Primoris Services Corporation PRIM rides on rising investments in energy and utility infrastructure markets. The company is seeing growing opportunities in power delivery, renewables and natural gas projects. This demand backdrop is helping the company build a solid pipeline of work. A strong backlog provides better revenue visibility and supports future growth.
The company ended 2025 with a total backlog of about $11.95 billion, slightly higher than $11.86 billion in the prior year. Utilities backlog stood at $6.4 billion, while Energy backlog was nearly $5.5 billion. The growth reflects steady demand across both segments. In the fourth quarter of 2025, the company booked nearly $3 billion of new work, which supported backlog expansion.
The company also reported strong momentum in recurring work. MSA backlog increased more than 20% year over year. This growth was driven by contract renewals and higher expected spending from utility customers, especially in power delivery. The Utilities segment saw double-digit growth in both revenues and backlog. Higher activity in gas operations and continued strength in power delivery and communications supported this trend.
The company highlighted improving opportunities across natural gas generation, renewables and pipeline construction. These areas are expected to support backlog growth in the coming quarters. The company also sees rising investments in grid upgrades and power infrastructure.
Overall, steady backlog growth and strong bookings provide better revenue visibility. This positions the company well to deliver stable growth in 2026 and beyond.