Contracts in Progress

12 Months Ended

Dec. 31, 2025

Contracts in Progress

Contracts in Progress

5.Contracts in Progress

Contracts in progress are as follows as of December 31, 2025 and December 31, 2024:

	December 31,		December 31,
	2025		2024
Costs incurred on uncompleted contracts	$	1,980,625	$	1,561,338
Estimated earnings		292,235		211,439
Costs and estimated earnings on uncompleted contracts		2,272,860		1,772,777
Less: Billings to date		(2,290,881)		(1,735,741)
Net contracts in progress	$	(18,021)	$	37,036
Included in the accompanying Consolidated Balance Sheets under the following captions:
Contract assets	$	31,083	$	84,407
Contract liabilities		(49,104)		(47,371)
Net contracts in progress	$	(18,021)	$	37,036

Included in contract net assets (liabilities) is approximately $7.1 million and $19.8 million at December 31, 2025 and December 31, 2024, respectively, related to claims and unapproved change orders.

Remaining performance obligations represent the transaction price of firm orders or other written contractual commitments from customers for which work has not been performed or is partially completed and excludes unexercised contract options and potential orders. As of December 31, 2025, the aggregate amount of the remaining performance obligations was approximately $640 million. Of this amount, the current expectation of the Company is that it will recognize $516 million, or 81%, in the next 12 months and the remaining balance thereafter.