Tutor Perini is one of the largest general contractors in the U.S., focused on large, complex civil infrastructure and building construction projects, primarily for government clients. The company operates through three segments: Civil (mass transit, tunnels, bridges, highways, water infrastructure, and military facilities), Building (hospitals, jails, hospitality/gaming, and government buildings), and Specialty Contractors (electrical, mechanical, plumbing, HVAC, and fire protection work, much of it performed on Tutor Perini's own Civil and Building projects). Government clients — state, local, and federal — account for roughly 86% of backlog. Tutor Perini wins contracts through competitive bidding or best-value proposals, with fixed-price contracts representing about 79% of backlog. A key differentiator is self-performance: Tutor Perini performs a large share of construction work in-house across multiple trades rather than subcontracting, which allows the company to capture more project value and reduce cost risk. The company deliberately targets the largest, most complex projects, where prequalification requirements and balance sheet demands limit competition to a handful of national firms. Revenue is recognized as work is performed, with large projects ramping slowly before accelerating into active construction. Backlog reached a record ~$20.6B at year-end 2025, driven by major awards including large California transit and hospital projects, New York tunnel and Penn Station work, and U.S. military facilities in Guam. The Bipartisan Infrastructure Law has been a meaningful funding tailwind for the Civil segment.