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Business Segments
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Business Segments Business Segments
The Company offers general contracting, pre-construction planning and comprehensive project management services, including planning and scheduling of manpower, equipment, materials and subcontractors required for the timely completion of a project in accordance with the terms and specifications contained in a construction contract. The Company also offers self-performed construction services: site work, concrete forming and placement, steel erection, electrical, mechanical, plumbing, and HVAC (heating, ventilation and air conditioning). As described below, the Company’s business is conducted through three segments: Civil, Building and Specialty Contractors. These segments are determined based on how management aggregates its business units for making operating decisions and assessing performance, which takes into account certain qualitative and quantitative factors. The Company’s Chief Executive Officer and President, who is the Company’s chief operating decision maker (“CODM”), reviews information for each segment to evaluate performance and allocate resources. The CODM evaluates segment performance by comparing each segment’s historical, actual and forecasted revenue and operating income on a regular basis.
The Civil segment specializes in public works construction and the replacement and reconstruction of infrastructure. The contracting services provided by the Civil segment include construction and rehabilitation of highways, bridges, tunnels, mass-transit systems, military facilities, and water management and wastewater treatment facilities.
The Building segment has significant experience providing services for private and public works customers in a number of specialized building markets, including: hospitality and gaming, transportation, healthcare, commercial offices, government facilities, sports and entertainment, education, correctional and detention facilities, biotech, pharmaceutical, industrial and technology.
The Specialty Contractors segment specializes in electrical, mechanical, plumbing, HVAC and fire protection systems for a full range of civil and building construction projects in the industrial, commercial, hospitality and gaming, and mass-transit end markets. This segment is strategically important to the Company because various business units within the segment participate in many of the Company’s larger Civil and Building segment projects, and the segment provides unique strengths and capabilities that allow the Company to position itself as a full-service contractor in key geographic markets with greater control over scheduled work, project delivery, and cost and risk management.
To the extent that a contract is co-managed and co-executed among segments, the Company allocates the share of revenues and costs of the contract to each segment to reflect the shared responsibilities in the management and execution of the project.
The following tables set forth certain reportable segment information relating to the Company’s operations for the three and six months ended June 30, 2025 and 2024:
Reportable Segments
(in thousands)CivilBuildingSpecialty
Contractors		TotalCorporateConsolidated
Total
Three Months Ended June 30, 2025
Total revenue$784,615 $486,035 $177,412 $1,448,062 $— $1,448,062 
Elimination of intersegment revenue(50,428)(23,953)— (74,381)— (74,381)
Revenue from external customers$734,187 $462,082 $177,412 $1,373,681 $— $1,373,681 
Reconciliation of revenue to income (loss) from construction operations
Less:
Cost of operations$570,117 $426,592 $180,942 $1,177,651 $35 $1,177,686 
General and administrative expenses(a)
23,955 13,040 14,486 51,481 68,084 119,565 
Income (loss) from construction operations$140,115 $22,450 $(18,016)$144,549 
(b)
$(68,119)

$76,430 
Capital expenditures$24,558 $522 $1,260 $26,340 $496 $26,836 
Depreciation and amortization(c)
$11,078 $543 $671 $12,292 $609 $12,901 
Three Months Ended June 30, 2024
Total revenue$577,519 $433,797 $163,066 $1,174,382 $— $1,174,382 
Elimination of intersegment revenue(31,031)(15,931)50 (46,912)— (46,912)
Revenue from external customers$546,488 $417,866 $163,116 $1,127,470 $— $1,127,470 
Reconciliation of revenue to income (loss) from construction operations
Less:
Cost of operations$450,258 $402,934 $156,451 $1,009,643 $749 $1,010,392 
General and administrative expenses(a)
20,643 9,885 14,511 45,039 31,546 76,585 
Income (loss) from construction operations$75,587 $5,047 $(7,846)$72,788 

$(32,295)

