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Segment Information | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Segment Information | 11. Segment Information Our activities are within the mechanical services industry and the electrical services industry, which represent our two reportable segments. We aggregate our operating segments into two reportable segments, as the operating segments meet all of the aggregation criteria. Segment information is prepared on the same basis that our Chief Operating Decision Maker (“CODM”) reviews financial information for operational decision-making purposes. Our CODM is the President and Chief Executive Officer. Our CODM allocates resources such as employees and capital resources primarily based on historical and potential future revenue, gross profit and operating income. Our CODM also uses segment gross profit and operating income when assessing pricing and performance by management teams in our operating segments. The following tables present information about our reportable segments (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Mechanical Segment |  | Electrical Segment |  | Corporate |  | Consolidated
Total assets at September 30, 2025 | ​ | $ | 3,689,895 | ​ | $ | 1,184,210 | ​ | $ | 903,746 | ​ | $ | 5,777,851
Total assets at December 31, 2024 | ​ | $ | 3,162,677 | ​ | $ | 985,006 | ​ | $ | 563,405 | ​ | $ | 4,711,088
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended September 30, 2025
​ |  | Mechanical Segment |  | Electrical Segment |  | Corporate |  | Consolidated
Revenue | ​ | $ | 1,810,462 | ​ | $ | 640,507 | ​ | $ | — | ​ | $ | 2,450,969
Cost of services | ​ | ​ | 1,370,687 | ​ | ​ | 472,411 | ​ | ​ | — | ​ | ​ | 1,843,098
Gross profit | ​ | ​ | 439,775 | ​ | ​ | 168,096 | ​ | ​ | — | ​ | ​ | 607,871
Selling, general and administrative expenses | ​ | ​ | 152,442 | ​ | ​ | 60,021 | ​ | ​ | 17,116 | ​ | ​ | 229,579
Gain on sale of assets | ​ | ​ | (418) | ​ | ​ | (164) | ​ | ​ | — | ​ | ​ | (582)
Operating income (loss) | ​ | $ | 287,751 | ​ | $ | 108,239 | ​ | $ | (17,116) | ​ | $ | 378,874
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amortization of identifiable intangible assets | ​ | $ | 14,001 | ​ | $ | 5,525 | ​ | $ | — | ​ | $ | 19,526
Depreciation expense | ​ | $ | 13,048 | ​ | $ | 2,600 | ​ | $ | 400 | ​ | $ | 16,048
Capital expenditures | ​ | $ | 28,881 | ​ | $ | 5,787 | ​ | $ | 664 | ​ | $ | 35,332
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended September 30, 2024
​ |  | Mechanical Segment |  | Electrical Segment |  | Corporate |  | Consolidated
Revenue | ​ | $ | 1,438,617 | ​ | $ | 373,749 | ​ | $ | — | ​ | $ | 1,812,366
Cost of services | ​ | ​ | 1,146,245 | ​ | ​ | 284,407 | ​ | ​ | — | ​ | ​ | 1,430,652
Gross profit | ​ | ​ | 292,372 | ​ | ​ | 89,342 | ​ | ​ | — | ​ | ​ | 381,714
Selling, general and administrative expenses | ​ | ​ | 127,591 | ​ | ​ | 39,612 | ​ | ​ | 12,974 | ​ | ​ | 180,177
Gain on sale of assets | ​ | ​ | (675) | ​ | ​ | (672) | ​ | ​ | — | ​ | ​ | (1,347)
Operating income (loss) | ​ | $ | 165,456 | ​ | $ | 50,402 | ​ | $ | (12,974) | ​ | $ | 202,884
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amortization of identifiable intangible assets | ​ | $ | 18,896 | ​ | $ | 5,525 | ​ | $ | — | ​ | $ | 24,421
Depreciation expense | ​ | $ | 10,170 | ​ | $ | 1,877 | ​ | $ | 286 | ​ | $ | 12,333
Capital expenditures | ​ | $ | 18,234 | ​ | $ | 3,506 | ​ | $ | 319 | ​ | $ | 22,059
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Nine Months Ended September 30, 2025
​ |  | Mechanical Segment |  | Electrical Segment |  | Corporate |  | Consolidated
Revenue | ​ | $ | 4,851,349 | ​ | $ | 1,604,225 | ​ | $ | — | ​ | $ | 6,455,574
Cost of services | ​ | ​ | 3,732,449 | ​ | ​ | 1,201,941 | ​ | ​ | — | ​ | ​ | 4,934,390
Gross profit | ​ | ​ | 1,118,900 | ​ | ​ | 402,284 | ​ | ​ | — | ​ | ​ | 1,521,184
Selling, general and administrative expenses | ​ | ​ | 421,786 | ​ | ​ | 159,302 | ​ | ​ | 53,831 | ​ | ​ | 634,919
Gain on sale of assets | ​ | ​ | (1,141) | ​ | ​ | (439) | ​ | ​ | — | ​ | ​ | (1,580)
Operating income (loss) | ​ | $ | 698,255 | ​ | $ | 243,421 | ​ | $ | (53,831) | ​ | $ | 887,845
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amortization of identifiable intangible assets | ​ | $ | 42,857 | ​ | $ | 16,575 | ​ | $ | — | ​ | $ | 59,432
Depreciation expense | ​ | $ | 36,545 | ​ | $ | 7,361 | ​ | $ | 1,008 | ​ | $ | 44,914
Capital expenditures | ​ | $ | 72,179 | ​ | $ | 15,419 | ​ | $ | 1,215 | ​ | $ | 88,813
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Nine Months Ended September 30, 2024
​ |  | Mechanical Segment |  | Electrical Segment |  | Corporate |  | Consolidated
Revenue | ​ | $ | 4,075,305 | ​ | $ | 1,084,367 | ​ | $ | — | ​ | $ | 5,159,672
Cost of services | ​ | ​ | 3,286,249 | ​ | ​ | 830,750 | ​ | ​ | — | ​ | ​ | 4,116,999
Gross profit | ​ | ​ | 789,056 | ​ | ​ | 253,617 | ​ | ​ | — | ​ | ​ | 1,042,673
Selling, general and administrative expenses | ​ | ​ | 363,201 | ​ | ​ | 114,630 | ​ | ​ | 44,606 | ​ | ​ | 522,437
Gain on sale of assets | ​ | ​ | (1,605) | ​ | ​ | (1,173) | ​ | ​ | — | ​ | ​ | (2,778)
Operating income (loss) | ​ | $ | 427,460 | ​ | $ | 140,160 | ​ | $ | (44,606) | ​ | $ | 523,014
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amortization of identifiable intangible assets | ​ | $ | 58,355 | ​ | $ | 16,869 | ​ | $ | — | ​ | $ | 75,224
Depreciation expense | ​ | $ | 29,103 | ​ | $ | 5,401 | ​ | $ | 873 | ​ | $ | 35,377
Capital expenditures | ​ | $ | 56,403 | ​ | $ | 11,778 | ​ | $ | 2,214 | ​ | $ | 70,395
​

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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