Do these 3 things before closing this tab:
1Repair Windows errors before they cause bigger problems2Scan for outdated or missing drivers - takes under a minute3Clear out junk files and repair common Windows errorsStart with the company’s own definition, then separate signed work from awards and early-stage opportunities. Backlog is an issuer-defined measure of work expected to be performed; it is not automatically revenue, profit, cash, or a guarantee that every listed project will proceed. A project pipeline is usually less committed than backlog, so the evidence supporting each item matters.
To judge what a backlog can become, read its commitment criteria, expected recognition period, rollforward, funding and cancellation terms, contract mix, and execution risks. The same headline balance can represent very different economic prospects at two contractors.
As an Amazon Associate I earn from qualifying purchases.
What backlog and pipeline actually measure
Construction companies use backlog to describe contracted or otherwise secured work that has not yet been performed. However, backlog is not a uniform accounting term. Each issuer decides which contracts, awards, notices to proceed, options, or other commitments qualify and explains that policy in its filings.
Recommended Free Tools
Pipeline is a broader opportunity set. It can include bids, development assets, prospective awards, unsigned work, or projects awaiting approvals and funding. Pipeline items may never become contracts, while a backlog item generally has stronger evidence of customer commitment. The boundary is company-specific, so never add pipeline to backlog as though both were equally secure.
#1 Best Overall
- [Ultra-Lightweight Ear Buds Designed for Small Ears] Each earbud weighs only 3.7g and features a compact, ergonomic in-ear design made especially for small ears. Secure, low-profile, and comfortable for workouts, all-day wear or overnight sleeping.The ultra-slim profile sits flush in your ear with no hard edges poking or rubbing, so you can even sleep on your side without discomfort.
- [Immersive Stereo Sound with TOZO OrigX Technology] TOZO OrigX tuning delivers clear vocals, balanced mids, and natural stereo sound for music, podcasts, and videos.
- [Long Battery Life for Daily Use] Get up to 7 hours of playtime on a single charge, with up to 32 hours total using the charging case—ideal for workdays, commuting, and extended listening sessions.
- [Bluetooth 5.3 & Stable Connection] Bluetooth 5.3 provides fast pairing, stable wireless performance, and reduced dropouts as you move around home or office.
- [Deep Bass with Clear Vocals] High-performance drivers produce punchy bass while keeping vocals clean and detailed for everyday listening.
| Measure | Typical evidence | What it does not prove |
|---|---|---|
| Signed or contracted backlog | Executed contract, defined scope and price, and sometimes a notice to proceed | Exact revenue date, final margin, cash collection, or completion |
| Awarded backlog | Customer award, agreed price, or limited authorization before the full contract is executed | That the full engineering, procurement and construction agreement will be signed |
| Remaining performance obligations (RPO) | Accounting disclosure for unsatisfied or partially satisfied performance obligations | That another issuer’s backlog is directly comparable |
| Pipeline | Bids, development rights, prospects, letters of intent, options, or projects under negotiation | That the customer is legally committed or funded |
A company can report both backlog and pipeline, but it should explain the evidence required to move an opportunity from one category to another.
1. Read the exact backlog definition before looking at the number
Find the definition in the latest annual report, quarterly filing, earnings release, or management discussion and analysis. Note whether the measure is described as a non-GAAP metric, an operating measure, or an accounting amount, and whether the company reconciles it to remaining performance obligations.
Why definitions differ
North American Construction Group says backlog is not a GAAP term and defines it as secured outstanding work with a high degree of certainty, supported by a signed contract or work order that specifies expected scope, value, and timing. It says the measure is similar in nature to transaction price allocated to remaining performance obligations, while warning that the amounts may differ. Read the company’s definition in its June 30, 2026 management discussion and analysis.
MDA defines backlog as awarded contract value less work completed and says the measure equates to unsatisfied or partially satisfied remaining performance obligations under IFRS. Its definition and the reported balance appear in the company’s second-quarter 2026 results.
