| Segment Information |
11. Segment Information Our activities are within the mechanical services industry and the electrical services industry, which represent our two reportable segments. We aggregate our operating segments into two reportable segments, as the operating segments meet all of the aggregation criteria. The following tables present information about our reportable segments (in thousands): | | | | | | | | | | | | | | | Mechanical Segment | | Electrical Segment | | Corporate | | Consolidated | Total assets at June 30, 2026 | | $ | 4,391,510 | | $ | 2,254,819 | | $ | 1,841,477 | | $ | 8,487,806 | Total assets at December 31, 2025 | | $ | 3,683,678 | | $ | 1,765,570 | | $ | 991,921 | | $ | 6,441,169 |
| | | | | | | | | | | | | | | Three Months Ended June 30, 2026 | | | Mechanical Segment | | Electrical Segment | | Corporate | | Consolidated | Revenue | | $ | 2,296,667 | | $ | 968,989 | | $ | — | | $ | 3,265,656 | Cost of services | | | 1,708,157 | | | 713,271 | | | — | | | 2,421,428 | Gross profit | | | 588,510 | | | 255,718 | | | — | | | 844,228 | Selling, general and administrative expenses | | | 162,398 | | | 101,825 | | | 22,824 | | | 287,047 | Gain on sale of assets | | | (626) | | | (159) | | | — | | | (785) | Operating income (loss) | | $ | 426,738 | | $ | 154,052 | | $ | (22,824) | | $ | 557,966 | Reconciliation to income before income taxes: | | | | | | | | | | | | | Other income (expense) | | | | | | | | | | | | 8,277 | Income before income taxes | | | | | | | | | | | $ | 566,243 | | | | | | | | | | | | | | Amortization of identifiable intangible assets | | $ | 10,429 | | $ | 12,845 | | $ | — | | $ | 23,274 | Depreciation expense | | $ | 16,408 | | $ | 3,243 | | $ | 385 | | $ | 20,036 | Capital expenditures | | $ | 131,818 | | $ | 9,185 | | $ | 361 | | $ | 141,364 | | | | | | | | | | | | | | | | Three Months Ended June 30, 2025 | | | Mechanical Segment | | Electrical Segment | | Corporate | | Consolidated | Revenue | | $ | 1,638,672 | | $ | 534,647 | | $ | — | | $ | 2,173,319 | Cost of services | | | 1,264,066 | | | 399,356 | | | — | | | 1,663,422 | Gross profit | | | 374,606 | | | 135,291 | | | — | | | 509,897 | Selling, general and administrative expenses | | | 137,074 | | | 55,235 | | | 18,157 | | | 210,466 | Gain on sale of assets | | | (371) | | | (71) | | | — | | | (442) | Operating income (loss) | | $ | 237,903 | | $ | 80,127 | | $ | (18,157) | | $ | 299,873 | Reconciliation to income before income taxes: | | | | | | | | | | | | | Other income (expense) | | | | | | | | | | | | (3,389) | Income before income taxes | | | | | | | | | | | $ | 296,484 | | | | | | | | | | | | | | Amortization of identifiable intangible assets | | $ | 14,266 | | $ | 5,525 | | $ | — | | $ | 19,791 | Depreciation expense | | $ | 12,093 | | $ | 2,458 | | $ | 305 | | $ | 14,856 | Capital expenditures | | $ | 24,879 | | $ | 6,093 | | $ | 301 | | $ | 31,273 |
| | | | | | | | | | | | | | | Six Months Ended June 30, 2026 | | | Mechanical Segment | | Electrical Segment | | Corporate | | Consolidated | Revenue | | $ | 4,357,289 | | $ | 1,773,699 | | $ | — | | $ | 6,130,988 | Cost of services | | | 3,214,502 | | | 1,317,846 | | | — | | | 4,532,348 | Gross profit | | | 1,142,787 | | | 455,853 | | | — | | | 1,598,640 | Selling, general and administrative expenses | | | 318,912 | | | 181,679 | | | 55,452 | | | 556,043 | Gain on sale of assets | | | (973) | | | (114) | | | — | | | (1,087) | Operating income (loss) | | $ | 824,848 | | $ | 274,288 | | $ | (55,452) | | $ | 1,043,684 | Reconciliation to income before income taxes: | | | | | | | | | | | | | Other income (expense) | | | | | | | | | | | | 4,705 | Income before income taxes | | | | | | | | | | | $ | 1,048,389 | | | | | | | | | | | | | | Amortization of identifiable intangible assets | | $ | 21,206 | | $ | 22,462 | | $ | — | | $ | 43,668 | Depreciation expense | | $ | 31,644 | | $ | 6,201 | | $ | 757 | | $ | 38,602 | Capital expenditures | | $ | 272,032 | | $ | 15,814 | | $ | 991 | | $ | 288,837 | | | | | | | | | | | | | | | | Six Months Ended June 30, 2025 | | | Mechanical Segment | | Electrical Segment | | Corporate | | Consolidated | Revenue | | $ | 3,040,887 | | $ | 963,718 | | $ | — | | $ | 4,004,605 | Cost of services | | | 2,361,762 | | | 729,530 | | | — | | | 3,091,292 | Gross profit | | | 679,125 | | | 234,188 | | | — | | | 913,313 | Selling, general and administrative expenses | | | 269,344 | | | 99,281 | | | 36,715 | | | 405,340 | Gain on sale of assets | | | (723) | | | (275) | | | — | | | (998) | Operating income (loss) | | $ | 410,504 | | $ | 135,182 | | $ | (36,715) | | $ | 508,971 | Reconciliation to income before income taxes: | | | | | | | | | | | | | Other income (expense) | | | | | | | | | | | | (4,475) | Income before income taxes | | | | | | | | | | | $ | 504,496 | | | | | | | | | | | | | | Amortization of identifiable intangible assets | | $ | 28,856 | | $ | 11,050 | | $ | — | | $ | 39,906 | Depreciation expense | | $ | 23,497 | | $ | 4,761 | | $ | 608 | | $ | 28,866 | Capital expenditures | | $ | 43,298 | | $ | 9,632 | | $ | 551 | | $ | 53,481 |
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