What changed in this filing

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Item 1. Financial Statements

2026-07-29 compared with 2026-04-29 · 137 added, 60 removed, 557 unchanged (26% of the section changed)

2 unchanged sentences

CONSOLIDATED BALANCE SHEETS

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

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

2026 December 31,

42 unchanged sentences

4,000,000 authorized shares;

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

none issued and outstanding at June 30, 2026 and December 31, 2025

Common stock—$ 0.01 par value per share;

100,000,000 authorized shares;

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

15,569,250 and 15,522,834 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively

Additional paid-in capital 165,785 165,211

7 unchanged sentences

Three months ended

June 30, Six months ended

(in thousands, except per share data) 2026 2025 2026 2025

39 unchanged sentences

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

Net income — — — — — 26,466 26,466

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

Stock-based compensation expense — — — 3,426 — — 3,426

Shares repurchased related to tax withholding for stock-based compensation

— ( 2 ) — ( 186 ) — ( 16 ) ( 202 )

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

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

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

5 unchanged sentences

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

Net income — — — — — 49,851 49,851

Stock issued under compensation plans, net — 3 1 ( 1 ) — — —

Stock-based compensation expense — — — 5,502 — — 5,502

Shares repurchased related to tax withholding for stock-based compensation — ( 2 ) ( 1 ) ( 782 ) — ( 24 ) ( 807 )

Excise tax on share repurchases — — — ( 1,307 ) — — ( 1,307 )

Other comprehensive loss — — — — ( 1,641 ) — ( 1,641 )

Balance at June 30, 2026 $ — 15,569 $ 155 $ 165,785 $ ( 11,127 ) $ 599,604 $ 754,417

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

1 unchanged sentence

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS

Three months ended

Six months ended

(in thousands) 2026 2025

5 unchanged sentences

Stock-based compensation expense 8,888 5,759

Deferred income taxes 2,743 347

Gain on sale of property and equipment ( 1,813 ) ( 1,701 )

23 unchanged sentences

Effect of exchange rate changes on cash ( 325 ) 429

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

Net increase (decrease) in cash and cash equivalents ( 12,284 ) 19,492

Cash and cash equivalents:

43 unchanged sentences

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

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.

As of June 30, 2026 and December 31, 2025, the Company had recognized revenues of $ 11.9 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 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 .

During the three months ended June 30, 2026, net changes in estimates pertaining to certain projects increased consolidated gross margin by 0.9 %, which resulted in increases in operating income of $ 9.8 million, net income of $ 6.0 million and diluted earnings per common share of $ 0.38 .

During the six months ended June 30, 2026, changes in estimates pertaining to certain projects increased consolidated gross margin by 0.7 % and resulted in increases in operating income of $ 14.7 million, net income of $ 7.1 million and diluted earnings per common share of $ 0.45 .

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 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 .

During the three months ended June 30, 2025, net changes in estimates pertaining to certain projects decreased consolidated gross margin by 1.0 %, which resulted in decreases in operating income of $ 8.9 million, net income of $ 6.7 million and diluted earnings per common share of $ 0.43 .

During the six months ended June 30, 2025, changes in estimates pertaining to certain projects decreased consolidated gross margin by 1.2 % and resulted in decreases in operating income of $ 21.3 million, net income of $ 15.7 million and diluted earnings per common share of $ 0.99 .

Foreign Currency

6 unchanged sentences

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 losses, recorded in other income, net, for the three months ended June 30, 2026 and 2025 were $ 1.0 million and $ 0.5 million, respectively.

Foreign currency losses, recorded in other income, net, for the six months ended June 30, 2026 and 2025 were $ 2.0 million and $ 0.8 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.

31 unchanged sentences

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 March 31, 2026 and December 31, 2025, respectively.

The allowance for doubtful accounts associated with contract assets was $ 0.5 million as of June 30, 2026 and December 31, 2025, respectively.

Contract assets consisted of the following:

(in thousands) March 31,

(in thousands) June 30,

2026 December 31,

4 unchanged sentences

Contract liabilities consisted of the following:

(in thousands) March 31,

(in thousands) June 30,

2026 December 31,

4 unchanged sentences

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

(in thousands) March 31,

(in thousands) June 30,

2026 December 31,

3 unchanged sentences

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 $ 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.

The amounts of revenue recognized in the period that were included in the opening contract liability balances were $ 78.2 million and $ 153.9 million for the three and six months ended June 30, 2026, respectively.

The amounts of revenue recognized in the period that were included in the opening contract liability balances were $ 48.2 million and $ 117.7 million for the three and six months ended June 30, 2025, respectively.