These definitions are not interchangeable. One issuer may exclude an award until a formal contract is signed; another may include a firm limited authorization. Record the definition and reporting date beside every number you collect.
2. Sort work by commitment stage
Do not treat every item described as an award, opportunity, or project as contracted backlog. Build a commitment ladder using the issuer’s own labels.
Executed contract
An executed agreement normally identifies the customer, scope, price or pricing mechanism, and performance obligations. Check whether the company also requires a notice to proceed, appropriated funding, or another condition before counting the work.
Quick wins for a faster PC:
Clear out junk files and repair common Windows errorsFree Scan →Fix the driver behind crashes, sound loss and screen glitchesFind Drivers →Repair Windows errors before they cause bigger problemsFix Now →Rank #2
- 【IP68 Waterproof Multifunctinal Smart Watch】Torjalph fitness activity tracker smart watch is IP68 waterproof technology ,you can wear it when swimming,handwashing,it's rain-proof which means that you perform multiple exercise modes outside without worrying about sweat or rain corroding your fitness smart watch,and this watch equipped with a 230 mAh large capacity battery magnetic charging ,and this sports activity tracker watch can be used 5-7 days If fully charged.
- 【Larger 1.83'' Full Screen Watch & Multi-dial Selection】1.83 inch full HD color touch screen smart watch for men / women provides excellent 240*284 resolution image quality ,This Bluetooth smart watch offers a better touch experience and remarkable immersion and ,more than 200 watch faces for you to choose from App"Da Fit ", you can change the dial style according to your mood to wear keeping the world on your wrist
- 【Accurate Activity Tracker Smart Watch 】sports watch activity tracker uses sweat and dust resistant breathable silicone strap, our Fitness Tracker Smart Watch for Android iOS Phones supports 12 sports modes,walking,running,bicycle,swimming,badminton,basketball,football,rope skipping. This bluetooth calls smart watch for men women is lightweight and stylish, bringing more convenient and relaxing sports experience while also providing more protection.
- 【Your 24 Hour Personal Daily Health Monitor】Fitness watch for women men full touch screen IP67 waterproof bluetooth smartwatch for Android iOS Phones with heart rate blood pressure monitor multifunction Andriod smart watch with steps counter sleep monitor sports fitness watch, monitoring blood oxygen saturation allows you to understand your physical condition in real time to track fitness progress ,to know your health status in time.
- 【More Functions Bluetooth Call Smart Watch】This fitness activity smart watch full screen for iPhone and Android phones includes a bunch of new features including:The bluetooth smart watch can hang up the phone, receive and display WhatsAPP /Text /Facebook /Twitter /Messenger reminder.Support sedentary reminder, alarm clock, stopwatch, timer,weather information,music control, remote camera control compatible with Android 5.0 and above or iOS 9.0 and above smartphones.
Notice to proceed or limited authorization
A notice to proceed (NTP) allows work to begin, but a limited NTP may authorize only early engineering, procurement, or a defined portion of the project. Determine whether the reported value covers the authorized slice or management’s estimate of the eventual project.
Awarded but not fully executed work
Primoris distinguishes signed backlog from awarded backlog. Its awarded category can include work for which the price has been agreed and a limited NTP exists even though the full engineering, procurement and construction contract has not been executed. The distinction is described in its 2025 annual report.
Sterling says backlog includes unearned revenue plus contracts awarded but not started. It includes a not-yet-started award when a contract is fully executed and/or a formal NTP has been received. Review the criteria and the company’s rollforward in its 2025 annual report.
Other assurance considered firm
Matrix Service says its backlog may include work awarded through signed contracts, a limited NTP, or another assurance that management considers firm. Read the wording in its 2026 results release and the fuller discussion in its 2026 annual report. “Management considers firm” is a judgment, not a universal legal threshold.
Development and prospective pipeline
Ameresco separately describes assets in development and fully contracted backlog. For the projects covered in its filing, contract execution is the step that moves an opportunity into fully contracted backlog. Its distinction is set out in the June 30, 2026 Form 10-Q.
