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Revenue | 6 Months Ended
--- | ---
Jun. 30, 2025
Revenue from Contract with Customer [Abstract] |
Revenue | Revenue Disaggregation of Revenue The following tables disaggregate revenue by end market, customer type and contract type, which the Company believes best depict how the nature, amount, timing and uncertainty of its revenue and cash flows are affected by economic factors for the three and six months ended June 30, 2025 and 2024.
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
(in thousands) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Civil segment revenue by end market: |  |  |  |  |  |  |  |
Mass transit (includes certain transportation and tunneling projects) |  | $ | 420,683 |  |  | $ | 289,587 |  |  | $ | 773,868 |  |  | $ | 542,103 |
Military facilities |  | 101,559 |  |  | 117,779 |  |  | 202,687 |  |  | 222,923 |
Bridges |  | 104,083 |  |  | 62,308 |  |  | 155,934 |  |  | 89,980 |
Detention facilities |  | 38,726 |  |  | 4,572 |  |  | 84,713 |  |  | 4,946 |
Power and energy |  | 38,057 |  |  | 35,728 |  |  | 68,668 |  |  | 61,926 |
Commercial and industrial sites |  | 24,657 |  |  | 36,630 |  |  | 47,308 |  |  | 76,120 |
Other |  | 6,422 |  |  | (116) |  |  | 11,050 |  |  | 20,655 |
Total Civil segment revenue |  | $ | 734,187 |  |  | $ | 546,488 |  |  | $ | 1,344,228 |  |  | $ | 1,018,653 |
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
(in thousands) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Building segment revenue by end market: |  |  |  |  |  |  |  |
Healthcare facilities |  | $ | 233,426 |  |  | $ | 135,954 |  |  | $ | 447,974 |  |  | $ | 247,941 |
Detention facilities |  | 75,911 |  |  | 26,893 |  |  | 163,915 |  |  | 58,541 |
Government |  | 63,106 |  |  | 87,225 |  |  | 123,121 |  |  | 186,188 |
Education facilities |  | 36,761 |  |  | 84,190 |  |  | 84,751 |  |  | 152,349 |
Mass transit (includes transportation projects) |  | 35,718 |  |  | 57,323 |  |  | 65,228 |  |  | 118,498 |
Other |  | 17,160 |  |  | 26,281 |  |  | 36,877 |  |  | 66,291 |
Total Building segment revenue |  | $ | 462,082 |  |  | $ | 417,866 |  |  | $ | 921,866 |  |  | $ | 829,808 |
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
(in thousands) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Specialty Contractors segment revenue by end market: |  |  |  |  |  |  |  |
Mass transit (includes certain transportation and tunneling projects) |  | $ | 56,173 |  |  | $ | 48,826 |  |  | $ | 98,768 |  |  | $ | 96,952 |
Commercial and industrial facilities |  | 33,576 |  |  | 30,213 |  |  | 65,766 |  |  | 58,423 |
Government |  | 26,098 |  |  | 18,491 |  |  | 56,194 |  |  | 41,444 |
Multi-unit residential |  | 22,917 |  |  | 20,298 |  |  | 48,486 |  |  | 45,024 |
Healthcare facilities |  | 23,883 |  |  | 14,718 |  |  | 44,457 |  |  | 31,428 |
Water |  | 5,511 |  |  | 14,702 |  |  | 16,296 |  |  | 28,918 |
Other |  | 9,254 |  |  | 15,868 |  |  | 24,253 |  |  | 25,807 |
Total Specialty Contractors segment revenue |  | $ | 177,412 |  |  | $ | 163,116 |  |  | $ | 354,220 |  |  | $ | 327,996 |
| Three Months Ended June 30, 2025 |  | Three Months Ended June 30, 2024
(in thousands) | Civil | Building | Specialty Contractors | Total |  | Civil | Building | Specialty Contractors | Total
Revenue by customer type: |  |  |  |  |
State and local agencies | $ | 546,827 |  | $ | 210,780 |  | $ | 91,906 |  | $ | 849,513 |  |  | $ | 345,619 |  | $ | 248,117 |  | $ | 83,127 |  | $ | 676,863 |
Federal agencies | 123,675 |  | 34,821 |  | 2,049 |  | 160,545 |  |  | 119,312 |  | 46,085 |  | 339 |  | 165,736 |
Private owners | 63,685 |  | 216,481 |  | 83,457 |  | 363,623 |  |  | 81,557 |  | 123,664 |  | 79,650 |  | 284,871 |
Total revenue | $ | 734,187 |  | $ | 462,082 |  | $ | 177,412 |  | $ | 1,373,681 |  |  | $ | 546,488 |  | $ | 417,866 |  | $ | 163,116 |  | $ | 1,127,470 |
| Six Months Ended June 30, 2025 |  | Six Months Ended June 30, 2024
(in thousands) | Civil | Building | Specialty Contractors | Total |  | Civil | Building | Specialty Contractors | Total
Revenue by customer type: |  |  |  |  |
