The following tables disaggregate revenue by segment, end market, customer type and contract type, which the Company believes best depict how the nature, amount, timing and uncertainty of its revenue and cash flows are affected by economic factors for the years ended December 31, 2025, 2024 and 2023.


	Year Ended December 31,
(in thousands)	2025		2024		2023
Civil segment revenue by end market:
Mass transit (includes certain transportation and tunneling projects)(a)	$	1,690,025	$	1,126,830	$	1,079,629
Military facilities	382,509		436,511		348,133
Bridges(c)	378,499		170,069		204,029
Detention facilities	160,354		77,470		—
Power and energy	144,752		129,848		70,658
Commercial and industrial sites	82,520		133,797		118,880
Other(b)	8,171		44,428		62,536
Total Civil segment revenue	$	2,846,830	$	2,118,953	$	1,883,865


	Year Ended December 31,
(in thousands)	2025		2024		2023
Building segment revenue by end market:
Healthcare facilities	$	943,909	$	590,845	$	294,667
Detention facilities	414,575		105,897		43,262
Government	191,523		302,034		380,868
Education facilities	122,324		285,207		226,335
Mass transit (includes transportation projects)	111,212		218,396		188,335

Other(d)	68,694		115,158		169,072
Total Building segment revenue	$	1,852,237	$	1,617,537	$	1,302,539


	Year Ended December 31,
(in thousands)	2025		2024		2023
Specialty Contractors segment revenue by end market:
Mass transit (includes certain transportation and tunneling projects)	$	252,965	$	167,287	$	119,760
Commercial and industrial facilities	142,525		115,471		213,003
Healthcare facilities	112,739		64,292		57,292
Multi-unit residential	102,347		84,978		114,516
Government	94,318		78,844		89,031
Detention facilities	58,121		266		—
Water	24,426		50,450		85,176
Other(d)	56,531		28,844		15,045
Total Specialty Contractors segment revenue	$	843,972	$	590,432	$	693,823


	Year Ended December 31, 2025
(in thousands)	Civil		Building		Specialty Contractors		Total
Revenue by customer type:
State and local agencies(a)	$	2,180,599	$	856,734	$	498,344	$	3,535,677
Federal agencies	468,561		117,887		18,334		604,782
Private owners(b)	197,670		877,616		327,294		1,402,580
Total revenue	$	2,846,830	$	1,852,237	$	843,972	$	5,543,039


	Year Ended December 31, 2024
(in thousands)	Civil		Building		Specialty Contractors		Total
Revenue by customer type:
State and local agencies(c)	$	1,348,842	$	867,638	$	287,052	$	2,503,532
Federal agencies	458,366		167,786		(4,122)		622,030
Private owners	311,745		582,113		307,502		1,201,360
Total revenue	$	2,118,953	$	1,617,537	$	590,432	$	4,326,922


	Year Ended December 31, 2023
(in thousands)	Civil		Building		Specialty Contractors		Total
Revenue by customer type:
State and local agencies	$	1,250,740	$	718,106	$	316,473	$	2,285,319
Federal agencies	400,782		187,199		(14,306)		573,675
Private owners(d)	232,343		397,234		391,656		1,021,233
Total revenue	$	1,883,865	$	1,302,539	$	693,823	$	3,880,227

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(b)The year ended December 31, 2025 includes the impact of unfavorable adjustments totaling $54.7 million due to the settlement of a legacy dispute related to a completed Civil segment tunneling project in Canada. Refer to Note 14, Business Segments, for additional details.

(c)The year ended December 31, 2024 includes the negative impact of a $101.6 million adjustment related to an adverse arbitration ruling on a completed Civil segment bridge project in California, of which $79.4 million was a reversal of previously recognized revenue. Refer to Note 14, Business Segments, for additional details.

(d)The year ended December 31, 2023 includes the negative impact of a non-cash charge of $83.6 million that resulted from an adverse legal ruling (of which $72.2 million impacted the Building segment and $11.4 million impacted the Specialty Contractors segment). Refer to Note 14, Business Segments, for additional details.

State and local agencies. The Company’s state and local government customers include state transportation departments, metropolitan authorities, cities, municipal agencies, school districts and public universities. Services provided to state and local customers are primarily pursuant to contracts awarded through competitive bidding processes. Construction services for state and local government customers have included mass-transit systems, tunnels, bridges, highways, judicial, correctional and detention facilities, schools and dormitories, healthcare facilities, convention centers, parking structures and other municipal buildings. The vast majority of the Company’s civil contracting and building construction services are provided in locations throughout the United States and its territories.

Federal agencies. The Company’s federal government customers include the U.S. State Department, the U.S. Navy, the U.S. Army Corps of Engineers, the U.S. Air Force and the National Park Service. Services provided to federal agencies are typically pursuant to competitively bid contracts for specific or multi-year assignments that involve new construction or infrastructure repairs or improvements. A portion of revenue from federal agencies is derived from projects in overseas locations.

Private owners. The Company’s private owners (i.e., customers) include real estate developers, healthcare companies, technology companies, hospitality and gaming resort owners, Native American sovereign nations, public corporations and private universities. Services are provided to private customers through negotiated contract arrangements, as well as through competitive bids.