Letters of intent, unexercised options, master-service-agreement estimates, and bids should be identified separately unless the issuer explicitly includes them in backlog. A master agreement may establish terms without guaranteeing a volume of work.
3. Find out when backlog is expected to become revenue
The ending balance answers how much work the company says remains; it does not answer when that work will be recognized. Search for a “revenue recognition,” “remaining performance obligations,” “backlog conversion,” or “expected timing” table. Look for the portion expected within 12 months, the balance after 12 months, project duration, and segment-level differences.
Rank #3
- [Low Noise High Fidelity] New bee guitar cord with 22AWG oxygen-free-copper center conductors provides enhanced signal transfer, the PVC insulation material and the high-density stranded copper double shield provide noise rejection for quiet operation
- [Ideal for Choice] New bee 1/4 straight and right angle metal connectors, ensures a secure connection in any instrument, pedal, or amp jack. L shape great fro on stage guitar stands
- [Wide Compatible] Suitable for mixer, power amplifier, microphone, effector, decoder, equalizer, electoronic organ, electric guitar, electric bass and other electronic equipments. Widely used in the installation of smart home, karaoke speaker, professional stage audio, etc
- [Easy Disassemble] Making incidental repairs quick and easy! Very nice, flexible cable
- [Dont Hesite to Order] 24 hours customer services and professional technology team are standing by
| Issuer and reporting date | Reported figure | Timing information | Qualification |
|---|---|---|---|
| MDA, June 30, 2026 | $9.2 billion of contract backlog | Approximately 13 months of work; up $1.4 billion from June 30, 2025 | Company-specific backlog measure, not an industry benchmark |
| Quanta Services, June 30, 2026 | $33.55 billion of remaining performance obligations | Approximately 70% expected to be recognized in the following 12 months | An issuer estimate; RPO may not equal another company’s backlog |
| Tutor Perini, 2025 reporting | Approximately $6 billion of backlog | Approximately 29% expected to be recognized in 2026 | Company-specific annual conversion estimate |
Quanta’s balance and estimate are in its June 30, 2026 Form 10-Q. Tutor Perini’s annual conversion example appears in its June 30, 2025 Form 10-Q.
Do not divide total backlog by the number of months and assume a straight-line revenue pattern. Large projects can have a slow design period, a procurement spike, a construction peak, and a closeout tail. A project scheduled to finish within 13 months can still produce very different quarterly revenue from another project with the same remaining value.
4. Reconstruct the backlog rollforward
A rollforward explains why the ending balance changed. The basic relationship is:
Ending backlog = beginning backlog + new contracts and adjustments − revenue recognized (plus or minus other disclosed movements).
Look for separate lines for acquisitions, foreign-exchange effects, scope changes, claims, cancellations, and reclassifications. If the filing combines several items, note that limitation rather than assuming all growth came from new awards.
What’s actually slowing this PC down?
Pick the symptom - the matching free tool is one click away.
Sterling’s 2025 example
Sterling reported backlog of $2.573 billion at December 31, 2024. New contracts, change orders, and adjustments added $230.336 million during 2025, while revenue recognized reduced backlog by $772.168 million. The December 31, 2025 balance was $2.031 billion; the filing reports the table in thousands. The decline therefore reflects substantial execution, not necessarily a collapse in demand.
When a company’s ending backlog rises, ask whether the increase came from new awards, acquisitions, favorable change orders, currency movements, or a change in inclusion policy. When it falls, compare the reduction with revenue recognized and cancellations before calling it a deterioration.
Rank #4
- Digital Family Calendar: BSIMB digital calendar wall touch screen puts an end to your chaotic life. Designed for busy families, the digital calendar keeps you organised and in step with your family. Assign different colours and tasks to each family member to make family scheduling easier and more intuitive.
- Easy Setup and Auto-Sync: Plug in, connect to WLAN and auto-syn your electric calendar in minutes. Digital wall calendar compatible with Google calendar, iCloud calendar, Outlook calendar, Cozi calendar and Yahoo calendar. Add events directly on the device or through the ecalendar app. Electronic calendar stays current whether you're at work or traveling—no manual updates needed.
