Primoris Services Sees Renewables Bookings Strong, But 2026 Revenue Flat to Down

Executives outline expectations for renewables, natural gas, and pipeline construction businesses

Mar. 28, 2026 at 12:21pm

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Executives from Primoris Services (NYSE:PRIM) discussed the company's outlook for its renewables, natural gas generation, and midstream pipeline construction businesses during a recent investor event. While renewables bookings remain strong, the company expects 2026 renewables revenue to be flat to slightly down compared to 2025 due to a pull-forward of work. Primoris sees growth opportunities in natural gas generation and pipeline construction, with a $6 billion pipeline of potential natural gas generation projects and a $3 billion pipeline in midstream.

Why it matters

Primoris Services is a diversified specialty contractor with a significant presence in the renewables, natural gas, and pipeline construction markets. The company's outlook provides insights into broader industry trends and the challenges and opportunities facing contractors in the energy and infrastructure sectors.

The details

Primoris executives said the company expects 2026 renewables revenue to be 'flat to slightly down' compared to 2025, following what they described as a significant pull-forward of work into 2025. However, the company noted that booking opportunities remain 'really, really strong.' Primoris only counts backlog once contracts are signed, and the executives referenced a pipeline of verbal awards and limited notices to proceed that could convert into signed contracts later this year. On the topic of potential tax equity and ITC challenges, the company said it has not received indications from customers of signings being paused, but acknowledged that timelines from verbal award to contract signing and from limited notice to proceed to full notice to proceed could stretch out. Primoris completed around 4 GW of solar EPC work in both 2024 and 2025, along with a ramp-up in battery storage projects. The company also discussed its in-house electrical balance of system offering and expansion plans for its manufacturing capacity.

  • Primoris completed around 4 GW of solar EPC work in 2024 and 2025.
  • Primoris built around 500 MWh of battery projects in 2024 and 2 GWh in 2025.

The players

Anthony Vorderbruggen

VP of Renewables at Primoris Services.

Blake Holcomb

VP of Investor Relations at Primoris Services.

Travis Stricker

Chief Accounting Officer at Primoris Services.

Primoris Services

A specialty contractor company that provides a range of construction, fabrication, maintenance, replacement, and engineering services in the United States and Canada.

Nextracker

A major tracker provider in Primoris' mix of suppliers.

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What they’re saying

“If anything, [projects could] shift a little push potentially to the right, and solving domestic content requirements could also allow schedules to be pulled back if solutions are developed quickly.”

— Anthony Vorderbruggen, VP of Renewables

“Renewables represent about 40% of total company revenue and are a 'nice margin contributor.'”

— Blake Holcomb, VP of Investor Relations

What’s next

Primoris is evaluating M&A as part of its strategy, including potential expansion into interior electrical work relevant to data centers, natural gas generation, and advanced manufacturing. Increasing size and scale in T&D, particularly in substation and transmission, remains a top priority.

The takeaway

Primoris Services is navigating a shifting renewables market, with strong bookings but expected flat to slightly down revenue in 2026 due to a pull-forward of work. The company is also focused on growth opportunities in natural gas generation and midstream pipeline construction, highlighting the diversified nature of its business.