Revenue from Contracts with Customers (Tables)

9 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Abstract]

Schedule of the Disaggregation of Revenue

The following tables present revenue disaggregated by contract type:

Three months ended September 30, 2025	E&M		T&D		Total
	(In thousands)
Fixed-price	$	396,402	$	118,828	$	515,230
Cost reimbursable*	362,826		63,966		426,792
Unit-price	8,084		40,618		48,702
Total contract revenues	767,312		223,412		990,724
Eliminations	(1,772)		(2,132)		(3,904)
Total operating revenues	$	765,540	$	221,280	$	986,820

__________________

*Includes time and material, time and equipment, and cost reimbursable plus fee contracts.

Three months ended September 30, 2024	E&M		T&D		Total
	(In thousands)
Fixed-price	$	326,972	$	106,936	$	433,908
Cost reimbursable*	194,892		74,720		269,612
Unit-price	15,031		46,848		61,879
Total contract revenues	536,895		228,504		765,399
Eliminations	(2,154)		(2,260)		(4,414)
Total operating revenues	$	534,741	$	226,244	$	760,985

__________________

*Includes time and material, time and equipment, and cost reimbursable plus fee contracts.

Nine months ended September 30, 2025	E&M		T&D		Total
	(In thousands)
Fixed-price	$	1,126,383	$	326,205	$	1,452,588
Cost reimbursable*	972,574		192,870		1,165,444
Unit-price	30,182		101,736		131,918
Total contract revenues	2,129,139		620,811		2,749,950
Eliminations	(7,994)		(7,041)		(15,035)
Total operating revenues	$	2,121,145	$	613,770	$	2,734,915

__________________

*Includes time and material, time and equipment, and cost reimbursable plus fee contracts.

Nine months ended September 30, 2024	E&M		T&D		Total
	(In thousands)
Fixed-price	$	966,035	$	282,582	$	1,248,617
Cost reimbursable*	466,489		223,179		689,668
Unit-price	49,254		118,016		167,270
Total contract revenues	1,481,778		623,777		2,105,555
Eliminations	(5,627)		(9,881)		(15,508)
Total operating revenues	$	1,476,151	$	613,896	$	2,090,047

__________________

*Includes time and material, time and equipment, and cost reimbursable plus fee contracts.

The following table presents revenue disaggregated by customer type:

	Three months ended September 30,				Nine months ended September 30,
	2025		2024		2025		2024
	(In thousands)
Commercial	$	553,077	$	327,403	$	1,480,106	$	860,088
Institutional	90,951		93,390		286,612		274,916
Industrial	70,114		76,493		233,802		236,349
Service & other	33,699		29,195		85,796		82,874
Renewables	19,471		10,414		42,823		27,551
Total E&M	767,312		536,895		2,129,139		1,481,778
Utility	196,471		206,669		545,971		559,922
Transportation	26,941		21,835		74,840		63,855
Total T&D	223,412		228,504		620,811		623,777
Eliminations	(3,904)		(4,414)		(15,035)		(15,508)
Total operating revenues	$	986,820	$	760,985	$	2,734,915	$	2,090,047

Summary of Uncompleted Contracts and Contract Assets and Contract Liabilities

Costs, estimated earnings and billings on uncompleted contracts are summarized as follows as of:

	September 30, 2025		December 31, 2024
	(In thousands)
Costs incurred on uncompleted contracts	$	7,458,281	$	7,034,838
Estimated earnings	1,031,582		995,766
Costs and estimated earnings on uncompleted contracts	8,489,863		8,030,604
Less: billings to date	(8,509,218)		(8,070,859)
Net contract liabilities	$	(19,355)	$	(40,255)

Contract assets and contract liabilities, net consisted of the following as of:

	September 30, 2025		December 31, 2024
	(In thousands)
Unbilled revenue	$	181,478	$	124,007
Retainage	68,999		43,042
Contract assets	$	250,477	$	167,049
Deferred revenue	$	368,812	$	279,430
Accrued loss provision	2,570		1,021
Less: retainage	(101,550)		(73,147)
Contract liabilities, net	$	269,832	$	207,304

The following table presents the opening and closing balances of contract assets (liabilities) as of:

	September 30, 2025						December 31, 2024
	Contract Assets		Contract Liabilities, Net		Net Contract Assets (Liabilities)		Contract Assets		Contract Liabilities, Net		Net Contract Assets (Liabilities)
	(In thousands)
Balance at beginning of period	$	167,049	$	(207,304)	$	(40,255)	$	206,235	$	(140,108)	$	66,127
Net change during period	83,428		(62,528)		20,900		(39,186)		(67,196)		(106,382)
Balance at end of period	$	250,477	$	(269,832)	$	(19,355)	$	167,049	$	(207,304)	$	(40,255)

Summary of Remaining Performance Obligations and Expected Revenue Recognition

The table below shows additional information regarding the Company’s remaining performance obligations as of September 30, 2025, including an estimate of when the Company expects to recognize its remaining performance obligations as revenues:

	Within 12 months		Greater than 12 months
	(In thousands)
E&M	$	1,957,655	$	403,465
T&D	269,585		61,525
Total	$	2,227,240	$	464,990