Tutor Perini just posted the kind of number that ends arguments about whether the megaproject bet pays off. The heavy civil contractor reported a record $19.8 billion backlog at the end of the first quarter of 2026, the largest in its 130-year history.
The Q1 results, released May 6, were strong across the board. Revenue rose 11% to $1.4 billion. Operating cash flow hit $147 million, up more than fivefold from a year earlier and a first-quarter record. The company affirmed full-year adjusted earnings guidance of $4.90 to $5.30 a share and told investors to expect a bigger 2027 as the backlog converts to revenue.
What’s driving the record backlog
Nine megaprojects won over the past one to three years anchor the number. The marquee names are familiar to anyone tracking U.S. infrastructure: the roughly $16 billion Hudson Tunnel under the river between New Jersey and New York, and segments of California’s high-speed rail program. Management also flagged data centers as a lane it wants to expand into, chasing the same demand that’s reshaping the rest of the industry.
Backlog at this scale buys something rare in construction: visibility. With most of the next two years already booked, Tutor Perini can be choosier about new bids and steadier on pricing.
Megaproject exposure cuts both ways
The risk is the mirror image of the reward. A book dominated by a handful of giant jobs means a single bad project can swing earnings, and Tutor Perini knows that pattern from past disputes that dragged on for years. The cash-flow jump is the reassuring part. Megaproject profits are only real once the owner pays, and a record first-quarter cash number suggests collections are finally catching up to the work.
The high-speed rail wave Tutor Perini is riding shows up in privately led efforts too, like Brightline West. For builders, the read-through is simple: public infrastructure money is still flowing, the biggest contractors are loading up on it, and the firms with the balance sheet to carry megaproject risk are pulling away from the pack.
Full results are in the company’s Q1 release, with analysis from Construction Dive.