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Segment Information
 12 Months Ended
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):

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​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

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:

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​

​

​

​

​

​

​

​

​

​

​

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

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

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:

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​

​

​

​

​

​

​

​

​

​

​

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.