v3.26.1
Revenue from Contracts with Customers (Tables)
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Performance Obligation Satisfied In Previous Period
Based on an evaluation of individual projects that were substantially complete in prior periods but had revisions to total estimated costs or anticipated contract value (inclusive of the settlement of previously outstanding change orders and claims) that resulted in an increase to profitability in excess of $1.0 million, we recognized revenue during the three and six months ended June 30, 2026 and 2025, as summarized in the following table (in thousands):
 For the three months ended
June 30,		For the six months ended
June 30,
 2026202520262025
United States electrical construction and facilities services$2,670 $2,373 $9,713 $2,512 
United States mechanical construction and facilities services19,550 3,823 32,466 7,800 
Total impact$22,220 $6,196 $42,179 $10,312 
Cumulative Catch-Up Adjustment
Based on an evaluation of individual projects that had revisions to total estimated costs or anticipated contract value that resulted in a reduction of profitability in excess of $1.0 million, our operating results were negatively impacted during the three and six months ended June 30, 2026 and 2025, as summarized in the following table (in thousands):
 For the three months ended
June 30,		For the six months ended
June 30,
 2026202520262025
United States electrical construction and facilities services$14,193 $14,878 $20,562 $24,520 
United States mechanical construction and facilities services20,957 20,587 23,101 25,831 
United States building services2,259 — 3,467 — 
Total impact$37,409 $35,465 $47,130 $50,351 
Disaggregation of Revenues
The following tables provide further disaggregation of our revenues, by categories we use to evaluate our financial performance within each of our reportable segments, for the three and six months ended June 30, 2026 and 2025 (in thousands, except for percentages). Refer to Note 13 - Segment Information of the notes to consolidated financial statements for additional information on how we disaggregate our revenues by reportable segment.

For the three months ended June 30,
2026% of
Total		2025% of
Total
United States electrical construction and facilities services:
Network and communications market sector$973,046 58 %$669,966 50 %
Commercial market sector114,728 7 %116,536 8 %
Manufacturing and industrial market sector111,754 7 %111,158 8 %
Healthcare market sector116,177 7 %133,680 10 %
High-tech manufacturing market sector31,111 2 %36,114 3 %
Institutional market sector105,169 6 %67,372 5 %
Transportation market sector41,835 3 %66,528 5 %
Water and wastewater market sector6,460 1 %7,527 1 %
Hospitality and entertainment market sector36,497 2 %26,401 2 %
Short-duration projects (1)
91,171 5 %84,705 6 %
Service work35,432 2 %21,896 2 %
1,663,380 1,341,883 
Less intersegment revenues(879)(1,636)
Total segment revenues$1,662,501 $1,340,247 
 ________
(1)Represents those projects which generally are completed within three months or less.
NOTE 3 - Revenue from Contracts with Customers (Continued)
For the three months ended June 30,
2026% of
Total		2025% of
Total
United States mechanical construction and facilities services:
Network and communications market sector$799,293 35 %$389,676 22 %
Commercial market sector274,235 12 %217,007 12 %
Manufacturing and industrial market sector271,186 12 %229,622 13 %
Healthcare market sector168,143 7 %150,052 9 %
High-tech manufacturing market sector227,646 10 %281,434 16 %
Institutional market sector200,027 8 %112,711 6 %
Transportation market sector10,359 1 %10,053 1 %
Water and wastewater market sector86,174 4 %90,239 5 %
Hospitality and entertainment market sector36,035 1 %36,862 2 %
Short-duration projects (1)
53,844 2 %86,203 5 %
Service work181,857 8 %152,773 9 %
2,308,799 1,756,632 
Less intersegment revenues(7,926)(1,374)
Total segment revenues$2,300,873 $1,755,258 
 ________
(1)Represents those projects which generally are completed within three months or less.
