| Schedule of contract assets and liabilities |
Contract assets consisted of the following: | | | | | | | | | | | | | | | | | | (in thousands) | | September 30,
2026 | | December 31,
2025 | | | | Unbilled revenue, net | | $ | 240,259 | | | $ | 160,543 | | | | | Contract retainages, net | | 78,108 | | | 81,223 | | | | | Contract assets, net | | $ | 318,367 | | | $ | 241,766 | | | |
Contract liabilities consisted of the following: | | | | | | | | | | | | | | | | | | (in thousands) | | September 30,
2026 | | December 31,
2025 | | | | Deferred revenue | | $ | 393,544 | | | $ | 386,071 | | | | | Accrued loss provision | | 11,184 | | | 13,084 | | | | | Less, retainage receivables | | (124,188) | | | (98,595) | | | | | Contract liabilities, net | | $ | 280,540 | | | $ | 300,560 | | | |
The following table provides information about contract assets and contract liabilities from contracts with customers: | | | | | | | | | | | | | | | | | | | | | | (in thousands) | | September 30,
2026 | | December 31,
2025 | | Change | | Contract assets, net | | $ | 318,367 | | | $ | 241,766 | | | $ | 76,601 | | | Contract liabilities, net | | (280,540) | | | (300,560) | | | 20,020 | | | Net contract assets (liabilities) | | $ | 37,827 | | | $ | (58,794) | | | $ | 96,621 | |
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| Schedule of net asset position for contracts in process |
The net liability position for contracts in process consisted of the following: | | | | | | | | | | | | | | | | (in thousands) | | September 30,
2026 | | December 31,
2025 | | Costs and estimated earnings on uncompleted contracts | | $ | 11,716,976 | | | $ | 8,368,365 | | | Less: billings to date | | 11,870,261 | | | 8,593,893 | | | | $ | (153,285) | | | $ | (225,528) | |
The net liability position for contracts in process is included within the contract asset and contract liability in the accompanying consolidated balance sheets as follows: | | | | | | | | | | | | | | | | (in thousands) | | September 30,
2026 | | December 31,
2025 | | Unbilled revenue, net | | $ | 240,259 | | | $ | 160,543 | | | Deferred revenue, net | | (393,544) | | | (386,071) | | | | $ | (153,285) | | | $ | (225,528) | |
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