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Backlog by Segment
Values signed but uncompleted contracts across different business lines, giving a view of near-term revenue visibility and workload. A healthy, diversified backlog supports predictable cash flow and reduces short-term revenue risk, while a shrinking or concentrated backlog can signal demand softness or execution issues. Shifts in backlog mix also warn of potential margin changes if new contracts are lower-margin or more complex to deliver.Year‑end backlog is meaningfully higher, driven largely by a late‑2025 lift in Electrical & Mechanical from data‑center, commercial and renewables work—supporting management’s 2026 revenue visibility (roughly 80% typically burns in 12 months) and the revenue guidance. Transmission & Distribution backlog growth adds diversification, but recent T&D margin pressure and project‑mix/SG&A headwinds mean its bookings may not convert to EBITDA as cleanly. Execution depends on converting elevated backlog while managing working capital and higher CapEx tied to prefab and facility expansion.
Date | Electrical & Mechanical | Transmission & Distribution |
|---|---|---|
Jun 30, 2026 | $4.16B | $388.40M |
Mar 31, 2026 | $3.29B | $388.90M |
Dec 31, 2025 | $2.84B | $384.50M |
Sep 30, 2025 | $2.57B | $375.80M |
Jun 30, 2025 | $2.57B | $410.10M |
Mar 31, 2025 | $2.70B | $353.10M |
Dec 31, 2024 | $2.51B | $273.60M |
Sep 30, 2024 | $2.57B | $316.90M |