"Centuri ended 2025 with a $5.9 billion backlog, up 59% from the prior year, 82% of which was MSA work. For 2026, the company already has approximately $1.1 billion in year-to-date bookings, covering over 85% of the midpoint of its 2026 base revenue guidance."
"CEO Christian Brown was nothing but direct on the earnings call: 'Coming into 2025, we set a goal to achieve a 1.1x book-to-bill ratio. We did not just exceed our goal; we shifted it, delivering a 1.5x book-to-bill for the year. In total, our bookings surpassed $4.5 billion.'"
"The leverage story shifted meaningfully in the second half of 2025, and, after a net debt-to-adjusted EBITDA of 3.8x in Q3 2025, the company executed a November 2025 equity offering that raised approximately $251 million in net proceeds, using the bulk of the proceeds to pay down debt."
"Centuri CFO Greg Izenstark confirmed the result: 'We ended the year with a net debt to adjusted EBITDA ratio of 2.5x, down from 3.6x at year-end 2024. In 2026, we plan to further delever and forecast net debt to adjusted EBITDA to improve further.'"
Centuri Holdings, a utility infrastructure services company, announced over $870 million in new commercial awards at the start of 2026. The company ended 2025 with a $5.9 billion backlog, a 59% increase from the previous year, with 82% of this backlog being MSA work. CEO Christian Brown reported a 1.5x book-to-bill ratio for 2025, with bookings exceeding $4.5 billion. The company improved its debt situation, reducing its net debt-to-adjusted EBITDA ratio from 3.6x to 2.5x by the end of 2025, and plans to continue deleveraging in 2026.
Read at 24/7 Wall St.
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