Primoris Services is a U.S. infrastructure construction and services contractor focused on energy and utility infrastructure. The company operates through two segments: Utilities (~34% of revenue) and Energy (~66% of revenue). The Utilities segment covers electric power delivery (transmission, distribution, and substations), natural gas distribution and transmission pipeline construction, and communications/fiber network builds. Much of this work runs under multi-year Master Service Agreements, providing recurring, predictable revenue. The Energy segment is anchored by utility-scale solar EPC, which is the single largest revenue driver across the entire company. Energy also includes industrial EPC for natural gas power generation facilities, large-diameter pipeline construction, and highway/civil work. Primoris primarily self-performs its work rather than relying on subcontractors, which the company views as a cost and quality advantage. Revenue is earned on unit-price, time-and-material, or fixed-price contracts depending on the business. Primoris is growing by riding several converging infrastructure investment cycles: grid expansion driven by data centers and electrification, the renewable energy buildout, and a fast-growing demand for dispatchable gas-fired generation to complement renewables. The company is actively pursuing a large funnel of natural gas generation projects. Primoris also benefits from unplanned storm restoration work in power delivery, which tends to be highly accretive to margins. The company ended FY25 with a net cash-positive balance sheet and has flagged M&A interest in power delivery and industrial/data center capabilities.