What changed in this filing

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Item 1. Financial Statements

2026-04-29 compared with 2025-10-29 · 102 added, 202 removed, 515 unchanged (37% of the section changed)

2 unchanged sentences

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share data) September 30,

(in thousands, except share and per share data) March 31,

2026 December 31,

26 unchanged sentences

Accounts payable 332,399 314,789

Contract liabilities 302,549 321,958

Contract liabilities, net 281,520 300,560

Current portion of accrued self-insurance 28,542 28,499

13 unchanged sentences

4,000,000 authorized shares;

none issued and outstanding at September 30, 2025 and December 31, 2024

none issued and outstanding at March 31, 2026 and December 31, 2025

Common stock—$ 0.01 par value per share;

100,000,000 authorized shares;

15,522,834 and 16,121,901 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively

15,568,110 and 15,522,834 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively

Additional paid-in capital 162,373 165,211

7 unchanged sentences

Three months ended

September 30, Nine months ended

September 30,

(in thousands, except per share data) 2026 2025

9 unchanged sentences

Interest expense ( 659 ) ( 1,414 )

Other income (expense), net ( 297 ) 112 ( 1,130 ) ( 421 )

Other expense, net ( 948 ) ( 300 )

Income before provision for income taxes 64,025 32,767

24 unchanged sentences

Shares repurchased related to tax withholding for stock-based compensation — ( 19 ) ( 1 ) ( 2,264 ) — ( 186 ) ( 2,451 )

Other comprehensive loss — — — — ( 2,472 ) — ( 2,472 )

Balance at March 31, 2024 — 16,762 167 158,791 ( 6,352 ) 511,114 663,720

Net loss — — — — — ( 15,277 ) ( 15,277 )

Stock issued under compensation plans, net — 3 — — — — —

Stock-based compensation expense — — — 2,331 — — 2,331

Share repurchases under share repurchase program — ( 639 ) ( 6 ) ( 6,303 ) — ( 68,691 ) ( 75,000 )

Other comprehensive loss — — — — ( 1,173 ) — ( 1,173 )

Balance at June 30, 2024 — 16,648 166 160,001 ( 7,525 ) 480,700 633,342

Net income — — — — — 10,649 10,649

Stock-based compensation expense — — — 1,950 — — 1,950

Share repurchases under share repurchase program — ( 526 ) ( 5 ) ( 5,152 ) — ( 53,584 ) ( 58,741 )

Other comprehensive income — — — — 122 — 122

Balance at September 30, 2024 $ — 16,122 $ 161 $ 156,799 $ ( 6,216 ) $ 437,765 $ 588,509

Balance at December 31, 2024 $ — 16,122 $ 161 $ 159,133 $ ( 12,651 ) $ 453,717 $ 600,360

Net income — — — — — 23,308 23,308

Stock issued under compensation plans, net — 58 1 ( 1 ) — — —

Stock-based compensation expense — — — 2,333 — — 2,333

Shares repurchased related to tax withholding for stock-based compensation — ( 19 ) ( 1 ) ( 2,264 ) — ( 186 ) ( 2,451 )

Share repurchases under share repurchase program — ( 639 ) ( 6 ) ( 6,303 ) — ( 68,691 ) ( 75,000 )

Other comprehensive income — — — — 122 — 122

Balance at March 31, 2025 $ — 15,522 $ 155 $ 152,898 $ ( 12,529 ) $ 408,148 $ 548,672

Balance at December 31, 2025 $ — 15,523 $ 155 $ 165,211 $ ( 8,183 ) $ 503,240 $ 660,423

Net income — — — — — 46,800 46,800

2 unchanged sentences

Shares repurchased related to tax withholding for stock-based compensation — ( 25 ) ( 1 ) ( 6,223 ) — ( 263 ) ( 6,487 )

Other comprehensive income — — — — 4,872 — 4,872

Balance at June 30, 2025 — 15,523 155 156,138 ( 7,657 ) 434,598 583,234

Net income — — — — — 32,094 32,094

Stock-based compensation expense — — — 4,049 — — 4,049

Other comprehensive loss — — — — ( 1,303 ) — ( 1,303 )

Balance at September 30, 2025 $ — 15,523 $ 155 $ 160,187 $ ( 9,446 ) $ 466,692 $ 617,588

Balance at March 31, 2026 $ — 15,568 $ 155 $ 162,373 $ ( 9,486 ) $ 549,777 $ 702,819

The accompanying notes are an integral part of these consolidated financial statements.

1 unchanged sentence

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS

Nine months ended

September 30,

Three months ended

(in thousands) 2026 2025

5 unchanged sentences

Stock-based compensation expense 3,386 2,333

Deferred income taxes 3,312 ( 144 )

Gain on sale of property and equipment ( 922 ) ( 1,101 )

6 unchanged sentences

Accounts payable 15,715 ( 7,831 )

Contract liabilities ( 19,889 ) 22,294

Contract liabilities, net ( 18,748 ) ( 34,932 )

Accrued self-insurance ( 1,451 ) ( 1,000 )

11 unchanged sentences

Repurchase of common stock — ( 75,000 )

Debt refinancing costs — ( 34 )

Payments related to tax withholding for stock-based compensation ( 6,487 ) ( 2,451 )

1 unchanged sentence

Effect of exchange rate changes on cash ( 189 ) 8

Net increase (decrease) in cash and cash equivalents 72,747 ( 17,330 )

Net increase in cash and cash equivalents 13,036 7,432

Cash and cash equivalents:

15 unchanged sentences

C&I provides a broad range of services, which include the design, installation, maintenance and repair of commercial and industrial wiring.

