Operating cash flow remains highly unstable, evidenced by a $35.0 million outflow in 2026Q1, which necessitates ongoing reliance on external financing to cover capital expenditures.
| Cash from Operations | 26.41M | 78.12M | 158.23M | 167.47M | 94.63M | 109.48M |
| Operating CF Growth % | -320.61% | -50.63% | -5.51% | 76.98% | -13.57% | - |
| Operating CF / Revenue % | 0.87% | 2.71% | 6% | 5.78% | 3.43% | 5.07% |
| Net Income | 30.8M | 0 | -6.82M | -186.18M | -164.99M | 46.94M |
| Depreciation & Amortization | -4.11M | 0 | 156.03M | 162.82M | 169.82M | 129.52M |
| Deferred Taxes | 1.81M | 0 | -5.1M | -7.83M | -7.14M | 15.77M |
| Other Non-Cash Items | 85.21M | 176.75M | -22.21M | 193.69M | 158.89M | -18.83M |
| Working Capital Changes | -65.59M | -98.63M | 34.1M | 3.11M | -63.61M | -65.65M |
| Capital Expenditures | -82.2M | -86.33M | -99.33M | -106.65M | -129.59M | -916.58M |
| CapEx / Revenue % | 2.71% | 2.99% | 3.77% | 3.68% | 4.69% | 42.46% |
| CapEx / D&A | -20.01x | - | 0.64x | 0.66x | 0.76x | 7.08x |
| CapEx Coverage (OCF/CapEx) | 0.32x | 0.90x | 1.59x | 1.57x | 0.73x | 0.12x |
| Cash from Investing | -85.6M | -88.2M | -89.38M | -94.85M | -117.06M | -916.58M |
| Acquisitions | -44.2M | -45.83M | 0 | 0 | 0 | -822.17M |
| Purchase of Investments | -2M | 0 | 0 | 0 | 0 | 0 |
| Sale of Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | 42.8M | 43.95M | 9.96M | 11.8M | 12.53M | 16.01M |
| Cash from Financing | 105.5M | 88.76M | -52.62M | -103.45M | -27.45M | 883.54M |
| Dividends Paid | 0 | 0 | 0 | 0 | -15M | -31M |
| Dividend Payout Ratio % | - | - | - | - | - | 76.52% |
| Debt Issuance (Net) | 0 | -1000K | -1000K | -1000K | -1000K | 1000K |
| Stock Issued | 0 | 250.92M | 327.67M | 0 | 89.65M | 8.32M |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 89M | -1.37M | -93.35M | -40.11M | -41.34M | -956K |
| Net Change in Cash | 46.49M | 79.04M | 15.61M | -30.56M | -50.74M | 76.59M |
| Exchange Rate Effect | -151K | 365K | -624K | 273K | -854K | 159K |
| Cash at Beginning | 128.06M | 49.02M | 33.41M | 63.97M | 114.71M | 38.11M |
| Cash at End | 61.74M | 128.06M | 49.02M | 33.41M | 63.97M | 114.71M |
| Free Cash Flow | -55.79M | -8.2M | 58.9M | 60.81M | -34.96M | -807.1M |
| FCF Growth % | -126.75% | -113.93% | -3.15% | 273.95% | 95.67% | - |
| FCF Margin % | -1.84% | -0.28% | 2.23% | 2.1% | -1.27% | -37.39% |
| FCF / Net Income % | -181.11% | -36.63% | -875.92% | -32.67% | 20.79% | -1992.15% |
High operational cash volatility
As reported in recent financial filings, Centuri experienced a significant swing in operating cash flow, moving from a $173.6 million inflow in 2024Q3 to a $35.0 million outflow in 2026Q1, which underscores the inherent instability of cash generation in a project-based utility services model.
The extreme variability in operating cash flow suggests that the company struggles to maintain consistent working capital management across its diverse utility service segments. Investors should monitor whether this volatility is a structural byproduct of the post-separation transition or a recurring feature of the company's reliance on large-scale, milestone-driven utility contracts.
Based on the provided quarterly data, Centuri's capital expenditure requirements frequently exceed its operating cash flow, as evidenced by the 146.1% CapEx-to-OCF ratio observed in 2025Q1, indicating that the firm must consistently rely on external funding to maintain its specialized equipment fleet and operational infrastructure.
The persistent need for capital investment to support grid-hardening and gas distribution mandates appears to create a structural cash flow deficit. This suggests that the company's growth engine is inherently capital-hungry, requiring disciplined project selection to ensure that the returns on these investments eventually exceed the cost of the necessary external financing.
According to historical cash flow statements, the company has faced recurring free cash flow deficits, such as the $167.0 million outflow in 2024Q2, which necessitated significant external capital injections, including a $330.3 million net stock issuance during that same period to stabilize the balance sheet.
The reliance on equity and debt markets to bridge the gap between operational cash outflows and capital expenditure requirements suggests a vulnerable liquidity position. Analysts should investigate whether the company can achieve self-sustaining cash flow as it matures as an independent entity, or if it will remain permanently tethered to capital market accessibility.
Analysis of the cash flow statement reveals that significant swings in operating cash flow, such as the $105.7 million inflow in 2023Q4, may be masking underlying issues with unbilled receivables or timing differences in project-based revenue recognition that warrant further investigation by institutional investors.
The disconnect between net income and operating cash flow suggests that the company's reported earnings may not fully reflect the cash reality of its long-term service agreements. This discrepancy may indicate that the company is carrying substantial costs in excess of billings, which could pose a risk to future liquidity if project milestones are delayed or regulatory recovery is contested.
Quick answers to the most common questions about buying CTRI stock.
Centuri Holdings, Inc. (CTRI) generated $78.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Centuri Holdings, Inc. (CTRI) reported negative free cash flow of $8.2M in 2025, indicating capital requirements exceeded cash from operations.
Centuri Holdings, Inc. (CTRI) spent $86.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.