A tunnel award can add future work to a contractor’s backlog, but it does not turn the announced contract value into revenue at once. Revenue is generally recognized as the contractor performs the work; the timing and amount depend on the project’s phase, progress, costs, estimates and any contract changes. Backlog is a company-defined measure, so an award may not qualify for inclusion under every contractor’s policy.
What a construction award means—and what it does not
An award is evidence that a contractor has secured work, subject to the award’s terms and any remaining conditions. If it meets the contractor’s backlog policy, the value of work still to be performed may be added to backlog. That is a forward-looking measure of awarded work, not revenue already earned, cash already received, or guaranteed profit.
Tutor Perini describes backlog as the total value of work remaining on awarded projects. Its policy allows inclusion when the company has an award or definitive written notice and major uncertainty about whether the work will proceed has been resolved; in some cases it can include work before formal contract execution or a notice to proceed. MYR Group uses a stricter threshold for fixed-price work: a customer’s intent to award is not enough without an actual award and a contract establishing specific scope, terms and pricing. See each company’s descriptions in its Tutor Perini 2025 Form 10-K and MYR Group 2025 Form 10-K.
As a result, two contractors can announce similar projects but report different backlog effects, depending on the award’s status and their definitions. Backlog also is not necessarily the same as the transaction price allocated to remaining performance obligations, a distinction Tutor Perini notes in its filing.
#1 Best Overall
- Reference Scale: 1:87, suitable for HO Scale.
- Includes Track – Comes with attachable rails for convenience.
- Compatible with HO Rolling Stock – Supports standard HO locomotives and wagons.
- Supports Elevation – Great for overpasses, rivers, or valley scenes.
- Package included: One truss bridge, comes in parts.
How an award becomes revenue
For long-term construction work, revenue is recognized as performance occurs rather than simply when a contract is announced or signed. MYR Group describes a cost-to-cost approach: costs incurred to date are compared with estimated total costs to determine the percentage of completion, and that percentage is applied to estimated revenue. This makes reported revenue dependent on both work performed and the estimates used to measure progress.
Changes in project conditions, performance, contract value, settlements or estimated costs to complete can change the amount or timing of recognized revenue and profit. A contract change or a revised cost estimate may therefore affect results even though the original award has not changed in headline value. MYR Group explains its recognition method and estimation factors in its 2025 Form 10-K.
Rank #2
- 1/25 scale, skill 3, paint and cement required
- molded in yellow and silver-gray with chrome accessories
- over 300 super-detail parts
- first time available in original illustrated packaging since its first release in the early 1970s
- optional construction company decals
Design and construction phases can have different revenue profiles
Tutor Perini says newer design-build projects may begin with a design phase lasting six to eighteen months. In that period, revenue and earnings can be smaller; the larger contribution may come during the subsequent multi-year construction phase. The timing is not uniform across projects, and a design-build award’s full value should not be assumed to flow into revenue as soon as it is announced.
Tutor Perini reports that its Civil backlog typically converts to revenue over three to five years, while some large projects last longer. That is a company- and segment-specific typical range, not a promised schedule for every tunnel project or contractor.
Rank #3
- Authentic, Real-World Construction Experience: The Pitsco True Scale House Framing Kit delivers a realistic construction model rather than simple assembly play. Students build a true 1:16 scale house model using 485 precision-cut balsa wood pieces, following professional-style house plans and construction methods aligned to real building practices. This architectural framing kit helps learners understand stud framing, scale lumber, and structural design in a way traditional model kits cannot.
- Blueprint Reading & Skill-Building: Designed as a hands-on architecture lesson for ages 14+, this model house framing kit guides students through a structured learning progression. Learners begin by interpreting blueprints, measuring to scale, and understanding architectural drawings before cutting, framing, and assembling the structure. The challenge builds accuracy, focus, and confidence, making it ideal for homeschooling, high school engineering projects, and blueprint reading practice tools.
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A 2025 example: Tutor Perini’s Manhattan Tunnel award
Tutor Perini reported a $1.18 billion Manhattan Tunnel project award in New York in 2025. In its 2025 Form 10-K, the company reported $20.56 billion of total backlog at December 31, 2025, including $7.43 billion in new awards and contract adjustments during 2025. It recognized $5.54 billion of revenue during that year.
The company also estimated that approximately $6 billion, or approximately 29%, of its backlog at December 31, 2025 would be recognized as revenue in 2026. These figures describe Tutor Perini, not the construction industry as a whole. They show why an individual award, year-end backlog and revenue recognized in a particular year are different measures; the $1.18 billion award should not be treated as $1.18 billion of revenue in 2025.
Rank #4
- 6-in-1 Multi-Functional Design】：This construction vehicle building set includes 6 assembly options, allowing kids to create model cars and construction vehicles like excavators, bulldozers, and cranes. Assemble one model at a time, with the flexibility to disassemble and rebuild for endless fun. Perfect for boys and girls aged 4-6-16 and a great STEM toy for kids aged 4-6-12-16.
- 【Inspires Creativity and Hands-On Skills】：With 6 unique building set options, this construction vehicle building set encourages creativity and problem-solving. Kids can enhance logical thinking, focus, and fine motor skills through assembling and reassembling. A great screen-free activity for kids who love cars and toys.
- 【Perfect for Parent-Child Bonding】：The 1-2 hour assembly process makes this construction vehicle building set an ideal parent-child bonding toy. Building together creates lasting memories and strengthens family bonds. A fun indoor activity for family fun and group play, especially for boys who enjoy building sets
- 【Ideal Gift for Any Occasion】：Combining fun and educational value, this construction vehicle building set keeps kids engaged while reducing screen time. It’s the perfect birthday gift, Christmas toy, or holiday gift for boys and girls aged 6-16, offering both enjoyment and a sense of accomplishment. A great choice for kids who love building kits.
- High-Quality and Safe Materials】：Made from eco-friendly materials with smooth edges, this construction vehicle building set ensures a safe building experience for kids. Suitable for children aged 6-16, it’s a trusted choice for parents seeking a safe and educational toy. The metal and plastic parts are durable and designed for long-lasting play.
How to assess an award or compare contractors
A headline award figure is only a starting point. Check the disclosures behind it before drawing conclusions about the contractor’s future sales or earnings.
- Confirm what qualifies for backlog. Read whether an intent to award, written notice, signed contract or notice to proceed is required, and note funding, options, protest periods or other conditions.
- Understand what the announced value covers. Determine whether it is the base contract, total potential value, a contractor’s share of a joint venture, or an amount that includes options or later phases.
- Follow the backlog roll-forward. Compare opening backlog with new awards and adjustments, revenue recognized, and other additions or removals. A high ending balance alone does not show how much new work was won or performed.
- Look at conversion timing and phase. Check whether design is underway, when notice to proceed is expected, how quickly work may ramp up, and the anticipated construction duration.
- Review revenue estimates and execution risks. Examine the progress method, cost-to-complete estimates, claims, change orders and any disclosed revisions or loss contracts. Consider funding, owner decisions, delays, scope changes and cancellation conditions.
Backlog is useful as an indicator of future work, but it is not a promise that all listed work will be performed on schedule or produce a particular level of revenue or profit. Interpret it alongside the company’s inclusion policy, project timing, revenue-recognition disclosures and changes in estimates.
Quick Recap
Best Value
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