Typical C&I contracts cover electrical contracting services for data centers, airports, hospitals, hotels, stadiums, commercial and industrial facilities, clean energy projects, manufacturing plants, processing facilities, water/waste-water treatment facilities, mining facilities, intelligent transportation systems, roadway lighting, signalization and electric vehicle charging infrastructure.

Typical C&I contracts cover electrical contracting services for data centers, clean energy projects, airports, hospitals, hotels, commercial and industrial facilities, manufacturing plants, processing facilities, water/waste-water treatment facilities, mining facilities, intelligent transportation systems, roadway lighting, signalization, stadiums and electric vehicle charging infrastructure.

Basis of Presentation

6 unchanged sentences

In the opinion of management, all adjustments, consisting only of normal recurring adjustments, necessary to fairly state the financial position, results of operations, comprehensive income (loss), shareholders’ equity and cash flows with respect to the interim consolidated financial statements, have been included.

Certain reclassifications were made to prior year amounts to conform to the current year presentation.

The consolidated balance sheet as of December 31, 2025 has been derived from the audited financial statements as of that date.

5 unchanged sentences

Actual results could differ from those estimates.

The most significant estimates are related to estimates of costs to complete contracts, variable consideration inclusive of pending change orders and claims, shared savings, useful lives of property and equipment, insurance reserves, income tax reserves, estimates surrounding stock-based compensation, the recoverability of goodwill and intangibles and allowance for doubtful accounts.

The most significant estimates are related to estimates of costs to complete contracts, variable consideration inclusive of pending change orders and claims, shared savings, useful lives of property and equipment, insurance reserves, the recognition and measurement of current and deferred income taxes, including the measurement of certain tax positions, estimates surrounding stock-based compensation, the recoverability of goodwill and intangibles and allowance for doubtful accounts.

The Company estimates a cost accrual every quarter that represents costs incurred but not invoiced for services performed or goods delivered during the period, and estimates revenue from the contract cost portion of these accruals based on current gross margin rates to be consistent with its cost method of revenue recognition.

8 unchanged sentences

These items are continually monitored by multiple levels of management throughout the reporting period.

As of September 30, 2025 and December 31, 2024, the Company had recognized revenues of $ 14.3 million and $ 46.0 million, respectively, related to large change orders and/or claims that had been included as contract price adjustments on certain contracts, some of which are multi-year projects.

As of March 31, 2026 and December 31, 2025, the Company had recognized revenues of $ 12.2 million and $ 23.5 million, respectively, related to large change orders and/or claims that had been included as contract price adjustments on certain contracts, some of which are multi-year projects.

These change orders and/or claims are in the process of being negotiated in the normal course of business, and a portion of these recognized revenues had been included in multiple periods.

The cost-to-cost method of accounting requires the Company to make estimates about the expected revenue and gross profit on each of its contracts in process.

During the three months ended September 30, 2025, net changes in estimates pertaining to certain projects decreased consolidated gross margin by 0.6 %, which resulted in decreases in operating income of $ 5.5 million, net income of $ 4.2 million and diluted earnings per common share of $ 0.27 .

During the nine months ended September 30, 2025, changes in estimates pertaining to certain projects decreased consolidated gross margin by 1.3 % and resulted in decreases in operating income of $ 33.9 million, net income of $ 24.8 million and diluted earnings per common share of $ 1.58 .

During the three months ended March 31, 2026, net changes in estimates pertaining to certain projects increased consolidated gross margin by 0.8 %, which resulted in increases in operating income of $ 8.5 million, net income of $ 5.6 million and diluted earnings per common share of $ 0.36 .

Additional discussion on the impact of these estimate changes can be found in Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Consolidated Results of Operations.”

During the three months ended September 30, 2024, net changes in estimates pertaining to certain projects decreased consolidated gross margin by 3.9 %, which resulted in decreases in operating income of $ 34.9 million, net income of $ 22.3 million and diluted earnings per common share of $ 1.37 .

During the nine months ended September 30, 2024, changes in estimates pertaining to certain projects decreased consolidated gross margin by 4.4 % and resulted in decreases in operating income of $ 112.7 million, net income of $ 70.5 million and diluted earnings per common share of $ 4.24 .

During the three months ended March 31, 2025, net changes in estimates pertaining to certain projects decreased consolidated gross margin by 1.1 %, which resulted in decreases in operating income of $ 8.7 million, net income of $ 6.3 million and diluted earnings per common share of $ 0.39 .

Foreign Currency

5 unchanged sentences

Cumulative translation adjustments are included as a separate component of accumulated other comprehensive income (loss) in shareholders’ equity.

Foreign currency transaction gains and losses, arising primarily from changes in exchange rates on short-term monetary assets and liabilities, and intercompany loans that are not deemed long-term investment accounts are recorded in the “other income (expense), net” line on the Company’s consolidated statements of operations.

