v3.26.1
Business Segments
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Business Segments Business Segments
The Company offers general contracting, pre-construction planning and comprehensive project management services, including planning and scheduling of manpower, equipment, materials and subcontractors required for the timely completion of a project in accordance with the terms and specifications contained in a construction contract. The Company also offers self-performed construction services: site work, concrete forming and placement, steel erection, electrical, mechanical, plumbing, and HVAC (heating, ventilation and air conditioning). As described below, the Company’s business is conducted through three segments: Civil, Building and Specialty Contractors. These segments are determined based on how management aggregates its business units for making operating decisions and assessing performance, which takes into account certain qualitative and quantitative factors. The Company’s Chief Executive Officer and President, who is the Company’s chief operating decision maker (“CODM”), reviews information for each segment to evaluate performance and allocate resources. The CODM evaluates segment performance by comparing each segment’s historical, actual and forecasted revenue and operating income on a regular basis.
The Civil segment specializes in public works construction and the replacement and reconstruction of infrastructure. The contracting services provided by the Civil segment include construction and rehabilitation of highways, bridges, tunnels, mass-transit systems, military facilities, and water management and wastewater treatment facilities.
The Building segment has significant experience providing services for private and public works customers in a number of specialized building markets, including: hospitality and gaming, transportation, healthcare, commercial offices, government facilities, sports and entertainment, education, correctional and detention facilities, biotech, pharmaceutical, industrial and technology.
The Specialty Contractors segment specializes in electrical, mechanical, plumbing, HVAC and fire protection systems for a full range of civil and building construction projects in the industrial, commercial, hospitality and gaming, and mass-transit end markets. This segment is strategically important to the Company because various business units within the segment participate in many of the Company’s larger Civil and Building segment projects. In addition, the segment provides unique strengths and capabilities that allow the Company to position itself as a full-service contractor in key geographic markets with greater control over scheduled work, project delivery, and cost and risk management.
To the extent that a contract is co-managed and co-executed among segments, the Company allocates the share of revenues and costs of the contract to each segment to reflect the shared responsibilities in the management and execution of the project.
The following tables set forth certain reportable segment information relating to the Company’s operations for the three months ended March 31, 2026 and 2025:
Reportable Segments
(in thousands)CivilBuildingSpecialty
Contractors		TotalCorporateConsolidated
Total
Three Months Ended March 31, 2026
Total revenue$744,816 $498,137 $218,731 $1,461,684 $— $1,461,684 
Elimination of intersegment revenue(47,089)(25,137)— (72,226)— (72,226)
Revenue from external customers$697,727 $473,000 $218,731 $1,389,458 $— $1,389,458 
Reconciliation of revenue to income (loss) from construction operations
Less:
Cost of operations$588,654 $443,031 $203,140 $1,234,825 $— $1,234,825 
General and administrative expenses(a)
21,344 13,625 15,024 49,993 45,458 95,451 
Income (loss) from construction operations$87,729 $16,344 $567 $104,640 
(b)
$(45,458)

$59,182 
Capital expenditures$15,461 $373 $1,150 $16,984 $1,010 $17,994 
Depreciation and amortization(c)
$10,033 $519 $602 $11,154 $317 $11,471 
Three Months Ended March 31, 2025
Total revenue$645,003 $488,324 $176,808 $1,310,135 $— $1,310,135 
Elimination of intersegment revenue(34,962)(28,540)— (63,502)— (63,502)
Revenue from external customers$610,041 $459,784 $176,808 $1,246,633 $— $1,246,633 
Reconciliation of revenue to income (loss) from construction operations
Less:
Cost of operations$508,773 $436,288 $167,171 $1,112,232 $— $1,112,232 
General and administrative expenses(a)
21,668 13,037 16,748 51,453 17,623 69,076 
Income (loss) from construction operations$79,600 $10,459 $(7,111)$82,948 $(17,623)

$65,325 
Capital expenditures$26,850 $1,016 $840 $28,706 $1,398 $30,104 
Depreciation and amortization(c)
$10,690 $527 $604 $11,821 $753 $12,574 
____________________________________________________________________________________________________
(a)General and administrative expenses for the three months ended March 31, 2026 and 2025 included share-based compensation expense of $30.1 million ($29.6 million after tax, or $0.55 per diluted share) and $6.6 million ($6.4 million after tax, or $0.12 per diluted share), respectively. The increase in share-based compensation expense in the first quarter of 2026 was primarily due to the Company’s stock price being substantially higher in 2026 as compared to the same period of 2025, which impacted the fair value of liability-classified awards. These awards are remeasured at fair value at the end of each reporting period with the change recognized in earnings.
(b)During the three months ended March 31, 2026, the Company’s income (loss) from construction operations was impacted by an unfavorable adjustment of $16.4 million ($12.3 million attributable to the Company and $8.9 million after tax, or $0.17 per diluted share) on a Civil segment mass-transit project in California primarily due to changes in estimates resulting from ongoing negotiations of change orders with the owner and subcontractors, as well as other temporary impacts related to unapproved change orders.
(c)Depreciation and amortization is included in income (loss) from construction operations.
Total assets by segment were as follows:
(in thousands)As of March 31,
2026		As of December 31,
2025
Civil$4,631,392 $4,348,288 
Building1,376,425 1,354,282 
Specialty Contractors421,828 397,750 
Corporate and other(a)
(1,292,066)(939,898)
Total assets$5,137,579 $5,160,422 
____________________________________________________________________________________________________
(a)Consists principally of cash, equipment, tax-related assets and insurance-related assets, offset by the elimination of assets related to intersegment revenue.

Geographic Information
Information concerning principal geographic areas is as follows:
Three Months Ended March 31,
(in thousands)20262025
Revenue:
United States$1,266,970 $1,107,706 
Foreign and U.S. territories122,488 138,927 
Total revenue$1,389,458 $1,246,633 

(in thousands)As of March 31,
2026		As of December 31,
2025
Assets:
United States$4,557,424 $4,604,866 
Foreign and U.S. territories580,155 555,556 
Total assets$5,137,579 $5,160,422 

Major Customers

Revenue from a single customer with multiple projects, impacting the Civil, Building and Specialty Contractors segments, represented 13.3% and 15.6% of the Company’s consolidated revenue for the three months ended March 31, 2026 and 2025, respectively. Revenue from an additional customer with multiple projects, impacting the Civil, Building and Specialty Contractors segments, represented 12.6% of the Company’s consolidated revenue for the three months ended March 31, 2026.
Reconciliation of Segment Information to Consolidated Amounts
A reconciliation of segment results to the consolidated income before income taxes is as follows:
Three Months Ended March 31,
(in thousands)20262025
Income from construction operations$59,182 $65,325 
Other income, net10,726 4,688 
Interest expense(13,397)(14,352)
Income before income taxes$56,511 $55,661