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

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

(in thousands) March 31,

(in thousands) June 30,

2026 December 31,

3 unchanged sentences

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,

(in thousands) June 30,

2026 December 31,

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

At June 30, 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.

22 unchanged sentences

(in thousands) Three months ended

June 30, Six months ended

2026 2025 2026 2025

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:

Three months ended March 31,

Six months ended June 30,

(in thousands) 2026 2025

3 unchanged sentences

Right-of-use asset obtained in exchange for new operating lease obligations $ 22,611 $ 9,809

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 March 31, 2026 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 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.

Lease expense associated with these leases was $ 0.7 million and $ 1.3 million for the three and six months ended June 30, 2026 and $ 0.6 million and $ 1.3 million for the three and six months ended June 30, 2025.

As of June 30, 2026, the minimum lease payments required under these leases totaled $ 5.7 million, which are due over the next 3.2 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 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.

As of June 30, 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 June 30, 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 June 30, 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

March 31, 2026

June 30, 2026

Balance as of

28 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 4.70 % and 5.55 %, per annum, for the three months ended March 31, 2026 and 2025, respectively.

The weighted average interest rate on borrowings outstanding on the Facility was 4.70 % and 5.08 %, per annum, for the six months ended June 30, 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 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.

The Company was in compliance with all of its financial covenants under the Credit Agreement as of June 30, 2026.

As of June 30, 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.

On July 1, 2026, subsequent to the end of the quarter, the Company borrowed $ 235.0 million under the Facility to fund a portion of the consideration for the acquisition of Valley (as defined below).

See Note 12–Subsequent Event for additional information.

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.

The Company had remaining deferred debt issuance costs related to the Facility totaling $ 1.0 million and $ 1.2 million as of June 30, 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 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:

As of June 30, 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 June 30, 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 June 30, 2026:

(in thousands) Future

25 unchanged sentences

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

The components of the Company’s revenue by contract type for the three months ended June 30, 2026 and 2025 were as follows:

Three months ended June 30, 2026

T&D C&I Total

4 unchanged sentences

$ 524,022 100.0 % $ 557,705 100.0 % $ 1,081,727 100.0 %

Three months ended March 31, 2025

Three months ended June 30, 2025

T&D C&I Total

4 unchanged sentences

$ 506,273 100.0 % $ 394,052 100.0 % $ 900,325 100.0 %

The components of the Company’s revenue by contract type for the six months ended June 30, 2026 and 2025 were as follows:

Six months ended June 30, 2026

T&D C&I Total

(dollars in thousands) Amount Percent Amount Percent Amount Percent

Fixed price $ 308,815 29.0 % $ 883,988 86.9 % $ 1,192,803 57.3 %

Unit price 426,618 40.1 27,201 2.7 453,819 21.8

T&E 329,559 30.9 105,926 10.4 435,485 20.9

$ 1,064,992 100.0 % $ 1,017,115 100.0 % $ 2,082,107 100.0 %

Six months ended June 30, 2025

T&D C&I Total

(dollars in thousands) Amount Percent Amount Percent Amount Percent

Fixed price $ 351,568 36.3 % $ 623,787 81.4 % $ 975,355 56.3 %

Unit price 343,124 35.4 37,913 5.0 381,037 22.0

T&E 273,351 28.3 104,202 13.6 377,553 21.7

$ 968,043 100.0 % $ 765,902 100.0 % $ 1,733,945 100.0 %

Remaining Performance Obligations

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

As of June 30, 2026, the Company had $ 2.83 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 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

The following table summarizes the amount of remaining performance obligations as of June 30, 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 June 30, 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 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 %.

federal statutory tax rate was 21 % for each of the three and six months ended June 30, 2026 and 2025.

The Company’s effective tax rate for the three and six months ended June 30, 2026 was 25.7 % and 26.3 %, respectively, of pretax income compared to the effective tax rate for the three and six months ended June 30, 2025 of 29.2 % and 29.1 %, respectively.

The difference between the U.S.

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.

federal statutory tax rate and the Company’s effective tax rates for the three and six months ended June 30, 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 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.

federal statutory tax rate and the Company’s effective tax rates for the three and six months ended June 30, 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 June 30, 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 months ended March 31, 2026 and 2025.

The amount of interest and penalties charged to income tax expense related to unrecognized tax benefits was no t significant for the three and six months ended June 30, 2026 and 2025.

The Company is subject to taxation in various jurisdictions.

5 unchanged sentences

Purchase Commitments

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.

As of June 30, 2026, the Company had approximately $ 48.6 million in outstanding purchase orders for certain construction equipment, with cash payments scheduled to occur in 2026 and 2027.

