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v3.25.1

Operating Information by Segment and Geographic Area | 3 Months Ended
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Mar. 31, 2025
Segment Reporting [Abstract] |
Operating Information by Segment and Geographic Area | Operating Information by Segment and Geographic Area
|  | 3ME March 31, |  |
(in millions) |  | 2025 |  | 2024 |  |  |  |
Revenue |  |  |  |  |  |  |  |
Urban Solutions |  | $ | 2,157 |  |  | $ | 1,479 |  |  |  |  |
Energy Solutions |  | 1,206 |  |  | 1,432 |  |  |  |  |
Mission Solutions |  | 597 |  |  | 601 |  |  |  |  |
Other |  | 22 |  |  | 222 |  |  |  |  |
Total revenue |  | $ | 3,982 |  |  | $ | 3,734 |  |  |  |  |
Cost of revenue |  |  |  |  |  |  |  |
Urban Solutions |  | $ | (2,081) |  |  | $ | (1,427) |  |  |  |  |
Energy Solutions |  | (1,158) |  |  | (1,363) |  |  |  |  |
Mission Solutions |  | (590) |  |  | (575) |  |  |  |  |
Other |  | (13) |  |  | (270) |  |  |  |  |
Total cost of revenue |  | $ | (3,842) |  |  | $ | (3,635) |  |  |  |  |
Segment profit (loss) |  |  |  |  |  |  |  |
Urban Solutions |  | $ | 70 |  |  | $ | 50 |  |  |  |  |
Energy Solutions |  | 47 |  |  | 68 |  |  |  |  |
Mission Solutions |  | 5 |  |  | 22 |  |  |  |  |
Other |  | 9 |  |  | (22) |  |  |  |  |
Total segment profit |  | $ | 131 |  |  | $ | 118 |  |  |  |  |
G&A |  | (36) |  |  | (59) |  |  |  |  |
Foreign currency gain (loss) |  | (13) |  |  | 12 |  |  |  |  |
Interest income (expense), net |  | 17 |  |  | 39 |  |  |  |  |
Earnings (loss) attributable to NCI |  | 9 |  |  | (19) |  |  |  |  |
Earnings before taxes |  | $ | 108 |  |  | $ | 91 |  |  |  |  |
Intercompany revenue for our professional staffing business, excluded from revenue above |  | $ | 58 |  |  | $ | 81 |  |  |  |  |
Urban Solutions. Segment profit increased in the 2025 Quarter due to an increase in execution activities on life sciences projects awarded in the last 18 months and a large metals project as well as a decrease in cost due to design optimization on a highway project. We also recognized profit on a metals project upon a change in percentage of completion due to a change in scope. The increase in segment profit was partially offset by the effects of unfavorable foreign currency movements on an international bridge project. Energy Solutions. Segment profit declined during the 2025 Quarter due to projects nearing completion and the impact of reserves taken for a joint venture project in Mexico completed in 2019, partially offset by profit recognition on a chemicals project upon a change in percentage of completion due to a client directed change in scope. Segment profit in the 2024 Quarter was adversely impacted by $29 million (or $0.12 per share) in cost growth on a construction only subcontract executed by our joint venture in Mexico. Mission Solutions. Segment profit declined during the 2025 Quarter compared to the 2024 Quarter due to an additional reserve of $28 million (or $0.16 per share) resulting from a recent ruling on a long-standing claim on a project completed in 2019 partially offset by volume-related growth on a DOE project. Other. Other included the operations of NuScale prior to deconsolidation in the fourth quarter of 2024 and the operations of the Stork businesses prior to their sale. In the 2025 Quarter, we completed the sale of Stork's operations in the U.K. and recognized a gain on sale of $7 million compared to an $11 million gain on the sale of Stork's operations in continental Europe in the 2024 Quarter. We expect results from our Other segment to be immaterial for 2025. Total assets by segment are as follows:
(in millions) |  | March 31, 2025 |  | December 31, 2024
Urban Solutions |  | $ | 1,661 |  |  | $ | 1,472 |
Energy Solutions |  | 735 |  |  | 729 |
Mission Solutions |  | 784 |  |  | 734 |
Other |  | 1,795 |  |  | 2,338 |
Corporate |  | 3,448 |  |  | 3,870 |
Total assets |  | $ | 8,423 |  |  | $ | 9,143 |
Revenue by project location follows:
|  | 3ME March 31, |  |
(in millions) |  | 2025 |  | 2024 |  |  |  |
North America |  | $ | 2,653 |  |  | $ | 2,372 |  |  |  |  |
Asia Pacific (includes Australia) |  | 316 |  |  | 443 |  |  |  |  |
Europe |  | 842 |  |  | 772 |  |  |  |  |
Central and South America |  | 139 |  |  | 67 |  |  |  |  |
Middle East and Africa |  | 32 |  |  | 80 |  |  |  |  |
Total revenue |  | $ | 3,982 |  |  | $ | 3,734 |  |  |  |  |

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