v3.26.1
Business Segments
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Business Segments Business Segments
The Company offers general contracting, pre-construction planning and comprehensive project management services, including planning and scheduling of manpower, equipment, materials and subcontractors required for the timely completion of a project in accordance with the terms and specifications contained in a construction contract. The Company also offers self-performed construction services: site work, concrete forming and placement, steel erection, electrical, mechanical, plumbing, and HVAC (heating, ventilation and air conditioning). As described below, the Company’s business is conducted through three segments: Civil, Building and Specialty Contractors. These segments are determined based on how management aggregates its business units for making operating decisions and assessing performance, which takes into account certain qualitative and quantitative factors. The Company’s Chief Executive Officer and President, who is the Company’s chief operating decision maker (“CODM”), reviews information for each segment to evaluate performance and allocate resources. The CODM evaluates segment performance by comparing each segment’s historical, actual and forecasted revenue and operating income on a regular basis.
The Civil segment specializes in public works construction and the replacement and reconstruction of infrastructure. The contracting services provided by the Civil segment include construction and rehabilitation of highways, bridges, tunnels, mass-transit systems, military facilities, and water management and wastewater treatment facilities.
The Building segment has significant experience providing services for private and public works customers in a number of specialized building markets, including: hospitality and gaming, transportation, healthcare, commercial offices, government facilities, sports and entertainment, education, correctional and detention facilities, biotech, pharmaceutical, industrial and technology.
The Specialty Contractors segment specializes in electrical, mechanical, plumbing, HVAC and fire protection systems for a full range of civil and building construction projects in the industrial, commercial, hospitality and gaming, and mass-transit end markets. This segment is strategically important to the Company because various business units within the segment participate in many of the Company’s larger Civil and Building segment projects. In addition, the segment provides unique strengths and capabilities that allow the Company to position itself as a full-service contractor in key geographic markets with greater control over scheduled work, project delivery, and cost and risk management.
To the extent that a contract is co-managed and co-executed among segments, the Company allocates the share of revenues and costs of the contract to each segment to reflect the shared responsibilities in the management and execution of the project.
The following tables set forth certain reportable segment information relating to the Company’s operations for the three and six months ended June 30, 2026 and 2025:
Reportable Segments
(in thousands)CivilBuildingSpecialty
Contractors		TotalCorporateConsolidated
Total
Three Months Ended June 30, 2026
Total revenue$880,946 $606,788 $261,327 $1,749,061 $— $1,749,061 
Elimination of intersegment revenue(64,792)(47,222)— (112,014)— (112,014)
Revenue from external customers$816,154 $559,566 $261,327 $1,637,047 $— $1,637,047 
Reconciliation of revenue to income (loss) from construction operations
Less:
Cost of operations$667,566 $514,878 $241,255 $1,423,699 $2,070 $1,425,769 
General and administrative expenses(a)
24,060 13,410 14,351 51,821 41,722 93,543 
Income (loss) from construction operations$124,528 $31,278 $5,721 $161,527 $(43,792)

$117,735 
Capital expenditures$21,683 $98 $1,609 $23,390 $10,288 $33,678 
Depreciation and amortization(b)
$8,693 $533 $673 $9,899 $317 $10,216 
Three Months Ended June 30, 2025
Total revenue$784,615 $486,035 $177,412 $1,448,062 $— $1,448,062 
Elimination of intersegment revenue(50,428)(23,953)— (74,381)— (74,381)
Revenue from external customers$734,187 $462,082 $177,412 $1,373,681 $— $1,373,681 
Reconciliation of revenue to income (loss) from construction operations
Less:
Cost of operations$570,117 $426,592 $180,942 $1,177,651 $35 $1,177,686 
General and administrative expenses(a)
23,955 13,040 14,486 51,481 68,084 119,565 
Income (loss) from construction operations$140,115 $22,450 $(18,016)$144,549 
(c)
$(68,119)

$76,430 
Capital expenditures$24,558 $522 $1,260 $26,340 $496 $26,836 
Depreciation and amortization(b)
$11,078 $543 $671 $12,292 $609 $12,901 
____________________________________________________________________________________________________
(a)General and administrative expenses for the three months ended June 30, 2026 and 2025 included share-based compensation expense of $27.9 million ($27.3 million after tax, or $0.51 per diluted share) and $55.4 million ($55.1 million after tax, or $1.04 per diluted share), respectively.
(b)Depreciation and amortization is included in income (loss) from construction operations.
(c)During the three months ended June 30, 2025, the Company’s income (loss) from construction operations was impacted by favorable adjustments totaling $28.0 million ($20.3 million after tax, or $0.38 per diluted share) due to the settlement of certain change orders, as well as changes in estimates due to improved performance on a Civil segment mass-transit project in the Midwest.
Reportable Segments
(in thousands)CivilBuildingSpecialty
Contractors		TotalCorporateConsolidated
Total
Six Months Ended June 30, 2026
Total revenue$1,625,762 $1,104,925 $480,058 $3,210,745 $— $3,210,745 
Elimination of intersegment revenue(111,881)(72,359)— (184,240)— (184,240)
Revenue from external customers$1,513,881 $1,032,566 $480,058 $3,026,505 $— $3,026,505 
Reconciliation of revenue to income (loss) from construction operations
Less:
Cost of operations$1,256,220 $957,909 $444,395 $2,658,524 $2,070 $2,660,594 
General and administrative expenses(a)
45,404 27,035 29,375 101,814 87,180 188,994 
Income (loss) from construction operations$212,257 $47,622 $6,288 $266,167 
(b)
$(89,250)