Foreign currency losses and gains, recorded in other income (expense), net, for the three months ended September 30, 2025 and 2024 were $ 0.3 million and $ 0.1 million, respectively.

Foreign currency losses, recorded in other income (expense), net, for the nine months ended September 30, 2025 and 2024 were $ 1.1 million and $ 0.4 million, respectively.

Foreign currency transaction gains and losses, arising primarily from changes in exchange rates on short-term monetary assets and liabilities, and intercompany loans that are not deemed long-term investment accounts are recorded in the “other income, net” line on the Company’s consolidated statements of operations.

Foreign currency losses and gains, recorded in other income, net, for the three months ended March 31, 2026 and 2025 were $ 1.0 million and $ 0.3 million, respectively.

Foreign currency translation gains and losses, arising from intercompany loans that are deemed long-term investment accounts, are recorded in the foreign currency translation adjustment line on the Company’s consolidated statements of comprehensive income.

4 unchanged sentences

The Company, based on its assessment, determined that any recently issued or proposed ASUs not listed below are either not applicable to the Company or will have minimal impact on its financial statements when adopted.

In December 2023, the FASB issued ASU No.

2023-09, Income Taxes (Topic 740):

Improvements to Income Tax Disclosures, which is intended to improve the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the rate reconciliation and income taxes paid disaggregated by jurisdiction.

The guidance also includes certain other amendments intended to improve the effectiveness of income tax disclosures.

The update is effective for annual reporting periods beginning after December 15, 2024, with early adoption permitted.

The amendments in this pronouncement should be applied on a prospective basis, with the option to apply them retrospectively.

The Company is currently evaluating the impact of the new standard on the Company’s income tax disclosures.

Recently Adopted Accounting Pronouncements

In July 2025, the FASB issued ASU 2025-05, Financial Instruments - Credit Losses (Topic 326):

Measurement of Credit Losses for Accounts Receivable and Contract Assets, which introduces a practical expedient for estimating expected credit losses on current accounts receivable and current contract assets arising from transactions under Topic 606.

The practical expedient allows entities to assume that current conditions as of the balance sheet date would not change for the remaining life of the asset when evaluating expected credit losses.

This standard is effective for the Company for the annual and interim periods beginning after December 15, 2025, with early adoption permitted, and should be applied prospectively.

The Company elected to adopt this practical expedient on January 1, 2026, on a prospective basis.

This election did not have a material impact on our consolidated financial statements and related disclosures.

Recently Issued Accounting Pronouncements

In November 2024, the FASB issued ASU No.

5 unchanged sentences

The Company is currently evaluating the impact of the new standard on the Company’s consolidated financial statements and related disclosures.

In December 2025, the FASB issued ASU No.

2025-11, Interim Reporting (Topic 270):

Narrow-Scope Improvements , which is intended to clarify the applicability of interim disclosure requirements, provides additional guidance on the disclosures required in interim reporting periods, and introduces a principle requiring entities to disclose events occurring since the end of the most recent annual reporting period that have a material impact on the entity.

The update is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted.

The amendments in this pronouncement can be applied either prospectively or retrospectively to any or all prior periods presented in the financial statements.

The Company is currently evaluating the impact of the new standard on the Company’s consolidated financial statements and related disclosures.

Contract Assets and Liabilities

2 unchanged sentences

These contracts frequently include retention provisions contained in each contract.

Retainage amounts are reflected in contract assets or contract liabilities depending on the net contract position of the particular contract.

The Company’s consolidated balance sheets present contract assets, which contain unbilled revenue and contract retainages associated with contract work that has been completed and billed but not paid by customers, pursuant to retainage provisions, that are generally due once the job is completed and approved.

The allowance for doubtful accounts associated with contract assets was $ 0.5 million as of September 30, 2025 and $ 0.4 million as of December 31, 2024.

The allowance for doubtful accounts associated with contract assets was $ 0.5 million as of March 31, 2026 and December 31, 2025, respectively.

Contract assets consisted of the following:

(in thousands) September 30,

(in thousands) March 31,

2026 December 31,

2 unchanged sentences

Contract assets, net $ 224,263 $ 241,766

The Company’s consolidated balance sheets present contract liabilities that contain deferred revenue and an accrual for contracts in a loss provision.

The Company’s consolidated balance sheets present contract liabilities that contain deferred revenue, an accrual for contracts in a loss provision and retainage receivables.

Contract liabilities consisted of the following:

(in thousands) September 30,

(in thousands) March 31,

2026 December 31,

1 unchanged sentence

Accrued loss provision 15,871 13,084

Contract liabilities $ 302,549 $ 321,958 $ ( 19,409 )

Less, retainage receivables ( 105,618 ) ( 98,595 )

Contract liabilities, net $ 281,520 $ 300,560

The following table provides information about contract assets and contract liabilities from contracts with customers:

(in thousands) September 30,

(in thousands) March 31,

2026 December 31,

Contract assets, net $ 224,263 $ 241,766 $ ( 17,503 )

Contract liabilities ( 302,549 ) ( 321,958 ) 19,409

Net contract assets $ 50,932 $ ( 20,016 ) $ 70,948

Contract liabilities, net ( 281,520 ) ( 300,560 ) 19,040

Net contract assets (liabilities) $ ( 57,257 ) $ ( 58,794 ) $ 1,537

The difference between the opening and closing balances of the Company’s contract assets and contract liabilities primarily results from the timing of the Company’s billings in relation to its performance of work.

