What Tutor Perini Corp. told the SEC could break it.

Tutor Perini's revenue is concentrated in a small number of large project owners. A single (unnamed) customer with multiple projects spanning the Civil, Building and Specialty Contractors segments represented 14.1% of consolidated revenue in 2025 (and 17.6% and 16.3% in 2024 and 2023 — a persistently large client), and an additional customer with multiple projects represented 11.4% of consolidated revenue in 2025, so roughly a quarter of revenue rides on just two clients. Cancellation, suspension, funding loss or a payment dispute on these clients' projects (including U.S. government-funding uncertainty) would disproportionately affect revenue and cash flow.

“Revenue from a single customer with multiple projects impacting the Civil, Building and Specialty Contractors segments represented 14.1 % , 17.6 % and 16.3 % of the Company's consolidated revenue for the years ended December 31, 2025, 2024 and 2023, respectively.”

As a contractor reliant on steel, concrete and other materials supplied through vendors and subcontractors, Tutor Perini is exposed to tariffs and trade actions that could raise input costs and delay projects. It states it mitigates this through a pre-award/post-award strategy — building anticipated cost increases and contingencies into its detailed bid estimates, transferring the risk of unforeseen escalation to subcontractors, and leveraging long-term relationships with key suppliers, vendors and subcontractors to minimize tariff-driven supply-chain disruptions — and does not anticipate material adverse impacts from current tariffs. Severity is low given this layered mitigation, though unforeseen future trade developments remain a watch item.

“The Company benefits from its long-term relationships with key suppliers, vendors and subcontractors, which minimize supply chain disruptions that could arise as a result of tariffs.”