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Business Segments (Tables) | 9 Months Ended
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Sep. 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 nine months ended September 30, 2025 and 2024:
| Reportable Segments |  |  |  |
(in thousands) | Civil | Building | Specialty Contractors | Total |  | Corporate |  | Consolidated Total
Three Months Ended September 30, 2025 |  |  |  |  |  |  |
Total revenue | $ | 832,966 |  | $ | 437,933 |  | $ | 226,462 |  | $ | 1,497,361 |  |  | $ | — |  |  | $ | 1,497,361 |
Elimination of intersegment revenue | (62,732) |  | (19,269) |  | — |  | (82,001) |  |  | — |  |  | (82,001) |
Revenue from external customers | $ | 770,234 |  | $ | 418,664 |  | $ | 226,462 |  | $ | 1,415,360 |  |  | $ | — |  |  | $ | 1,415,360 |
Reconciliation of revenue to income (loss) from construction operations |  |  |  |  |  |  |  |
Less: |  |  |  |  |  |  |  |
Cost of operations | $ | 649,094 |  | $ | 391,601 |  | $ | 205,270 |  | $ | 1,245,965 |  |  | $ | — |  |  | $ | 1,245,965 |
General and administrative expenses(a) | 21,988 |  | 12,620 |  | 15,020 |  | 49,628 |  |  | 79,673 |  |  | 129,301 |
Income (loss) from construction operations | $ | 99,152 |  | $ | 14,443 |  | $ | 6,172 |  | $ | 119,767 |  |  | $ | (79,673) |  |  | $ | 40,094 |
Capital expenditures | $ | 45,982 |  | $ | 12 |  | $ | 1,728 |  | $ | 47,722 |  |  | $ | 1,229 |  |  | $ | 48,951 |
Depreciation and amortization(b) | $ | 10,724 |  | $ | 540 |  | $ | 624 |  | $ | 11,888 |  |  | $ | 324 |  |  | $ | 12,212 |
Three Months Ended September 30, 2024 |  |  |  |  |  |  |
Total revenue | $ | 569,080 |  | $ | 457,141 |  | $ | 101,206 |  | $ | 1,127,427 |  |  | $ | — |  |  | $ | 1,127,427 |
Elimination of intersegment revenue | (23,185) |  | (21,426) |  | — |  | (44,611) |  |  | — |  |  | (44,611) |
Revenue from external customers | $ | 545,895 |  | $ | 435,715 |  | $ | 101,206 |  | $ | 1,082,816 |  |  | $ | — |  |  | $ | 1,082,816 |
Reconciliation of revenue to income (loss) from construction operations |  |  |  |  |  |  |  |
Less: |  |  |  |  |  |  |  |
Cost of operations | $ | 536,854 |  | $ | 427,804 |  | $ | 143,078 |  | $ | 1,107,736 |  |  | $ | 908 |  |  | $ | 1,108,644 |
General and administrative expenses(a) | 21,586 |  | 11,806 |  | 15,039 |  | 48,431 |  |  | 32,548 |  |  | 80,979 |
Loss from construction operations | $ | (12,545) |  | $ | (3,895) |  | $ | (56,911) |  | $ | (73,351) |  | (c) | $ | (33,456) |  |  | $ | (106,807) |
Capital expenditures | $ | 4,237 |  | $ | 238 |  | $ | 53 |  | $ | 4,528 |  |  | $ | 2,386 |  |  | $ | 6,914 |
Depreciation and amortization(b) | $ | 10,718 |  | $ | 579 |  | $ | 569 |  | $ | 11,866 |  |  | $ | 1,644 |  |  | $ | 13,510 |
____________________________________________________________________________________________________ (a)General and administrative expenses for the three months ended September 30, 2025 and 2024 included share-based compensation expense of $58.7 million ($58.3 million after tax, or $1.08 per diluted share) and $16.5 million ($16.4 million after tax, or $0.31 per diluted share), respectively. The increase in share-based compensation expense in the third quarter of 2025 was primarily due to a substantial increase in the Company’s stock price during the period, which impacted the fair value of liability-classified awards. These awards are remeasured at fair value at the end of each reporting period with the change recognized in earnings. (b)Depreciation and amortization is included in income (loss) from construction operations. (c)During the three months ended September 30, 2024, the Company’s loss from construction operations was impacted by unfavorable adjustments of $101.6 million ($74.5 million after tax, or $1.42 per diluted share) related to an unexpected adverse arbitration decision on a legacy dispute related to a completed Civil segment bridge project in California, which the Company is appealing; $20.0 million ($14.7 million after tax, or $0.28 per diluted share) related to a settlement on a legacy dispute related to a completed Building segment government facility project in Florida; and $17.7 million ($13.0 million after tax, or $0.25 per diluted share) due to an unfavorable judgment on a completed Specialty Contractors segment mass-transit project in California. The period was also impacted by a favorable adjustment of $18.4 million ($13.5 million after tax, or $0.26 per diluted share) due to a settlement of a claim associated with a completed Civil segment highway tunneling project in the Western United States.