The amounts of revenue recognized in the period that were included in the opening contract liability balances was $ 34.8 million and $ 148.9 million for the three and nine months ended September 30, 2025, respectively.

The amounts of revenue recognized in the period that were included in the opening contract liability balances was $ 60.4 million and $ 137.0 million for the three and nine months ended September 30, 2024, respectively.

The amounts of revenue recognized in the period that were included in the opening contract liability balances was $ 72.0 million for the three months ended March 31, 2026.

The amounts of revenue recognized in the period that were included in the opening contract liability balances was $ 58.9 million for the three months ended March 31, 2025.

This revenue consists primarily of work performed on previous billings to customers.

The net asset position for contracts in process consisted of the following:

(in thousands) September 30,

The net liability position for contracts in process consisted of the following:

(in thousands) March 31,

2026 December 31,

2 unchanged sentences

$ ( 218,646 ) $ ( 225,528 )

The net asset position for contracts in process is included within the contract asset and contract liability in the accompanying consolidated balance sheets as follows:

(in thousands) September 30,

The net liability position for contracts in process is included within the contract asset and contract liability in the accompanying consolidated balance sheets as follows:

(in thousands) March 31,

2026 December 31,

Unbilled revenue $ 169,761 $ 149,449

Deferred revenue ( 294,243 ) ( 312,632 )

Unbilled revenue, net $ 152,621 $ 160,543

Deferred revenue, net ( 371,267 ) ( 386,071 )

$ ( 218,646 ) $ ( 225,528 )

Lease Obligations

From time to time, the Company enters into non-cancelable leases for some of our facility, vehicle and equipment needs.

From time to time, the Company enters into noncancelable leases for some of our facility, vehicle and equipment needs.

These leases allow the Company to conserve cash by paying a monthly lease rental fee for the use of facilities, vehicles and equipment rather than purchasing them.

3 unchanged sentences

Additionally, all of the Company's month-to-month leases are cancelable, by the Company or the lessor, at any time and are not included in our right-of-use asset or liability.

At September 30, 2025, the Company had several leases with residual value guarantees.

At March 31, 2026, the Company had several leases with residual value guarantees.

Typically, the Company has purchase options on the equipment underlying its long-term leases and many of its short-term rental arrangements.

2 unchanged sentences

The following is a summary of the lease-related assets and liabilities recorded:

September 30,

2026 December 31,

11 unchanged sentences

The following is a summary of the lease terms and discount rates:

September 30,

2026 December 31,

5 unchanged sentences

(in thousands) Three months ended

September 30, Nine months ended

September 30,

2025 2024 2025 2024

Finance lease cost:

5 unchanged sentences

The following is a summary of other information and supplemental cash flow information related to finance and operating leases:

Nine months ended September 30,

Three months ended March 31,

(in thousands) 2026 2025

1 unchanged sentence

Cash paid for amounts included in the measurement of lease liabilities

Operating cash flows from operating leases $ 13,673 $ 10,969

Operating cash flows used for operating leases $ 4,882 $ 4,242

Right-of-use asset obtained in exchange for new operating lease obligations $ 12,268 $ 4,669

Right-of-use asset obtained in exchange for new finance lease obligations $ — $ 3,595

The future undiscounted minimum lease payments, as reconciled to the discounted minimum lease obligation indicated on the Company’s consolidated balance sheets, under financial leases, less interest, and under operating leases, less imputed interest, as of September 30, 2025 were as follows:

(in thousands) Finance

18 unchanged sentences

The terms and rental rates of these leases are at or below market rental rates.

Lease expense associated with these leases was $ 0.7 million and $ 1.9 million for the three and nine months ended September 30, 2025 and $ 0.6 million and $ 1.9 million for the three and nine months ended September 30, 2024.

As of September 30, 2025, the minimum lease payments required under these leases totaled $ 7.9 million, which are due over the next 3.9 years.

Lease expense associated with these leases was $ 0.7 million for the three months ended March 31, 2026 and $ 0.6 million for the three months ended March 31, 2025.

As of March 31, 2026, the minimum lease payments required under these leases totaled $ 6.4 million, which are due over the next 3.4 years.

Fair Value Measurements

4 unchanged sentences

and Level 3 (the lowest priority), defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.

As of September 30, 2025 and December 31, 2024, the Company determined that the carrying value of cash and cash equivalents approximated fair value based on Level 1 inputs.

As of September 30, 2025 and December 31, 2024, the fair value of the Company’s long-term debt and finance lease obligations was based on Level 2 inputs.

The Company’s long-term debt was based on variable and fixed interest rates at September 30, 2025 and December 31, 2024, for new issues with similar remaining maturities, and approximated carrying value.

As of March 31, 2026 and December 31, 2025, the Company determined that the carrying value of cash and cash equivalents approximated fair value based on Level 1 inputs.

As of March 31, 2026 and December 31, 2025, the fair value of the Company’s long-term debt and finance lease obligations was based on Level 2 inputs.

