v3.26.1
Revenue
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
Disaggregation of Revenue
The following tables disaggregate revenue by segment, end market, customer type and contract type, which the Company believes best depict how the nature, amount, timing and uncertainty of its revenue and cash flows are affected by economic factors for the three months ended March 31, 2026 and 2025.
Three Months Ended
March 31,
(in thousands)20262025
Civil segment revenue by end market:
Mass transit (includes certain transportation and tunneling projects)$449,791 $353,185 
Military facilities82,308 101,128 
Bridges61,346 51,851 
Power and energy33,125 30,611 
Detention facilities29,295 45,987 
Other41,862 27,279 
Total Civil segment revenue$697,727 $610,041 
Three Months Ended
March 31,
(in thousands)20262025
Building segment revenue by end market:
Healthcare facilities$245,783 $214,548 
Detention facilities116,445 88,004 
Government32,943 60,015 
Mass transit (includes transportation projects)32,012 29,510 
Education facilities25,965 47,990 
Other19,852 19,717 
Total Building segment revenue$473,000 $459,784 
Three Months Ended
March 31,
(in thousands)20262025
Specialty Contractors segment revenue by end market:
Mass transit (includes certain transportation and tunneling projects)$58,004 $42,595 
Healthcare facilities40,252 20,574 
Detention facilities28,529 6,652 
Commercial and industrial facilities28,331 32,190 
Multi-unit residential26,838 25,569 
Government17,272 23,444 
Other19,505 25,784 
Total Specialty Contractors segment revenue$218,731 $176,808 
Three Months Ended
March 31, 2026		Three Months Ended
March 31, 2025
(in thousands)CivilBuildingSpecialty
Contractors		TotalCivilBuildingSpecialty
Contractors		Total
Revenue by customer type:
State and local agencies$544,208 $226,053 $131,016 $901,277 $441,110 $221,175 $91,183 $753,468 
Federal agencies98,876 24,865 3,939 127,680 112,079 36,644 3,117 151,840 
Private owners
54,643 222,082 83,776 360,501 56,852 201,965 82,508 341,325 
Total revenue$697,727 $473,000 $218,731 $1,389,458 $610,041 $459,784 $176,808 $1,246,633 

Three Months Ended
March 31, 2026		Three Months Ended
March 31, 2025
(in thousands)CivilBuildingSpecialty
Contractors		TotalCivilBuildingSpecialty
Contractors		Total
Revenue by contract type:
Fixed price$622,974 $184,537 $165,577 $973,088 $538,414 $194,388 $143,245 $876,047 
Guaranteed maximum price
— 241,605 20,872 262,477 181 235,615 5,359 241,155 
Unit price68,347 — 8,355 76,702 38,017 — 16,690 54,707 
Cost plus fee and other6,406 46,858 23,927 77,191 33,429 29,781 11,514 74,724 
Total revenue$697,727 $473,000 $218,731 $1,389,458 $610,041 $459,784 $176,808 $1,246,633 
Changes in Contract Estimates that Impact Revenue
Changes to the total estimated contract revenue or cost for a given project, either due to unexpected events or revisions to management’s initial estimates, are recognized in the period in which they are determined. Revenue was negatively impacted by $3.3 million during the three months ended March 31, 2026 due to performance obligations satisfied (or partially satisfied) in prior periods. Revenue was negatively impacted by $17.4 million during the three months ended March 31, 2025 due to performance obligations satisfied (or partially satisfied) in prior periods. Refer to Note 19, Business Segments, for additional details on significant adjustments.
Remaining Performance Obligations
Remaining performance obligations represent the transaction price of firm orders for which work has not been performed and exclude unexercised contract options. As of March 31, 2026, the aggregate amounts of the transaction prices allocated to the remaining performance obligations of the Company’s construction contracts were $9.3 billion, $4.7 billion and $2.2 billion for the Civil, Building and Specialty Contractors segments, respectively. As of March 31, 2025, the aggregate amounts of the transaction prices allocated to the remaining performance obligations of the Company’s construction contracts were $9.2 billion, $4.3 billion and $2.2 billion for the Civil, Building and Specialty Contractors segments, respectively. The Company typically recognizes revenue on Civil segment projects over a period of three to five years, whereas for projects in the Building and Specialty Contractors segments, the Company typically recognizes revenue over a period of one to three years. Certain larger projects across all three segments may extend over a longer duration.