v3.26.1
Operating Information by Segment and Geographic Area
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Operating Information by Segment and Geographic Area Operating Information by Segment and Geographic Area
3ME
June 30,		6ME
June 30,
(in millions)2026202520262025
Revenue
Urban Solutions$2,904 $2,070 $5,341 $4,227 
Energy Solutions709 1,143 1,412 2,349 
Mission Solutions716 762 1,238 1,358 
Other— 3 — 25 
Total revenue$4,329 $3,978 $7,991 $7,959 
Cost of revenue
Urban Solutions
$(2,858)$(2,069)$(5,284)$(4,150)
Energy Solutions
(620)(1,126)(1,250)(2,284)
Mission Solutions(672)(723)(1,263)(1,311)
Other— (4)(1)(17)
Total cost of revenue
$(4,150)$(3,922)$(7,798)$(7,762)
Segment profit
Urban Solutions
$38 $29 $44 $99 
Energy Solutions88 15 161 63 
Mission Solutions44 35 (26)40 
Other— (1)(1)8 
Total segment profit$170 $78 $178 $210 
G&A(41)(52)(103)(88)
Gain on sale of CFHI— — 124 — 
Foreign currency gain (loss)(3)(30)12 (44)
Interest income (expense), net21 17 36 34 
Earnings (loss) attributable to NCI9 (22)15 (13)
Earnings (loss) before taxes$156 $(9)$262 $99 
Intercompany revenue for our professional staffing business, excluded from revenue above$53 $61 $107 $120 
Urban Solutions. Segment profit increased during the 2026 Quarter due to the ramp up of execution activities on mining and metals projects. The increase in segment profit was partially offset by $44 million (or $0.23 per share) attributable to the effects of foreign currency fluctuation, a subcontractor bankruptcy and client-driven changes on an infrastructure project. This project has reached substantial completion. Comparatively, segment profit in the 2025 Quarter included forecast adjustments totaling $54 million (or $0.30 per share) for cost growth on 3 infrastructure projects related to subcontractor design errors, price escalation and schedule impacts partially offset by a refinement of our expected recovery from claims against our subcontractors on these same projects. Segment profit decreased in the 2026 Period due to cost growth of $37 million (or $0.25 per share) on a large mining joint venture project in the first quarter of 2026 and a decline in execution activity for a recently completed project.
Energy Solutions. Segment profit increased during the 2026 Quarter and 2026 Period primarily due to the recognition of favorable close out items on certain multi-year projects. Segment profit in the 2025 Quarter and 2025 Period was adversely affected by the recognition of $31 million (or $0.13 per share) for an arbitration ruling on a fabrication project at our joint venture in Mexico that was completed in 2021.
Mission Solutions. Segment profit increased during the 2026 Quarter primarily due to improved award fee performance within our DOE portfolio. Segment profit declined during the 2026 Period primarily due to the recognition of a $98 million (or
$0.68 per share) charge during the first quarter of 2026, resulting from the outcome of a court ruling on a lawsuit filed against us in 2013. Segment profit during the 2025 Period reflected an additional reserve of $28 million (or $0.16 per share) resulting from an adverse ruling on a long-standing claim on a project completed in 2019.
Total assets by segment are as follows:
(in millions)June 30,
2026		December 31,
2025
Urban Solutions
$2,026 $1,769 
Energy Solutions523 621 
Mission Solutions821 733 
Corporate4,165 3,532 
Other1 1,581 
Total assets$7,536 $8,236 
Revenue by project location follows:
3ME
June 30,		6ME
June 30,
(in millions)2026202520262025
North America$3,428 $2,757 $6,195 $5,410 
Asia Pacific (includes Australia)172 306 374 622 
Europe546 723 1,133 1,564 
Central and South America157 146 236 285 
Middle East and Africa26 46 53 78 
Total revenue$4,329 $3,978 $7,991 $7,959