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Can Tutor Perini's $19.9B Backlog Fuel Growth Through 2027?
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Key Takeaways
TPC's $19.9B backlog and nine mega-projects worth $16B support revenue and earnings growth through 2027.
Higher-margin projects are boosting profitability, with Civil margins at 15.3% and Building margins at 5.6%.
A $200B-plus bidding pipeline and selective bidding strategy could sustain backlog strength and profitability.
Tutor Perini Corporation (TPC - Free Report) is positioned for sustained growth through 2027, supported by its near-record backlog and expanding portfolio of higher-margin mega-projects. The company's backlog stood at $19.9 billion at the end of the second quarter of 2026, providing strong revenue and earnings visibility as major construction projects advance.
A key catalyst is Tutor Perini's nine mega-projects, with a combined contract value of approximately $16 billion. Many remain in the early stages of execution, offering substantial revenue recognition opportunities over the next several years. Major projects, including the Midtown Bus Terminal Replacement, Manhattan Tunnel, Brooklyn and Manhattan Jail developments and Honolulu Rail, are expected to support continued growth as construction activity accelerates.
Importantly, these newer projects carry higher margins than legacy contracts, strengthening the company's earnings potential. In the second quarter, Civil operating margin reached 15.3%, while Building margin improved to 5.6%. As the mega-projects ramp up, their favorable profitability profiles should support margin expansion and stronger cash generation through 2027.
Tutor Perini also has a pipeline exceeding $200 billion in potential bidding opportunities over the next three to four years, including more than $4.6 billion in Indo-Pacific opportunities over the next 12-18 months. Its selective bidding strategy and limited competition for large fixed-price contracts could help sustain backlog strength while protecting profitability.
Management expects double-digit revenue growth in 2026 and even higher earnings in 2027 as newer projects progress into construction. Although execution risks and cost pressures remain, the combination of substantial contracted work, improving project margins and a robust opportunity pipeline supports a favorable growth outlook.
How Infrastructure Peers Are Building Backlog for 2027
Tutor Perini’s $19.9 billion backlog provides strong growth visibility through 2027. MasTec, Inc. (MTZ - Free Report) and Fluor Corporation (FLR - Free Report) are also benefiting from expanding project portfolios and strong infrastructure demand, positioning them for sustained revenue and earnings growth.
MasTec ended the second quarter of 2026 with a record backlog of $21.4 billion, up nearly $5 billion year over year. Growth was driven by strong demand across power delivery, clean energy, pipeline infrastructure and mission-critical construction. MasTec’s Power Delivery backlog reached approximately $6.3 billion, while Clean Energy and Infrastructure backlog climbed to $7.8 billion. Importantly, most of the company's nearly $2.5 billion backlog growth during the first half is expected to contribute to 2027 revenues, supporting its longer-term growth outlook.
Fluor reported a second-quarter backlog of $26.9 billion, supported by more than $6 billion in new awards across nuclear fuels, mining, fertilizers and energy infrastructure. FLR has identified nearly $30 billion in potential mining and metals awards over the next 18 months, providing additional opportunities for backlog expansion. Management expects recently awarded projects to ramp up through 2027, with peak execution extending into late 2027 and early 2028.
TPC Stock’s Price Performance & Valuation Trend
Shares of this California-based civil and building construction company have gained 25.7% year to date (YTD), outperforming the Zacks Building Products - Heavy Construction industry, the broader Construction sector and the S&P 500 Index.
TPC YTD Share Price Performance
Image Source: Zacks Investment Research
TPC stock is currently trading at a discount compared with the industry peers, with a forward 12-month price-to-earnings (P/E) ratio of 14.19, as evidenced by the chart below.
TPC Valuation
Image Source: Zacks Investment Research
Earnings Estimate Revision of TPC Stock
TPC’s earnings estimates for 2026 and 2027 have remained unchanged over the past 60 days at $5.39 and $6.10 per share, respectively. The revised estimates for 2026 and 2027 imply year-over-year growth of 25.6% and 13.2%, respectively.
