Contracts with Customers (Tables)

6 Months Ended

Jun. 30, 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):


	Three Months Ended				Six Months Ended
	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
Fixed-Price	$	468,471	$	532,135	$	939,374	$	1,106,708
Time-and-Materials		400,580		372,945		773,425		720,035
Cost-Plus		706,816		679,243		1,354,244		1,311,940
Total	$	1,575,867	$	1,584,323	$	3,067,043	$	3,138,683

Summary of Contract Assets and Contract Liabilities

Contract assets and contract liabilities balances at June 30, 2026 and December 31, 2025 were as follows (in thousands):


	June 30, 2026		December 31, 2025		$ change		% change
Contract assets (1)	$	1,077,066	$	915,806	$	161,260		17.6	%
Contract liabilities (2)		407,301		340,113		67,188		19.8	%
Net contract assets (liabilities) (3)	$	669,765	$	575,693	$	94,072		16.3	%

(1)

Contract assets includes $14.8 million and $0 of assets held for sale as of June 30, 2026 and December 31, 2025, respectively, and is reported in assets held for sale on the consolidated balance sheets. Refer to contracts held for sale section below.

(2)

Contract liabilities includes $60.7 million and $0 of liabilities held for sale as of June 30, 2026 and December 31, 2025, respectively, and is reported in liabilities held for sale on the consolidated balance sheets. Refer to contracts held for sale section below.

(3)

Total contract retentions included in net contract assets (liabilities) were $117.8 million as of June 30, 2026, of which $55.6 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 as of June 30, 2026 and December 31, 2025 include $58.9 million and $58.9 million, respectively, related to net claim recoveries. For the three and six months ended June 30, 2026 and June 30, 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):


	June 30, 2026		December 31, 2025
Acquired contract assets	$	12,066	$	6,533
Acquired contract liabilities		1,139		12,301

Summary of Financial Statement Impact From Revisions in Estimates

Revisions in estimates, such as changes in estimated claims or incentives, related to performance obligations partially satisfied in previous periods that individually had an impact of $5 million or more on revenue:


	Three Months Ended					Six Months Ended
	June 30, 2026			June 30, 2025		June 30, 2026			June 30, 2025
Revenue impact, net	$	(16,810	)	$	-	$	(16,810	)	$	-
Operating income (loss)		(77,535	)		-		(77,535	)		-
Net income (loss)	$	(64,509	)	$	-	$	(64,509	)	$	-

Summary of Accounts Receivable, Net

Accounts receivable, net consisted of the following as of June 30, 2026 and December 31, 2025 (in thousands):


	2026			2025
Billed	$	736,354		$	732,414
Unbilled		413,758			395,889
Total accounts receivable, gross		1,150,112			1,128,303
Allowance for doubtful accounts		(3,886	)		(3,886	)
Total accounts receivable, net	$	1,146,226		$	1,124,417

Summary of Remaining Unsatisfied Performance Obligations Expect to Satisfy

The Company expects to satisfy its RUPO as of June 30, 2026 over the following periods (in thousands):


Period RUPO Will Be Satisfied	Within One Year		Within One to Two Years		Thereafter
Federal Solutions	$	1,522,751	$	380,034	$	78,555
Critical Infrastructure		2,313,893		1,335,860		1,268,367
Total	$	3,836,644	$	1,715,894	$	1,346,922