	Year Ended December 31, 2025
(in thousands)	Civil		Building		Specialty Contractors		Total
Revenue by contract type:
Fixed price(a)	$	2,438,982	$	749,703	$	657,398	$	3,846,083
Guaranteed maximum price	315		972,977		50,168		1,023,460
Unit price	348,874		—		68,311		417,185
Cost plus fee and other	58,659		129,557		68,095		256,311
Total revenue	$	2,846,830	$	1,852,237	$	843,972	$	5,543,039


	Year Ended December 31, 2024
(in thousands)	Civil		Building		Specialty Contractors		Total
Revenue by contract type:
Fixed price(b)	$	1,791,858	$	638,938	$	479,173	$	2,909,969
Guaranteed maximum price	715		810,697		6,688		818,100
Unit price	272,579		—		74,102		346,681
Cost plus fee and other	53,801		167,902		30,469		252,172
Total revenue	$	2,118,953	$	1,617,537	$	590,432	$	4,326,922


	Year Ended December 31, 2023
(in thousands)	Civil		Building		Specialty Contractors		Total
Revenue by contract type:
Fixed price	$	1,618,081	$	532,950	$	577,144	$	2,728,175
Guaranteed maximum price(c)	(3,184)		532,538		783		530,137
Unit price	235,085		—		91,992		327,077
Cost plus fee and other	33,883		237,051		23,904		294,838
Total revenue	$	1,883,865	$	1,302,539	$	693,823	$	3,880,227

____________________________________________________________________________________________________

(a)The year ended December 31, 2025 includes the impact of favorable adjustments totaling $57.6 million that resulted from the settlement of certain change orders and changes in estimates due to improved performance and a favorable project closeout on a domestic Civil segment mass-transit project and the impact of unfavorable adjustments totaling $54.7 million due to the settlement of a legacy dispute related to a completed Civil segment tunneling project in Canada. Refer to Note 14, Business Segments, for additional details.

(b)The year ended December 31, 2024 includes the negative impact of a $101.6 million adjustment related to an adverse arbitration ruling on a completed Civil segment bridge project in California, of which $79.4 million was a reversal of previously recognized revenue. Refer to Note 14, Business Segments, for additional details.

(c)The year ended December 31, 2023 includes the negative impact of a non-cash charge of $83.6 million that resulted from an adverse legal ruling (of which $72.2 million impacted the Building segment and $11.4 million impacted the Specialty Contractors segment). Refer to Note 14, Business Segments, for additional details.

Fixed price. Fixed price or lump sum contracts are most commonly used for projects in the Civil and Specialty Contractors segments and generally commit the Company to provide all of the resources required to complete a project for a fixed sum. Usually, fixed price contracts transfer more risk to the Company, but offer the opportunity for greater profits. Billings on fixed price contracts are typically based on estimated progress against predetermined contractual milestones.

Guaranteed maximum price (“GMP”). GMP contracts provide for a cost plus fee arrangement up to a maximum agreed upon price. These contracts place risks on the Company for amounts in excess of the GMP, but may permit an opportunity for greater profits than under cost plus fee contracts through sharing agreements with the owner on any cost savings that may be realized. Services provided by our Building segment to various private customers are often performed under GMP contracts. Billings on GMP contracts typically occur on a monthly basis and are based on actual costs incurred plus a negotiated margin.

Unit price. Unit price contracts are most prevalent for projects in the Civil and Specialty Contractors segments and generally commit the Company to provide an estimated or undetermined number of units or components at fixed unit prices. This approach shifts the risk of estimating the quantity of units required to the project owner, but the risk of increased cost per unit is borne by the Company, unless otherwise allowed for in the contract. Billings on unit price contracts typically occur on a monthly basis and are based on actual quantity of work performed or completed during the billing period.

Cost plus fee. Cost plus fee contracts are used for many projects in the Building and Specialty Contractors segments. Cost plus fee contracts include cost plus fixed fee contracts and cost plus award fee contracts. Cost plus fixed fee contracts provide for reimbursement of approved project costs plus a fixed fee. Cost plus award fee contracts provide for reimbursement of the project costs plus a base fee, as well as an incentive fee based on cost and/or schedule performance. Cost plus fee contracts serve to minimize the Company’s financial risk, but may also limit profits. Billings on cost plus fee contracts typically occur on a monthly basis based on actual costs incurred plus a negotiated margin.

Changes to the total estimated contract revenue or cost for a given project, either due to unexpected events or revisions to management’s initial estimates, are recognized in the period in which they are determined. Revenue was negatively impacted during the years ended December 31, 2025, 2024 and 2023 by $82.8 million, $275.8 million and $214.2 million, respectively, related to performance obligations satisfied (or partially satisfied) in prior periods for various projects, reflective of the net unfavorable impact of numerous legal judgments, settlements and other project charges. Refer to Note 14, Business Segments, for additional details on significant adjustments.

Remaining performance obligations represent the transaction price of firm orders for which work has not been performed and exclude unexercised contract options. As of December 31, 2025, the aggregate amounts of the transaction prices allocated to the remaining performance obligations of the Company’s construction contracts were $9.8 billion, $4.8 billion and $2.3 billion for the Civil, Building and Specialty Contractors segments, respectively. As of December 31, 2024, the aggregate amounts of the transaction prices allocated to the remaining performance obligations of the Company’s construction contracts were $7.3 billion, $4.6 billion and $2.0 billion for the Civil, Building and Specialty Contractors segments, respectively. The Company typically recognizes revenue on Civil segment projects over a period of three to five years, whereas for projects in the Building and Specialty Contractors segments, the Company typically recognizes revenue over a period of one to three years. Certain larger projects across all three segments may extend over a longer duration.