Insurance and Claims Accruals

8 unchanged sentences

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

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.

As of June 30, 2026, an aggregate of approximately $ 2.89 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 $ 926.2 million as of June 30, 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.

21 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 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 .

During the six months ended June 30, 2026, the Company granted time-vested stock awards covering 33,562 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 $ 280.22 .

During the six months ended June 30, 2026, time-vested stock awards covering 51,309 shares of common stock vested at a weighted average grant date fair value of $ 133.20 .

During the six months ended June 30, 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.

27 unchanged sentences

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 March 31, 2026

For the Three Months Ended June 30, 2026

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

10 unchanged sentences

Net income $ 49,851

For the Three Months Ended March 31, 2025

For the Three Months Ended June 30, 2025

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

2 unchanged sentences

465,808 372,060 22,670 860,538

Income (loss) from operations 36,221 17,377 ( 19,308 ) 34,290

Income from operations 40,465 21,992 ( 22,670 ) 39,787

Other income (expense):

5 unchanged sentences

Net income $ 26,466

For the Six Months Ended June 30, 2026

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

Contract revenues $ 1,064,992 $ 1,017,115 $ — $ 2,082,107

Operating costs (1)

963,269 932,622 53,549 1,949,440

Income from operations 101,723 84,493 ( 53,549 ) 132,667

Other income (expense):

Interest income 1,776

Interest expense ( 1,365 )

Other expense, net ( 1,922 )

Income before provision for income taxes 131,156

Income tax expense 34,505

Net income $ 96,651

For the Six Months Ended June 30, 2025

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

Contract revenues $ 968,043 $ 765,902 $ — $ 1,733,945

Operating costs (1)

891,357 726,533 41,978 1,659,868

Income from operations 76,686 39,369 ( 41,978 ) 74,077

Other income (expense):

Interest income 236

Interest expense ( 3,319 )

Other expense, net ( 833 )

Income before provision for income taxes 70,161

Income tax expense 20,387

Net income $ 49,774

(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.

The expenses found in these other segment items are generally viewed as operating costs by the CODM and are not considered individually significant segment reporting items.

Revenues from one customer of the Company’s T&D segment represents approximately 10.8 % and 11.9 % of the Company’s consolidated revenues for the three and six months ended June 30, 2026, respectively.

No customer represented 10% or greater of the Company’s consolidated revenues during the three and six months ended June 30, 2025.

The Company does not identify capital expenditures and total assets by segment in its internal financial reports due in part to the shared use of a centralized fleet of vehicles and specialized equipment.

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

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.

As of June 30, 2026 and December 31, 2025, there were $ 145.6 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) March 31, 2026 December 31, 2025

(in thousands) June 30, 2026 December 31, 2025

T&D $ 578,160 $ 553,597

3 unchanged sentences

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

For the Three Months Ended March 31,

For the Six Months Ended June 30,

(in thousands) 2026 2025

7 unchanged sentences

Three months ended

June 30, Six months ended

(in thousands, except per share data) 2026 2025 2026 2025

6 unchanged sentences

Diluted $ 3.17 $ 1.70 $ 6.15 $ 3.15

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.

For the six months ended June 30, 2026 and the three and six months ended June 30, 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

June 30, Six months ended

(in thousands) 2026 2025 2026 2025

2 unchanged sentences

Share Repurchases

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.

During the six months ended June 30, 2026, the Company repurchased 27,006 shares of stock, for approximately $ 7.3 million, from its employees to satisfy tax obligations on shares vested under the LTIP.

During the six months ended June 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.

Subsequent Event

On July 1, 2026, the Company acquired all issued and outstanding shares of capital stock of Valley Holdings I, Inc.

and its subsidiaries (collectively, “Valley”), for initial cash consideration of approximately $ 328.0 million, subject to working capital and net asset adjustments.

Valley is a full-service electrical contractor based in Everett, Washington.

The Company funded the approximately $ 328.0 million cash payment at closing through a combination of approximately $ 93.0 million of cash on hand and $ 235.0 million of borrowings under the Facility.

The purchase agreement for the Valley acquisition also provides for additional contingent consideration and additional contingent compensation for key executives of Valley, which may become payable based on the achievement of certain performance targets and continued employment of such executives.

The results of Valley will be included in the Company’s consolidated financial statements beginning as of July 1, 2026.

Acquisition-related costs associated with the transaction incurred through June 30, 2026 were $ 1.3 million and were expensed by the Company during the six months ended June 30, 2026.

Due to the timing of the acquisition, preliminary purchase price allocation has not yet been completed.

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