XML 36 R25.htm IDEA: XBRL DOCUMENT v3.25.3
Business Segments
 9 Months Ended
Sep. 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 nine months ended September 30, 2025 and 2024:
Reportable Segments
(in thousands)CivilBuildingSpecialty
Contractors		TotalCorporateConsolidated
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)CivilBuildingSpecialty
Contractors		TotalCorporateConsolidated
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.
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 
Building1,256,359 1,085,998 
Specialty Contractors266,536 198,952 
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.

Geographic Information
Information concerning principal geographic areas is as follows:
Three Months Ended September 30,Nine Months Ended September 30,
(in thousands)2025202420252024
Revenue:
United States$1,304,517 $936,096 $3,645,610 $2,813,840 
Foreign and U.S. territories110,843 146,720 390,064 445,433 
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. territories582,134 482,836 
Total assets$5,165,254 $4,242,710 

Major Customers

Revenue from a single customer with multiple projects, impacting the Civil, Building and Specialty Contractors segments, represented 14.4% and 15.1% of the Company’s consolidated revenue for the three and nine months ended September 30, 2025, respectively, and 16.9% and 18.2% of the Company’s consolidated revenue for the three and nine months ended September 30, 2024, respectively. Revenue from an additional customer with multiple projects, impacting the Civil, Building and Specialty Contractors segments, represented 10.1% and 10.0% of the Company’s consolidated revenue for the three and nine months ended September 30, 2025, respectively.
Reconciliation of Segment Information to Consolidated Amounts
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)2025202420252024
Income (loss) from construction operations$40,094 $(106,807)$181,849 $(17,508)
Other income, net7,457 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)