v3.26.1
Business Segments (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Schedule of Reportable Segments
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.
Schedule of Total Assets for Reportable Segments
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.
Schedule of Revenue from External Customers by Geographic Areas
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 
Schedule of Reconciliation of Segment Results to Consolidated Income (Loss) Before Income Taxes
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