v3.25.4
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenue, net (includes $53.2 million, $50.0 million and $59.6 million with related parties for the years ended December 31, 2025, 2024 and 2023, respectively) $ 2,530,234 $ 2,109,054 $ 1,885,842
Operating expenses:      
Direct operating costs 1,769,616 1,452,749 1,361,337
Selling, general and administrative 197,559 180,184 161,352
Depreciation 27,178 27,808 24,129
Amortization 946 1,443 2,199
Total operating expenses 1,995,299 1,662,184 1,549,017
Income from operations 534,935 446,870 336,825
Other income (expense), net:      
Miscellaneous (expense) income, net (5,338) 4,056 (655)
Interest income (expense), net 12,780 24,996 (488)
Total other income (expense), net 7,442 29,052 (1,143)
Income before income taxes 542,377 475,922 335,682
Income tax provision 91,254 71,536 52,872
Net income $ 451,123 $ 404,386 $ 282,810
Net income per share attributable to common shareholders:      
Earnings per share, basic (in dollars per share) $ 15.64 $ 13.06 $ 9.20
Earnings per share, diluted (in dollars per share) $ 15.28 $ 12.63 $ 8.88
Weighted average common shares outstanding:      
Weighted average number of shares outstanding, basic (in shares) 28,846 30,957 30,722
Weighted-average shares outstanding, diluted (in shares) 29,527 32,014 31,841
Direct Costs      
Operating expenses:      
Direct operating costs $ 732,128 $ 682,095 $ 638,249
Reimbursed out-of-pocket expenses      
Operating expenses:      
Direct operating costs $ 1,037,488 $ 770,654 $ 723,088