v3.26.3
Segments and Related Information (Tables)
9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Schedule of Financial Information by Reportable Segment The tables below, which may contain slight summation differences due to rounding, reflect certain financial data for each reportable segment.
Three Months Ended September 30,
Communications
Clean Energy and Infrastructure
Power Delivery
Pipeline Infrastructure
Other
Eliminations
Total Reportable Segments
2026:
Revenue (a)
$806.9 $1,825.9 $1,835.2 $724.1 $— $(39.8)$5,152.3 
Costs of revenue, excluding depreciation and amortization729.6 1,603.4 1,566.5 633.9 — (42.5)4,490.9 
Other segment items (b)
23.3 73.2 27.2 15.1 (10.0)— 128.8 
EBITDA$54.0 $149.3 $241.5 $75.1 $10.0 $2.7 $532.6 
2025:
Revenue (a)
$914.6 $1,364.1 $1,110.7 $597.8 $— $(20.3)$3,966.9 
Costs of revenue, excluding depreciation and amortization794.3 1,197.9 966.2 490.6 — (20.3)3,428.7 
Other segment items (b)
17.3 50.8 40.2 15.2 (7.1)— 116.4 
EBITDA$103.0 $115.4 $104.3 $92.0 $7.1 $— $421.8 
Nine Months Ended September 30,
Communications
Clean Energy and Infrastructure
Power Delivery
Pipeline Infrastructure
Other
Eliminations
Total Reportable Segments
2026:
Revenue (a)
$2,497.9 $4,777.5 $4,127.1 $2,049.4 $— $(97.2)$13,354.7 
Costs of revenue, excluding depreciation and amortization2,263.7 4,222.4 3,591.8 1,659.9 — (90.5)11,647.3 
Other segment items (b)
60.3 188.7 108.8 51.0 (13.2)— 395.6 
EBITDA$173.9 $366.4 $426.5 $338.5 $13.2 $(6.7)$1,311.8 
2025:
Revenue (a)
$2,432.3 $3,411.3 $3,056.0 $1,493.9 $— $(34.1)$10,359.4 
Costs of revenue, excluding depreciation and amortization2,143.5 3,008.3 2,702.9 1,253.1 — (34.1)9,073.7 
Other segment items (b)
56.4 147.2 106.2 42.2 (22.3)— 329.7 
EBITDA$232.4 $255.8 $246.9 $198.6 $22.3 $— $956.1 
(a)    Total consolidated revenue equals total reportable segment revenue of $5,152.3 million and $3,966.9 million for the three months ended September 30, 2026 and 2025, respectively, and $13,354.7 million and $10,359.4 million for the nine months ended September 30, 2026 and 2025, respectively, as there is no revenue recorded within Corporate results.
(b)    Other segment items for each reportable segment include general and administrative expenses, equity in earnings from the Company’s equity method investments, and other income or expense, net.
Three Months Ended
September 30,
Nine Months Ended
September 30,
Depreciation and Amortization:2026
2025
2026
2025
Communications
$15.8 $15.8 $49.6 $45.4 
Clean Energy and Infrastructure
40.5 26.6 113.6 81.1 
Power Delivery
69.4 34.2 133.2 106.3 
Pipeline Infrastructure
41.6 25.7 112.4 76.6 
Other
— — — — 
Corporate
1.8 2.3 5.8 6.6 
Consolidated depreciation and amortization$169.1 $104.6 $414.6 $316.0 
Assets:
September 30, 2026
December 31, 2025
Communications
$2,074.4 $1,962.3 
Clean Energy and Infrastructure
3,650.8 2,816.6 
Power Delivery
5,192.1 2,621.6 
Pipeline Infrastructure
2,620.8 1,928.7 
Other
378.6 364.0 
Corporate
220.4 230.3 
Consolidated assets$14,137.1 $9,923.5 
Three Months Ended
September 30,
Nine Months Ended
September 30,
Capital Expenditures:2026
2025
2026
2025
Communications
$10.4 $3.9 $20.2 $20.1 
Clean Energy and Infrastructure
13.5 7.7 41.0 27.0 
Power Delivery
19.0 15.5 76.0 56.4 
Pipeline Infrastructure
32.7 27.6 106.2 59.2 
Other
— — — — 
Corporate
11.8 14.0 32.3 17.1 
Consolidated capital expenditures$87.4 $68.7 $275.7 $179.8 
Reconciliation of Consolidated Income before Income Taxes to EBITDA
Three Months Ended
September 30,
Nine Months Ended
September 30,
Reconciliation of Segment EBITDA to Income Before Income Taxes:
2026202520262025
Segment EBITDA$532.6 $421.8 $1,311.8 $956.1 
Less:
Interest expense, net61.8 45.4 152.4 128.3 
Depreciation93.8 71.8 263.2 218.0 
Amortization75.3 32.7 151.4 98.0 
Corporate
81.6 60.2 239.5 170.4 
Income before income taxes$220.2 $211.6 $505.3 $341.4