v3.26.1
Reportable Segment Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Reportable Segment Information Reportable Segment Information
We manage our operations under two reportable segments, Construction and Materials, which are distinguished by differences in business activities. Our reportable segments are the same as our operating segments and correspond with how our chief operating decision maker (“CODM”) regularly reviews financial information to allocate resources and assess performance. We identified our CODM as our Chief Executive Officer.
Our CODM evaluates segment performance and makes business decisions based on operating income, which excludes non-operating income or expense. Segment assets include property and equipment, intangibles, goodwill, inventory and equity in construction joint ventures.
Summarized segment information is as follows (in thousands):
Three months ended June 30,ConstructionMaterialsTotal
2026
Total revenue from reportable segments$1,207,479 $364,849 $1,572,328 
Elimination of intersegment revenue— (116,456)(116,456)
Revenue1,207,479 248,393 1,455,872 
Cost of revenue1,008,785 208,316 1,217,101 
Gross profit198,694 40,077 238,771 
Selling, general and administrative expenses61,267 8,928 70,195 
(Gain) loss on sales of property and equipment, net(2,062)86 (1,976)
Operating income from reportable segments$139,489 $31,063 $170,552 
Depreciation, depletion and amortization$17,472 $27,379 $44,851 
2025
Total revenue from reportable segments$937,426 $251,856 $1,189,282 
Elimination of intersegment revenue— (63,318)(63,318)
Revenue937,426 188,538 1,125,964 
Cost of revenue783,760 143,105 926,865 
Gross profit153,666 45,433 199,099 
Selling, general and administrative expenses48,323 6,022 54,345 
Gain on sales of property and equipment, net(679)(2,061)(2,740)
Operating income from reportable segments$106,022 $41,472 $147,494 
Depreciation, depletion and amortization$19,223 $14,273 $33,496 
Six Months Ended June 30,ConstructionMaterialsTotal
2026
Total revenue from reportable segments$1,973,533 $562,340 $2,535,873 
Elimination of intersegment revenue— (167,536)(167,536)
Revenue1,973,533 394,804 2,368,337 
Cost of revenue1,672,659 347,002 2,019,661 
Gross profit300,874 47,802 348,676 
Selling, general and administrative expenses133,443 20,842 154,285 
(Gain) loss on sales of property and equipment, net(6,303)1,378 (4,925)
Operating income from reportable segments$173,734 $25,582 $199,316 
Depreciation, depletion and amortization$37,675 $47,762 $85,437 
Segment assets as of period end$805,550 $1,441,161 $2,246,711 
2025
Total revenue from reportable segments$1,552,044 $357,436 $1,909,480 
Elimination of intersegment revenue— (83,969)(83,969)
Revenue1,552,044 273,467 1,825,511 
Cost of revenue1,312,940 229,623 1,542,563 
Gross profit239,104 43,844 282,948 
Selling, general and administrative expenses110,650 14,567 125,217 
Gain on sales of property and equipment, net(2,528)(2,130)(4,658)
Operating income from reportable segments$130,982 $31,407 $162,389 
Depreciation, depletion and amortization$33,675 $27,828 $61,503 
Segment assets as of period end$615,962 $687,175 $1,303,137 
A reconciliation of operating income from reportable segments to consolidated income (loss) before income taxes is as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
(in thousands)2026202520262025
Total operating income from reportable segments$170,552 $147,494 $199,316 $162,389 
Corporate selling, general and administrative expenses37,599 31,542 94,459 76,581 
Corporate (gain) loss on sales of property and equipment, net739 (866)739 (685)
Other costs, net5,406 13,253 8,443 22,679 
Total operating income126,808 103,565 95,675 63,814 
Total other (income) expense, net366,144 (3,994)383,519 (3,662)
Income (loss) before income taxes$(239,336)$107,559 $(287,844)$67,476