- All-In-One Home Assistant: Smart calendar builds habits and encourage independence with personalised chores. Display daily meal plan to reduce the daily ‘What's for dinner?’ stress. To-do lists keep track of everything you want. Turning chores into valuable achievements with stars and rewards, making life easier and more enjoyable.
- Manage Anytime Anywhere: BSIMB electronic calendar for family stay connected with the powerful ecalendar app. Access and manage your digital wall calendar anytime, anywhere with free features like stars & rewards, photo screensaver, chore charts, meals plans, to-do lists etc. Electronic planner paid features like Magic Import tailor advanced tools for users with special needs.
- Stay in Touch with Loved Ones: Share photos or videos from your phone to electronic wall calendar with app, instantly update your life moment, and keep in touch with your family, especially those who are far away; you can also surprise your smart calendar digital wall by sending him a wish card; it's also great for keeping tech-illiterate elders in touch with the youngsters.
5. Examine project mix and concentration
Two backlogs of equal size can have different risk and cash profiles. Read segment, customer, project, geography, and contract-type disclosures where available.
- Segment: Utility work, transportation, buildings, industrial services, and technology-enabled projects can have different cycle times and margins.
- Customer: A single government agency or private customer may represent a material share of work. Concentration increases the effect of one deferral or cancellation.
- Project: A few megaprojects can make the total sensitive to one schedule, claim, permit, or customer acceptance decision.
- Geography: Labor availability, weather, regulation, currency, and local funding can change execution speed.
- Contract type: Fixed-price work places more cost-overrun risk on the contractor than reimbursable or cost-plus arrangements, while unit-price work depends on quantities and measured production.
Use the company’s segment notes and risk factors to connect the backlog balance to the operating conditions that can affect conversion.
Free tools Windows power users keep installed
One-click scans. No signup required.
6. Test funding, cancellation, and execution risk
A backlog entry can be contractually valid yet still move in time or value. Read the risk discussion alongside the backlog definition.
Funding and approvals
Check whether customer funding has been appropriated or otherwise secured. Projects may depend on permits, environmental approvals, financing, land access, design completion, or a final NTP. A public award without available funding is not equivalent to cash ready for construction.
Termination rights
Ask whether the customer can terminate for convenience and what the contractor receives: payment for work performed, demobilization costs, committed materials, or a negotiated amount. Primoris says it typically lacks a contractual right to all revenue reflected in backlog if a project is canceled. That means reported backlog is not a guaranteed claim for the full remaining value.
Schedule and external events
Quanta says estimated recognition timing can change because of acceleration, cancellations or delays, commercial issues, regulation, natural disasters, emergencies, adverse weather, and customer acceptance of change orders. Its timing disclosure is in the June 30, 2026 filing. Look for the same categories in other issuers’ risk factors.
The Tool Desk
Outbyte PC Repair FREERepair Windows errors before they cause bigger problemsFix Now →Outbyte Driver Updater FREEScan for outdated or missing drivers - takes under a minuteDriver Scan →Change orders and claims
Change orders can increase or decrease value and may be recognized only when approval and collectability criteria are met. Claims under negotiation should not be treated as equivalent to executed scope unless the issuer explicitly includes them and explains the basis.
7. Convert backlog into an economics question
Backlog is a measure of future work, not a forecast of gross profit. A contractor can win substantial work at thin margins, encounter cost overruns, or need significant working capital before collecting from the customer.
Margin
Read cost-to-complete estimates, contract asset and liability notes, loss provisions, and explanations of margin changes. If the company does not disclose margin by backlog cohort, do not infer a margin forecast from the total backlog.
Cash and working capital
Revenue recognition and cash collection occur at different times. Examine billing milestones, retainage, customer advances, contract assets, contract liabilities, and the company’s operating cash-flow discussion. Procurement and payroll can require cash before milestone billing.
