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Revenue from Contracts with Customers (Tables) | 9 Months Ended
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Sep. 30, 2025
Revenue from Contract with Customer [Abstract] |
Performance Obligation Satisfied In Previous Period | Based on an evaluation of individual projects that were substantially complete in prior periods but had revisions to total estimated costs or anticipated contract value (inclusive of the settlement of previously outstanding change orders and claims) that resulted in an increase to profitability in excess of $1.0 million, we recognized revenue during the three and nine months ended September 30, 2025 and 2024, as summarized in the following table (in thousands):
| For the three months ended September 30, |  | For the nine months ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
United States electrical construction and facilities services | $ | 21,049 |  |  | $ | 7,540 |  |  | $ | 2,512 |  |  | $ | 9,457 |
United States mechanical construction and facilities services | 23,165 |  |  | 5,672 |  |  | 12,062 |  |  | 9,351 |
Total impact | $ | 44,214 |  |  | $ | 13,212 |  |  | $ | 14,574 |  |  | $ | 18,808 |
Cumulative Catch-Up Adjustment | Based on an evaluation of individual projects that had revisions to total estimated costs or anticipated contract value that resulted in a reduction of profitability in excess of $1.0 million, our operating results were negatively impacted during the three and nine months ended September 30, 2025 and 2024, as summarized in the following table (in thousands):
| For the three months ended September 30, |  | For the nine months ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
United States electrical construction and facilities services | $ | 25,234 |  |  | $ | — |  |  | $ | 37,419 |  |  | $ | 16,758 |
United States mechanical construction and facilities services | 9,330 |  |  | 10,066 |  |  | 31,697 |  |  | 23,863 |
Total impact | $ | 34,564 |  |  | $ | 10,066 |  |  | $ | 69,116 |  |  | $ | 40,621 |
Disaggregation of Revenues | The following tables provide further disaggregation of our revenues, by categories we use to evaluate our financial performance within each of our reportable segments, for the three and nine months ended September 30, 2025 and 2024 (in thousands, except for percentages). Refer to Note 14 - Segment Information of the notes to consolidated financial statements for additional information on how we disaggregate our revenues by reportable segment.
| For the three months ended September 30,
| 2025 |  | % of Total |  | 2024 |  | % of Total
United States electrical construction and facilities services: |  |  |  |  |  |  |
Network and communications market sector | $ | 621,650 |  |  | 48 | % |  | $ | 367,555 |  |  | 43 | %
Commercial market sector | 110,377 |  |  | 9 | % |  | 70,366 |  |  | 8 | %
Manufacturing and industrial market sector | 107,895 |  |  | 8 | % |  | 109,528 |  |  | 13 | %
Healthcare market sector | 96,319 |  |  | 7 | % |  | 62,102 |  |  | 7 | %
High-tech manufacturing market sector | 33,232 |  |  | 3 | % |  | 48,960 |  |  | 6 | %
Institutional market sector | 84,776 |  |  | 7 | % |  | 51,504 |  |  | 6 | %
Transportation market sector | 70,213 |  |  | 5 | % |  | 47,720 |  |  | 6 | %
Water and wastewater market sector | 8,869 |  |  | 1 | % |  | 8,038 |  |  | 1 | %
Hospitality and entertainment market sector | 35,305 |  |  | 3 | % |  | 16,835 |  |  | 2 | %
Short-duration projects (1) | 92,400 |  |  | 7 | % |  | 48,225 |  |  | 6 | %
Service work | 25,214 |  |  | 2 | % |  | 15,231 |  |  | 2 | %
| 1,286,250 |  |  |  |  | 846,064 |  |  |
Less intersegment revenues | (981) |  |  |  |  | (1,034) |  |  |
Total segment revenues | $ | 1,285,269 |  |  |  |  | $ | 845,030 |  |  |
________ (1)Represents those projects which generally are completed within three months or less. NOTE 3 - Revenue from Contracts with Customers (Continued)
| For the three months ended September 30,
| 2025 |  | % of Total |  | 2024 |  | % of Total
United States mechanical construction and facilities services: |  |  |  |  |  |  |
Network and communications market sector | $ | 432,138 |  |  | 24 | % |  | $ | 221,700 |  |  | 13 | %
Commercial market sector | 222,953 |  |  | 12 | % |  | 243,629 |  |  | 15 | %
Manufacturing and industrial market sector | 236,399 |  |  | 13 | % |  | 176,127 |  |  | 11 | %
Healthcare market sector | 145,882 |  |  | 8 | % |  | 152,851 |  |  | 9 | %
High-tech manufacturing market sector | 225,801 |  |  | 13 | % |  | 388,084 |  |  | 23 | %
Institutional market sector | 127,085 |  |  | 7 | % |  | 136,218 |  |  | 8 | %
Transportation market sector | 15,560 |  |  | 1 | % |  | 13,834 |  |  | 1 | %
Water and wastewater market sector | 83,229 |  |  | 5 | % |  | 74,478 |  |  | 5 | %
Hospitality and entertainment market sector | 31,781 |  |  | 2 | % |  | 20,272 |  |  | 1 | %
