't rise | — | ✓ | ✕ | ✕ |
| Gross margin rose | — | ✓ | ✕ | ✕ |
| Revenue rose relative to assets | — | — | ✕ | ✕ |
| F-score | — / 3 | — / 5 | 4 / 9 | 6 / 9 |
| Accruals ratio | — | −16.1% | −7.7% | −2.5% |
| Altman Z'' | — | 0.46 | 1.12 | 1.73 |
4 years of figures
Amounts in USD. Hover a ratio’s name for its definition.
| Fiscal year | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Income statement | ||||
| Revenue | $2.8B | $2.9B | $2.6B | $3.0B |
| Gross profit | $215M | $273M | $221M | $247M |
| Operating income | −$101M | −$77.6M | $86.8M | $92.8M |
| Pretax income | −$164M | −$175M | −$3.4M | $14.6M |
| Income tax | $1.3M | $9.5M | $3.5M | −$8.1M |
| Net income | −$168M | −$186M | −$6.7M | $22.4M |
| Diluted EPS | −$2.35 | −$2.60 | −$0.08 | $0.25 |
| Diluted shares | 0.07B | 0.07B | 0.08B | 0.09B |
| Cash flow | ||||
| Cash from operations | $94.6M | $167M | $158M | $78.1M |
| Capital expenditure | $130M | $107M | $99.3M | $86.3M |
| Free cash flow | −$35.0M | $60.8M | $58.9M | −$8.2M |
| Depreciation and amortization | $126M | $119M | $109M | $112M |
| Stock-based compensation | $1.7M | $1.9M | $2.2M | $8.1M |
| Acquisitions | — | $0.0M | $0.0M | $45.8M |
| Dividends paid | $15.0M | $0.0M | $0.0M | — |
| Dividends and buybacks | $15.0M | $0.0M | $0.0M | — |
| Balance sheet | ||||
| Cash and short-term investments | $64.0M | $33.4M | $49.0M | $127M |
| Total debt | — | $1.2B | $874M | $738M |
| Finance lease liabilities | — | — | $24.3M | $16.6M |
| Current assets | — | $683M | $601M | $881M |
| Current liabilities | — | $421M | $382M | $496M |
| Property and equipment, net | — | $545M | $511M | $467M |
| Goodwill | $588M | $376M | $368M | $396M |
| Intangible assets | — | $369M | $341M | $343M |
| Total assets | — | $2.2B | $2.1B | $2.4B |
| Total liabilities | — | $1.9B | $1.5B | $1.5B |
| Shareholders' equity | $387M | $226M | $556M | $873M |
| Margins | ||||
| Gross margin | 7.8% | 9.4% | 8.4% | 8.3% |
| Operating margin | −3.7% | −2.7% | 3.3% | 3.1% |
| EBITDA margin | 0.9% | 1.4% | 7.4% | 6.9% |
| Net margin | −6.1% | −6.4% | −0.3% | 0.8% |
| FCF margin | −1.3% | 2.1% | 2.2% | −0.3% |
| Returns | ||||
| Return on capital | — | −4.6% | 5.0% | 6.3% |
| Return on capital employed | — | −4.4% | 5.1% | 4.9% |
| Return on equity | −43.5% | −60.8% | −1.7% | 3.1% |
| Return on assets | — | −8.5% | −0.3% | 1.0% |
| Return on tangible equity | — | — | — | 16.7% |
| Growth | ||||
| Revenue growth | — | 5.0% | −9.0% | 13.1% |
| FCF growth | — | — | −3.2% | −113.9% |
| Share count change | — | 0.0% | 16.2% | 8.4% |
| Financial health | ||||
| Net debt / EBITDA | — | 27.1x | 4.3x | 3.1x |
| Debt / equity | — | 5.1x | 1.6x | 0.8x |
| Current ratio | — | 1.6x | 1.6x | 1.8x |
| Quick ratio | — | 1.6x | 1.6x | 1.8x |
| Capital allocation | ||||
| Capex / revenue | 4.7% | 3.7% | 3.8% | 2.9% |
| Stock comp / revenue | 0.1% | 0.1% | 0.1% | 0.3% |
| Payouts / FCF | — | 0.0% | 0.0% | — |
| Quality scores | ||||
| Piotroski F-score | — | — | 4.0 | 6.0 |
| Altman Z'' | — | 0.5 | 1.1 | 1.7 |
| Accruals ratio | — | −16.1% | −7.7% | −2.5% |
Source: SEC EDGAR XBRL filings (CIK 0001981599). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.