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Backlog by Segment
Reveals the value of contracted but uncompleted work in each business unit, indicating near‑to‑midterm revenue visibility, the mix of project types, and where execution, cancellation, or margin risk is concentrated.Urban backlog has become the company’s dominant pipeline, underpinning the 2026 revenue mix and most of projected EBITDA; Energy backlog has steadily eroded alongside large 2025 Energy losses and the Santos charge, reducing near-term upside from that business. Mission backlog is shrinking and episodic. Management’s confidence hinges on higher 2026 awards and better backlog margin, but execution risk on legacy problem projects and cash timing (Santos payment, NuScale tax) could delay profitable conversion—monitor new-award cadence and project handovers.
Date | Urban | Energy | Mission | Other |
|---|---|---|---|---|
Jun 30, 2026 | $19.44B | $3.46B | $3.99B | $0.00 |
Mar 31, 2026 | $19.01B | $4.26B | $2.46B | $0.00 |
Dec 31, 2025 | $18.75B | $4.60B | $2.19B | $0.00 |
Sep 30, 2025 | $20.51B | $5.12B | $2.61B | $0.00 |
Jun 30, 2025 | $20.58B | $5.58B | $2.05B | $0.00 |
Mar 31, 2025 | $20.15B | $6.16B | $2.40B | $10.00M |
Dec 31, 2024 | $17.75B | $7.61B | $2.73B | $403.00M |
Sep 30, 2024 | $19.01B | $8.82B | $3.10B | $394.00M |
Jun 30, 2024 | $19.57B | $8.53B | $3.77B | $427.00M |
Mar 31, 2024 | $18.60B | $9.26B | $4.39B | $488.00M |