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Backlog
Represents the value of signed but uncompleted contracts, providing near-term revenue visibility and an indication of future workload. A growing backlog can signal healthy demand and predictable cash flow, but the mix matters—backlog tied to fixed-price bids or sensitive to state and municipal funding carries greater margin and execution risk than cost-plus or well-secured projects.Backlog has accelerated sharply since late 2024—driven largely by recent platform acquisitions—rising to roughly $3.09B and covering about 80–85% of the next 12 months’ contract revenue, which underpins the raised FY26 revenue and EBITDA guidance. That visibility de-risks near-term revenue, but the heavy acquisitive mix, elevated leverage (3.18x) and localized pricing/seasonality pressures mean actual cash and organic growth will determine whether backlog translates into sustainable margin expansion.
Date | Backlog |
|---|---|
Jun 30, 2026 | $3.40B |
Mar 31, 2026 | $3.10B |
Dec 31, 2025 | $3.10B |
Sep 30, 2025 | $3.00B |
Jun 30, 2025 | $2.90B |
Mar 31, 2025 | $2.80B |
Dec 31, 2024 | $2.66B |
Sep 30, 2024 | $2.00B |
Jun 30, 2024 | $1.90B |
Mar 31, 2024 | $1.80B |