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Revenue Recognition | 9 Months Ended
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Sep. 30, 2025
Revenue from Contract with Customer [Abstract] |
Revenue Recognition | Revenue Recognition Disaggregation of Revenue A majority of the Company’s revenues are earned through contracts with customers that normally provide for payment upon completion of specified work or units of work as identified in the contract. Although there is considerable variation in the terms of these contracts, they are primarily structured as fixed-price contracts, under which the Company agrees to perform a defined scope of a project for a fixed amount, or unit-price contracts, under which the Company agrees to do the work at a fixed price per unit of work as specified in the contract. The Company also enters into time-and-equipment and time-and-materials contracts under which the Company is paid for labor and equipment at negotiated hourly billing rates and for other expenses, including materials, as incurred at rates agreed to in the contract. Finally, the Company sometimes enters into cost-plus contracts, where the Company is paid for costs plus a negotiated margin. On occasion, time-and-equipment, time-and-materials and cost-plus contracts require the Company to include a guarantee not-to-exceed a maximum price. Historically, fixed-price and unit-price contracts have had the highest potential margins; however, they have had a greater risk in terms of profitability because cost overruns may not be recoverable. Time-and-equipment, time-and-materials and cost-plus contracts have historically had less margin upside, but generally have had a lower risk of cost overruns. The Company also provides services under master service agreements (“MSAs”) and other variable-term service agreements. MSAs normally cover maintenance, upgrade and extension services, as well as new construction. Work performed under MSAs is typically billed on a unit-price, time-and-materials or time-and-equipment basis. MSAs are typically one to three years in duration; however, most of the Company’s contracts, including MSAs, may be terminated by the customer on short notice, typically 30 to 90 days, even if the Company is not in default under the contract. Under MSAs, customers generally agree to use the Company for certain services in a specified geographic region. Most MSAs include no obligation for the contract counterparty to assign specific volumes of work to the Company and do not require the counterparty to use the Company exclusively, although in some cases the MSA contract gives the Company a right of first refusal for certain work. Additional information related to the Company’s market types is provided in Note 10–Segment Information. The components of the Company’s revenue by contract type for the three months ended September 30, 2025 and 2024 were as follows:
|  | Three months ended September 30, 2025
|  | T&D |  | C&I |  | Total
(dollars in thousands) |  | Amount |  | Percent |  | Amount |  | Percent |  | Amount |  | Percent
Fixed price |  | $ | 160,811 |  |  | 31.9 | % |  | $ | 381,026 |  |  | 85.3 | % |  | $ | 541,837 |  |  | 57.0 | %
Unit price |  | 204,438 |  |  | 40.6 |  |  | 20,259 |  |  | 4.5 |  |  | 224,697 |  |  | 23.6 |
T&E |  | 138,187 |  |  | 27.5 |  |  | 45,679 |  |  | 10.2 |  |  | 183,866 |  |  | 19.4 |
|  | $ | 503,436 |  |  | 100.0 | % |  | $ | 446,964 |  |  | 100.0 | % |  | $ | 950,400 |  |  | 100.0 | %
|  | Three months ended September 30, 2024
|  | T&D |  | C&I |  | Total
(dollars in thousands) |  | Amount |  | Percent |  | Amount |  | Percent |  | Amount |  | Percent
Fixed price |  | $ | 197,087 |  |  | 40.9 | % |  | $ | 331,103 |  |  | 81.5 | % |  | $ | 528,190 |  |  | 59.5 | %
Unit price |  | 169,337 |  |  | 35.1 |  |  | 23,849 |  |  | 5.9 |  |  | 193,186 |  |  | 21.7 |
T&E |  | 115,452 |  |  | 24.0 |  |  | 51,215 |  |  | 12.6 |  |  | 166,667 |  |  | 18.8 |
|  | $ | 481,876 |  |  | 100.0 | % |  | $ | 406,167 |  |  | 100.0 | % |  | $ | 888,043 |  |  | 100.0 | %
The components of the Company’s revenue by contract type for the nine months ended September 30, 2025 and 2024 were as follows:
|  | Nine months ended September 30, 2025
|  | T&D |  | C&I |  | Total
(dollars in thousands) |  | Amount |  | Percent |  | Amount |  | Percent |  | Amount |  | Percent
Fixed price |  | $ | 512,379 |  |  | 34.8 | % |  | $ | 1,004,813 |  |  | 82.8 | % |  | $ | 1,517,192 |  |  | 56.5 | %
Unit price |  | 547,562 |  |  | 37.2 |  |  | 58,172 |  |  | 4.8 |  |  | 605,734 |  |  | 22.6 |
T&E |  | 411,538 |  |  | 28.0 |  |  | 149,881 |  |  | 12.4 |  |  | 561,419 |  |  | 20.9 |
