Segment Information (Tables)

9 Months Ended

Sep. 30, 2025

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.