| Reportable Segments |  |  |  |
(in thousands) | Civil | Building | Specialty Contractors | Total |  | Corporate |  | Consolidated Total
Nine Months Ended September 30, 2025 |  |  |  |  |  |  |
Total revenue | $ | 2,262,584 |  | $ | 1,412,292 |  | $ | 580,682 |  | $ | 4,255,558 |  |  | $ | — |  |  | $ | 4,255,558 |
Elimination of intersegment revenue | (148,122) |  | (71,762) |  | — |  | (219,884) |  |  | — |  |  | (219,884) |
Revenue from external customers | $ | 2,114,462 |  | $ | 1,340,530 |  | $ | 580,682 |  | $ | 4,035,674 |  |  | $ | — |  |  | $ | 4,035,674 |
Reconciliation of revenue to income (loss) from construction operations |  |  |  |  |  |  |  |
Less: |  |  |  |  |  |  |  |
Cost of operations | $ | 1,727,984 |  | $ | 1,254,481 |  | $ | 553,383 |  | $ | 3,535,848 |  |  | $ | 35 |  |  | $ | 3,535,883 |
General and administrative expenses(a) | 67,611 |  | 38,697 |  | 46,254 |  | 152,562 |  |  | 165,380 |  |  | 317,942 |
Income (loss) from construction operations | $ | 318,867 |  | $ | 47,352 |  | $ | (18,955) |  | $ | 347,264 |  | (b) | $ | (165,415) |  |  | $ | 181,849 |
Capital expenditures | $ | 97,390 |  | $ | 1,550 |  | $ | 3,828 |  | $ | 102,768 |  |  | $ | 3,123 |  |  | $ | 105,891 |
Depreciation and amortization(c) | $ | 32,492 |  | $ | 1,610 |  | $ | 1,899 |  | $ | 36,001 |  |  | $ | 1,686 |  |  | $ | 37,687 |
Nine Months Ended September 30, 2024 |  |  |  |  |  |  |
Total revenue | $ | 1,649,421 |  | $ | 1,313,114 |  | $ | 429,152 |  | $ | 3,391,687 |  |  | $ | — |  |  | $ | 3,391,687 |
Elimination of intersegment revenue | (84,873) |  | (47,591) |  | 50 |  | (132,414) |  |  | — |  |  | (132,414) |
Revenue from external customers | $ | 1,564,548 |  | $ | 1,265,523 |  | $ | 429,202 |  | $ | 3,259,273 |  |  | $ | — |  |  | $ | 3,259,273 |
Reconciliation of revenue to income (loss) from construction operations |  |  |  |  |  |  |  |
Less: |  |  |  |  |  |  |  |
Cost of operations | $ | 1,368,736 |  | $ | 1,214,734 |  | $ | 467,645 |  | $ | 3,051,115 |  |  | $ | 1,658 |  |  | $ | 3,052,773 |
General and administrative expenses(a) | 62,027 |  | 33,517 |  | 44,626 |  | 140,170 |  |  | 83,838 |  |  | 224,008 |
Income (loss) from construction operations | $ | 133,785 |  | $ | 17,272 |  | $ | (83,069) |  | $ | 67,988 |  | (d) | $ | (85,496) |  |  | $ | (17,508) |
Capital expenditures | $ | 21,847 |  | $ | 523 |  | $ | 326 |  | $ | 22,696 |  |  | $ | 5,570 |  |  | $ | 28,266 |
Depreciation and amortization(c) | $ | 31,699 |  | $ | 1,749 |  | $ | 1,741 |  | $ | 35,189 |  |  | $ | 5,909 |  |  | $ | 41,098 |
____________________________________________________________________________________________________ (a)General and administrative expenses for the nine months ended September 30, 2025 and 2024 included share-based compensation expense of $120.7 million ($119.8 million after tax, or $2.25 per diluted share) and $39.0 million ($38.5 million after tax, or $0.73 per diluted share), respectively. The increase in share-based compensation expense in the current-year period was primarily due to a substantial increase in the Company’s stock price during the period, which impacted the fair value of liability-classified awards. These awards are remeasured at fair value