For the three months ended June 30,
2026% of
Total		2025% of
Total
United States building services:
Mechanical services$649,737 77 %$619,516 78 %
Commercial site-based services147,946 18 %133,560 17 %
Government site-based services40,023 5 %40,183 5 %
Total segment revenues$837,706 $793,259 
For the three months ended June 30,
2026% of
Total		2025% of
Total
United States industrial services:
Field services$320,138 90 %$241,930 86 %
Shop services33,674 10 %39,142 14 %
Total segment revenues$353,812 $281,072 
Total United States operations$5,154,892 $4,169,836 
For the three months ended June 30,
2026% of
Total		2025% of
Total
United Kingdom building services:
Service work$— — $69,661 52 %
Project work— — 64,903 48 %
Total segment revenues$— $134,564 
Consolidated revenues
$5,154,892 $4,304,400 
NOTE 3 - Revenue from Contracts with Customers (Continued)
For the six months ended June 30,
2026% of
Total		2025% of
Total
United States electrical construction and facilities services:
Network and communications market sector$1,730,417 56 %$1,186,303 49 %
Commercial market sector221,679 7 %215,094 9 %
Manufacturing and industrial market sector224,599 7 %209,633 8 %
Healthcare market sector229,822 7 %241,416 10 %
High-tech manufacturing market sector56,206 2 %81,124 3 %
Institutional market sector187,745 6 %119,081 5 %
Transportation market sector98,638 3 %128,556 5 %
Water and wastewater market sector14,101 1 %20,286 1 %
Hospitality and entertainment market sector95,218 3 %49,625 2 %
Short-duration projects (1)
190,374 6 %139,682 6 %
Service work62,431 2 %41,033 2 %
3,111,230 2,431,833 
Less intersegment revenues(1,315)(3,742)
Total segment revenues$3,109,915 $2,428,091 
________
(1)Represents those projects which generally are completed within three months or less.
For the six months ended June 30,
2026% of
Total		2025% of
Total
United States mechanical construction and facilities services:
Network and communications market sector$1,413,117 33 %$720,037 21 %
Commercial market sector512,643 12 %396,910 12 %
Manufacturing and industrial market sector510,051 12 %407,523 12 %
Healthcare market sector319,758 7 %293,615 9 %
High-tech manufacturing market sector433,126 10 %563,805 17 %
Institutional market sector370,361 8 %197,567 6 %
Transportation market sector18,954 1 %24,169 1 %
Water and wastewater market sector173,724 4 %166,687 5 %
Hospitality and entertainment market sector63,723 1 %66,067 2 %
Short-duration projects (1)
162,062 4 %194,729 6 %
Service work362,797 8 %299,144 9 %
4,340,316 3,330,253 
Less intersegment revenues(13,102)(2,393)
Total segment revenues$4,327,214 $3,327,860 
________
(1)Represents those projects which generally are completed within three months or less.
NOTE 3 - Revenue from Contracts with Customers (Continued)
For the six months ended June 30,
2026% of
Total		2025% of
Total
United States building services:
Mechanical services$1,242,505 77 %$1,178,002 77 %
Commercial site-based services289,544 18 %276,869 18 %
Government site-based services78,306 5 %81,011 5 %
Total segment revenues$1,610,355 $1,535,882 
For the six months ended June 30,
2026% of
Total		2025% of
Total
United States industrial services:
Field services$669,188 91 %$559,597 87 %
Shop services66,453 9 %80,477 13 %
Total segment revenues$735,641 $640,074 
Total United States operations$9,783,125 $7,931,907 
For the six months ended June 30,
2026% of
Total		2025% of
Total
United Kingdom building services:
Service work$— — $117,692 49 %
Project work— — 122,173 51 %
Total segment revenues$— $239,865 
Consolidated revenues
$9,783,125 $8,171,772 
Accounts Receivable, Allowance for Credit Losses
The change in the allowance for credit losses for the six months ended June 30, 2026 was as follows (in thousands):
Balance at December 31, 2025
$22,757 
Provision for credit losses4,602 
Amounts written off against the allowance, net of recoveries(2,351)
Balance at June 30, 2026$25,008 
Contract Assets and Contract Liabilities
Net contract liabilities in the accompanying Consolidated Balance Sheets consisted of the following amounts as of June 30, 2026 and December 31, 2025 (in thousands):
June 30,
2026		December 31, 2025
Contract assets, current$400,539 $337,717 
Contract assets, non-current— — 
Contract liabilities, current(2,609,243)(2,327,360)
Contract liabilities, non-current(798)(837)
Net contract liabilities$(2,209,502)$(1,990,480)
Remaining Performance Obligations
The following table presents the transaction price allocated to remaining unsatisfied performance obligations (“remaining performance obligations”) for each of our reportable segments and their respective percentages of total remaining performance obligations as of June 30, 2026 (in thousands, except for percentages):
June 30,
2026		% of Total
Remaining performance obligations:
United States electrical construction and facilities services$6,271,919 36 %
United States mechanical construction and facilities services9,366,637 55 %
United States building services1,358,017 8 %
United States industrial services146,528 1 %
Total operations$17,143,101 100 %
Remaining Performance Obligations, Expected Timing of Satisfaction
Refer to the table below for additional information regarding our remaining performance obligations, including an estimate of when we expect to recognize such remaining performance obligations as revenue (in thousands):
Within one yearGreater than one year
Remaining performance obligations:
United States electrical construction and facilities services$4,658,162 $1,613,757 
United States mechanical construction and facilities services7,005,295 2,361,342 
United States building services1,213,442 144,575 
United States industrial services146,528 — 
Total operations$13,023,427 $4,119,674