Primoris Services
27 named things its latest annual report says its results depend on, each in the company's own words. 16 of them are also named by other companies we've read.
Customers
Top ten customers
concentrated in · approximately 53.1% of our revenue in 2025named as a riskOur customer base is reasonably concentrated, with our top ten customers accounting for approximately 53.1% of our revenue in 2025, 41.3% of our revenue in 2024 and 41.1% of our revenue in 2023.Risk factors (Item 1A)
Also named by BGC, CBOE, CVLG, ENTG, FBIN, HUBB, LPX, MEDP and 9 more
Solar and renewable energy facility owners
earns fromnamed as a riskA significant portion of our business is focused on providing construction and/or installation services to owners and operators of solar power and other renewable energy facilities.Risk factors (Item 1A)
Duke Energy
earns fromOur customers include many of the leading energy and utility companies in the United States, such as; Xcel Energy, Pacific Gas & Electric, Southern California Gas, Oncor Electric, Duke Energy, Sempra Energy, Williams, Hecate Energy, Consumers Energy, Dominion, Valero, D.E. Shaw Renewable Investments, Entergy, Florida Power and Light, Intersect Power, Avantus, ExxonMobil, and Enterprise Pipeline as well as the Texas Department of Transportation and the Louisiana Department of Transportation and Development.Business (Item 1)
Xcel Energy
earns fromOur customers include many of the leading energy and utility companies in the United States, such as; Xcel Energy, Pacific Gas & Electric, Southern California Gas, Oncor Electric, Duke Energy, Sempra Energy, Williams, Hecate Energy, Consumers Energy, Dominion, Valero, D.E. Shaw Renewable Investments, Entergy, Florida Power and Light, Intersect Power, Avantus, ExxonMobil, and Enterprise Pipeline as well as the Texas Department of Transportation and the Louisiana Department of Transportation and Development.Business (Item 1)
Pacific Gas & Electric
earns fromOur customers include many of the leading energy and utility companies in the United States, such as; Xcel Energy, Pacific Gas & Electric, Southern California Gas, Oncor Electric, Duke Energy, Sempra Energy, Williams, Hecate Energy, Consumers Energy, Dominion, Valero, D.E. Shaw Renewable Investments, Entergy, Florida Power and Light, Intersect Power, Avantus, ExxonMobil, and Enterprise Pipeline as well as the Texas Department of Transportation and the Louisiana Department of Transportation and Development.Business (Item 1)
Texas Department of Transportation
earns fromOur customers include many of the leading energy and utility companies in the United States, such as; Xcel Energy, Pacific Gas & Electric, Southern California Gas, Oncor Electric, Duke Energy, Sempra Energy, Williams, Hecate Energy, Consumers Energy, Dominion, Valero, D.E. Shaw Renewable Investments, Entergy, Florida Power and Light, Intersect Power, Avantus, ExxonMobil, and Enterprise Pipeline as well as the Texas Department of Transportation and the Louisiana Department of Transportation and Development.Business (Item 1)
Louisiana Department of Transportation and Development
earns fromOur customers include many of the leading energy and utility companies in the United States, such as; Xcel Energy, Pacific Gas & Electric, Southern California Gas, Oncor Electric, Duke Energy, Sempra Energy, Williams, Hecate Energy, Consumers Energy, Dominion, Valero, D.E. Shaw Renewable Investments, Entergy, Florida Power and Light, Intersect Power, Avantus, ExxonMobil, and Enterprise Pipeline as well as the Texas Department of Transportation and the Louisiana Department of Transportation and Development.Business (Item 1)
Suppliers
Other companies
Collective bargaining agreements
approximately 30% of our hourly employeesnamed as a riskAs of December 31, 2025, approximately 30% of our hourly employees, primarily consisting of field laborers, were covered by collective bargaining agreements.Risk factors (Item 1A)
Also named by APG, BALL, CAG, CARR, HLT, HSY, IEX, KR and 10 more
Competitors
Quanta Services, Inc.
competes withFor example, competitors in our utilities markets include Quanta Services, Inc., Dycom Industries, MYR Group, and MasTec, Inc.; competitors in our industrial markets include PCL, Kiewit, Performance Contractors, and Boh Brothers; competitors in the renewables market include Blattner Energy and Mortenson; and competitors in our highway services markets include Sterling Construction Company and Zachry Construction Company.Business (Item 1)
MasTec, Inc.