$40,493 
Capital expenditures$9,479 $68 $(30)$9,517 $1,401 $10,918 
Depreciation and amortization(c)
$10,727 $585 $574 $11,886 $2,120 $14,006 
____________________________________________________________________________________________________
(a)General and administrative expenses for the three months ended June 30, 2025 and 2024 included share-based compensation expense of $55.4 million ($55.1 million after tax, or $1.04 per diluted share) and $16.9 million ($16.7 million after tax, or $0.32 per diluted share), respectively.
(b)During the three months ended June 30, 2025, the Company’s income (loss) from construction operations was impacted by favorable adjustments totaling $28.0 million ($20.3 million after tax, or $0.38 per diluted share) due to the settlement of certain change orders, as well as changes in estimates due to improved performance on a Civil segment mass-transit project in the Midwest.
(c)Depreciation and amortization is included in income (loss) from construction operations.
Reportable Segments
(in thousands)CivilBuildingSpecialty
Contractors		TotalCorporateConsolidated
Total
Six Months Ended June 30, 2025
Total revenue$1,429,618 $974,359 $354,220 $2,758,197 $— $2,758,197 
Elimination of intersegment revenue(85,390)(52,493)— (137,883)— (137,883)
Revenue from external customers$1,344,228 $921,866 $354,220 $2,620,314 $— $2,620,314 
Reconciliation of revenue to income (loss) from construction operations
Less:
Cost of operations$1,078,890 $862,880 $348,113 $2,289,883 $35 $2,289,918 
General and administrative expenses(a)
45,623 26,077 31,234 102,934 85,707 188,641 
Income (loss) from construction operations$219,715 $32,909 $(25,127)$227,497 
(b)
$(85,742)$141,755 
Capital expenditures$51,408 $1,538 $2,100 $55,046 $1,894 $56,940 
Depreciation and amortization(c)
$21,768 $1,070 $1,275 $24,113 $1,362 $25,475 
Six Months Ended June 30, 2024
Total revenue$1,080,341 $855,973 $327,946 $2,264,260 $— $2,264,260 
Elimination of intersegment revenue(61,688)(26,165)50 (87,803)— (87,803)
Revenue from external customers$1,018,653 $829,808 $327,996 $2,176,457 $— $2,176,457 
Reconciliation of revenue to income (loss) from construction operations
Less:
Cost of operations$831,882 $786,930 $324,567 $1,943,379 $750 $1,944,129 
General and administrative expenses(a)
40,441 21,711 29,587 91,739 51,290 143,029 
Income (loss) from construction operations$146,330 $21,167 $(26,158)$141,339 

$(52,040)$89,299 
Capital expenditures$17,610 $285 $273 $18,168 $3,184 $21,352 
Depreciation and amortization(c)
$20,981 $1,170 $1,172 $23,323 $4,265 $27,588 
____________________________________________________________________________________________________
(a)General and administrative expenses for the six months ended June 30, 2025 and 2024 included share-based compensation expense of $62.0 million ($61.5 million after tax, or $1.16 per diluted share) and $22.4 million ($22.1 million after tax, or $0.42 per diluted share), respectively.
(b)During the six months ended June 30, 2025, the Company’s income (loss) from construction operations was impacted by favorable adjustments totaling $28.0 million ($20.3 million after tax, or $0.38 per diluted share) due to the settlement of certain change orders, as well as changes in estimates due to improved performance on a Civil segment mass-transit project in the Midwest.
(c)Depreciation and amortization is included in income (loss) from construction operations.
Total assets by segment were as follows:
(in thousands)As of June 30,
2025		As of December 31,
2024
Civil$4,063,249 $3,636,825 
Building1,375,154 1,085,998 
Specialty Contractors217,113 198,952 
Corporate and other(a)
(785,439)(679,065)
Total assets$4,870,077 $4,242,710 
____________________________________________________________________________________________________
(a)Consists principally of cash, equipment, tax-related assets and insurance-related assets, offset by the elimination of assets related to intersegment revenue.

Geographic Information
Information concerning principal geographic areas is as follows:
Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2025202420252024
Revenue:
United States$1,233,387 $972,392 $2,341,093 $1,877,744 
Foreign and U.S. territories140,294 155,078 279,221 298,713 
Total revenue$1,373,681 $1,127,470 $2,620,314 $2,176,457 

(in thousands)As of June 30,
2025		As of December 31,
2024
Assets:
United States$4,322,725 $3,759,874 
Foreign and U.S. territories547,352 482,836 
Total assets$4,870,077 $4,242,710 

Major Customers

Revenue from a single customer with multiple projects, impacting the Civil, Building and Specialty Contractors segments, represented 15.3% and 15.4% of the Company’s consolidated revenue for the three and six months ended June 30, 2025, respectively, and 19.0% and 18.9% of the Company’s consolidated revenue for the three and six months ended June 30, 2024, respectively. Revenue from an additional customer with multiple projects, impacting the Civil, Building and Specialty Contractors segments, represented 10.2% of the Company’s consolidated revenue for the six months ended June 30, 2025.
Reconciliation of Segment Information to Consolidated Amounts
A reconciliation of segment results to the consolidated income before income taxes is as follows:
Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2025202420252024
Income from construction operations$76,430 $40,493 $141,755 $89,299 
Other income, net6,204 5,838 10,892 11,149 
Interest expense(13,588)(23,084)(27,940)(42,391)
Income before income taxes
$69,046 $23,247 $124,707 $58,057