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Segment Information (Tables) | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Summarized Financial Information | The following tables show segment financial information in thousands of dollars for the periods presented. All revenues are from external customers. Segment operating margin is calculated by dividing operating income by revenues.
Three Months Ended September 30, 2025 |  | Electric |  | Underground and Infrastructure |  | Total
Revenues |  | $ | 6,172,019 |  |  | $ | 1,459,389 |  |  | $ | 7,631,408 |
Segment operating expense (excluding segment depreciation expense) |  | 5,409,552 |  |  | 1,310,598 |  |  | 6,720,150 |
Segment depreciation expense |  | 72,359 |  |  | 26,575 |  |  | 98,934 |
Segment operating expenses |  | 5,481,911 |  |  | 1,337,173 |  |  | 6,819,084 |
Equity in earnings on integral unconsolidated affiliates |  | 13,731 |  |  | — |  |  | 13,731 |
Segment operating income |  | $ | 703,839 |  |  | $ | 122,216 |  |  | $ | 826,055 |
Segment operating margin |  | 11.4 | % |  | 8.4 | % |  |
Corporate and non-allocated costs (1) |  |  |  |  |  | (308,838) |
Total consolidated operating income |  |  |  |  |  | $ | 517,217 |
Three Months Ended September 30, 2024 |  | Electric |  | Underground and Infrastructure |  | Total
Revenues |  | $ | 5,233,887 |  |  | $ | 1,259,280 |  |  | $ | 6,493,167 |
Segment operating expense (excluding segment depreciation expense) |  | 4,609,149 |  |  | 1,143,910 |  |  | 5,753,059 |
Segment depreciation expense |  | 62,739 |  |  | 21,414 |  |  | 84,153 |
Segment operating expenses |  | 4,671,888 |  |  | 1,165,324 |  |  | 5,837,212 |
Equity in earnings on integral unconsolidated affiliates |  | 14,015 |  |  | — |  |  | 14,015 |
Segment operating income |  | $ | 576,014 |  |  | $ | 93,956 |  |  | $ | 669,970 |
Segment operating margin |  | 11.0 | % |  | 7.5 | % |  |
Corporate and non-allocated costs (1) |  |  |  |  |  | (238,809) |
Total consolidated operating income |  |  |  |  |  | $ | 431,161 |
Nine Months Ended September 30, 2025 |  | Electric |  | Underground and Infrastructure |  | Total
Revenues |  | $ | 16,574,484 |  |  | $ | 4,063,265 |  |  | $ | 20,637,749 |
Segment operating expense (excluding segment depreciation expense) |  | 14,743,565 |  |  | 3,695,534 |  |  | 18,439,099 |
Segment depreciation expense |  | 207,400 |  |  | 77,945 |  |  | 285,345 |
Segment operating expenses |  | 14,950,965 |  |  | 3,773,479 |  |  | 18,724,444 |
Equity in earnings on integral unconsolidated affiliates |  | 41,104 |  |  | — |  |  | 41,104 |
Segment operating income |  | $ | 1,664,623 |  |  | $ | 289,786 |  |  | $ | 1,954,409 |
Segment operating margin |  | 10.0 | % |  | 7.1 | % |  |
Corporate and non-allocated costs (1) |  |  |  |  |  | (827,829) |
Total consolidated operating income |  |  |  |  |  | $ | 1,126,580 |
Nine Months Ended September 30, 2024 |  | Electric |  | Underground and Infrastructure (2) |  | Total
Revenues |  | $ | 13,631,891 |  |  | $ | 3,487,482 |  |  | $ | 17,119,373 |
Segment operating expense (excluding segment depreciation expense) |  | 12,180,287 |  |  | 3,200,901 |  |  | 15,381,188 |
Segment depreciation expense |  | 181,073 |  |  | 64,144 |  |  | 245,217 |
Segment operating expenses |  | 12,361,360 |  |  | 3,265,045 |  |  | 15,626,405 |
Equity in earnings on integral unconsolidated affiliates |  | 34,935 |  |  | — |  |  | 34,935 |
Segment operating income |  | $ | 1,305,466 |  |  | $ | 222,437 |  |  | $ | 1,527,903 |
Segment operating margin |  | 9.6 | % |  | 6.4 | % |  |
Corporate and non-allocated costs (1) |  |  |  |  |  | (634,158) |
Total consolidated operating income |  |  |  |  |  | $ | 893,745 |
(1) Corporate and non-allocated costs included amortization expense of $133.2 million and $110.4 million and non-cash stock-based compensation of $46.9 million and $38.2 million for the three months ended September 30, 2025 and 2024. Corporate and Non-Allocated Costs for the nine months ended September 30, 2025 and 2024 included amortization expense of $355.9 million and $267.1 million and non-cash stock-based compensation of $129.1 million and $110.8 million. (2) Included in operating expenses (excluding segment depreciation expense) for the Underground and Infrastructure segment during the nine months ended September 30, 2024 were losses of $11.9 million related to the disposition of a non-core business.

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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