The Company’s long-term debt was based on variable and fixed interest rates at March 31, 2026 and December 31, 2025, for new issues with similar remaining maturities, and approximated carrying value.

In addition, based on borrowing rates currently available to the Company for borrowings with similar terms, the carrying value of the Company’s finance lease obligations also approximated fair value.

5 unchanged sentences

Balance as of

September 30, 2025

March 31, 2026

Balance as of

5 unchanged sentences

Other equipment note 4/11/2022 4.55 % Monthly 5 15 18

11,626 15,986

Total debt 9,376 59,037

21 unchanged sentences

The Credit Agreement restricts certain types of payments when the Company’s Net Leverage Ratio, after giving pro forma effect thereto, exceeds 2.75 .

The weighted average interest rate on borrowings outstanding on the Facility was 4.92 % and 7.03 %, per annum, for the nine months ended September 30, 2025 and 2024, respectively.

The weighted average interest rate on borrowings outstanding on the Facility was 4.70 % and 5.55 %, per annum, for the three months ended March 31, 2026 and 2025, respectively.

Under the Credit Agreement, the Company is subject to certain financial covenants including a maximum Net Leverage Ratio of 3.0 and a minimum Interest Coverage Ratio (as defined in the Credit Agreement) of 3.0 .

The Credit Agreement also contains covenants including limitations on asset sales, investments, indebtedness and liens.

The Company was in compliance with all of its financial covenants under the Credit Agreement as of September 30, 2025.

As of September 30, 2025, the Company had $ 60.4 million of borrowings outstanding under the Facility and letters of credit outstanding under the Facility of $ 29.9 million, including $ 29.8 million related to the Company's payment obligation under its insurance programs and $ 0.1 million related to contract performance obligations.

As of December 31, 2024, the Company had $ 58.4 million of borrowings outstanding under the Facility and letters of credit outstanding under the Facility of $ 37.3 million, including $ 32.6 million related to the Company's payment obligation under its insurance programs and $ 4.7 million related to contract performance obligations.

The Company had remaining deferred debt issuance costs related to the Facility totaling $ 1.4 million and $ 1.8 million as of September 30, 2025 and December 31, 2024, respectively.

The Company was in compliance with all of its financial covenants under the Credit Agreement as of March 31, 2026.

As of March 31, 2026, the Company had no borrowings outstanding under the Facility and letters of credit outstanding under the Facility of $ 29.5 million related to the Company's payment obligation under its insurance programs.

As of December 31, 2025, the Company had $ 47.4 million in borrowings outstanding under the Facility and letters of credit outstanding under the Facility of $ 34.3 million, including $ 34.2 million related to the Company's payment obligation under its insurance programs and $ 0.1 million related to contract performance obligations.

The Company had remaining deferred debt issuance costs related to the Facility totaling $ 1.1 million and $ 1.2 million as of March 31, 2026 and December 31, 2025, respectively.

As permitted, debt issuance costs have been deferred and are presented as an asset within other assets, which is amortized as interest expense over the term of the Facility.

3 unchanged sentences

Each Equipment Note executed under the Master Loan Agreements constitutes a separate, distinct and independent financing of equipment and a contractual obligation of the Company, which may contain prepayment clauses.

As of September 30, 2025, the Company had one Equipment Note outstanding under the Master Loan Agreements that is collateralized by equipment and vehicles owned by the Company.

As of September 30, 2025, the Company had one other equipment note outstanding that is collateralized by a vehicle owned by the Company.

The following table sets forth our remaining principal payments for all of the Company’s outstanding equipment notes as of September 30, 2025:

As of March 31, 2026, the Company had one Equipment Note outstanding under the Master Loan Agreements that is collateralized by equipment and vehicles owned by the Company.

As of March 31, 2026, the Company had one other equipment note outstanding that is collateralized by a vehicle owned by the Company.

The following table sets forth our remaining principal payments for all of the Company’s outstanding equipment notes as of March 31, 2026:

(in thousands) Future

18 unchanged sentences

Work performed under MSAs is typically billed on a unit-price, time-and-materials or time-and-equipment basis.

MSAs are typically one to three years in duration;

MSAs are typically one to four years in duration;

however, most of the Company’s contracts, including MSAs, may be terminated by the customer on short notice, typically 30 to 90 days, even if the Company is not in default under the contract.

1 unchanged sentence

Most MSAs include no obligation for the contract counterparty to assign specific volumes of work to the Company and do not require the counterparty to use the Company exclusively, although in some cases the MSA contract gives the Company a right of first refusal for certain work.

Additional information related to the Company’s market types is provided in Note 10–Segment Information.

