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Operating Information by Segment and Geographic Area | 12 Months Ended
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Dec. 31, 2025
Segment Reporting [Abstract] |
Operating Information by Segment and Geographic Area | Operating Information by Segment and Geographic Area
| Year Ended December 31,
(in millions) | 2025 |  | 2024 |  | 2023
Revenue |  |  |  |  |
Urban Solutions | $ | 9,200 |  |  | $ | 7,239 |  |  | $ | 5,262 |
Energy Solutions | 3,554 |  |  | 5,976 |  |  | 6,307 |
Mission Solutions | 2,720 |  |  | 2,594 |  |  | 2,655 |
Other | 29 |  |  | 506 |  |  | 1,250 |
Total revenue | $ | 15,503 |  |  | $ | 16,315 |  |  | $ | 15,474 |
Cost of revenue |  |  |  |  |
Urban Solutions | $ | (9,018) |  |  | $ | (6,931) |  |  | $ | (4,978) |
Energy Solutions | (3,963) |  |  | (5,715) |  |  | (5,942) |
Mission Solutions | (2,619) |  |  | (2,427) |  |  | (2,525) |
Other | (23) |  |  | (668) |  |  | (1,552) |
Total cost of revenue | $ | (15,623) |  |  | $ | (15,741) |  |  | $ | (14,997) |
Segment profit (loss) |  |  |  |  |
Urban Solutions | $ | 205 |  |  | $ | 304 |  |  | $ | 268 |
Energy Solutions | (414) |  |  | 256 |  |  | 381 |
Mission Solutions | 94 |  |  | 153 |  |  | 116 |
Other | 6 |  |  | (78) |  |  | (228) |
Total segment profit (loss) | $ | (109) |  |  | $ | 635 |  |  | $ | 537 |
G&A | (196) |  |  | (203) |  |  | (232) |
Foreign currency gain (loss) | (62) |  |  | 92 |  |  | (98) |
Interest income (expense), net | 67 |  |  | 150 |  |  | 168 |
Earnings (loss) attributable to NCI | (11) |  |  | (61) |  |  | (60) |
Earnings (loss) before taxes | $ | (311) |  |  | $ | 613 |  |  | $ | 315 |
Depreciation (all but Corporate included in segment profit) |  |  |  |  |
Urban Solutions | $ | 27 |  |  | $ | 27 |  |  | $ | 10 |
Energy Solutions | 29 |  |  | 24 |  |  | — |
Mission Solutions | 8 |  |  | 5 |  |  | 3 |
Other | — |  |  | 8 |  |  | 19 |
Corporate | 4 |  |  | 9 |  |  | 42 |
Total depreciation | $ | 68 |  |  | $ | 73 |  |  | $ | 74 |
Capital expenditures |  |  |  |  |
Urban Solutions | $ | 17 |  |  | $ | 21 |  |  | $ | 20 |
Energy Solutions | — |  |  | — |  |  | — |
Mission Solutions | 4 |  |  | 3 |  |  | 4 |
Other | — |  |  | 6 |  |  | 15 |
Corporate | 29 |  |  | 134 |  |  | 67 |
Total capital expenditures | $ | 50 |  |  | $ | 164 |  |  | $ | 106 |
(in millions) | December 31, 2025 |  | December 31, 2024 |  |
Total assets |  |  |  |  |
Urban Solutions | $ | 1,769 |  |  | $ | 1,472 |  |  |
Energy Solutions | 621 |  |  | 729 |  |  |
Mission Solutions | 733 |  |  | 734 |  |  |
Other | 1,581 |  |  | 2,338 |  |  |
Corporate | 3,532 |  |  | 3,870 |  |  |
Total assets | $ | 8,236 |  |  | $ | 9,143 |  |  |
Goodwill |  |  |  |  |
Urban Solutions | $ | 130 |  |  | $ | 129 |  |  |
Energy Solutions | 12 |  |  | 13 |  |  |
Mission Solutions | 58 |  |  | 58 |  |  |
Other | — |  |  | — |  |  |
Total goodwill | $ | 200 |  |  | $ | 199 |  |  |
Urban Solutions. Revenue from a single customer amounted to 15% of consolidated revenue during 2025. Segment profit in 2025 decreased due to forecast adjustments for cost growth on 3 infrastructure projects related to subcontracted design errors, price escalation, schedule impacts partially offset by the refinement of expected recovery on these same projects. These forecast adjustments of $108 million (or $0.61 per share) were partially offset by improved performance on other infrastructure projects, a favorable negotiation with a designer on a separate infrastructure project and the ramp up of life sciences projects. Segment profit increased in 2024 due to the ramp up of several recently awarded projects, partially offset by