Contracts with Customers (Tables)

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

The Company’s contracts contain both fixed-price and cost reimbursable components. Contract types are based on the component that represents the majority of the contract. The following table presents revenue disaggregated by contract type (in thousands):



	March 31, 2026		March 31, 2025
Fixed-Price	$	470,903	$	574,573
Time-and-Materials		372,845		347,090
Cost-Plus		647,428		632,697
Total	$	1,491,176	$	1,554,360

Summary of Contract Assets and Contract Liabilities

Contract assets and contract liabilities balances at March 31, 2026 and December 31, 2025 were as follows (in thousands):


	March 31, 2026		December 31, 2025
Contract assets	$	1,021,848	$	915,806
Contract liabilities		359,760		340,113
Net contract assets (liabilities) (1)	$	662,088	$	575,693

(1)

Total contract retentions included in net contract assets (liabilities) were $120.5 million as of March 31, 2026, of which $60.6 million are not expected to be paid in the next 12 months. Total contract retentions included in net contract assets (liabilities) were $114.6 million as of December 31, 2025. Contract assets at March 31, 2026 and December 31, 2025 include $58.9 million and $58.9 million, respectively, related to net claim recoveries. For the three months ended March 31, 2026 and March 31, 2025, there were no material losses recognized related to the collectability of claims, unapproved change orders, and requests for equitable adjustment.

Summary of Changes in Contract Assets and Contract Liabilities

Certain changes in contract assets and contract liabilities consisted of the following (in thousands):


	March 31, 2026		December 31, 2025
Acquired contract assets	$	12,066	$	6,533
Acquired contract liabilities		1,200		12,301

Summary of Accounts Receivable, Net

Accounts receivable, net consisted of the following as of March 31, 2026 and December 31, 2025 (in thousands):


	2026			2025
Billed	$	665,606		$	732,414
Unbilled		434,855			395,889
Total accounts receivable, gross		1,100,461			1,128,303
Allowance for doubtful accounts		(3,886	)		(3,886	)
Total accounts receivable, net	$	1,096,575		$	1,124,417

Summary of Remaining Unsatisfied Performance Obligations Expect to Satisfy

The Company expects to satisfy its RUPO as of March 31, 2026 over the following periods (in thousands):


Period RUPO Will Be Satisfied	Within One Year		Within One to Two Years		Thereafter
Federal Solutions	$	1,534,828	$	434,556	$	152,666
Critical Infrastructure		2,624,140		1,326,701		1,009,923
Total	$	4,158,968	$	1,761,257	$	1,162,589