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Segment Information | 12 Months Ended
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Dec. 31, 2025
Segment Information |
Segment Information | 16. Segment Information We have two reportable segments: (a) our mechanical segment, which includes HVAC, plumbing, piping, and controls, as well as off-site construction, monitoring and fire protection; and (b) our electrical segment, which includes installation and servicing of electrical systems. We consider these two lines of business to be separate segments because they require different skill sets, and the business models for providing services have some differences, as a mechanical system requires ongoing maintenance and monitoring and an electrical system generally does not. However, the business model for installation of new systems or retrofitting existing systems is very similar between the two segments. 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 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. 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. Substantially all of our revenue is generated, and all of our assets are located, in the United States, our country of domicile. The following tables present information about our reportable segments (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | Mechanical Segment | ​ ​ ​ | Electrical Segment | ​ ​ ​ | Corporate | ​ ​ ​ | Consolidated
Total assets at December 31, 2025 | ​ | $ | 3,683,678 | ​ | $ | 1,765,570 | ​ | $ | 991,921 | ​ | $ | 6,441,169
Total assets at December 31, 2024 | ​ | $ | 3,162,677 | ​ | $ | 985,006 | ​ | $ | 563,405 | ​ | $ | 4,711,088
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, 2025
​ | ​ ​ ​ | Mechanical Segment | ​ ​ ​ | Electrical Segment | ​ ​ ​ | Corporate | ​ ​ ​ | Consolidated
Revenue | ​ | $ | 6,673,745 | ​ | $ | 2,427,896 | ​ | $ | — | ​ | $ | 9,101,641
Cost of services | ​ | ​ | 5,101,349 | ​ | ​ | 1,804,393 | ​ | ​ | — | ​ | ​ | 6,905,742
Gross profit | ​ | ​ | 1,572,396 | ​ | ​ | 623,503 | ​ | ​ | — | ​ | ​ | 2,195,899
Selling, general and administrative expenses | ​ | ​ | 574,344 | ​ | ​ | 236,580 | ​ | ​ | 72,360 | ​ | ​ | 883,284
Gain on sale of assets | ​ | ​ | (1,433) | ​ | ​ | (541) | ​ | ​ | — | ​ | ​ | (1,974)
Operating income (loss) | ​ | $ | 999,485 | ​ | $ | 387,464 | ​ | $ | (72,360) | ​ | $ | 1,314,589
Reconciliation to income before income taxes: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other income (expense) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (21,136)
Income before income taxes | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 1,293,453
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amortization of identifiable intangible assets | ​ | $ | 54,162 | ​ | $ | 25,418 | ​ | $ | — | ​ | $ | 79,580
Depreciation expense | ​ | $ | 50,754 | ​ | $ | 10,199 | ​ | $ | 1,426 | ​ | $ | 62,379
Capital expenditures | ​ | $ | 126,436 | ​ | $ | 26,556 | ​ | $ | 1,911 | ​ | $ | 154,903
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, 2024
​ | ​ ​ ​ | Mechanical Segment | ​ ​ ​ | Electrical Segment | ​ ​ ​ | Corporate | ​ ​ ​ | Consolidated
Revenue | ​ | $ | 5,527,604 | ​ | $ | 1,499,872 | ​ | $ | — | ​ | $ | 7,027,476
Cost of services | ​ | ​ | 4,413,108 | ​ | ​ | 1,137,957 | ​ | ​ | — | ​ | ​ | 5,551,065
Gross profit | ​ | ​ | 1,114,496 | ​ | ​ | 361,915 | ​ | ​ | — | ​ | ​ | 1,476,411
Selling, general and administrative expenses | ​ | ​ | 499,441 | ​ | ​ | 170,155 | ​ | ​ | 60,476 | ​ | ​ | 730,072
Gain on sale of assets | ​ | ​ | (1,813) | ​ | ​ | (1,217) | ​ | ​ | — | ​ | ​ | (3,030)
Operating income (loss) | ​ | $ | 616,868 | ​ | $ | 192,977 | ​ | $ | (60,476) | ​ | $ | 749,369
Reconciliation to income before income taxes: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other income (expense) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (82,808)
Income before income taxes | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 666,561
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amortization of identifiable intangible assets | ​ | $ | 74,873 | ​ | $ | 22,393 | ​ | $ | — | ​ | $ | 97,266
Depreciation expense | ​ | $ | 39,601 | ​ | $ | 7,450 | ​ | $ | 1,168 | ​ | $ | 48,219
Capital expenditures | ​ | $ | 80,957 | ​ | $ | 26,850 | ​ | $ | 3,264 | ​ | $ | 111,071
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, 2023
​ | ​ ​ ​ | Mechanical Segment | ​ ​ ​ | Electrical Segment | ​ ​ ​ | Corporate | ​ ​ ​ | Consolidated
Revenue | ​ | $ | 3,946,022 | ​ | $ | 1,260,738 | ​ | $ | — | ​ | $ | 5,206,760
Cost of services | ​ | ​ | 3,195,916 | ​ | ​ | 1,020,335 | ​ | ​ | — | ​ | ​ | 4,216,251
Gross profit | ​ | ​ | 750,106 | ​ | ​ | 240,403 | ​ | ​ | — | ​ | ​ | 990,509
Selling, general and administrative expenses | ​ | ​ | 394,657 | ​ | ​ | 129,623 | ​ | ​ | 50,143 | ​ | ​ | 574,423
Gain on sale of assets | ​ | ​ | (1,715) | ​ | ​ | (587) | ​ | ​ | — | ​ | ​ | (2,302)
Operating income (loss) | ​ | $ | 357,164 | ​ | $ | 111,367 | ​ | $ | (50,143) | ​ | $ | 418,388
Reconciliation to income before income taxes: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other income (expense) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (30,194)
Income before income taxes | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 388,194
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amortization of identifiable intangible assets | ​ | $ | 17,619 | ​ | $ | 25,785 | ​ | $ | — | ​ | $ | 43,404
Depreciation expense | ​ | $ | 30,850 | ​ | $ | 6,576 | ​ | $ | 736 | ​ | $ | 38,162
Capital expenditures | ​ | $ | 82,449 | ​ | $ | 9,600 | ​ | $ | 2,789 | ​ | $ | 94,838
​ For the years ended December 31, 2025, 2024, and 2023, one customer represented 12.8%, 13.3% and 13.8% of consolidated revenue, respectively, and was included in our mechanical segment revenues.

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- Definition The entire disclosure for reporting segments including data and tables. 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