View the Zacks #1 Rank List
Image: Bigstock
Can Tutor Perini's $19.9B Backlog Fuel Growth Through 2027?
Key Takeaways
Tutor Perini Corporation (TPC - Free Report) is positioned for sustained growth through 2027, supported by its near-record backlog and expanding portfolio of higher-margin mega-projects. The company's backlog stood at $19.9 billion at the end of the second quarter of 2026, providing strong revenue and earnings visibility as major construction projects advance.
A key catalyst is Tutor Perini's nine mega-projects, with a combined contract value of approximately $16 billion. Many remain in the early stages of execution, offering substantial revenue recognition opportunities over the next several years. Major projects, including the Midtown Bus Terminal Replacement, Manhattan Tunnel, Brooklyn and Manhattan Jail developments and Honolulu Rail, are expected to support continued growth as construction activity accelerates.
Importantly, these newer projects carry higher margins than legacy contracts, strengthening the company's earnings potential. In the second quarter, Civil operating margin reached 15.3%, while Building margin improved to 5.6%. As the mega-projects ramp up, their favorable profitability profiles should support margin expansion and stronger cash generation through 2027.
Tutor Perini also has a pipeline exceeding $200 billion in potential bidding opportunities over the next three to four years, including more than $4.6 billion in Indo-Pacific opportunities over the next 12-18 months. Its selective bidding strategy and limited competition for large fixed-price contracts could help sustain backlog strength while protecting profitability.
Management expects double-digit revenue growth in 2026 and even higher earnings in 2027 as newer projects progress into construction. Although execution risks and cost pressures remain, the combination of substantial contracted work, improving project margins and a robust opportunity pipeline supports a favorable growth outlook.
How Infrastructure Peers Are Building Backlog for 2027
Tutor Perini’s $19.9 billion backlog provides strong growth visibility through 2027. MasTec, Inc. (MTZ - Free Report) and Fluor Corporation (FLR - Free Report) are also benefiting from expanding project portfolios and strong infrastructure demand, positioning them for sustained revenue and earnings growth.
MasTec ended the second quarter of 2026 with a record backlog of $21.4 billion, up nearly $5 billion year over year. Growth was driven by strong demand across power delivery, clean energy, pipeline infrastructure and mission-critical construction. MasTec’s Power Delivery backlog reached approximately $6.3 billion, while Clean Energy and Infrastructure backlog climbed to $7.8 billion. Importantly, most of the company's nearly $2.5 billion backlog growth during the first half is expected to contribute to 2027 revenues, supporting its longer-term growth outlook.
Fluor reported a second-quarter backlog of $26.9 billion, supported by more than $6 billion in new awards across nuclear fuels, mining, fertilizers and energy infrastructure. FLR has identified nearly $30 billion in potential mining and metals awards over the next 18 months, providing additional opportunities for backlog expansion. Management expects recently awarded projects to ramp up through 2027, with peak execution extending into late 2027 and early 2028.
TPC Stock’s Price Performance & Valuation Trend
Shares of this California-based civil and building construction company have gained 25.7% year to date (YTD), outperforming the Zacks Building Products - Heavy Construction industry, the broader Construction sector and the S&P 500 Index.
TPC YTD Share Price Performance
Image Source: Zacks Investment Research
TPC stock is currently trading at a discount compared with the industry peers, with a forward 12-month price-to-earnings (P/E) ratio of 14.19, as evidenced by the chart below.
TPC Valuation
Image Source: Zacks Investment Research
Earnings Estimate Revision of TPC Stock
TPC’s earnings estimates for 2026 and 2027 have remained unchanged over the past 60 days at $5.39 and $6.10 per share, respectively. The revised estimates for 2026 and 2027 imply year-over-year growth of 25.6% and 13.2%, respectively.
Image Source: Zacks Investment Research
TPC’s Zacks Rank
Tutor Perini stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.