$176,917 
Capital expenditures$37,144 $471 $2,759 $40,374 $11,298 $51,672 
Depreciation and amortization(c)
$18,726 $1,052 $1,275 $21,053 $634 $21,687 
Six Months Ended June 30, 2025
Total revenue$1,429,618 $974,359 $354,220 $2,758,197 $— $2,758,197 
Elimination of intersegment revenue(85,390)(52,493)— (137,883)— (137,883)
Revenue from external customers$1,344,228 $921,866 $354,220 $2,620,314 $— $2,620,314 
Reconciliation of revenue to income (loss) from construction operations
Less:
Cost of operations$1,078,890 $862,880 $348,113 $2,289,883 $35 $2,289,918 
General and administrative expenses(a)
45,623 26,077 31,234 102,934 85,707 188,641 
Income (loss) from construction operations$219,715 $32,909 $(25,127)$227,497 
(d)
$(85,742)

$141,755 
Capital expenditures$51,408 $1,538 $2,100 $55,046 $1,894 $56,940 
Depreciation and amortization(c)
$21,768 $1,070 $1,275 $24,113 $1,362 $25,475 
____________________________________________________________________________________________________
(a)General and administrative expenses for the six months ended June 30, 2026 and 2025 included share-based compensation expense of $57.9 million ($56.9 million after tax, or $1.06 per diluted share) and $62.0 million ($61.5 million after tax, or $1.16 per diluted share), respectively.
(b)During the six months ended June 30, 2026, the Company’s income (loss) from construction operations was impacted by an unfavorable adjustment of $16.4 million ($12.3 million attributable to the Company and $8.9 million after tax, or $0.17 per diluted share) on a Civil segment mass-transit project in California primarily due to changes in estimates resulting from ongoing negotiations of change orders with the owner and subcontractors, as well as other temporary impacts related to unapproved change orders.
(c)Depreciation and amortization is included in income (loss) from construction operations.
(d)During the six months ended June 30, 2025, the Company’s income (loss) from construction operations was impacted by favorable adjustments totaling $28.0 million ($20.3 million after tax, or $0.38 per diluted share) due to the settlement of certain change orders, as well as changes in estimates due to improved performance on a Civil segment mass-transit project in the Midwest.
Total assets by segment were as follows:
(in thousands)As of June 30,
2026		As of December 31,
2025
Civil$4,817,318 $4,348,288 
Building1,419,946 1,354,282 
Specialty Contractors480,665 397,750 
Corporate and other(a)
(1,356,787)(939,898)
Total assets$5,361,142 $5,160,422 
____________________________________________________________________________________________________
(a)Consists principally of cash, equipment, tax-related assets and insurance-related assets, offset by the elimination of assets related to intersegment revenue.

Geographic Information
Information concerning principal geographic areas is as follows:
Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2026202520262025
Revenue:
United States$1,486,493 $1,233,387 $2,753,463 $2,341,093 
Foreign and U.S. territories150,554 140,294 273,042 279,221 
Total revenue$1,637,047 $1,373,681 $3,026,505 $2,620,314 

(in thousands)As of June 30,
2026		As of December 31,
2025
Assets:
United States$4,743,863 $4,604,866 
Foreign and U.S. territories617,279 555,556 
Total assets$5,361,142 $5,160,422 

Major Customers

Revenue from a single customer with multiple projects, impacting the Civil, Building and Specialty Contractors segments, represented 10.2% and 11.6% of the Company’s consolidated revenue for the three and six months ended June 30, 2026, respectively, and 15.3% and 15.4% of the Company’s consolidated revenue for the three and six months ended June 30, 2025, respectively. Revenue from an additional customer with multiple projects, impacting the Civil, Building and Specialty Contractors segments, represented 14.4% and 13.5% of the Company’s consolidated revenue for the three and six months ended June 30, 2026, respectively, and 10.2% of the Company’s consolidated revenue for the six months ended June 30, 2025.
Reconciliation of Segment Information to Consolidated Amounts
A reconciliation of segment results to the consolidated income before income taxes is as follows:
Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2026202520262025
Income from construction operations$117,735 $76,430 $176,917 $141,755 
Other income, net10,833 6,204 21,559 10,892 
Interest expense(13,720)(13,588)(27,117)(27,940)
Income before income taxes$114,848 $69,046 $171,359 $124,707