- FNF Construction - AZ
- 2026
- 23
- 8
- 34.78%
- $557,591,290
- 8.00%
- 9.60%
- 4.31%
- $791,440,730
- FNF Construction - NM
- 2026
- 7
- 2
- 28.57%
- $12,814,713
- 8.28%
- 20.28%
- 9.51%
- $126,482,537
- FNF Construction - TX
- 2026
- 11
- 4
- 36.36%
- $174,110,641
- 9.68%
- 19.91%
- 9.96%
- $292,985,335
- FNF Construction - CO
- 2026
- 19
- 3
- 15.79%
- $18,242,873
- 6.58%
- 16.03%
- 8.48%
- $267,243,644

FNF maintains a robust **$370M** remaining backlog, with near-term cash flow supported by active projects such as Agua Fria Freeway (**$169.5M** remaining) and Gas Line Rd (**$99.2M** remaining). Recent bid wins in 2026, including Ehrenberg Phx Hwy (**$29.2M**), will sustain revenue recognition over the next several months at current burn rates.
Medium-term Outlook (6-12 months)
Backlog execution across the top five projects, totaling over **$300M** in remaining value, should drive steady cash inflows through mid-2027, bolstered by a 31.6% success rate on **$476M** in 2026 bids. Contract durations averaging 300-500 months indicate prolonged but predictable revenue streams from highway and freeway work.
Key Risk Period
The period following completion of 2025-2026 bid awards poses the highest risk, as multiple large projects with 240-450 month durations may exhaust remaining balances by late 2027 without new wins to replenish the **$370M** pipeline. Declining average left on low from 9.32% in 2026 versus prior years could pressure margins during this transition.
Recommendations
Prioritize bidding on high-volume AZDOT opportunities to maintain a minimum **$200M** annual low-bid target and diversify the backlog beyond the two largest projects. Implement monthly cash flow modeling tied to the **$369.8M** backlog to identify any acceleration needs on long-duration contracts.
- Gateway Freeway (024-A-(201)T) (000-A-(201)T)
- ADOT
- 10/2/26
- Benson Steins San Simon (010-F-(240)T)
- ADOT
- 8/21/26
- Ehrenberg Phx Hwy Dome Rock (010-A (240)T)
- ADOT
- 7/10/26
- Bagdad Hillside SR 96 (096-A-(200)T)
- ADOT
- 5/15/26
- Kingman Wickenburg US 93 (093-B-(227)T)
- ADOT
- 5/8/26
- Flagstaff Holbrook Hwy (040-D(250)T)
- ADOT
- 3/6/26
- Kingman Ash Fork US93 (040-B-(234)T)
- ADOT
- 2/13/26
- Agua Fria Freeway (101-A(218)T)
- ADOT
- 2/6/26
- Gateway Freeway (024-A-(201)T) (000-A-(201)T)
- ADOT
- $267,876,760
- 10/2/26
- Madera Canyon Medium Wash Florida Wash Bridge Replacements
- Pima County
- $7,239,371
- 9/3/26
- Seed Farm Road Reconstruction
- GRIC
- $3,176,548
- 8/26/26
- Benson Steins San Simon (010-F-(240)T)
- ADOT
- $36,933,626
- 8/21/26
- Globe Lordsburg US 70 (070-A-(228)T)
- ADOT
- $10,338,425
- 7/31/26
- Holbrook Lupton I 40 (040-E-NFA) (230)T)
- ADOT
- $34,910,754
- 7/17/26
- Ehrenberg Phx Hwy Dome Rock (010-A (240)T)
- ADOT
- $29,165,817
- 7/10/26