at the end of each reporting period with the change recognized in earnings. (b)During the nine months ended September 30, 2025, the Company’s income (loss) from construction operations was impacted by favorable adjustments in the second quarter totaling $28.0 million ($20.3 million after tax, or $0.38 per diluted share) due to the settlement of certain change orders and 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. (d)During the nine months ended September 30, 2024, the Company’s income (loss) from construction operations was impacted by unfavorable adjustments of $101.6 million ($74.5 million after tax, or $1.43 per diluted share) in the third quarter related to an unexpected adverse arbitration decision on a legacy dispute related to a completed Civil segment bridge project in California, which the Company is appealing; $20.0 million ($14.7 million after tax, or $0.28 per diluted share) in the third quarter related to a settlement on a legacy dispute related to a completed Building segment government facility project in Florida; and $17.7 million ($13.0 million after tax, or $0.25 per diluted share) in the third quarter due to an unfavorable judgment on a completed Specialty Contractors segment mass-transit project in California. The period was also impacted by a favorable adjustment of $18.4 million ($13.5 million after tax, or $0.26 per diluted share) in the third quarter due to a settlement of a claim associated with a completed Civil segment highway tunneling project in the Western United States.
Schedule of Total Assets for Reportable Segments | Total assets by segment were as follows:
(in thousands) | As of September 30, 2025 | As of December 31, 2024
Civil | $ | 4,384,257 |  | $ | 3,636,825 |
Building | 1,256,359 |  | 1,085,998 |
Specialty Contractors | 266,536 |  | 198,952 |
Corporate and other(a) | (741,898) |  | (679,065) |
Total assets | $ | 5,165,254 |  | $ | 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 September 30, |  | Nine Months Ended September 30,
(in thousands) | 2025 | 2024 |  | 2025 | 2024
Revenue: |  |  |  |  |
United States | $ | 1,304,517 |  | $ | 936,096 |  |  | $ | 3,645,610 |  | $ | 2,813,840 |
Foreign and U.S. territories | 110,843 |  | 146,720 |  |  | 390,064 |  | 445,433 |
Total revenue | $ | 1,415,360 |  | $ | 1,082,816 |  |  | $ | 4,035,674 |  | $ | 3,259,273 |
(in thousands) | As of September 30, 2025 | As of December 31, 2024
Assets: |  |
United States | $ | 4,583,120 |  | $ | 3,759,874 |
Foreign and U.S. territories | 582,134 |  | 482,836 |
Total assets | $ | 5,165,254 |  | $ | 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 (loss) before income taxes is as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(in thousands) | 2025 | 2024 |  | 2025 | 2024
Income (loss) from construction operations | $ | 40,094 |  | $ | (106,807) |  |  | $ | 181,849 |  | $ | (17,508) |
Other income, net | 7,457 |  | 4,487 |  |  | 18,349 |  | 15,636 |
Interest expense | (13,549) |  | (21,223) |  |  | (41,489) |  | (63,614) |
Income (loss) before income taxes | $ | 34,002 |  | $ | (123,543) |  |  | $ | 158,709 |  | $ | (65,486) |

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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