Capacity
A large backlog can strain labor, equipment, subcontractor capacity, or bonding limits. Compare the backlog’s size with recent revenue, available crews, and stated execution plans, while avoiding a mechanical assumption that historical productivity will continue.
How to compare two construction companies fairly
| Comparison axis | Questions to answer |
|---|---|
| Definition and accounting basis | Is the figure backlog, awarded backlog, or RPO? Is it GAAP, IFRS, or a non-GAAP operating measure? Is there a reconciliation? |
| Commitment stage | Are contracts executed? Are NTPs, limited authorizations, options, letters of intent, or estimates included? |
| Funding and cancellation protection | Is funding secured? Can the customer terminate for convenience, and what reimbursement is available? |
| Conversion schedule | What share is expected within 12 months? How long are projects and how does timing vary by segment? |
| Backlog movement | How much came from awards, adjustments, acquisitions, and revenue recognized? |
| Concentration and mix | Are a few customers, projects, regions, or contract types driving the balance? |
| Execution and economics | What do cost-to-complete estimates, change-order exposure, margins, and working-capital needs imply? |
Only compare percentages or growth rates after confirming that the numerator represents a similar commitment stage and that the reporting dates match.
A repeatable filing-reading workflow
- Use the latest filing. Record the reporting date, fiscal period, currency, and whether the number is quarterly or annual.
- Copy the definition. Note exactly what the issuer includes and excludes, including NTPs, awards, options, and change orders.
- Label commitment stages. Separate signed, limited-NTP, awarded, and pipeline amounts rather than combining them.
- Locate timing data. Capture the next-12-month amount or percentage, longer-term balance, and segment schedules.
- Build the rollforward. Reconcile opening balance, new work, adjustments, revenue recognized, acquisitions, and ending balance.
- Read contract terms. Check termination rights, funding, acceptance conditions, escalation clauses, and reimbursement provisions.
- Check concentration. Identify major customers, projects, geographies, and segments if disclosed.
- Test economics. Review margins, loss provisions, cost-to-complete estimates, billing terms, contract assets, and operating cash flow.
- Write a qualified conclusion. State what is contracted, what is estimated, when management expects recognition, and which risks could change that outcome.
How to interpret common backlog changes
| Observed change | Possible explanation | Follow-up check |
|---|---|---|
| Backlog falls while revenue is strong | Execution is consuming work faster than new awards replace it | Compare new contracts with revenue recognized and review forward awards |
| Backlog rises but revenue is flat | New awards may have long start dates, limited NTPs, or permitting dependencies | Read the conversion schedule and project-start assumptions |
| Backlog jumps after an acquisition | Added contracts may reflect acquired operations rather than organic wins | Separate acquisition effects from organic awards in the rollforward |
| Backlog changes after a contract modification | Scope, price, claims, or estimates may have been revised | Read change-order and contract-estimate disclosures |
| Pipeline expands without backlog growth | Prospects or development assets increased but have not reached the issuer’s commitment threshold | Identify the event required for conversion to contracted backlog |
Common mistakes to avoid
- Using a headline number without its definition: the same word can cover signed contracts at one issuer and selected awards at another.
- Adding pipeline to backlog: an opportunity list is not contracted work.
- Assuming even revenue recognition: project schedules and milestones create uneven quarterly results.
- Calling backlog guaranteed revenue: cancellations, delays, funding, claims, and customer acceptance can change value or timing.
- Equating backlog with profit: cost overruns and contract terms determine margin.
- Equating revenue with cash: billing, retainage, advances, and working capital affect collection timing.
- Comparing different dates or currencies: align reporting periods and units before calculating growth.
- Ignoring rollforward details: acquisitions and accounting adjustments can make growth look like new demand.
What a careful conclusion should say
A useful backlog assessment identifies the portion supported by executed contracts, the less-certain awarded or limited-NTP portion, and the separate pipeline. It then states management’s expected conversion period and names the terms or events that could delay, reduce, or cancel the work. The result is a view of future workload under stated assumptions, not a promise of revenue, earnings, or cash.
Quick Recap
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
