v3.26.1
Segment Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company’s reportable segments are those that are based on the Company’s method of internal reporting and management of the business. The Company provides a full spectrum of construction services across most of the United States through two reportable, operating segments:
E&M: Contracting services for the construction and maintenance of electrical and communication wiring and infrastructure, fire suppression systems, renewables infrastructure and mechanical piping and services to customers in both the public and private sectors.
T&D: Contracting services for the construction and maintenance of overhead and underground electrical, gas, communication infrastructure and transportation-related lighting, as well as the manufacture and distribution of overhead and underground transmission line construction equipment and tools.
The Company’s Chief Operating Decision Maker (“CODM”) is the Company’s chief executive officer (“CEO”). The Company’s CEO evaluates each reportable segment’s performance, allocates resources and makes decisions based on segment operating income, which is the segment measure of profitability. The CODM uses segment operating income to analyze the results of each reportable segment individually and by comparing the results of the segments with each other. This comparison between segments helps drive decision-making regarding resource allocation and compensation of employees. Segment operating income is also considered when creating the annual budget plan, as well as the forecasting process, including the allocation of capital for uses such as capital expenditures.
During the first quarter of 2026, the Company updated the information regularly provided to the CODM. Specifically, the CODM reviews gross segment revenues and elimination activity to reconcile to consolidated results (“New CODM basis”), whereas previously the CODM reviewed segment revenues on a net basis (“Old CODM basis”). The Company's segments, significant segment expenses, and segment measure of profit or loss are unchanged. Accordingly, current-period segment information is presented under both the New CODM basis and Old CODM basis, while prior-period segment information is retained under the Old CODM basis.
All intercompany balances and transactions between the businesses comprising the Company have been eliminated in the unaudited condensed consolidated financial statements.
Reconciliations of reportable segment operating revenues, inclusive of the Company’s significant segment expenses of Cost of sales and Selling, general and administrative expenses, to consolidated Income before income taxes and income from equity method investments for the Company’s reportable segments and “Corporate and Other” category were as follows:
New CODM basis:
Three months ended June 30, 2026
E&MT&DCorporate and OtherEliminationsConsolidated Total
(In thousands)
Operating revenues
$1,010,236 $221,311 $— $— $1,231,547 
Intersegment revenues
89 6,086 1,714 (7,889)— 
Segment revenues
1,010,325 227,397 1,714 (7,889)1,231,547 
Cost of sales
863,848 191,492 1,173 (7,889)1,048,624 
Gross profit
146,477 35,905 541 — 182,923 
Selling, general and administrative expenses45,994 10,167 14,991 — 71,152 
Operating income$100,483 $25,738 $(14,450)$— 111,771 
Interest income1,327 
Interest expense
4,627 
Other income, net
1,504 
Total consolidated income before income taxes and income from equity method investments
$109,975 
Six months ended June 30, 2026
E&MT&DCorporate and Other
Eliminations
Consolidated Total
(In thousands)
Operating revenues
$1,845,327 $423,173 $— $— $2,268,500 
Intersegment revenues
122 8,687 3,408 (12,217)— 
Segment revenues
1,845,449 431,860 3,408 (12,217)2,268,500 
Cost of sales
1,598,917 365,814 2,334 (12,217)1,954,848 
Gross profit
246,532 66,046 1,074 — 313,652 
Selling, general and administrative expenses75,476 19,960 28,761 — 124,197 
Operating income$171,056 $46,086 $(27,687)$— 189,455 
Interest income3,651 
Interest expense
9,247 
Other income, net
2,056 
Total consolidated income before income taxes and income from equity method investments
$185,915 
Old CODM basis:
Three months ended June 30, 2026
E&MT&D
Corporate and Other
Consolidated Total
(In thousands)
Segment operating revenues
$1,015,381 $228,695 $— $1,244,076 
Eliminations
(5,145)(7,384)— (12,529)
Total segment operating revenues
1,010,236 221,311 — 1,231,547 
Cost of sales
863,759 185,405 (540)1,048,624 
Gross profit
146,477 35,906 540 182,923 
Selling, general and administrative expenses45,994 10,167 14,991 71,152 
Operating income$100,483 $25,739 $(14,451)111,771 
Interest income
1,327 
Interest expense
4,627 
Other income, net
1,504 
Total consolidated income before income taxes and income from equity method investments
$109,975 
Three months ended June 30, 2025
E&MT&DCorporate and OtherConsolidated Total
(In thousands)
Segment operating revenues
$713,600 $212,384 $— $925,984 
Eliminations
(1,986)(2,532)— (4,518)
Total segment operating revenues
711,614 209,852 — 921,466 
Cost of sales
626,121 175,646 (170)801,597 
Gross profit
85,493 34,206 170 119,869 
Selling, general and administrative expenses26,225 10,554 10,583 47,362 
Operating income$59,268 $23,652 $(10,413)72,507 
Interest income
552 
Interest expense
5,365 
Other income, net
1,908 
Total consolidated income before income taxes and income from equity method investments
$69,602 
Six months ended June 30, 2026
E&MT&DCorporate and OtherConsolidated Total
(In thousands)
Segment operating revenues
$1,853,043 $434,619 $— $2,287,662 
