v3.26.1
Segment Information (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Summarized Financial Information
The following tables show segment financial information in thousands of dollars for the periods presented. All revenues are from external customers. Segment operating margin is calculated by dividing operating income by revenues.
Three Months Ended June 30, 2026ElectricUnderground and InfrastructureTotal
Revenues
$7,837,805 $1,719,192 $9,556,997 
Segment operating expense (excluding segment depreciation expense)
6,864,432 1,538,774 8,403,206 
Segment depreciation expense
86,738 24,646 111,384 
Segment operating expenses
6,951,170 1,563,420 8,514,590 
Equity in earnings of integral unconsolidated affiliates11,590 — 11,590 
Segment operating income
$898,225 $155,772 $1,053,997 
Segment operating margin
11.5 %9.1 %
Corporate and non-allocated costs (1)
(359,163)
Total consolidated operating income
$694,834 
Three Months Ended June 30, 2025ElectricUnderground and InfrastructureTotal
Revenues
$5,458,074 $1,314,933 $6,773,007 
Segment operating expense (excluding segment depreciation expense)
4,851,168 1,198,929 6,050,097 
Segment depreciation expense
68,730 25,301 94,031 
Segment operating expenses
4,919,898 1,224,230 6,144,128 
Equity in earnings of integral unconsolidated affiliates14,444 — 14,444 
Segment operating income
$552,620 $90,703 $643,323 
Segment operating margin
10.1 %6.9 %
Corporate and non-allocated costs (1)
(273,041)
Total consolidated operating income
$370,282 
Six Months Ended June 30, 2026ElectricUnderground and InfrastructureTotal
Revenues$14,306,462 $3,125,322 $17,431,784 
Segment operating expense (excluding segment depreciation expense)12,703,704 2,813,790 15,517,494 
Segment depreciation expense169,510 50,143 219,653 
Segment operating expenses12,873,214 2,863,933 15,737,147 
Equity in earnings of integral unconsolidated affiliates26,059 — 26,059 
Segment operating income$1,459,307 $261,389 $1,720,696 
Segment operating margin10.2 %8.4 %
Corporate and non-allocated costs (1)
(687,083)
Total consolidated operating income$1,033,613 
Six Months Ended June 30, 2025ElectricUnderground and Infrastructure Total
Revenues$10,402,465 $2,603,876 $13,006,341 
Segment operating expense (excluding segment depreciation expense)9,334,013 2,384,936 11,718,949 
Segment depreciation expense135,041 51,370 186,411 
Segment operating expenses9,469,054 2,436,306 11,905,360 
Equity in earnings of integral unconsolidated affiliates27,373 — 27,373 
Segment operating income$960,784 $167,570 $1,128,354 
Segment operating margin9.2 %6.4 %
Corporate and non-allocated costs (1)
(518,991)
Total consolidated operating income$609,363 
(1)    Corporate and non-allocated costs included amortization expense of $157.0 million and $113.2 million and non-cash stock-based compensation of $63.4 million and $44.1 million for the three months ended June 30, 2026 and 2025. Corporate and non-allocated costs included amortization expense of $309.3 million and $222.7 million and non-cash stock-based compensation of $126.0 million and $82.2 million for the six months ended June 30, 2026 and 2025 .