Skanska Q3 2026 Report: Record SEK 328 Billion Backlog Led by U.S. Data Centers

Skanska's Q3 2026 report shows a record construction order backlog of SEK 328.3 billion at September 30, driven by U.S. data center and advanced manufacturing work, with third-quarter construction order bookings of SEK 68.0 billion, up 67% adjusted for currency, the company said in its interim report released November 5, 2026 (Skanska). It was the second straight quarter of record order intake for the Swedish contractor, which booked roughly 70% of its quarterly new work in the United States (Construction Dive).

What Happened

Skanska reported third-quarter revenue of SEK 49.4 billion, up from SEK 43.7 billion a year earlier and up 12% adjusted for currency. Operating income rose 52% to SEK 2.1 billion from SEK 1.4 billion, and earnings per share were SEK 4.14 compared with SEK 3.07. Cash flow from operations was SEK 2.8 billion, compared with SEK 0.0 billion in the same quarter of 2025 (Skanska).

The construction business carried the quarter. Construction operating income was SEK 2,282 million, up from SEK 1,766 million, and the operating margin improved to 5.0% from 4.2%. Construction order bookings reached SEK 68.0 billion, compared with SEK 39.9 billion a year earlier. The rolling 12-month book-to-build ratio climbed to 128%, up from 106% a year ago and 114% at the end of June (Skanska).

The order backlog of SEK 328.3 billion is an all-time high for the company, up from SEK 297.5 billion at June 30 and SEK 264.4 billion a year earlier. Skanska said the backlog corresponds to 22 months of production. President and CEO Anders Danielsson wrote that “the Construction stream ended the quarter with the largest order backlog in Skanska's history” (Skanska).

The U.S. Share

U.S. new work totaled SEK 46.9 billion in the quarter, roughly 70% of Skanska's construction bookings, according to Construction Dive, which converted the quarter's total order intake to about $6.94 billion. Construction Dive also reported that data centers and semiconductor facilities accounted for SEK 22.7 billion, about a third of the quarter's bookings.

Skanska's list of major third-quarter orders was dominated by U.S. projects (Skanska):

• A data center for an existing customer, SEK 11.2 billion
• A light rail transit project for LA Metro, SEK 8.9 billion
• A high-tech facility for a confidential customer, SEK 3.6 billion
• A pier for NAVFAC Mid-Atlantic, SEK 2.5 billion
• A second data center for an existing customer, SEK 2.2 billion

The mix lines up with what WCG has tracked this fall, including Skanska's $418 million in school and university contracts and the East San Fernando Valley light rail groundbreaking in Los Angeles. Skanska's report does not name the LA Metro project behind the SEK 8.9 billion order.

Where Things Stand

Danielsson told Construction Dive that the company stays selective on data center work: “We turn down projects where we don't see that we can hook up with the right partners there.” He added, “Our biggest mitigation is to continue to be selective.” On U.S. civil work, he pointed to states including Florida, Utah and Arizona and said, “My experience is, one thing they're reliable on is to invest in traditional infrastructure” (Construction Dive).

The development side remained weaker. Skanska recorded SEK 378 million in commercial property development impairment charges, mostly related to unsold completed properties in the United States. Residential development posted a third-quarter operating loss of SEK 369 million, including a SEK 340 million impairment on non-strategic land and a SEK 143 million goodwill impairment (Skanska). Construction Dive described the SEK 369 million figure as an impairment charge; Skanska's report presents it as the segment's operating result, with the impairments listed separately.

Implications for Owners, Developers, Contractors and Subs

• Large GC capacity is filling. A backlog equal to 22 months of production means top-tier builders can choose their work. Owners of mid-size projects may find more interest from regional general contractors than from national firms.
• Data center and high-tech demand is still concentrated. With about a third of Skanska's bookings in data centers and semiconductor facilities (Construction Dive), electrical, mechanical and controls subcontractors remain the most stretched trades.
• Selectivity shifts risk. When a major contractor says it turns down work without the right partners, owners should expect stronger scrutiny of supply chains, power availability and trade partner capacity at bid time.
• Commercial development is still soft. Impairments on unsold U.S. properties (Skanska) are a reminder that speculative office and commercial starts remain limited, even as mission-critical work grows.

What to Watch

• Whether Skanska's book-to-build stays above 100% into the fourth quarter as U.S. data center owners face more local scrutiny.
• Public infrastructure awards in Florida and other Sun Belt states, which Danielsson highlighted for civil growth (Construction Dive).
• Further write-downs in U.S. commercial property development.

Bottom Line

Skanska's third quarter confirms the pattern across large contractors this fall: record backlogs built on data centers, high-tech manufacturing and public infrastructure, with development still under pressure. Similar strength showed up in equipment demand, as WCG reported in Caterpillar's Q3 results.

Key Questions

What was Skanska's order backlog in Q3 2026?

Skanska's construction order backlog reached a record SEK 328.3 billion at September 30, 2026, equal to about 22 months of production (Skanska).

How much new work did Skanska book in the third quarter of 2026?

Skanska booked SEK 68.0 billion in construction orders in Q3 2026, up 67% adjusted for currency from SEK 39.9 billion a year earlier (Skanska).

How much of Skanska's Q3 2026 new work came from the United States?

U.S. orders totaled SEK 46.9 billion, roughly 70% of Skanska's Q3 2026 construction bookings (Construction Dive).

What were Skanska's largest U.S. contracts in Q3 2026?

Skanska's largest Q3 2026 orders were a SEK 11.2 billion data center for an existing customer and a SEK 8.9 billion light rail transit project for LA Metro (Skanska).

Related Coverage

• Skanska Books $418 Million in School and University Construction Contracts
• East San Fernando Valley Light Rail Breaks Ground on $2.43B Build
• Caterpillar Q3 Results: Record $20.7B Sales, $78B Backlog on Data Center Power

Image credit: Skanska (rendering of the Mazowiecka 21 residential development in Kraków, Poland). Image from the source article, Construction Dive.

Sources

• Skanska, “Interim report, third quarter 2026,” https://edit.skanska.com/siteassets/group/investors/financial-reports/interim-reports/2026/q3/skanska-q3-2026-en.pdf
• Construction Dive, “Skanska reports record order intake 2 quarters in a row,” https://www.constructiondive.com/news/skanska-record-order-intake-earnings-q3-2026/873921/