Segment Information (Tables)

6 Months Ended

Jun. 30, 2025

The following tables show segment financial information in thousands of dollars for the periods presented. All revenues are from external customers. Segment operating margin is calculated by dividing operating income by revenues.


Three Months Ended June 30, 2025	Electric			Underground and Infrastructure			Total
Revenues	$	5,458,074		$	1,314,933		$	6,773,007

Segment operating expense (excluding segment depreciation expense)	4,851,168			1,198,929			6,050,097
Segment depreciation expense	68,730			25,301			94,031
Segment operating expenses	4,919,898			1,224,230			6,144,128
Equity in earnings on integral unconsolidated affiliates	14,444			—			14,444
Segment operating income	$	552,620		$	90,703		$	643,323
Segment operating margin	10.1		%	6.9		%
Corporate and non-allocated costs (1)							(273,041)
Total consolidated operating income							$	370,282


Three Months Ended June 30, 2024	Electric			Underground and Infrastructure (2)			Total
Revenues	$	4,486,880		$	1,107,507		$	5,594,387

Segment operating expense (excluding segment depreciation expense)	4,008,793			1,008,170			5,016,963
Segment depreciation expense	60,092			17,744			77,836
Segment operating expenses	4,068,885			1,025,914			5,094,799
Equity in earnings on integral unconsolidated affiliates	8,586			—			8,586
Segment operating income	$	426,581		$	81,593		$	508,174
Segment operating margin	9.5		%	7.4		%
Corporate and non-allocated costs (1)							(200,944)
Total consolidated operating income							$	307,230


Six Months Ended June 30, 2025	Electric			Underground and Infrastructure			Total
Revenues	$	10,402,465		$	2,603,876		$	13,006,341

Segment operating expense (excluding segment depreciation expense)	9,334,013			2,384,936			11,718,949
Segment depreciation expense	135,041			51,370			186,411
Segment operating expenses	9,469,054			2,436,306			11,905,360
Equity in earnings on integral unconsolidated affiliates	27,373			—			27,373
Segment operating income	$	960,784		$	167,570		$	1,128,354
Segment operating margin	9.2		%	6.4		%
Corporate and non-allocated costs (1)							(518,991)
Total consolidated operating income							$	609,363


Six Months Ended June 30, 2024	Electric			Underground and Infrastructure (2)			Total
Revenues	$	8,398,004		$	2,228,202		$	10,626,206

Segment operating expense (excluding segment depreciation expense)	7,571,138			2,056,991			9,628,129
Segment depreciation expense	118,334			42,730			161,064
Segment operating expenses	7,689,472			2,099,721			9,789,193
Equity in earnings on integral unconsolidated affiliates	20,920			—			20,920
Segment operating income	$	729,452		$	128,481		$	857,933
Segment operating margin	8.7		%	5.8		%
Corporate and non-allocated costs (1)							(395,349)
Total consolidated operating income							$	462,584

(1) Corporate and non-allocated costs included amortization expense of $113.2 million and $79.2 million and non-cash stock-based compensation of $44.1 million and $37.3 million for the three months ended June 30, 2025 and 2024. Corporate and Non-Allocated Costs for the six months ended June 30, 2025 and 2024 included amortization expense of $222.7 million and $156.7 million and non-cash stock-based compensation of $82.2 million and $72.6 million.

(2) Included in operating expenses (excluding segment depreciation expense) for the Underground and Infrastructure segment during the six months ended June 30, 2024 were losses of $11.2 million related to the disposition of a non-core business.