The components of the Company’s revenue by contract type for the three months ended September 30, 2025 and 2024 were as follows:

Three months ended September 30, 2025

T&D C&I Total

(dollars in thousands) Amount Percent Amount Percent Amount Percent

Fixed price $ 160,811 31.9 % $ 381,026 85.3 % $ 541,837 57.0 %

Unit price 204,438 40.6 20,259 4.5 224,697 23.6

T&E 138,187 27.5 45,679 10.2 183,866 19.4

$ 503,436 100.0 % $ 446,964 100.0 % $ 950,400 100.0 %

Three months ended September 30, 2024

T&D C&I Total

(dollars in thousands) Amount Percent Amount Percent Amount Percent

Fixed price $ 197,087 40.9 % $ 331,103 81.5 % $ 528,190 59.5 %

Unit price 169,337 35.1 23,849 5.9 193,186 21.7

T&E 115,452 24.0 51,215 12.6 166,667 18.8

$ 481,876 100.0 % $ 406,167 100.0 % $ 888,043 100.0 %

The components of the Company’s revenue by contract type for the nine months ended September 30, 2025 and 2024 were as follows:

Nine months ended September 30, 2025

In the first quarter of 2026, the Company updated its presentation of disaggregated revenue in the T&D segment to no longer present disaggregated revenue by market type.

This update was made to better align external reporting with how management evaluates the effect of economic factors on the nature, amount, timing and uncertainty of revenue and cash flows.

Additional information on the Company’s segments is provided in Note 10–Segment Information.

The components of the Company’s revenue by contract type for the three months ended March 31, 2026 and 2025 were as follows:

Three months ended March 31, 2026

T&D C&I Total

4 unchanged sentences

$ 540,970 100.0 % $ 459,410 100.0 % $ 1,000,380 100.0 %

Nine months ended September 30, 2024

Three months ended March 31, 2025

T&D C&I Total

4 unchanged sentences

$ 461,769 100.0 % $ 371,851 100.0 % $ 833,620 100.0 %

The components of the Company’s revenue by market type for the three months ended September 30, 2025 and 2024 were as follows:

Three months ended September 30, 2025 Three months ended September 30, 2024

(dollars in thousands) Amount Percent Segment Amount Percent Segment

$ 293,022 30.8 % T&D $ 276,663 31.2 % T&D

210,414 22.2 T&D 205,213 23.1 T&D

Electrical construction

446,964 47.0 C&I 406,167 45.7 C&I

Total revenue $ 950,400 100.0 % $ 888,043 100.0 %

The components of the Company’s revenue by market type for the nine months ended September 30, 2025 and 2024 were as follows:

Nine months ended September 30, 2025 Nine months ended September 30, 2024

(dollars in thousands) Amount Percent Segment Amount Percent Segment

Transmission $ 868,244 32.3 % T&D $ 873,077 34.5 % T&D

Distribution 603,235 22.5 T&D 557,403 22.0 T&D

Electrical construction 1,212,866 45.2 C&I 1,102,015 43.5 C&I

Total revenue $ 2,684,345 100.0 % $ 2,532,495 100.0 %

Remaining Performance Obligations

As of September 30, 2025, the Company had $ 2.34 billion of remaining performance obligations.

As of March 31, 2026, the Company had $ 2.53 billion of remaining performance obligations.

The Company’s remaining performance obligations include projects that have a written award, a letter of intent, a notice to proceed or an agreed upon work order to perform work on mutually accepted terms and conditions.

The timing of when remaining performance obligations are recognized is evaluated quarterly and is largely driven by the estimated start date and duration of the underlying projects.

The following table summarizes the amount of remaining performance obligations as of September 30, 2025 that the Company expects to be realized and the amount of the remaining performance obligations that the Company reasonably estimates will be recognized within the next twelve months, and the amount estimated to be recognized after the next twelve months.

Remaining Performance Obligations at September 30, 2025

The following table summarizes the amount of remaining performance obligations as of March 31, 2026 that the Company expects to be realized and the amount of the remaining performance obligations that the Company reasonably estimates will be recognized within the next twelve months, and the amount estimated to be recognized after the next twelve months.

Remaining Performance Obligations at March 31, 2026

(in thousands) Total Amount estimated to be recognized within 12 months Amount estimated to be recognized after 12 months

12 unchanged sentences

“Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

federal statutory tax rate was 21 % for each of the three and nine months ended September 30, 2025 and 2024.

The Company’s effective tax rate for the three and nine months ended September 30, 2025 was 28.3 % and 28.7 %, respectively, of pretax income compared to the effective tax rate for the three and nine months ended September 30, 2024 of 42.5 % and 26.6 %, respectively.

The difference between the U.S.

federal statutory tax rate and the Company’s effective tax rates for the three and nine months ended September 30, 2025 was primarily due to permanent difference items and state income taxes.

federal statutory tax rate was 21 % for each of the three months ended March 31, 2026 and 2025.

The Company’s effective tax rate for the three months ended March 31, 2026 was 26.9 % of pretax income compared to the effective tax rate for the three months ended March 31, 2025 of 28.9 %.

The difference between the U.S.

federal statutory tax rate and the Company’s effective tax rates for the three months ended September 30, 2024 was primarily due to permanent difference items, largely related to deductibility limits of certain compensation including contingent compensation associated with a prior acquisition and U.S.

taxes on Canadian income, as well as state income taxes.

federal statutory tax rate and the Company’s effective tax rates for the three months ended March 31, 2026 was primarily due to state income taxes and the impact of the net CFC tested income (“NCTI”) and other permanent difference items, partially offset by a favorable impact from stock compensation excess tax benefits.

