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Revenue (Tables)

6 Months Ended

Jun. 30, 2025

Revenue

Schedule of contract assets

Contract assets consist of the following (in thousands):

​	​	​	​	​	​	​
​	​	June 30,		​	December 31,
​		2025			2024
Unbilled revenue	​	$	621,195	​	$	492,252
Retention receivable	​	​	244,252	​	​	232,425
Contract materials (not yet installed)	​		55,225	​		49,059
​	​	$	920,672	​	$	773,736

Schedule of contract liabilities

Contract liabilities consist of the following (in thousands):

​	​	​	​	​	​	​
​	​	June 30,		​	December 31,
​		2025			2024
Deferred revenue	​	$	671,398	​	$	614,328
Accrued loss provision	​		2,849	​		3,096
​	​	$	674,247	​	$	617,424

Schedule of revenue disaggregation by various categories

MSA and Non-MSA revenue was as follows (in thousands):

​

​	​	​	​	​	​	​	​	​	​
​	​	For the three months ended June 30, 2025
Segment		MSA			Non-MSA			Total
Utilities	​	$	539,458		$	153,563		$	693,021
Energy	​	​	63,918	​	​	1,172,889	​	​	1,236,807
Intersegment eliminations	​	​	(387)	​	​	(38,696)	​	​	(39,083)
Total	​	$	602,989		$	1,287,756		$	1,890,745

​

​	​	​	​	​	​	​	​	​	​
​	​	For the six months ended June 30, 2025
Segment		MSA			Non-MSA			Total
Utilities	​	$	991,541	​	​	264,887	​	$	1,256,428
Energy	​	​	102,328	​	​	2,242,821	​	​	2,345,149
Intersegment eliminations	​	​	(928)	​	​	(61,791)	​	​	(62,719)
Total	​	$	1,092,941		$	2,445,917		$	3,538,858

​

​	​	​	​	​	​	​	​	​	​
​	​	For the three months ended June 30, 2024
Segment	​	MSA			Non-MSA			Total
Utilities	​	$	496,458		$	124,340		$	620,798
Energy	​	​	77,952	​	​	895,540	​	​	973,492
Intersegment eliminations	​	​	(44)	​	​	(30,531)	​	​	(30,575)
Total	​	$	574,366		$	989,349		$	1,563,715

​

​	​	​	​	​	​	​	​	​	​
​	​	For the six months ended June 30, 2024
Segment	​	MSA		​	Non-MSA		​	Total
Utilities	​	$	877,956	​	$	230,766	​	$	1,108,722
Energy	​	​	170,718	​	​	1,750,352	​	​	1,921,070
Intersegment eliminations	​	​	(238)	​	​	(53,132)	​	​	(53,370)
Total	​	$	1,048,436		$	1,927,986		$	2,976,422

​

​

Revenue by contract type was as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the three months ended June 30, 2025

Segment

Fixed-Price

Unit-Price

Cost Reimbursable (1)

Total

Utilities

​

$

110,536

$

443,781

$

138,704

$

693,021

Energy

​

​

899,404

​

​

146,997

​

​

190,406

​

​

1,236,807

Intersegment eliminations

​

​

(32,125)

​

​

(6,444)

​

​

(514)

​

​

(39,083)

Total

​

$

977,815

$

584,334

$

328,596

$

1,890,745

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the six months ended June 30, 2025

Segment

Fixed-Price

Unit-Price

Cost Reimbursable (1)

Total

Utilities

​

$

188,466

​

$

788,152

​

$

279,810

​

$

1,256,428

Energy

​

​

1,676,354

​

​

294,169

​

​

374,626

​

​

2,345,149

Intersegment eliminations

​

​

(51,252)

​

​

(9,906)

​

​

(1,561)

​

​

(62,719)

Total

​

$

1,813,568

$

1,072,415

$

652,875

$

3,538,858

(1) Includes time and material and cost reimbursable plus fee contracts.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the three months ended June 30, 2024

Segment

​

Fixed-Price

Unit-Price

Cost Reimbursable (1)

Total

Utilities

​

$

93,571

$

387,980

$

139,247

$

620,798

Energy

​

​

539,406

​

​

164,600

​

​

269,486

​

​

973,492

Intersegment eliminations

​

​

(30,536)

​

​

(12)

​

​

(27)

​

​

(30,575)

Total

​

$

602,441

$

552,568

$

408,706

$

1,563,715

(1) Includes time and material and cost reimbursable plus fee contracts.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the six months ended June 30, 2024

Segment

​

Fixed-Price

​

Unit-Price

​

Cost Reimbursable (1)

​

Total

Utilities

​

$

180,571

​

$

685,405

​

$

242,746

​

$

1,108,722

Energy

​

​

1,142,706

​

​

307,389

​

​

470,975

​

​

1,921,070

Intersegment eliminations

​

​

(51,485)

​

​

(1,765)

​

​

(120)

​

​

(53,370)

Total

​

$

1,271,792

$

991,029

$

713,601

$

2,976,422

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+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

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