Short-duration projects (1) | 105,104 |  |  | 6 | % |  | 71,085 |  |  | 4 | %
Service work | 161,636 |  |  | 9 | % |  | 165,540 |  |  | 10 | %
| 1,787,568 |  |  |  |  | 1,663,818 |  |  |
Less intersegment revenues | (8,289) |  |  |  |  | (1,607) |  |  |
Total segment revenues | $ | 1,779,279 |  |  |  |  | $ | 1,662,211 |  |  |
________ (1)Represents those projects which generally are completed within three months or less.
| For the three months ended September 30,
| 2025 |  | % of Total |  | 2024 |  | % of Total
United States building services: |  |  |  |  |  |  |
Mechanical services | $ | 634,246 |  |  | 78 | % |  | $ | 599,371 |  |  | 75 | %
Commercial site-based services | 141,652 |  |  | 17 | % |  | 151,852 |  |  | 19 | %
Government site-based services | 37,981 |  |  | 5 | % |  | 45,700 |  |  | 6 | %
Total segment revenues | $ | 813,879 |  |  |  |  | $ | 796,923 |  |  |
| For the three months ended September 30,
| 2025 |  | % of Total |  | 2024 |  | % of Total
United States industrial services: |  |  |  |  |  |  |
Field services | $ | 245,033 |  |  | 85 | % |  | $ | 251,552 |  |  | 88 | %
Shop services | 41,881 |  |  | 15 | % |  | 34,858 |  |  | 12 | %
Total segment revenues | $ | 286,914 |  |  |  |  | $ | 286,410 |  |  |
Total United States operations | $ | 4,165,341 |  |  |  |  | $ | 3,590,574 |  |  |
| For the three months ended September 30,
| 2025 |  | % of Total |  | 2024 |  | % of Total
United Kingdom building services: |  |  |  |  |  |  |
Service work | $ | 71,702 |  |  | 53 | % |  | $ | 49,530 |  |  | 47 | %
Project work | 64,486 |  |  | 47 | % |  | 56,820 |  |  | 53 | %
Total segment revenues | $ | 136,188 |  |  |  |  | $ | 106,350 |  |  |
Consolidated revenues | $ | 4,301,529 |  |  |  |  | $ | 3,696,924 |  |  |
NOTE 3 - Revenue from Contracts with Customers (Continued)
| For the nine months ended September 30,
| 2025 |  | % of Total |  | 2024 |  | % of Total
United States electrical construction and facilities services: |  |  |  |  |  |  |
Network and communications market sector | $ | 1,807,953 |  |  | 49 | % |  | $ | 1,002,116 |  |  | 42 | %
Commercial market sector | 325,471 |  |  | 9 | % |  | 233,365 |  |  | 10 | %
Manufacturing and industrial market sector | 317,528 |  |  | 9 | % |  | 313,454 |  |  | 13 | %
Healthcare market sector | 337,735 |  |  | 9 | % |  | 177,059 |  |  | 7 | %
High-tech manufacturing market sector | 114,356 |  |  | 3 | % |  | 137,306 |  |  | 6 | %
Institutional market sector | 203,857 |  |  | 5 | % |  | 128,075 |  |  | 5 | %
Transportation market sector | 198,769 |  |  | 5 | % |  | 147,701 |  |  | 6 | %
Water and wastewater market sector | 29,155 |  |  | 1 | % |  | 23,337 |  |  | 1 | %
Hospitality and entertainment market sector | 84,930 |  |  | 2 | % |  | 55,143 |  |  | 2 | %
