Skanska recorded its strongest quarterly order intake on record during the second quarter of 2026, driven by continued demand for infrastructure and data center construction projects.
The Stockholm-based contractor reported 68 billion Swedish krona, approximately $7 billion, in new orders during the quarter. The figure represents a 20% increase compared to the same period in 2025 and reflects strong activity across several of the company’s key markets.
Nearly 40 billion Swedish krona of the newly awarded work came from the United States, highlighting the importance of the North American market to Skanska’s growth strategy.
Despite the strong performance, company executives remained cautious about drawing long-term conclusions from a single quarter.
“We had a very strong quarter, but construction markets can fluctuate from one period to the next,” said Chief Financial Officer Pontus Winqvist during discussions following the company’s earnings release.
Data Centers and Infrastructure Continue to Drive Growth
Two sectors continue to play a major role in Skanska’s project pipeline: data centers and civil infrastructure.
The rapid expansion of artificial intelligence, cloud computing, and digital services has fueled demand for large-scale data center developments across North America. According to company leadership, data center projects now account for roughly 10% of Skanska’s backlog.
At the same time, transportation and public infrastructure investments continue to generate significant opportunities for contractors involved in roads, bridges, rail systems, and public facilities.
The combination of these markets has helped support steady growth even as economic uncertainty persists in some sectors.
Company Monitoring Material Cost Volatility
Like many contractors, Skanska continues to watch fluctuations in construction material costs.
Prices increased earlier in the year as global geopolitical tensions affected energy markets and transportation costs. While some materials experienced temporary price relief in June, the company noted that uncertainty remains.
Executives said risk management remains a critical part of project bidding, particularly when pricing long-term contracts that may be affected by future cost increases.
The company aims to limit exposure to sudden spikes in fuel and material expenses when evaluating new opportunities.
Data Center Restrictions Not Yet Affecting Outlook
One issue drawing attention across the construction industry is growing public concern about the impact of large data centers on power grids, water resources, and local communities.
Earlier this year, New York implemented a temporary pause on new permits for large data center developments, becoming one of the first states to take such action.
Skanska executives said they are closely monitoring regulatory developments but do not currently expect significant impacts on the company’s business.
Because the contractor typically serves as a builder rather than a project developer, permitting restrictions are more likely to affect project owners and investors than construction firms directly.
More importantly, company leaders said the overall pipeline of planned data center projects remains strong despite increased scrutiny in some markets.
Profit and Backlog Continue to Improve
Skanska reported operating profit of 2.1 billion Swedish krona during the second quarter, representing an increase of approximately 17% compared to the previous year.
The construction division generated the majority of earnings, contributing 1.8 billion Swedish krona in operating profit.
The company’s backlog also reached a new high. Skanska ended the quarter with approximately 297.5 billion Swedish krona in contracted work, an increase of about 11% year over year.
That backlog represents roughly 21 months of future construction activity, providing the company with strong visibility into future revenue.
Company leadership described the backlog as both sizable and high quality, reflecting strategic positioning in markets where demand remains strong.
Penn Station Project Among Major Wins
One of the most significant awards announced during the quarter was Skanska’s role as master developer for the estimated $8 billion Penn Station Transformation Project in New York City.
The company included approximately $70 million related to that award in its second-quarter bookings.
The project is expected to become one of the largest transportation infrastructure initiatives in the United States and further strengthens Skanska’s presence in the Northeast construction market.
Strong Momentum Heading Into the Second Half of 2026
With record order intake, growing profits, and an expanding backlog, Skanska enters the second half of 2026 in a strong position.
While company leaders remain mindful of economic uncertainty, material cost fluctuations, and evolving regulations, demand for infrastructure and digital infrastructure projects continues to create substantial opportunities.
As governments and private-sector clients increase investment in transportation networks, data centers, and large-scale development projects, Skanska’s project pipeline suggests the company is well positioned for continued growth.