|  | $ | 1,471,479 |  |  | 100.0 | % |  | $ | 1,212,866 |  |  | 100.0 | % |  | $ | 2,684,345 |  |  | 100.0 | %
|  | Nine months ended September 30, 2024
|  | T&D |  | C&I |  | Total
(dollars in thousands) |  | Amount |  | Percent |  | Amount |  | Percent |  | Amount |  | Percent
Fixed price |  | $ | 654,969 |  |  | 45.8 | % |  | $ | 902,582 |  |  | 81.9 | % |  | $ | 1,557,551 |  |  | 61.5 | %
Unit price |  | 443,589 |  |  | 31.0 |  |  | 58,988 |  |  | 5.4 |  |  | 502,577 |  |  | 19.8 |
T&E |  | 331,922 |  |  | 23.2 |  |  | 140,445 |  |  | 12.7 |  |  | 472,367 |  |  | 18.7 |
|  | $ | 1,430,480 |  |  | 100.0 | % |  | $ | 1,102,015 |  |  | 100.0 | % |  | $ | 2,532,495 |  |  | 100.0 | %
The components of the Company’s revenue by market type for the three months ended September 30, 2025 and 2024 were as follows:
|  | Three months ended September 30, 2025 |  | Three months ended September 30, 2024
(dollars in thousands) |  | Amount |  | Percent |  | Segment |  | Amount |  | Percent |  | Segment
Transmission |  | $ | 293,022 |  |  | 30.8 | % |  | T&D |  | $ | 276,663 |  |  | 31.2 | % |  | T&D
Distribution |  | 210,414 |  |  | 22.2 |  |  | T&D |  | 205,213 |  |  | 23.1 |  |  | T&D
Electrical construction |  | 446,964 |  |  | 47.0 |  |  | C&I |  | 406,167 |  |  | 45.7 |  |  | C&I
Total revenue |  | $ | 950,400 |  |  | 100.0 | % |  |  |  | $ | 888,043 |  |  | 100.0 | % |  |
The components of the Company’s revenue by market type for the nine months ended September 30, 2025 and 2024 were as follows:
|  | Nine months ended September 30, 2025 |  | Nine months ended September 30, 2024
(dollars in thousands) |  | Amount |  | Percent |  | Segment |  | Amount |  | Percent |  | Segment
Transmission |  | $ | 868,244 |  |  | 32.3 | % |  | T&D |  | $ | 873,077 |  |  | 34.5 | % |  | T&D
Distribution |  | 603,235 |  |  | 22.5 |  |  | T&D |  | 557,403 |  |  | 22.0 |  |  | T&D
Electrical construction |  | 1,212,866 |  |  | 45.2 |  |  | C&I |  | 1,102,015 |  |  | 43.5 |  |  | C&I
Total revenue |  | $ | 2,684,345 |  |  | 100.0 | % |  |  |  | $ | 2,532,495 |  |  | 100.0 | % |  |
Remaining Performance Obligations As of September 30, 2025, the Company had $2.34 billion of remaining performance obligations. The Company’s remaining performance obligations include projects that have a written award, a letter of intent, a notice to proceed or an agreed upon work order to perform work on mutually accepted terms and conditions. The timing of when remaining performance obligations are recognized is evaluated quarterly and is largely driven by the estimated start date and duration of the underlying projects. The following table summarizes the amount of remaining performance obligations as of September 30, 2025 that the Company expects to be realized and the amount of the remaining performance obligations that the Company reasonably estimates will be recognized within the next twelve months, and the amount estimated to be recognized after the next twelve months.
|  | Remaining Performance Obligations at September 30, 2025
(in thousands) |  | Total |  | Amount estimated to be recognized within 12 months |  | Amount estimated to be recognized after 12 months
T&D |  | $ | 619,085 |  |  | $ | 607,085 |  |  | $ | 12,000 |
C&I |  | 1,722,288 |  |  | 1,506,053 |  |  | 216,235 |
Total |  | $ | 2,341,373 |  |  | $ | 2,113,138 |  |  | $ | 228,235 |
The Company estimates approximately 95% or more of the remaining performance obligations will be recognized within twenty-four months, including approximately 90% of the remaining performance obligations estimated to be recognized within twelve months, although the timing of the Company’s performance is not always under its control. The timing of when remaining performance obligations are recognized by the Company can vary considerably and is impacted by multiple variables including, but not limited to: changes in the estimated versus actual start time of a project; the availability of labor, equipment and materials; changes in project workflow; weather; project delays and accelerations; and the timing of final contract settlements. Additionally, the difference between the remaining performance obligations and backlog is due to the exclusion of a portion of the Company’s MSAs under certain contract types from the Company’s remaining performance obligations as these contracts can be canceled for convenience at any time by the Company or the customer without considerable cost incurred by the customer. Additional information related to backlog is provided in Item 2. “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-7 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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