Short-duration projects (1) | 232,082 |  |  | 6 | % |  | 150,508 |  |  | 6 | %
Service work | 66,247 |  |  | 2 | % |  | 44,789 |  |  | 2 | %
| 3,718,083 |  |  |  |  | 2,412,853 |  |  |
Less intersegment revenues | (4,723) |  |  |  |  | (3,118) |  |  |
Total segment revenues | $ | 3,713,360 |  |  |  |  | $ | 2,409,735 |  |  |
________ (1)Represents those projects which generally are completed within three months or less.
| For the nine months ended September 30,
| 2025 |  | % of Total |  | 2024 |  | % of Total
United States mechanical construction and facilities services: |  |  |  |  |  |  |
Network and communications market sector | $ | 1,152,175 |  |  | 22 | % |  | $ | 527,404 |  |  | 11 | %
Commercial market sector | 619,863 |  |  | 12 | % |  | 775,767 |  |  | 16 | %
Manufacturing and industrial market sector | 643,922 |  |  | 13 | % |  | 568,502 |  |  | 12 | %
Healthcare market sector | 439,497 |  |  | 9 | % |  | 426,275 |  |  | 9 | %
High-tech manufacturing market sector | 789,606 |  |  | 15 | % |  | 1,075,890 |  |  | 23 | %
Institutional market sector | 324,652 |  |  | 6 | % |  | 360,602 |  |  | 8 | %
Transportation market sector | 39,729 |  |  | 1 | % |  | 43,496 |  |  | 1 | %
Water and wastewater market sector | 249,916 |  |  | 5 | % |  | 224,921 |  |  | 5 | %
Hospitality and entertainment market sector | 97,848 |  |  | 2 | % |  | 49,902 |  |  | 1 | %
Short-duration projects (1) | 299,833 |  |  | 6 | % |  | 253,916 |  |  | 5 | %
Service work | 460,780 |  |  | 9 | % |  | 443,055 |  |  | 9 | %
| 5,117,821 |  |  |  |  | 4,749,730 |  |  |
Less intersegment revenues | (10,682) |  |  |  |  | (4,673) |  |  |
Total segment revenues | $ | 5,107,139 |  |  |  |  | $ | 4,745,057 |  |  |
________ (1)Represents those projects which generally are completed within three months or less. NOTE 3 - Revenue from Contracts with Customers (Continued)
| For the nine months ended September 30,
| 2025 |  | % of Total |  | 2024 |  | % of Total
United States building services: |  |  |  |  |  |  |
Mechanical services | $ | 1,812,248 |  |  | 77 | % |  | $ | 1,695,254 |  |  | 72 | %
Commercial site-based services | 418,521 |  |  | 18 | % |  | 522,353 |  |  | 22 | %
Government site-based services | 118,992 |  |  | 5 | % |  | 141,584 |  |  | 6 | %
Total segment revenues | $ | 2,349,761 |  |  |  |  | $ | 2,359,191 |  |  |
| For the nine months ended September 30,
| 2025 |  | % of Total |  | 2024 |  | % of Total
United States industrial services: |  |  |  |  |  |  |
Field services | $ | 804,630 |  |  | 87 | % |  | $ | 837,224 |  |  | 87 | %
Shop services | 122,358 |  |  | 13 | % |  | 127,286 |  |  | 13 | %
Total segment revenues | $ | 926,988 |  |  |  |  | $ | 964,510 |  |  |
Total United States operations | $ | 12,097,248 |  |  |  |  | $ | 10,478,493 |  |  |
| For the nine months ended September 30,
| 2025 |  | % of Total |  | 2024 |  | % of Total
United Kingdom building services: |  |  |  |  |  |  |
Service work | $ | 189,394 |  |  | 50 | % |  | $ | 150,534 |  |  | 47 | %
Project work | 186,659 |  |  | 50 | % |  | 167,070 |  |  | 53 | %
Total segment revenues | $ | 376,053 |  |  |  |  | $ | 317,604 |  |  |
Consolidated revenues | $ | 12,473,301 |  |  |  |  | $ | 10,796,097 |  |  |
Accounts Receivable, Allowance for Credit Losses | The change in the allowance for credit losses for the nine months ended September 30, 2025 was as follows (in thousands):
Balance at December 31, 2024 | $ | 34,957 |
Provision for credit losses | 5,402 |
Amounts written off against the allowance, net of recoveries | (18,446) |
Balance at September 30, 2025 | $ | 21,913 |
Contract Assets and Contract Liabilities | Net contract liabilities in the accompanying Consolidated Balance Sheets consisted of the following amounts as of September 30, 2025 and December 31, 2024 (in thousands):
| September 30, 2025 |  | December 31, 2024
Contract assets, current | $ | 313,910 |  |  | $ | 284,791 |
Contract assets, non-current | — |  |  | — |
Contract liabilities, current | (2,144,210) |  |  | (2,047,540) |
Contract liabilities, non-current | (674) |  |  | (1,526) |
Net contract liabilities | $ | (1,830,974) |  |  | $ | (1,764,275) |
Remaining Performance Obligations | The following table presents the transaction price allocated to remaining unsatisfied performance obligations (“remaining performance obligations”) for each of our reportable segments and their respective percentages of total remaining performance obligations as of September 30, 2025 (in thousands, except for percentages):
| September 30, 2025 |  | % of Total
Remaining performance obligations: |  |  |
United States electrical construction and facilities services | $ | 4,497,521 |  |  | 35 | %
United States mechanical construction and facilities services | 6,421,665 |  |  | 51 | %
United States building services | 1,280,681 |  |  | 10 | %
United States industrial services | 202,198 |  |  | 2 | %
Total United States operations | 12,402,065 |  |  | 98 | %
United Kingdom building services | 211,828 |  |  | 2 | %
Total operations | $ | 12,613,893 |  |  | 100 | %
Remaining Performance Obligations, Expected Timing of Satisfaction | Refer to the table below for additional information regarding our remaining performance obligations, including an estimate of when we expect to recognize such remaining performance obligations as revenue (in thousands):
| Within one year |  | Greater than one year
Remaining performance obligations: |  |  |
United States electrical construction and facilities services | $ | 3,330,996 |  |  | $ | 1,166,525 |
United States mechanical construction and facilities services | 4,952,601 |  |  | 1,469,064 |
United States building services | 1,169,455 |  |  | 111,226 |
United States industrial services | 202,198 |  |  | — |
Total United States operations | 9,655,250 |  |  | 2,746,815 |
United Kingdom building services | 179,979 |  |  | 31,849 |
Total operations | $ | 9,835,229 |  |  | $ | 2,778,664 |

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