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Operating Information by Segment and Geographic Area | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Operating Information by Segment and Geographic Area | Operating Information by Segment and Geographic Area
|  | 3ME September 30, |  | 9ME September 30,
(in millions) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Revenue |  |  |  |  |  |  |  |
Urban Solutions |  | $ | 2,343 |  |  | $ | 1,931 |  |  | $ | 6,570 |  |  | $ | 5,240 |
Energy Solutions |  | 262 |  |  | 1,428 |  |  | 2,611 |  |  | 4,456 |
Mission Solutions |  | 761 |  |  | 635 |  |  | 2,120 |  |  | 1,940 |
Other |  | 2 |  |  | 100 |  |  | 26 |  |  | 419 |
Total revenue |  | $ | 3,368 |  |  | $ | 4,094 |  |  | $ | 11,327 |  |  | $ | 12,055 |
Cost of revenue |  |  |  |  |  |  |  |
Urban Solutions |  | $ | (2,297) |  |  | $ | (1,863) |  |  | $ | (6,447) |  |  | $ | (5,011) |
Energy Solutions |  | (793) |  |  | (1,376) |  |  | (3,077) |  |  | (4,260) |
Mission Solutions |  | (724) |  |  | (584) |  |  | (2,038) |  |  | (1,819) |
Other |  | (3) |  |  | (182) |  |  | (19) |  |  | (598) |
Total cost of revenue |  | $ | (3,817) |  |  | $ | (4,005) |  |  | $ | (11,581) |  |  | $ | (11,689) |
Segment profit (loss) |  |  |  |  |  |  |  |
Urban Solutions |  | $ | 61 |  |  | $ | 68 |  |  | $ | 160 |  |  | $ | 223 |
Energy Solutions |  | (533) |  |  | 50 |  |  | (470) |  |  | 193 |
Mission Solutions |  | 34 |  |  | 45 |  |  | 73 |  |  | 108 |
Other |  | (1) |  |  | (46) |  |  | 7 |  |  | (95) |
Total segment profit (loss) |  | $ | (439) |  |  | $ | 117 |  |  | $ | (230) |  |  | $ | 429 |
G&A |  | (43) |  |  | (37) |  |  | (131) |  |  | (147) |
Foreign currency gain (loss) |  | (4) |  |  | (2) |  |  | (47) |  |  | 58 |
Interest income (expense), net |  | 13 |  |  | 37 |  |  | 48 |  |  | 114 |
Earnings (loss) attributable to NCI |  | (10) |  |  | (29) |  |  | (23) |  |  | (63) |
Earnings (loss) before taxes |  | $ | (483) |  |  | $ | 86 |  |  | $ | (383) |  |  | $ | 391 |
Intercompany revenue for our professional staffing business, excluded from revenue above |  | $ | 58 |  |  | $ | 70 |  |  | $ | 178 |  |  | $ | 226 |
Urban Solutions. Segment profit in the 2025 Quarter and 2025 Period decreased due to an adjustment of $25 million (or $0.15 per share) for delay-related effects on an infrastructure project partially offset by a favorable negotiation with a designer on a separate infrastructure project as well as the ramp up of recently awarded projects in life sciences and mining. Segment profit in the 2025 Period included forecast adjustments totaling $54 million (or $0.30 per share) for cost growth on 3 infrastructure projects related to subcontracted design errors, price escalation and schedule impacts partially offset by a refinement of our expected recovery from claims against our subcontractors on these same projects. Energy Solutions. Segment profit declined during the 2025 Quarter and 2025 Period primarily due to the reversal of previously recognized revenue of $653 million (or $3.99 per share) for a court ruling on the long completed Santos project in Australia that will require payment to our customer once the judgment is entered. This decline was partially offset by an increase on a large project nearing completion. Segment profit in the 2025 Period was also impacted by a decline in execution activity for projects nearing completion and for certain projects at our joint venture in Mexico where we slowed our execution activities beginning in the second quarter of 2025 through much of the third quarter pending customer payment. We also recognized a charge of $31 million (or $0.13 per share) during the 2025 Period for an arbitration ruling on a fabrication project at our joint venture in Mexico that was completed in 2021. Segment profit margin in the 2024 Period was adversely impacted by $57 million (or $0.23 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 due to the recognition of allowances for certain questioned and disputed costs on a DOD project mostly offset by the favorable resolution of a long-standing claim. Segment profit declined during the 2025 Period primarily due to the recognition of revenue reserves of $28 million (or $0.16 per share) resulting from a ruling on a long-standing claim for a project completed in 2019. 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 Period, 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 Period. We expect results from our Other segment to be immaterial for 2025 and beyond. Total assets by segment are as follows:
(in millions) |  | September 30, 2025 |  | December 31, 2024
Urban Solutions |  | $ | 1,931 |  |  | $ | 1,472 |
Energy Solutions |  | 769 |  |  | 729 |
Mission Solutions |  | 809 |  |  | 734 |
Other |  | 4 |  |  | 72 |
Corporate |  | 3,769 |  |  | 3,870 |
Investment in NuScale |  | 4,186 |  |  | 2,266 |
Total assets |  | $ | 11,468 |  |  | $ | 9,143 |
Revenue by project location follows:
|  | 3ME September 30, |  | 9ME September 30,
(in millions) |  | 2025 |  | 2024 |  | 2025 |  | 2024
North America |  | $ | 2,921 |  |  | $ | 2,877 |  |  | $ | 8,331 |  |  | $ | 8,177 |
Asia Pacific (includes Australia) |  | (365) |  |  | 475 |  |  | 257 |  |  | 1,476 |
Europe |  | 648 |  |  | 590 |  |  | 2,212 |  |  | 1,923 |
Central and South America |  | 127 |  |  | 113 |  |  | 412 |  |  | 315 |
Middle East and Africa |  | 37 |  |  | 39 |  |  | 115 |  |  | 164 |
Total revenue |  | $ | 3,368 |  |  | $ | 4,094 |  |  | $ | 11,327 |  |  | $ | 12,055 |

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