The Daily Dig
ENR published its 2026 Top 400 Contractors list last week, ranking the largest U.S. based general contractors by 2025 revenue. The top 10 tells a clear story about where volume is concentrating, which business models are winning, and which firms made moves worth paying attention to.
Turner Construction - No. 1 (held)
Turner held the top spot for the sixth consecutive year, reporting $28.3 billion in 2025 revenue, up sharply from $20.2 billion the prior year. General building accounts for 50% of their revenue and telecom for another 33%, with manufacturing, transportation, and industrial/petroleum accounting for another 16%. The listed categories total 99%.
Their new contracts figure of $38.1 billion signals a pipeline that remains strong heading into next year. At 80% CM-at-Risk, Turner operates almost entirely in that delivery model. Their $2.1 billion in international revenue reflects meaningful but measured global exposure.
Bechtel - No. 2 (held)
Bechtel reported $19.5 billion in total revenue, up from $15.9 billion in 2024. Their profile looks nothing like the other firms in this top 10. Industrial and petroleum work accounts for 62% of their revenue, with power at 17%, hazardous waste at 9%, manufacturing at 6%, and transportation at 6% making up the remainder. They report zero general building.
They carry $2.98 billion in international revenue, the second highest in the group, and their new contracts figure of $40.8 billion is the second largest among the top 10 shown. At just 3% CM-at-Risk, Bechtel is operating in a fundamentally different arena from most of the firms around them.
STO Building Group - No. 3 (up from No. 6)
The biggest mover in the upper rankings. STO jumped three spots to claim third place with $15.6 billion in revenue, up from $12 billion in 2024. Their market profile is almost entirely vertical: 77% general building and 23% telecom, with nothing in power, transportation, or industrial.
At 84% CM-at-Risk, STO is one of the most delivery model concentrated firms in the top 10. Their $22.2 billion in new contracts against $15.6 billion in current revenue shows a firm winning work well ahead of where their revenue currently sits.
Kiewit Corp. - No. 4 (down from No. 3)
Kiewit slipped one spot despite reporting $15.3 billion in revenue. Their market mix is the most diversified in the top 10: 38% power, 29% transportation, 14% water/sewer/waste, 8% industrial/petroleum, 7% general building, and 4% telecom. That breadth is Kiewit's structural advantage, though it also means their exposure to any single sector surge is limited.
Their new contracts number of $41.4 billion is the highest in the top 10, approximately 2.7 times their current revenue, pointing to significant work in the pipeline across their civil and infrastructure markets. At 17% CM-at-Risk, the data shows Kiewit is not operating primarily as a CM firm.
Whiting-Turner - No. 5 (down from No. 4)
Whiting-Turner reported $14.7 billion in revenue, dropping one spot. Their work is heavily weighted toward general building at 65% and telecom at 27%, with manufacturing, industrial/petroleum, and transportation accounting for the remaining 8%. At 71% CM-at-Risk, they sit firmly in the commercial building space.
Every dollar they earned was domestic, with zero international revenue reported. Their new contracts figure of $16.6 billion sits on the lower end of the top 10, though at roughly 1.13 times their current revenue it remains a healthy forward ratio.
MasTec - No. 6 (down from No. 5)
MasTec slipped one spot with $14.3 billion in revenue. Their business is built on power at 45%, with telecom at 25%, industrial/petroleum at 16%, and transportation at 9%. Water/sewer/waste and general building account for another 3%, with the remaining 2% not shown in the listed categories. MasTec is one of two firms in the top 10 reporting 0% CM-at-Risk, alongside Fluor, consistent with their work across utility, energy, and infrastructure sectors.
Their new contracts figure of $19.6 billion represents a ratio of approximately 1.37 times their current revenue.
DPR Construction - No. 7 (up from No. 8)
DPR moved up one spot with $14 billion in revenue. Their most distinctive number is telecom at 57%, the second highest telecom percentage in the top 10 behind HITT's 82%. Combined with 90% CM-at-Risk, general building at 29%, industrial/petroleum at 11%, and manufacturing at 2%, DPR's profile is heavily oriented toward ENR's telecom category.
Their new contracts figure of $26.1 billion is notably larger than their current revenue, which likely reflects the multi-year duration of the large projects they are winning rather than any near-term capacity issue.
HITT Contracting - No. 8 (up from No. 10)
HITT climbed two spots to No. 8 with $13 billion in revenue. Their profile is the most concentrated in the entire top 10: 82% in ENR's telecom category, the highest telecom percentage of any firm on this list, and 100% CM-at-Risk. They report zero international revenue and nothing in power, water, transportation, or industrial. General building accounts for 15%, with manufacturing at 3%.
HITT is heavily concentrated in one sector under one delivery model, operating entirely on U.S. soil. The fact that a firm with that profile sits at No. 8 nationally is a strong signal of how much volume ENR's telecom category is generating right now.
Fluor - No. 9 (down from No. 7)
Fluor dropped two spots to No. 9 with $10.9 billion in revenue. They carry the highest international revenue in the top 10 by a significant margin: $4.24 billion of their $10.9 billion total came from outside the U.S. Their work is concentrated in industrial and petroleum at 66%, hazardous waste at 13%, and transportation at 8%, with general building at 4%, power at 3%, and manufacturing at 1%. Those listed categories account for 95% of Fluor's reported revenue.
At 0% CM-at-Risk, Fluor is one of two firms in the top 10 reporting no CM-at-Risk revenue, alongside MasTec. Their new contracts figure of $11.96 billion produces the lowest new-contracts-to-revenue ratio in the top 10 at approximately 1.10 times. It is still the number that stands out most when scanning across the full top 10.
Mortenson - No. 10 (up from No. 22)
The most dramatic move in the entire top 10. Mortenson jumped 12 spots in a single year, reporting $10.85 billion in 2025 revenue compared to $6.7 billion in 2024. Their mix shows 45% in ENR's telecom category, 33% power, and 20% general building, with transportation and manufacturing accounting for the remaining 2%.
At 60% CM-at-Risk and zero international revenue, Mortenson is a domestic operator. Their new contracts figure of $13.85 billion suggests the momentum is continuing.
Snapshot:
Source: ENR
TheJobWalk Thoughts
ENR's telecom category shows up clearly among the biggest movers in this top 10. DPR gained one spot, HITT gained two, and Mortenson gained twelve. All three carry heavy exposure to ENR's telecom category, power, or both. STO's three-spot jump with 77% general building shows that upward movement is not limited to those sectors alone.
The firms that slipped tell different stories. Kiewit and MasTec are heavily tied to power and infrastructure. Fluor is concentrated in industrial and petroleum. Whiting-Turner, despite carrying 65% general building and 27% telecom, dropped one spot. The market is not moving uniformly, but the data makes clear that exposure to ENR's telecom category and power is sitting behind several of the biggest upward moves in these rankings.
The new contracts figures deserve more attention than they usually get. Kiewit's $41.4 billion leads the top 10, sitting just ahead of Bechtel's $40.8 billion. Both numbers are well above their current revenue and point to significant future volume across civil, infrastructure, industrial, and energy sectors. For subs and suppliers in those markets, getting in front of procurement teams at both firms now, before awards convert to execution, is where the opportunity sits.
Fluor carries the lowest new-contracts-to-revenue ratio in the top 10 at approximately 1.10 times current revenue. Every other firm in this group has a higher ratio. At 0% CM-at-Risk and with the top 10's largest international revenue share, Fluor is operating in a different context from most firms on this list. The ratio is still the number that separates them from the rest of the top 10, and it is worth watching as the 2027 rankings take shape.
