Segment Information

6 Months Ended

Jun. 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 June 30, 2025	$	3,633,522	$	1,094,984	$	335,223	$	5,063,729
Total assets at December 31, 2024	$	3,162,677	$	985,006	$	563,405	$	4,711,088

	Three Months Ended June 30, 2025
	Mechanical Segment		Electrical Segment		Corporate		Consolidated
Revenue	$	1,638,672	$	534,647	$	—	$	2,173,319
Cost of services		1,264,066		399,356		—		1,663,422
Gross profit		374,606		135,291		—		509,897
Selling, general and administrative expenses		137,074		55,235		18,157		210,466
Gain on sale of assets		(371)		(71)		—		(442)
Operating income	$	237,903	$	80,127	$	(18,157)	$	299,873
Amortization of identifiable intangible assets	$	14,266	$	5,525	$	—	$	19,791
Depreciation expense	$	12,093	$	2,458	$	305	$	14,856
Capital expenditures	$	24,879	$	6,093	$	301	$	31,273
	Three Months Ended June 30, 2024
	Mechanical Segment		Electrical Segment		Corporate		Consolidated
Revenue	$	1,451,679	$	358,611	$	—	$	1,810,290
Cost of services		1,172,707		273,987		—		1,446,694
Gross profit		278,972		84,624		—		363,596
Selling, general and administrative expenses		124,628		41,138		13,771		179,537
Gain on sale of assets		(356)		(255)		—		(611)
Operating income	$	154,700	$	43,741	$	(13,771)	$	184,670
Amortization of identifiable intangible assets	$	21,365	$	5,525	$	—	$	26,890
Depreciation expense	$	9,705	$	1,804	$	281	$	11,790
Capital expenditures	$	18,227	$	3,893	$	1,264	$	23,384
	Six Months Ended June 30, 2025
	Mechanical Segment		Electrical Segment		Corporate		Consolidated
Revenue	$	3,040,887	$	963,718	$	—	$	4,004,605
Cost of services		2,361,762		729,530		—		3,091,292
Gross profit		679,125		234,188		—		913,313
Selling, general and administrative expenses		269,344		99,281		36,715		405,340
Gain on sale of assets		(723)		(275)		—		(998)
Operating income	$	410,504	$	135,182	$	(36,715)	$	508,971
Amortization of identifiable intangible assets	$	28,856	$	11,050	$	—	$	39,906
Depreciation expense	$	23,497	$	4,761	$	608	$	28,866
Capital expenditures	$	43,298	$	9,632	$	551	$	53,481

	Six Months Ended June 30, 2024
	Mechanical Segment		Electrical Segment		Corporate		Consolidated
Revenue	$	2,636,688	$	710,618	$	—	$	3,347,306
Cost of services		2,140,004		546,343		—		2,686,347
Gross profit		496,684		164,275		—		660,959
Selling, general and administrative expenses		235,610		75,018		31,632		342,260
Gain on sale of assets		(930)		(501)		—		(1,431)
Operating income	$	262,004	$	89,758	$	(31,632)	$	320,130
Amortization of identifiable intangible assets	$	39,459	$	11,344	$	—	$	50,803
Depreciation expense	$	18,933	$	3,524	$	587	$	23,044
Capital expenditures	$	38,169	$	8,272	$	1,895	$	48,336