The difference between the U.S.

federal statutory tax rate and the Company’s effective tax rate for the nine months ended September 30, 2024 was primarily due to permanent difference items, largely related to deductibility limits of certain compensation including contingent compensation associated with a prior acquisition and U.S.

taxes on Canadian income, as well as state income taxes, partially offset by a favorable impact from stock compensation excess tax benefits.

The Company has recorded a liability for unrecognized tax benefits of approximately $ 0.4 million and $ 0.3 million as of September 30, 2025 and December 31, 2024, respectively, which were included in other liabilities in the accompanying consolidated balance sheets.

federal statutory tax rate and the Company’s effective tax rates for the three months ended March 31, 2025 was primarily due to permanent difference items and state income taxes.

The Company has recorded a liability for unrecognized tax benefits of approximately $ 0.5 million and $ 0.4 million as of March 31, 2026 and December 31, 2025, respectively, which were included in other liabilities in the accompanying consolidated balance sheets.

The Company’s policy is to recognize interest and penalties related to income tax liabilities as a component of income tax expense in the consolidated statements of operations.

The amount of interest and penalties charged to income tax expense related to unrecognized tax benefits was no t significant for the three and nine months ended September 30, 2025 and 2024.

The amount of interest and penalties charged to income tax expense related to unrecognized tax benefits was no t significant for the three months ended March 31, 2026 and 2025.

The Company is subject to taxation in various jurisdictions.

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The Company’s 2020 through 2024 Canadian tax returns are subject to examination by the Canadian Revenue Agency.

On July 4, 2025, the “One Big Beautiful Bill Act” (the “Act”) was signed into law.

The Act includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions.

The Act has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027.

The Act did not have a material impact on the Company’s effective tax rate for the three and nine months ended September 30, 2025.

While further evaluation is ongoing, the Act is not expected to have a material impact on the Company's financial position or results of operations.

Commitments and Contingencies

Purchase Commitments

As of September 30, 2025, the Company had approximately $ 7.3 million in outstanding purchase orders for certain construction equipment, with cash payments scheduled to occur in 2025.

As of March 31, 2026, the Company had approximately $ 59.6 million in outstanding purchase orders for certain construction equipment, with cash payments scheduled to occur in 2026 and 2027.

Insurance and Claims Accruals

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The Company has indemnified its sureties for any expenses paid out under these bonds.

As of September 30, 2025, an aggregate of approximately $ 2.26 billion in original face amount of bonds issued by the Company’s sureties were outstanding.

The Company estimated the remaining cost to complete these bonded projects was approximately $ 702.2 million as of September 30, 2025.

As of March 31, 2026, an aggregate of approximately $ 2.70 billion in original face amount of bonds issued by the Company’s sureties were outstanding.

The Company estimated the remaining cost to complete these bonded projects was approximately $ 899.0 million as of March 31, 2026.

From time to time, the Company guarantees the obligations of wholly owned subsidiaries, including obligations under certain contracts with customers, certain lease agreements, and, in some states, obligations in connection with obtaining contractors’ licenses.

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With respect to all such lawsuits, claims and proceedings, the Company records reserves when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated.

The Company does not believe that any of these proceedings, separately or in the aggregate, would be expected to have a material adverse effect on the Company’s financial condition, results of operations or cash flows.

The Company does not believe that any of these proceedings, separately or in aggregate, would be expected to have a material adverse effect on the Company’s financial condition, results of operations or cash flows.

Stock-Based Compensation

4 unchanged sentences

The Company has outstanding grants of time-vested stock awards in the form of restricted stock units and internal metric-based and market-based performance stock units.

During the nine months ended September 30, 2025, the Company granted time-vested stock awards covering 68,813 shares of common stock under the LTIP, which vest ratably over three years for employee awards and after one year for non-employee director awards, at a weighted average grant date fair value of $ 126.98 .

During the nine months ended September 30, 2025, time-vested stock awards covering 39,629 shares of common stock vested at a weighted average grant date fair value of $ 134.78 .

During the nine months ended September 30, 2025, the Company granted 53,678 performance share awards under the LTIP at target, which will cliff vest, if earned, on December 31, 2027, at a weighted average grant date fair value of $ 148.73 .

During the three months ended March 31, 2026, the Company granted time-vested stock awards covering 30,487 shares of common stock under the LTIP, which vest ratably over three years for employee awards, at a weighted average grant date fair value of $ 274.39 .

During the three months ended March 31, 2026, time-vested stock awards covering 43,852 shares of common stock vested at a weighted average grant date fair value of $ 135.34 .

During the three months ended March 31, 2026, the Company granted 28,718 performance share awards under the LTIP at target, which will cliff vest, if earned, on December 31, 2028, at a weighted average grant date fair value of $ 319.59 .

The number of shares ultimately earned under a performance award may vary from zero to 200 % of the target shares granted, based upon the Company’s performance compared to certain financial and other metrics.

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The C&I segment provides services such as the design, installation, maintenance and repair of commercial and industrial wiring, the installation of intelligent transportation systems, roadway lighting, signalization and electric vehicle charging infrastructure.

The C&I segment generally provides electric construction and maintenance services as a subcontractor to general contractors in the C&I industry,

but also contracts directly with facility owners.