- Colorado River Indian Tribes CRIR 60 Weir Bridge H035
- Colorado River Tribes
- $2,564,792
- 6/2/26
- Colorado River Indian Tribes CRIR 60 Weir Bridge H036
- Colorado River Tribes
- $2,514,901
- 6/2/26
- Bagdad Hillside SR 96 (096-A-(200)T)
- ADOT
- $9,480,448
- 5/15/26
- Kingman Wickenburg US 93 (093-B-(227)T)
- ADOT
- $9,631,964
- 5/8/26
- Wickenburg Kingman (093-B-(224)T)
- ADOT
- $6,178,609
- 5/1/26
- Holbrook Springerville (180-B-(211)T)
- ADOT
- $11,221,086
- 4/24/26
- Kingman Ash Fork Markham (040-B-(237)T)
- ADOT
- $19,822,633
- 4/3/26
- Flying Fortress Parkway Phase II Grand Canyon Rd Airway (REBID)
- Kingman
- $18,205,741
- 3/24/26
- Flagstaff Holbrook Hwy (040-D(250)T)
- ADOT
- $3,994,253
- 3/6/26
- Gila Bend Lukeville (085-A-(211)T)
- ADOT
- $12,662,959
- 2/27/26
- Payson Show Low Lion Springs (260-B(225)T)((226)S)
- ADOT
- $77,806,847
- 2/20/26
- Kingman Ash Fork US93 (040-B-(234)T)
- ADOT
- $8,125,968
- 2/13/26
- Yavapai Crookton Rd (YYV-0-(225)T)
- ADOT
- $2,566,142
- 2/6/26
- Agua Fria Freeway (101-A(218)T)
- ADOT
- $192,382,454
- 2/6/26
- Williams Grand Canyon (064-A-(208)T)
- ADOT
- $22,870,010
- 1/30/26
- Wickenburg Phx (060-B-NFA) (060-A-NFA) (REBID)
- ADOT
- $1,770,622
- 1/30/26
- Gateway Freeway (024-A-(201)T) (000-A-(201)T)
- ADOT
- $267,876,760
- 12/01/26
- 940
- 0%
- -
- $267,876,760
- Wickenburg Phx (060-B-NFA) (060-A-NFA) (REBID)
- ADOT
- $36,933,626
- 10/20/26
- 500
- 2.6%
- $2,216,018
- $35,973,352
- Wickenburg Phx (060-B-NFA) (060-A-NFA) (REBID)
- ADOT
- $29,165,817
- 09/08/26
- 270
- 20.4%
- $3,240,646
- $23,224,632
- Wickenburg Phx (060-B-NFA) (060-A-NFA) (REBID)
- ADOT
- $9,480,448
- 07/14/26
- 450
- 24.7%
- $632,030
- $7,141,937
- Wickenburg Phx (060-B-NFA) (060-A-NFA) (REBID)
- ADOT
- $9,631,964
- 07/07/26
- 300
- 39.3%
- $963,196
- $5,843,391
- Wickenburg Phx (060-B-NFA) (060-A-NFA) (REBID)
- ADOT
- $3,994,253
- 05/05/26
- 300
- 60.3%
- $399,425
- $1,584,387
- Wickenburg Phx (060-B-NFA) (060-A-NFA) (REBID)
- ADOT
- $8,125,968
- 04/14/26
- 240
- 84.2%
- $1,015,746
- $1,286,612
- Wickenburg Phx (060-B-NFA) (060-A-NFA) (REBID)
- ADOT
- $192,382,454
- 04/07/26
- 1070
- 19.5%
- $5,393,901
- $154,804,947
- Wickenburg Phx (060-B-NFA) (060-A-NFA) (REBID)
- ADOT
- $21,154,661
- 01/13/26
- 400
- 73.3%
- $1,586,600
- $5,658,872
- Wickenburg Phx (060-B-NFA) (060-A-NFA) (REBID)
- ADOT
- $19,479,342
- 01/06/26
- 330
- 90.9%
- $1,770,849
- $1,770,849
- Wickenburg Phx (060-B-NFA) (060-A-NFA) (REBID)
- ADOT
- $41,781,775
- 11/04/25
- 540
- 67.2%
- $2,321,210
- $13,695,137
- Wickenburg Phx (060-B-NFA) (060-A-NFA) (REBID)
- ADOT
- $151,062,011
- 10/14/25
- 880
- 43.6%
- $5,149,841
- $85,144,043
- Wickenburg Phx (060-B-NFA) (060-A-NFA) (REBID)
- ADOT
- $48,750,981
- 12/03/24
- 800
- 87.4%
- $1,828,162
- $6,154,811
- $26,517,624
- $610,159,730




