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Business Segments (Tables)

6 Months Ended

Jun. 30, 2025

Segment Reporting [Abstract]

Schedule of Reportable Segments

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)			Civil			Building			Specialty Contractors			Total						Corporate						Consolidated 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)			Civil			Building			Specialty Contractors			Total						Corporate						Consolidated 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.

Schedule of Total Assets for Reportable Segments

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
Building			1,375,154			1,085,998
Specialty Contractors			217,113			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.

Schedule of Revenue from External Customers by Geographic Areas

Information concerning principal geographic areas is as follows:

			Three Months Ended June 30,									Six Months Ended June 30,
(in thousands)			2025			2024						2025			2024
Revenue:
United States			$	1,233,387		$	972,392					$	2,341,093		$	1,877,744
Foreign and U.S. territories			140,294			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. territories			547,352			482,836
Total assets			$	4,870,077		$	4,242,710

Schedule of Reconciliation of Segment Results to Consolidated Income (Loss) Before Income Taxes

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)			2025			2024						2025			2024
Income from construction operations			$	76,430		$	40,493					$	141,755		$	89,299
Other income, net			6,204			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

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