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Business Segments (Tables)

9 Months Ended

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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