Centuri ended 2025 with a $5.9 billion backlog, up 59% from the prior year, 82% of which was MSA work. For 2026, the company already has approximately $1.1 billion in year-to-date bookings, covering over 85% of the midpoint of its 2026 base revenue guidance.
Electrification generated about $5 billion in revenue in '22, and we now expect that number to be $13.5 billion to $14 billion in '26, and we are just getting started. Total backlog hit a record $150 billion at year-end 2025. That's not a quarterly number, that's a multi-year revenue runway already locked in.