MasTec reported $19.1B of remaining performance obligations at 30 Sep 2026, up 63% from a year earlier and up 17% from the previous quarter. That is 1.1 years of trailing revenue already under contract. Book-to-bill last quarter: 1.54.
Net new backlog added in the latest quarter: $2.80B.
Over the last twelve months it turned about 118% of its opening backlog into revenue (12-month conversion).
The company reports 22% of the backlog due within the first 3 months.
Customer prepayments (contract liabilities) cover 5.8% of the backlog.
Twelve-month book-to-bill: 1.43, i.e. 1.43 of new orders for every 1 of revenue recognised.
Backlog growth minus revenue growth: +38 points — orders are running ahead of revenue.
By backlog size it ranks 49th among US filers the cockpit tracks.
MasTec backlog history
Remaining performance obligations at each quarter end (bars) against trailing twelve-month revenue (line).
Amounts in USD. Source: SEC XBRL filings.
Quarter end
Backlog (RPO)
TTM revenue
Coverage
Customer prepayments
30 Sep 2026
$19.1B
$17.3B
1.1 yrs
$1.10B
30 Jun 2026
$16.3B
$16.1B
1.0 yrs
$761M
31 Mar 2026
$16.2B
$15.3B
1.1 yrs
$800M
31 Dec 2025
$14.6B
$14.3B
1.0 yrs
$748M
30 Sep 2025
$11.7B
$13.8B
0.9 yrs
$730M
30 Jun 2025
$11.4B
$13.0B
0.9 yrs
$698M
31 Mar 2025
$11.0B
$12.5B
0.9 yrs
$766M
31 Dec 2024
$10.0B
$12.3B
0.8 yrs
$736M
30 Sep 2024
$9.50B
$12.2B
0.8 yrs
$708M
30 Jun 2024
$9.30B
$12.2B
0.8 yrs
$621M
31 Mar 2024
$8.00B
$12.1B
0.7 yrs
$549M
31 Dec 2023
$7.70B
$12.0B
0.6 yrs
$481M
Questions
What is MasTec's backlog?
MasTec reported $19.1B of remaining performance obligations at 30 Sep 2026, up 63% from a year earlier and up 17% from the previous quarter. That is 1.1 years of trailing revenue already under contract. Book-to-bill last quarter: 1.54.
How fast does MasTec's backlog turn into revenue?
Over the last twelve months MasTec recognised revenue equal to about 118% of the backlog it started each quarter with.
About these numbers
Remaining performance obligations (RPO) are revenue a company has contracted but not yet recognised, as reported in its SEC filings (XBRL tag RevenueRemainingPerformanceObligation). Coverage = backlog ÷ trailing twelve-month revenue. Book-to-bill = (change in backlog + revenue) ÷ revenue. Conversion = revenue recognised ÷ the backlog at the start of each quarter, summed over four quarters. Counterparty values come from company filings and releases.