Southland is a specialty infrastructure contractor that designs and builds large, complex infrastructure projects across North America. The company operates through two segments: Civil (~38% of revenue), which covers water pipelines, tunnels, pump stations, and water and wastewater treatment plants; and Transportation (~62% of revenue), which covers bridges, marine structures, dredging, and roadways. Southland's customers are roughly 80% public sector — federal agencies, state transportation departments, municipal utilities — and 20% private sector. Southland wins most work through competitive bidding and acts as prime contractor on fixed-price and unit-price contracts, earning the spread between bid price and actual cost to complete. A key differentiator is Southland's emphasis on self-performing roughly 80% of critical path work with its own crews, rather than subcontracting, which gives the company more cost control. Southland also owns a large fleet of construction equipment, including tunnel boring machines it manufactures itself. Near-term strategy is focused on margin improvement over growth — winding down legacy pre-COVID contracts that ran into cost overruns and replacing them with higher-margin new core work. Southland is prioritizing shorter-duration civil projects in water and wastewater (targeting mid-teen gross margins) and selectively pursuing private sector opportunities tied to data center development and domestic manufacturing buildouts. Southland's total backlog stood at approximately $2B as of late 2025, and the company also holds a material balance of contract assets from legacy disputed projects it expects to collect over time.