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Reportable Segment Information | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
Reportable Segment Information | Reportable Segment Information We manage our operations under two reportable segments, Construction and Materials, which are distinguished by differences in business activities. Our reportable segments are the same as our operating segments and correspond with how our chief operating decision maker, or decision-making group (our “CODM”) regularly reviews financial information to allocate resources and assess performance. As of June 30, 2025, we identified our CODM as our Chief Executive Officer ("CEO") and our Chief Operating Officer ("COO"). Following our COO's retirement on July 4, 2025, our CEO assumed sole responsibility as the CODM. This change did not impact our reportable segments for the current period. Our CODM evaluates segment performance and makes business decisions based on operating income, which excludes non-operating income or expense. Segment assets include property and equipment, intangibles, goodwill, inventory and equity in construction joint ventures. Summarized segment information is as follows (in thousands):
Three months ended June 30, | Construction |  | Materials |  | Total
2025 |  |  |  |  |
Total revenue from reportable segments | $ | 937,426 |  | $ | 251,856 |  | $ | 1,189,282
Elimination of intersegment revenue | — |  | (63,318) |  | (63,318)
Revenue | 937,426 |  | 188,538 |  | 1,125,964
Cost of revenue | 783,760 |  | 143,105 |  | 926,865
Gross profit | 153,666 |  | 45,433 |  | 199,099
Selling, general and administrative expenses | 48,323 |  | 6,022 |  | 54,345
Gain on sales of property and equipment, net | (679) |  | (2,061) |  | (2,740)
Operating income from reportable segments | $ | 106,022 |  | $ | 41,472 |  | $ | 147,494
Depreciation, depletion and amortization | $ | 19,223 |  | $ | 14,273 |  | $ | 33,496
2024 |  |  |  |  |
Total revenue from reportable segments | $ | 917,954 |  | $ | 239,468 |  | $ | 1,157,422
Elimination of intersegment revenue | — |  | (74,936) |  | (74,936)
Revenue | 917,954 |  | 164,532 |  | 1,082,486
Cost of revenue | 782,582 |  | 135,193 |  | 917,775
Gross profit | 135,372 |  | 29,339 |  | 164,711
Selling, general and administrative expenses | 41,351 |  | 5,142 |  | 46,493
Gain on sales of property and equipment, net | (1,759) |  | (34) |  | (1,793)
Operating income from reportable segments | $ | 95,780 |  | $ | 24,231 |  | $ | 120,011
Depreciation, depletion and amortization | $ | 13,501 |  | $ | 10,917 |  | $ | 24,418
Six Months Ended June 30, | Construction |  | Materials |  | Total
2025 |  |  |  |  |
Total revenue from reportable segments | $ | 1,552,044 |  | $ | 357,436 |  | $ | 1,909,480
Elimination of intersegment revenue | — |  | (83,969) |  | (83,969)
Revenue | 1,552,044 |  | 273,467 |  | 1,825,511
Cost of revenue | 1,312,940 |  | 229,623 |  | 1,542,563
Gross profit | 239,104 |  | 43,844 |  | 282,948
Selling, general and administrative expenses | 110,650 |  | 14,567 |  | 125,217
Gain on sales of property and equipment, net | (2,528) |  | (2,130) |  | (4,658)
Operating income from reportable segments | $ | 130,982 |  | $ | 31,407 |  | $ | 162,389
Depreciation, depletion and amortization | $ | 33,675 |  | $ | 27,828 |  | $ | 61,503
Segment assets as of period end | $ | 615,962 |  | $ | 687,175 |  | $ | 1,303,137
2024 |  |  |  |  |
Total revenue from reportable segments | $ | 1,513,167 |  | $ | 328,172 |  | $ | 1,841,339
Elimination of intersegment revenue | — |  | (86,578) |  | (86,578)
Revenue | 1,513,167 |  | 241,594 |  | 1,754,761
Cost of revenue | 1,320,967 |  | 214,798 |  | 1,535,765
Gross profit | 192,200 |  | 26,796 |  | 218,996
Selling, general and administrative expenses | 90,175 |  | 10,284 |  | 100,459
Gain on sales of property and equipment, net | (2,981) |  | (562) |  | (3,543)
Operating income from reportable segments | $ | 105,006 |  | $ | 17,074 |  | $ | 122,080
Depreciation, depletion and amortization | $ | 27,204 |  | $ | 21,394 |  | $ | 48,598
Segment assets as of period end | $ | 565,222 |  | $ | 570,908 |  | $ | 1,136,130
A reconciliation of operating income from reportable segments to consolidated income before income taxes is as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(in thousands) | 2025 |  | 2024 |  | 2025 |  | 2024
Total operating income from reportable segments | $ | 147,494 |  |  | $ | 120,011 |  |  | $ | 162,389 |  |  | $ | 122,080 |
Corporate selling, general and administrative expenses | 31,542 |  |  | 23,559 |  |  | 76,581 |  |  | 57,586 |
Corporate (gain) loss on sales of property and equipment, net | (866) |  |  | 406 |  |  | (685) |  |  | 738 |
Other costs, net | 13,253 |  |  | 10,225 |  |  | 22,679 |  |  | 21,235 |
Total operating income | 103,565 |  |  | 85,821 |  |  | 63,814 |  |  | 42,521 |
Total other (income) expense, net | (3,994) |  |  | 26,271 |  |  | $ | (3,662) |  |  | $ | 21,939 |
Income before income taxes | $ | 107,559 |  |  | $ | 59,550 |  |  | $ | 67,476 |  |  | $ | 20,582 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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