State and local agencies | $ | 987,937 |  | $ | 431,955 |  | $ | 183,089 |  | $ | 1,602,981 |  |  | $ | 629,614 |  | $ | 494,636 |  | $ | 160,080 |  | $ | 1,284,330 |
Federal agencies | 235,754 |  | 71,465 |  | 5,166 |  | 312,385 |  |  | 232,766 |  | 92,137 |  | 778 |  | 325,681 |
Private owners | 120,537 |  | 418,446 |  | 165,965 |  | 704,948 |  |  | 156,273 |  | 243,035 |  | 167,138 |  | 566,446 |
Total revenue | $ | 1,344,228 |  | $ | 921,866 |  | $ | 354,220 |  | $ | 2,620,314 |  |  | $ | 1,018,653 |  | $ | 829,808 |  | $ | 327,996 |  | $ | 2,176,457 |
| Three Months Ended June 30, 2025 |  | Three Months Ended June 30, 2024
(in thousands) | Civil | Building | Specialty Contractors | Total |  | Civil | Building | Specialty Contractors | Total
Revenue by contract type: |  |  |  |  |
Fixed price | $ | 628,757 |  | $ | 186,184 |  | $ | 135,912 |  | $ | 950,853 |  |  | $ | 452,823 |  | $ | 186,050 |  | $ | 136,345 |  | $ | 775,218 |
Guaranteed maximum price | 41 |  | 239,460 |  | 7,459 |  | 246,960 |  |  | 88 |  | 190,643 |  | 937 |  | 191,668 |
Unit price | 91,214 |  | — |  | 19,864 |  | 111,078 |  |  | 75,313 |  | — |  | 20,280 |  | 95,593 |
Cost plus fee and other | 14,175 |  | 36,438 |  | 14,177 |  | 64,790 |  |  | 18,264 |  | 41,173 |  | 5,554 |  | 64,991 |
Total revenue | $ | 734,187 |  | $ | 462,082 |  | $ | 177,412 |  | $ | 1,373,681 |  |  | $ | 546,488 |  | $ | 417,866 |  | $ | 163,116 |  | $ | 1,127,470 |
| Six Months Ended June 30, 2025 |  | Six Months Ended June 30, 2024
(in thousands) | Civil | Building | Specialty Contractors | Total |  | Civil | Building | Specialty Contractors | Total
Revenue by contract type: |  |  |  |  |
Fixed price | $ | 1,185,134 |  | $ | 378,234 |  | $ | 279,157 |  | $ | 1,842,525 |  |  | $ | 875,543 |  | $ | 356,196 |  | $ | 275,848 |  | $ | 1,507,587 |
Guaranteed maximum price | 222 |  | 475,075 |  | 12,818 |  | 488,115 |  |  | 134 |  | 377,943 |  | 1,560 |  | 379,637 |
Unit price | 129,231 |  | — |  | 36,554 |  | 165,785 |  |  | 109,167 |  | — |  | 40,825 |  | 149,992 |
Cost plus fee and other | 29,641 |  | 68,557 |  | 25,691 |  | 123,889 |  |  | 33,809 |  | 95,669 |  | 9,763 |  | 139,241 |
Total revenue | $ | 1,344,228 |  | $ | 921,866 |  | $ | 354,220 |  | $ | 2,620,314 |  |  | $ | 1,018,653 |  | $ | 829,808 |  | $ | 327,996 |  | $ | 2,176,457 |
Changes in Contract Estimates that Impact Revenue Changes to the total estimated contract revenue or cost for a given project, either due to unexpected events or revisions to management’s initial estimates, are recognized in the period in which they are determined. Revenue was positively impacted by $20.4 million and $2.7 million during the three and six months ended June 30, 2025, respectively, due to performance obligations satisfied (or partially satisfied) in prior periods. Revenue was negatively impacted by $9.0 million and $15.6 million during the three and six months ended June 30, 2024, respectively, due to performance obligations satisfied (or partially satisfied) in prior periods. Refer to Note 19, Business Segments, for additional details on significant adjustments. Remaining Performance Obligations Remaining performance obligations represent the transaction price of firm orders for which work has not been performed and exclude unexercised contract options. As of June 30, 2025, the aggregate amounts of the transaction prices allocated to the remaining performance obligations of the Company’s construction contracts were $9.0 billion, $5.0 billion and $2.2 billion for the Civil, Building and Specialty Contractors segments, respectively. As of June 30, 2024, the aggregate amounts of the transaction prices allocated to the remaining performance obligations of the Company’s construction contracts were $4.4 billion, $2.2 billion and $1.1 billion f or the Civil, Building and Specialty Contractors segments, respectively. The Company typically recognizes revenue on Civil segment projects over a period of three to five years, whereas for projects in the Building and Specialty Contractors segments, the Company typically recognizes revenue over a period of one to three years.

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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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