competes withFor example, competitors in our utilities markets include Quanta Services, Inc., Dycom Industries, MYR Group, and MasTec, Inc.; competitors in our industrial markets include PCL, Kiewit, Performance Contractors, and Boh Brothers; competitors in the renewables market include Blattner Energy and Mortenson; and competitors in our highway services markets include Sterling Construction Company and Zachry Construction Company.Business (Item 1)
Blattner Energy
competes withFor example, competitors in our utilities markets include Quanta Services, Inc., Dycom Industries, MYR Group, and MasTec, Inc.; competitors in our industrial markets include PCL, Kiewit, Performance Contractors, and Boh Brothers; competitors in the renewables market include Blattner Energy and Mortenson; and competitors in our highway services markets include Sterling Construction Company and Zachry Construction Company.Business (Item 1)
Places
Canada
operates in · 2.3%named as a riskDuring 2025, 2024 and 2023, revenue attributable to our services outside of the United States, principally in Canada, was 2.3%, 4.6% and 5.8% of our total revenue, respectively.Risk factors (Item 1A)
Also named by AAP, AJG, ALL, AMRC, AOS, ARE, BBY, BF/B and 97 more
Hazards
Named storms
named as a riskOur ability to perform work and meet customer schedules can be affected by weather conditions such as snow, ice, rain, and named storms.Risk factors (Item 1A)
Commodities and inputs
Crude oil
exposed to its pricenamed as a riskThis level of spending is subject to large fluctuations depending primarily on the current price, volatility, and expectations of future prices of oil, natural gas, and natural gas liquids.Risk factors (Item 1A)
Also named by AESI, ALK, APA, ARLP, BDX, CFR, CL, CLMT and 48 more
Natural gas
exposed to its pricenamed as a riskThis level of spending is subject to large fluctuations depending primarily on the current price, volatility, and expectations of future prices of oil, natural gas, and natural gas liquids.Risk factors (Item 1A)
Also named by AA, ADM, AEE, AEP, AES, AESI, AGX, ALB and 132 more
Natural gas liquids
exposed to its pricenamed as a riskThis level of spending is subject to large fluctuations depending primarily on the current price, volatility, and expectations of future prices of oil, natural gas, and natural gas liquids.Risk factors (Item 1A)
Also named by AM, APA, AR, CHRD, CNX, CRGY, DOW, DVN and 17 more
Regulators
Federal Energy Regulatory Commission (FERC)
subject tonamed as a riskMany of our energy customers are regulated by the Federal Energy Regulatory Commission (“FERC”), our communications customers are regulated by the Federal Communications Commission (“FCC”) and our utility customers are regulated by state public utility commissions.Risk factors (Item 1A)
Also named by AA, AEE, AEP, AM, AMRC, AR, ARES, ATO and 62 more
Federal Communications Commission (FCC)
subject tonamed as a riskMany of our energy customers are regulated by the Federal Energy Regulatory Commission (“FERC”), our communications customers are regulated by the Federal Communications Commission (“FCC”) and our utility customers are regulated by state public utility commissions.Risk factors (Item 1A)
Also named by AIOT, AMT, ANET, ASTS, CCI, CMCSA, DIS, ECHO and 26 more
Occupational Safety and Health Administration (OSHA)
subject tonamed as a riskOur operations are subject to extensive laws and regulations relating to the maintenance of safe conditions in the workplace, including OSHA and other state and local laws and regulations.Risk factors (Item 1A)
Also named by BLDR, CSW, CTOS, ECG, FIX, GVA, HLIO, IBP and 7 more
State public utility commissions
subject tonamed as a riskMany of our energy customers are regulated by the Federal Energy Regulatory Commission (“FERC”), our communications customers are regulated by the Federal Communications Commission (“FCC”) and our utility customers are regulated by state public utility commissions.Risk factors (Item 1A)
Laws and programs
Master Service Agreements (MSA)
earns from · 32.0%named as a riskFor the years ended December 31, 2025, 2024 and 2023, revenue derived from projects performed under MSAs was 32.0%, 36.8%, and 36.7% of total revenue, respectively.Business (Item 1)
Also named by MYRG
U.S. Foreign Corrupt Practices Act (FCPA)
subject tonamed as a riskWe could be adversely affected by our failure to comply with laws applicable to our foreign activities, such as the U.S. Foreign Corrupt Practices Act.Risk factors (Item 1A)
Also named by A, ADBE, ADP, AIR, AJG, ALB, AME, AMZN and 112 more
Renewable portfolio standards
subject tonamed as a riskElimination of, or changes to, existing renewable portfolio standards, tax credits or similar environmental policies may negatively affect future demand for our services.Risk factors (Item 1A)
Hydraulic fracturing (fracking) restrictions
subject tonamed as a riskFor example, limitations on the use of “fracking” technology, creation of significant regulatory issues for the construction of underground pipelines and permitting and licensing requirements have reduced our underground work.Risk factors (Item 1A)
Federal, state and local highway funding
earns fromnamed as a riskFor example, much of the work that we perform in the highway markets involves funding by federal, state and local governments.Risk factors (Item 1A)
Pipeline safety legislation
subject toRecent pipeline safety legislation could increase demand for our pipeline facility, maintenance, integrity and repair services.Risk factors (Item 1A)