Eliminations
(7,716)(11,446)— (19,162)
Total segment operating revenues
1,845,327 423,173 — 2,268,500 
Cost of sales
1,598,795 357,127 (1,074)1,954,848 
Gross profit
246,532 66,046 1,074 313,652 
Selling, general and administrative expenses75,476 19,960 28,761 124,197 
Operating income$171,056 $46,086 $(27,687)189,455 
Interest income
3,651 
Interest expense
9,247 
Other income, net
2,056 
Total consolidated income before income taxes and income from equity method investments
$185,915 
Old CODM basis (continued from previous page):
Six months ended June 30, 2025
E&MT&D
Corporate and Other
Consolidated Total
(In thousands)
Segment operating revenues
$1,361,827 $397,399 $— $1,759,226 
Eliminations
(6,222)(4,909)— (11,131)
Total segment operating revenues
1,355,605 392,490 — 1,748,095 
Cost of sales
1,201,227 334,842 (336)1,535,733 
Gross profit
154,378 57,648 336 212,362 
Selling, general and administrative expenses50,841 19,525 18,505 88,871 
Operating income$103,537 $38,123 $(18,169)123,491 
Interest income1,489 
Interest expense
10,996 
Other income, net
2,475 
Total consolidated income before income taxes and income from equity method investments
$116,459 
Additional financial information on the Company’s reportable segments is shown below, which follows the same accounting policies as those described in Note 2 – Basis of Presentation and Summary of Significant Accounting Policies:
Three months ended,
June 30, 2026June 30, 2025
E&M
T&D
E&M
T&D
(In thousands)
Depreciation and amortization expense
$5,185 $6,881 $1,371 $5,796 
Interest expense, net1
(2,471)654 (1,474)998 
Income tax expense
25,983 6,210 16,470 5,812 
Capital expenditures2
$5,937 $14,105 $805 $12,103 
1.Amounts shown are included in Interest expense on the unaudited condensed consolidated statements of income. Also, the amounts include intercompany transactions related to the Company’s cash management and financing program.
2.Capital expenditures for the three months ended June 30, 2026 and 2025 include noncash transactions for capital expenditure-related Accounts payable.
Six months ended,
June 30, 2026June 30, 2025
E&M
T&D
E&M
T&D
(In thousands)
Depreciation and amortization expense
$6,759 $13,427 $2,853 $11,245 
Interest expense, net1
(4,529)1,221 (3,297)1,698 
Income tax expense
45,066 11,175 29,737 9,254 
Capital expenditures2
$10,282 $25,296 $10,124 $21,923 
1.Amounts shown are included in Interest expense on the unaudited condensed consolidated statements of income. Also, the amounts include intercompany transactions related to the Company’s cash management and financing program.
2.Capital expenditures for the six months ended June 30, 2026 and 2025 include noncash transactions for capital expenditure-related Accounts payable.
Reconciliations of reportable segment assets to consolidated assets were as follows as of:
June 30, 2026December 31, 2025
(In thousands)
E&M segment assets
$1,368,238 $1,047,626 
T&D segment assets
482,854 455,875 
Total reportable segment assets1,851,092 1,503,501 
Other assets233,598 267,577 
Eliminations
(27,019)(42,347)
Total consolidated assets $2,057,671 $1,728,731 
For more information about the disaggregation of the Company’s revenue by contract type and customer type for each reportable segment, refer to Note 3 – Revenue from Contracts with Customers.
Revenues from a single customer accounted for approximately 17.6% and 18.3% of total operating revenues for the three and six months ended June 30, 2026, respectively, which was included in the E&M segment. Revenues from a single customer accounted for approximately 17.4% and 15.5% of total operating revenues for the three and six months ended June 30, 2025, respectively, which was included in the E&M segment.
At a segment level, revenues from a single E&M customer accounted for approximately 21.5% and 22.4% of total E&M segment revenues for the three and six months ended June 30, 2026, respectively. Revenues from two separate E&M customers accounted for approximately 22.4% and 11.7% of total E&M segment revenues for the three months ended June 30, 2025, respectively, and for approximately 19.8% and 11.4% of total E&M segment revenues for the six months ended June 30, 2025, respectively.
As for T&D, revenues from a single T&D customer accounted for approximately 16.9% and 15.6% of total T&D segment revenues for the three and six months ended June 30, 2026, respectively. Revenues from two separate T&D customers accounted for approximately 16.9% and 9.7% of total T&D segment revenues for the three months ended June 30, 2025, respectively, and for approximately 17.6% and 10.0% of total T&D segment revenues for the six months ended June 30, 2025, respectively.
Trade receivables from a single customer accounted for approximately 17.0% of total trade receivables as of June 30, 2026, which was included in the E&M segment. Trade receivables from a single customer accounted for approximately 16.3% of total trade receivables as of December 31, 2025, which was included in the E&M segment.
At a segment level, trade receivables from a single E&M customer accounted for approximately 20.3% of total E&M segment trade receivables as of June 30, 2026. Trade receivables from a single E&M customer accounted for approximately 19.9% of total E&M segment trade receivables as of December 31, 2025.
As for T&D, trade receivables from a single T&D customer accounted for approximately 11.6% of total T&D segment trade receivables as of June 30, 2026. No single customer accounted for more than 10% of total T&D segment trade receivables as of December 31, 2025.