Segment Information

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Segment Information

11. Segment Information

Our activities are within the mechanical services industry and the electrical services industry, which represent our two reportable segments. We aggregate our operating segments into two reportable segments, as the operating segments meet all of the aggregation criteria. Segment information is prepared on the same basis that our Chief Operating Decision Maker (“CODM”) reviews financial information for operational decision-making purposes. Our CODM is the President and Chief Executive Officer. Our CODM allocates resources such as employees and capital resources primarily based on historical and potential future revenue, gross profit and operating income. Our CODM also uses segment gross profit and operating income when assessing pricing and performance by management teams in our operating segments. The following tables present information about our reportable segments (in thousands):

	Mechanical Segment		Electrical Segment		Corporate		Consolidated
Total assets at September 30, 2025	$	3,689,895	$	1,184,210	$	903,746	$	5,777,851
Total assets at December 31, 2024	$	3,162,677	$	985,006	$	563,405	$	4,711,088

	Three Months Ended September 30, 2025
	Mechanical Segment		Electrical Segment		Corporate		Consolidated
Revenue	$	1,810,462	$	640,507	$	—	$	2,450,969
Cost of services		1,370,687		472,411		—		1,843,098
Gross profit		439,775		168,096		—		607,871
Selling, general and administrative expenses		152,442		60,021		17,116		229,579
Gain on sale of assets		(418)		(164)		—		(582)
Operating income (loss)	$	287,751	$	108,239	$	(17,116)	$	378,874
Amortization of identifiable intangible assets	$	14,001	$	5,525	$	—	$	19,526
Depreciation expense	$	13,048	$	2,600	$	400	$	16,048
Capital expenditures	$	28,881	$	5,787	$	664	$	35,332

	Three Months Ended September 30, 2024
	Mechanical Segment		Electrical Segment		Corporate		Consolidated
Revenue	$	1,438,617	$	373,749	$	—	$	1,812,366
Cost of services		1,146,245		284,407		—		1,430,652
Gross profit		292,372		89,342		—		381,714
Selling, general and administrative expenses		127,591		39,612		12,974		180,177
Gain on sale of assets		(675)		(672)		—		(1,347)
Operating income (loss)	$	165,456	$	50,402	$	(12,974)	$	202,884
Amortization of identifiable intangible assets	$	18,896	$	5,525	$	—	$	24,421
Depreciation expense	$	10,170	$	1,877	$	286	$	12,333
Capital expenditures	$	18,234	$	3,506	$	319	$	22,059
	Nine Months Ended September 30, 2025
	Mechanical Segment		Electrical Segment		Corporate		Consolidated
Revenue	$	4,851,349	$	1,604,225	$	—	$	6,455,574
Cost of services		3,732,449		1,201,941		—		4,934,390
Gross profit		1,118,900		402,284		—		1,521,184
Selling, general and administrative expenses		421,786		159,302		53,831		634,919
Gain on sale of assets		(1,141)		(439)		—		(1,580)
Operating income (loss)	$	698,255	$	243,421	$	(53,831)	$	887,845
Amortization of identifiable intangible assets	$	42,857	$	16,575	$	—	$	59,432
Depreciation expense	$	36,545	$	7,361	$	1,008	$	44,914
Capital expenditures	$	72,179	$	15,419	$	1,215	$	88,813
	Nine Months Ended September 30, 2024
	Mechanical Segment		Electrical Segment		Corporate		Consolidated
Revenue	$	4,075,305	$	1,084,367	$	—	$	5,159,672
Cost of services		3,286,249		830,750		—		4,116,999
Gross profit		789,056		253,617		—		1,042,673
Selling, general and administrative expenses		363,201		114,630		44,606		522,437
Gain on sale of assets		(1,605)		(1,173)		—		(2,778)
Operating income (loss)	$	427,460	$	140,160	$	(44,606)	$	523,014
Amortization of identifiable intangible assets	$	58,355	$	16,869	$	—	$	75,224
Depreciation expense	$	29,103	$	5,401	$	873	$	35,377
Capital expenditures	$	56,403	$	11,778	$	2,214	$	70,395