v3.26.3
Revenue (Tables)
9 Months Ended
Sep. 30, 2026
Revenue  
Schedule of contract assets

Contract assets consist of the following (in millions):

​

​

​

​

​

​

​

​

​

September 30, 

​

December 31, 

​

  ​ ​ ​

2026

  ​ ​ ​

2025

Unbilled revenue

​

$

501.3

​

$

569.7

Retention receivable

​

​

316.0

​

​

311.2

Contract materials (not yet installed)

​

 

63.3

​

 

56.0

​

​

$

880.6

​

$

936.9

Schedule of contract liabilities

Contract liabilities consist of the following (in millions):

​

​

​

​

​

​

​

​

​

September 30, 

​

December 31, 

​

  ​ ​ ​

2026

  ​ ​ ​

2025

Deferred revenue

​

$

668.7

​

$

629.2

Accrued loss provision

​

 

11.5

​

 

4.4

​

​

$

680.2

​

$

633.6

Schedule of revenue disaggregation by various categories

​

MSA and Non-MSA revenue was as follows (in millions):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the three months ended September 30, 2026

Segment

  ​ ​ ​

MSA

  ​ ​ ​

Non-MSA

  ​ ​ ​

Total

Utilities

​

$

721.9

 

$

49.0

 

$

770.9

Energy

​

​

131.5

​

​

1,092.3

​

​

1,223.8

Intersegment eliminations

​

​

(18.4)

​

​

(23.9)

​

​

(42.3)

Total

​

$

835.0

 

$

1,117.4

 

$

1,952.4

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the nine months ended September 30, 2026

Segment

  ​ ​ ​

MSA

  ​ ​ ​

Non-MSA

  ​ ​ ​

Total

Utilities

​

$

1,779.0

​

$

337.4

​

$

2,116.4

Energy

​

​

354.8

​

​

2,824.3

​

​

3,179.1

Intersegment eliminations

​

​

(18.4)

​

​

(76.6)

​

​

(95.0)

Total

​

$

2,115.4

 

$

3,085.1

 

$

5,200.5

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the three months ended September 30, 2025

Segment

​

MSA

  ​ ​ ​

Non-MSA

  ​ ​ ​

Total

Utilities

​

$

555.1

 

$

182.4

 

$

737.5

Energy

​

​

125.4

​

​

1,360.3

​

​

1,485.7

Intersegment eliminations

​

​

(4.8)

​

​

(40.0)

​

​

(44.8)

Total

​

$

675.7

 

$

1,502.7

 

$

2,178.4

​

​

​

​

​

​

​

​

​

​

​

​

​

For the nine months ended September 30, 2025

Segment

​

MSA

​

Non-MSA

​

Total

Utilities

​

$

1,546.6

​

$

447.3

​

$

1,993.9

Energy

​

​

227.8

​

​

3,603.1

​

​

3,830.9

Intersegment eliminations

​

​

(5.7)

​

​

(101.8)

​

​

(107.5)

Total

​

$

1,768.7

 

$

3,948.6

 

$

5,717.3

​

Revenue by contract type was as follows (in millions):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the three months ended September 30, 2026

Segment

  ​ ​ ​

Fixed-Price

  ​ ​ ​

Unit-Price

  ​ ​ ​

Cost Reimbursable (1)

  ​ ​ ​

Total

Utilities

​

$

116.6

 

$

507.6

 

$

146.7

 

$

770.9

Energy

​

​

575.8

​

​

166.9

​

​

481.1

​

​

1,223.8

Intersegment eliminations

​

​

(34.7)

​

​

—

​

​

(7.6)

​

​

(42.3)

Total

​

$

657.7

 

$

674.5

 

$

620.2

 

$

1,952.4

(1)Includes time and material and cost reimbursable plus fee contracts.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the nine months ended September 30, 2026

Segment

  ​ ​ ​

Fixed-Price

  ​ ​ ​

Unit-Price

  ​ ​ ​

Cost Reimbursable (1)

  ​ ​ ​

Total

Utilities

​

$

335.6

​

$

1,382.4

​

$

398.4

​

$

2,116.4

Energy

​

​

1,734.6

​

​

509.9

​

​

934.6

​

​

3,179.1

Intersegment eliminations

​

​

(77.3)

​

​

(0.7)

​

​

(17.0)

​

​

(95.0)

Total

​

$

1,992.9

 

$

1,891.6

 

$

1,316.0

 

$

5,200.5

(1)Includes time and material and cost reimbursable plus fee contracts.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the three months ended September 30, 2025

Segment

​

Fixed-Price

  ​ ​ ​

Unit-Price

  ​ ​ ​

Cost Reimbursable (1)

  ​ ​ ​

Total

Utilities

​

$

118.3

 

$

466.8

 

$

152.4

 

$

737.5

Energy

​

​

951.2

​

​

158.2

​

​

376.3

​

​

1,485.7

Intersegment eliminations

​

​

(32.6)

​

​

(5.6)

​

​

(6.6)

​

​

(44.8)

Total

​

$

1,036.9

 

$

619.4

 

$

522.1

 

$

2,178.4

(1)Includes time and material and cost reimbursable plus fee contracts.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the nine months ended September 30, 2025

Segment

​

Fixed-Price

​

Unit-Price

​

Cost Reimbursable (1)

​

Total

Utilities

​

$

306.8

​

$

1,254.9

​

$

432.2

​

$

1,993.9

Energy

​

​

2,627.6

​

​

452.3

​

​

751.0

​

​

3,830.9

Intersegment eliminations

​

​

(83.8)

​

​

(15.5)

​

​

(8.2)

​

​

(107.5)

Total

​

$

2,850.6

 

$

1,691.7

 

$

1,175.0

 

$

5,717.3

(1)Includes time and material and cost reimbursable plus fee contracts.

​