v3.26.1
Revenue from Contracts with Customers (Tables)
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Schedule of the Disaggregation of Revenue
The following tables present revenue disaggregated by contract type:
Three months ended March 31, 2026E&MT&DTotal
(In thousands)
Fixed-price$430,271 $104,273 $534,544 
Cost reimbursable*393,476 65,556 459,032 
Unit-price
11,377 34,634 46,011 
Total contract revenues835,124 204,463 1,039,587 
Eliminations(33)(2,601)(2,634)
Total operating revenues
$835,091 $201,862 $1,036,953 
__________________
*Includes time and material, time and equipment, and cost reimbursable plus fee contracts.
Three months ended March 31, 2025E&MT&DTotal
(In thousands)
Fixed-price$350,566 $93,603 $444,169 
Cost reimbursable*285,886 62,983 348,869 
Unit-price11,775 28,429 40,204 
Total contract revenues648,227 185,015 833,242 
Eliminations(4,236)(2,377)(6,613)
Total operating revenues
$643,991 $182,638 $826,629 
__________________
*Includes time and material, time and equipment, and cost reimbursable plus fee contracts.
The following table presents revenue disaggregated by customer type:
Three months ended March 31,
20262025
(In thousands)
Commercial
$654,821 $419,312 
Industrial
78,367 86,363 
Institutional
61,742 103,328 
Service & other
24,650 26,447 
Renewables
15,544 12,777 
Total E&M
835,124 648,227 
Utility
184,327 165,054 
Transportation
20,136 19,961 
Total T&D
204,463 185,015 
Eliminations
(2,634)(6,613)
Total operating revenues
$1,036,953 $826,629 
Summary of Uncompleted Contracts and Contract Assets and Contract Liabilities
Costs, estimated earnings and billings on uncompleted contracts were summarized as follows as of:
March 31, 2026December 31, 2025
(In thousands)
Costs incurred on uncompleted contracts
$6,432,746 $8,036,495 
Estimated earnings
909,542 1,172,516 
Costs and estimated earnings on uncompleted contracts
7,342,288 9,209,011 
Less: billings to date
(7,429,189)(9,258,355)
Net contract liabilities
$(86,901)$(49,344)
Contract assets and Contract liabilities, net consisted of the following as of:
March 31, 2026December 31, 2025
(In thousands)
Unbilled revenue
$192,366 $187,902 
Retainage
65,692 67,865 
Contract assets
$258,058 $255,767 
Deferred revenue
$467,325 $417,415 
Accrued loss provision
1,593 1,965 
Less: retainage
(123,959)(114,269)
Contract liabilities, net
$344,959 $305,111 
The following table presents the opening and closing balances of contract assets (liabilities) as of:
March 31, 2026December 31, 2025
Contract Assets
Contract Liabilities, Net
Net Contract Assets (Liabilities)
Contract Assets
Contract Liabilities, Net
Net Contract Assets (Liabilities)
(In thousands)
Balance at beginning of period
$255,767 $(305,111)$(49,344)$167,049 $(207,304)$(40,255)
Net change during period
2,291 (39,848)(37,557)88,718 (97,807)(9,089)
Balance at end of period
$258,058 $(344,959)$(86,901)$255,767 $(305,111)$(49,344)
Summary of Remaining Performance Obligations and Expected Revenue Recognition The table below shows additional information regarding the Company’s remaining performance obligations as of March 31, 2026, including an estimate of when the Company expects to recognize its remaining performance obligations as revenues:
Within 12 monthsGreater than 12 months
(In thousands)
E&M
$2,333,215 $410,733 
T&D
268,519 81,822 
Total
$2,601,734 $492,555