cost growth on an infrastructure project. Segment profit in 2024 included an agreement to the terms of a change order on a legacy infrastructure project compared to a $59 million (or $0.34 per share) charge for rework associated with subcontractor design errors and related schedule impacts on the same project during 2023. Further, segment profit in 2023 included the favorable settlement of a claim on an international bridge project. Energy Solutions. Revenue from 2 customers each amounted to 10% of consolidated revenue during 2023. Segment profit declined in 2025 due to the reversal of previously recognized revenue of $643 million (or $3.89 per share) for a judgment on the long completed Santos project in Australia. Segment profit declined in 2024 primarily due to the initial recognition of inflation-adjusted variable consideration on certain downstream projects during 2023. Segment profit in 2024 was also impacted by cost growth related to schedule delays and reduced productivity on a large project in the late stages of execution. We recognized a positive adjustment upon the negotiation of change orders on the same project in 2023. Further, cost growth on a construction-only subcontract executed by our joint venture in Mexico resulted in charges totaling $66 million (or $0.26 per share) during 2024. The decrease in segment profit during 2024 was partially offset by final negotiations and handover of a large upstream legacy project which was completed during the second quarter of 2024. We recorded $91 million (or $0.53 per share) for cost growth on the now-completed project during 2023. Mission Solutions. Revenue from work performed for various agencies of the U.S. government amounted to 17%, 16% and 9% of consolidated revenue during 2025, 2024 and 2023, respectively. Segment profit declined in 2025 primarily due to the recognition of revenue reserves for certain disputed costs on a DOD project and an adverse ruling on a long-standing claim on a project completed in 2019. Segment profit significantly improved during 2024 which reflected a $30 million (or $0.17 per share) charge for cost growth associated with schedule delays on a weapons facility project during 2023 that is now complete. The increase in segment profit and profit margin in 2024 was further driven by an increase in execution activities on a DOE contract partially offset by the cancellation of a project in 2023. Other. Other included the results of NuScale prior to its deconsolidation in October 2024, and the remaining operations of Stork which was fully divested in 2025 and AMECO which was fully divested in 2023. Results from our Other segment were immaterial for 2025. Segment profit (loss) follows:
|  |  |  | Year Ended December 31,
(in millions) |  |  |  | 2024 |  | 2023
NuScale |  |  |  | $ | (100) |  |  | $ | (106) |
Stork |  |  |  | 23 |  |  | (55) |
AMECO |  |  |  | (1) |  |  | (67) |
Segment profit (loss) |  |  |  | $ | (78) |  |  | $ | (228) |
Operating Information by Geographic Area
| Revenue by project location Year Ended December 31, |  | Total Assets As of December 31,
(in millions) | 2025 | 2024 | 2023 |  | 2025 | 2024
North America | $ | 11,314 |  | $ | 11,089 |  | $ | 10,514 |  |  | $ | 6,782 |  | $ | 7,459 |
Asia Pacific (includes Australia) | 604 |  | 1,837 |  | 1,744 |  |  | 535 |  | 710 |
Europe | 2,895 |  | 2,689 |  | 2,268 |  |  | 494 |  | 568 |
Central and South America | 538 |  | 484 |  | 741 |  |  | 135 |  | 133 |
Middle East and Africa | 152 |  | 216 |  | 207 |  |  | 290 |  | 273 |
Total | $ | 15,503 |  | $ | 16,315 |  | $ | 15,474 |  |  | $ | 8,236 |  | $ | 9,143 |

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