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Revenue Recognition | 9 Months Ended
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Sep. 30, 2025
Revenue from Contract with Customer [Abstract] |
Revenue Recognition | NOTE 6 – REVENUE RECOGNITION Disaggregation of Revenue The Company disaggregates revenue from clients into categories that depict how the nature, amount, and uncertainty of revenue and cash flows are affected by economic and business factors. Those categories are client market, client type, and contract mix.
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
|  | Dollars |  |  | Percent |  |  | Dollars |  |  | Percent |  |  | Dollars |  |  | Percent |  |  | Dollars |  |  | Percent |
Client Market: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Energy, environment, infrastructure, and disaster recovery |  | $ | 246,239 |  |  |  | 53 | % |  | $ | 237,056 |  |  |  | 46 | % |  | $ | 732,182 |  |  |  | 51 | % |  | $ | 694,940 |  |  |  | 46 | %
Health and social programs |  |  | 151,976 |  |  |  | 33 | % |  |  | 196,772 |  |  |  | 38 | % |  |  | 480,489 |  |  |  | 34 | % |  |  | 583,415 |  |  |  | 38 | %
Security and other civilian & commercial |  |  | 67,190 |  |  |  | 14 | % |  |  | 83,170 |  |  |  | 16 | % |  |  | 216,507 |  |  |  | 15 | % |  |  | 245,108 |  |  |  | 16 | %
Total |  | $ | 465,405 |  |  |  | 100 | % |  | $ | 516,998 |  |  |  | 100 | % |  | $ | 1,429,178 |  |  |  | 100 | % |  | $ | 1,523,463 |  |  |  | 100 | %
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
|  | Dollars |  |  | Percent |  |  | Dollars |  |  | Percent |  |  | Dollars |  |  | Percent |  |  | Dollars |  |  | Percent |
Client Type: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. federal government |  | $ | 198,042 |  |  |  | 43 | % |  | $ | 281,970 |  |  |  | 55 | % |  | $ | 641,240 |  |  |  | 45 | % |  | $ | 830,070 |  |  |  | 55 | %
U.S. state and local government |  |  | 81,698 |  |  |  | 17 | % |  |  | 78,686 |  |  |  | 15 | % |  |  | 244,491 |  |  |  | 17 | % |  |  | 240,801 |  |  |  | 16 | %
International government |  |  | 29,021 |  |  |  | 6 | % |  |  | 26,817 |  |  |  | 5 | % |  |  | 85,369 |  |  |  | 6 | % |  |  | 80,760 |  |  |  | 5 | %
Total Government |  |  | 308,761 |  |  |  | 66 | % |  |  | 387,473 |  |  |  | 75 | % |  |  | 971,100 |  |  |  | 68 | % |  |  | 1,151,631 |  |  |  | 76 | %
Commercial |  |  | 156,644 |  |  |  | 34 | % |  |  | 129,525 |  |  |  | 25 | % |  |  | 458,078 |  |  |  | 32 | % |  |  | 371,832 |  |  |  | 24 | %
Total |  | $ | 465,405 |  |  |  | 100 | % |  | $ | 516,998 |  |  |  | 100 | % |  | $ | 1,429,178 |  |  |  | 100 | % |  | $ | 1,523,463 |  |  |  | 100 | %
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
|  | Dollars |  |  | Percent |  |  | Dollars |  |  | Percent |  |  | Dollars |  |  | Percent |  |  | Dollars |  |  | Percent |
Contract Mix: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Time-and-materials |  | $ | 205,683 |  |  |  | 44 | % |  | $ | 220,332 |  |  |  | 43 | % |  | $ | 621,422 |  |  |  | 43 | % |  | $ | 644,125 |  |  |  | 42 | %
Fixed-price |  |  | 226,781 |  |  |  | 49 | % |  |  | 236,770 |  |  |  | 46 | % |  |  | 703,321 |  |  |  | 49 | % |  |  | 696,910 |  |  |  | 46 | %
Cost-based |  |  | 32,941 |  |  |  | 7 | % |  |  | 59,896 |  |  |  | 11 | % |  |  | 104,435 |  |  |  | 8 | % |  |  | 182,428 |  |  |  | 12 | %
Total |  | $ | 465,405 |  |  |  | 100 | % |  | $ | 516,998 |  |  |  | 100 | % |  | $ | 1,429,178 |  |  |  | 100 | % |  | $ | 1,523,463 |  |  |  | 100 | %
Contract Assets and Liabilities Contract assets consist of unbilled receivables on contracts where revenue recognized exceeds the amount billed. Contract liabilities result from advance payments received on a contract or from billings in excess of revenue recognized. The following table summarizes the contract assets and liabilities as of September 30, 2025 and December 31, 2024:
|  | September 30, 2025 |  |  | December 31, 2024 |
Contract assets |  | $ | 225,946 |  |  | $ | 188,941 |
Contract liabilities (1) |  |  | (37,653 | ) |  |  | (24,580 | )
Net contract assets (liabilities) |  | $ | 188,293 |  |  | $ | 164,361 |
(1) Contract liabilities as of September 30, 2025 include $3.0 million of long-term contract liabilities that is part of "Other long-term liabilities" on the Company's consolidated balance sheets. The increase in net contract assets (liabilities) is primarily due to the timing difference between the performance of services and billings to customers. During the nine months ended September 30, 2025 and 2024, the Company recognized $19.4 million and $17.1 million in revenue related to the contract liabilities balance at December 31, 2024 and 2023, respectively. Unfulfilled Performance Obligations Unfulfilled performance obligations (“UPO”) were $0.9 billion and $1.3 billion as of September 30, 2025 and December 31, 2024, respectively. During the nine months ended September 30, 2025, the Company received notices for termination-for-convenience pursuant to the executive orders issued by the Trump Administration or actions taken based on recommendations of the Department of Government Efficiency. The termination notices were received primarily in the first and second quarters of the 2025 fiscal year. As a result, the UPO as of September 30, 2025 reflects the impact of such actions totaling approxim ately $0.3 billion of UPO previously reported as of December 31, 2024. The Company expects to recognize the remaining UPO as revenue of approximately 14% by December 31, 2025, 79% by December 31, 2026, and the remainder thereafter.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-7 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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