Typical C&I contracts cover electrical contracting services for data centers, clean energy projects, airports, hospitals, hotels, commercial and industrial facilities, manufacturing plants, processing facilities, water/waste-water treatment facilities, mining facilities, transportation control and management systems and stadiums.

The C&I segment generally provides electric construction and maintenance services as a subcontractor to general contractors in the C&I industry, but also contracts directly with facility owners.

The C&I segment has a diverse customer base with many long-standing relationships.

The information in the following table is derived from the segment’s internal financial reports used for corporate management purposes:

For the Three Months Ended September 30, 2025

For the Three Months Ended March 31, 2026

(in thousands) T&D C&I General Corporate Consolidated

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Net income $ 46,800

For the Three Months Ended September 30, 2024

For the Three Months Ended March 31, 2025

(in thousands) T&D C&I General Corporate Consolidated

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Interest expense ( 1,414 )

Other income, net 112

Income before provision for income taxes 18,530

Income tax expense 7,881

Net income $ 10,649

For the Nine Months Ended September 30, 2025

(in thousands) T&D C&I General Corporate Consolidated

Contract revenues $ 1,471,479 $ 1,212,866 $ — $ 2,684,345

Operating costs (1)

1,353,332 1,144,913 65,752 2,563,997

Income from operations 118,147 67,953 ( 65,752 ) 120,348

Other income (expense):

Interest income 433

Interest expense ( 4,759 )

Other expense, net ( 300 )

2 unchanged sentences

Net income $ 23,308

For the Nine Months Ended September 30, 2024

(in thousands) T&D C&I General Corporate Consolidated

Contract revenues $ 1,430,480 $ 1,102,015 $ — $ 2,532,495

Operating costs (1)

1,391,376 1,068,675 48,519 2,508,570

Income from operations 39,104 33,340 ( 48,519 ) 23,925

Other income (expense):

Interest income 296

Interest expense ( 4,311 )

Other expense, net ( 421 )

Income before provision for income taxes 19,489

Income tax expense 5,178

Net income $ 14,311

(1) Operating costs include T&D, C&I and general corporate portion of contract costs, selling, general and administrative expenses, amortization of intangible assets and gain on sale of property and equipment.

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Identifiable assets, consisting of contract receivables, contract assets, construction materials inventory, goodwill and intangibles.

As of September 30, 2025 and December 31, 2024, there were $ 182.5 million and $ 177.9 million, respectively, of identifiable assets attributable to Canadian operations.

As of March 31, 2026 and December 31, 2025, there were $ 158.1 million and $ 169.0 million, respectively, of identifiable assets attributable to Canadian operations.

The table below reflects the identifiable assets for each segment.

(in thousands) September 30, 2025 December 31, 2024

(in thousands) March 31, 2026 December 31, 2025

T&D $ 550,378 $ 553,597

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An allocation of total depreciation, including depreciation of shared construction equipment, and amortization to each segment is as follows:

For the Nine Months Ended September 30,

For the Three Months Ended March 31,

(in thousands) 2026 2025

Depreciation and amortization

T&D $ 15,729 $ 14,038

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Three months ended

September 30, Nine months ended

September 30,

(in thousands, except per share data) 2026 2025

6 unchanged sentences

Diluted $ 2.99 $ 1.45

For the three and nine months ended September 30, 2025 and 2024, certain common stock equivalents were excluded from the calculation of dilutive securities because their inclusion would have been anti-dilutive.

For the three months ended March 31, 2026 and 2025, certain common stock equivalents were excluded from the calculation of dilutive securities because their inclusion would have been anti-dilutive.

The following table summarizes the shares of common stock underlying the Company’s unvested time-vested stock awards and performance awards that were excluded from the calculation of dilutive securities:

Three months ended

September 30, Nine months ended

September 30,

(in thousands) 2026 2025

2 unchanged sentences

Share Repurchases

During the nine months ended September 30, 2025, the Company repurchased 20,504 shares of stock, for approximately $ 2.7 million, from its employees to satisfy tax obligations on shares vested under the LTIP.

During the nine months ended September 30, 2024, the Company repurchased 36,397 shares of stock, for approximately $ 5.9 million, from its employees to satisfy tax obligations on shares vested under the LTIP.

On July 30, 2025, the Company announced that its Board of Directors had approved a new $ 75.0 million share repurchase program (the "Repurchase Program").

The Repurchase Program will expire on February 4, 2026, or when the authorized funds are exhausted, whichever is earlier.

The Repurchase Program replaced and superseded the Company’s prior $ 75.0 million repurchase program, under which the Company had exhausted substantially all of the available funds, and such prior repurchase program was terminated.

As of September 30, 2025, the Company had $ 75.0 million of funds available to repurchase shares of the Company’s common stock under the Repurchase Program.

During the nine months ended September 30, 2025, the Company repurchased 639,207 shares of its common stock under the prior share repurchase program, at a weighted-average price of $ 117.33 per share.

During the three months ended March 31, 2026, the Company repurchased 24,666 shares of stock, for approximately $ 6.5 million, from its employees to satisfy tax obligations on shares vested under the LTIP.

During the three months ended March 31, 2025, the Company repurchased 18,866 shares of stock, for approximately $ 2.5 million, from its employees to satisfy tax obligations on shares vested under the LTIP.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements