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12-Month Backlog by Segment
Indicates the value of contracts yet to be completed in each segment over the next year, providing insight into future revenue potential and demand strength.Backlog has concentrated heavily in Electric Power after a reporting/portfolio shift that moved prior Renewable and Underground Utility work into a new Underground & Infrastructure line; that reclassification and large contract wins explain the surge in total backlog and directly support management’s raised 2026 guidance and ambitious EPS targets. The upside is strong revenue visibility and book‑to‑bill momentum; the risk is execution—long transformer lead times, permitting/interconnection delays and near‑term capex to expand manufacturing could pressure free cash flow and the timing of margin realization.
Date | Electric Power | Pipeline and Industrial | Renewable Energy | Underground Utility | Underground and Infrastructure |
|---|---|---|---|---|---|
Jun 30, 2026 | $26.68B | $0.00 | $0.00 | $0.00 | $5.63B |
Mar 31, 2026 | $23.89B | $0.00 | $0.00 | $0.00 | $4.34B |
Dec 31, 2025 | $21.94B | $0.00 | $0.00 | $0.00 | $3.92B |
Sep 30, 2025 | $18.85B | $0.00 | $0.00 | $0.00 | $3.46B |
Jun 30, 2025 | $17.18B | $0.00 | $0.00 | $0.00 | $2.87B |
Mar 31, 2025 | $16.37B | $0.00 | $0.00 | $0.00 | $3.05B |
Dec 31, 2024 | $10.16B | $0.00 | $6.34B | $3.28B | $0.00 |
Sep 30, 2024 | $10.21B | $0.00 | $5.53B | $3.38B | $0.00 |
Jun 30, 2024 | $7.85B | $0.00 | $5.61B | $3.16B | $0.00 |
Mar 31, 2024 | $7.83B | $0.00 | $5.86B | $2.94B | $0.00 |