Tutor Perini's $19.9B Backlog and Nine Mega-Projects Target Growth Through 2027

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3▲1 ▼0Impact / 5
Summary · why it matters

Tutor Perini Corporation is positioned for sustained growth through 2027 on the strength of a $19.9 billion backlog at the end of the second quarter of 2026. A key catalyst is the company's nine mega-projects, which carry a combined contract value of approximately $16 billion and include the Midtown Bus Terminal Replacement, Manhattan Tunnel, Brooklyn and Manhattan Jail developments and Honolulu Rail. These newer projects carry higher margins than legacy contracts, and in the second quarter Civil operating margin reached 15.3% while Building margin improved to 5.6%. Tutor Perini also cites 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, and management expects double-digit revenue growth in 2026 and even higher earnings in 2027. Among peers, MasTec ended the second quarter of 2026 with a record backlog of $21.4 billion, up nearly $5 billion year over year, while Fluor reported a second-quarter backlog of $26.9 billion and has identified nearly $30 billion in potential mining and metals awards over the next 18 months. Tutor Perini shares have gained 25.7% year to date, and its earnings estimates for 2026 and 2027 have remained unchanged over the past 60 days at $5.39 and $6.10 per share, implying year-over-year growth of 25.6% and 13.2%.

Impact on assets 3

Energy Transition & Power Demand▲
Fluor Corporation
FLR
± Mixedrelevance

Fluor only cited for its $26.9B backlog and ~$30B potential mining/metals awards; no impact on Fluor itself.

MasTec Inc
MTZ
± Mixedrelevance

MasTec only mentioned for its record $21.4B backlog, up nearly $5B YoY; no company-specific development.

Industrials▲
Tutor Perini Corporation
TPC
▲ PositiveCapitalDemandrelevance

Higher-margin mega-projects lifted Civil margin to 15.3% and Building to 5.6%, with management guiding double-digit 2026 revenue growth and higher 2027 earnings.