TUTOR PERINI CORP, 10-K filed on 2/26/2026
Annual Report
v3.25.4
Cover - USD ($)
 12 Months Ended
Dec. 31, 2025
Feb. 19, 2026
Jun. 30, 2025
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2025    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 1-6314    
Entity Registrant Name Tutor Perini Corporation    
Entity Incorporation, State or Country Code MA    
Entity Tax Identification Number 04-1717070    
Entity Address, Address Line One 15901 Olden Street    
Entity Address, City or Town Sylmar    
Entity Address, State or Province CA    
Entity Address, Postal Zip Code 91342    
City Area Code 818    
Local Phone Number 362-8391    
Title of 12(b) Security Common Stock, $1.00 par value    
Trading Symbol TPC    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 2,072,338,656
Entity Common Stock, Shares Outstanding   52,791,451  
Documents Incorporated by Reference
Documents Incorporated by Reference
The information required by Part III of this Annual Report on Form 10-K, to the extent not set forth herein, is incorporated herein by reference to the registrant’s definitive proxy statement relating to the Annual Meeting of Shareholders to be held in 2026, which definitive proxy statement shall be filed with the Securities and Exchange Commission within 120 days after the end of the fiscal year to which this Annual Report on Form 10-K relates.
    
Entity Central Index Key 0000077543    
Amendment Flag false    
Document Fiscal Year Focus 2025    
Document Fiscal Period Focus FY    
v3.25.4
Audit Information
 12 Months Ended
Dec. 31, 2025
Audit Information [Abstract]  
Auditor Name Deloitte & Touche LLP
Auditor Location Los Angeles, California
Auditor Firm ID 34
v3.25.4
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Statement [Abstract]      
REVENUE $ 5,543,039 $ 4,326,922 $ 3,880,227
COST OF OPERATIONS (4,895,524) (4,129,884) (3,739,603)
GROSS PROFIT 647,515 197,038 140,624
General and administrative expenses (415,554) (300,791) (255,221)
INCOME (LOSS) FROM CONSTRUCTION OPERATIONS 231,961 (103,753) (114,597)
Other income, net 27,512 19,878 17,200
Interest expense (54,965) (89,133) (85,157)
INCOME (LOSS) BEFORE INCOME TAXES 204,508 (173,008) (182,554)
Income tax (expense) benefit (61,427) 50,669 54,957
NET INCOME (LOSS) 143,081 (122,339) (127,597)
LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS 62,641 41,382 43,558
NET INCOME (LOSS) ATTRIBUTABLE TO TUTOR PERINI CORPORATION $ 80,440 $ (163,721) $ (171,155)
BASIC EARNINGS (LOSS) PER COMMON SHARE (in dollars per share) $ 1.53 $ (3.13) $ (3.30)
DILUTED EARNINGS (LOSS) PER COMMON SHARE (in dollars per share) $ 1.51 $ (3.13) $ (3.30)
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING:      
BASIC (in shares) 52,693 52,322 51,845
DILUTED (in shares) 53,413 52,322 51,845
v3.25.4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Comprehensive Income [Abstract]      
NET INCOME (LOSS) $ 143,081 $ (122,339) $ (127,597)
OTHER COMPREHENSIVE INCOME, NET OF TAX:      
Defined benefit pension plan adjustments 1,509 5,782 3,283
Foreign currency translation adjustments 1,999 (3,875) 835
Unrealized gain in fair value of investments 2,786 2,140 4,131
TOTAL OTHER COMPREHENSIVE INCOME, NET OF TAX 6,294 4,047 8,249
COMPREHENSIVE INCOME (LOSS) 149,375 (118,292) (119,348)
LESS: COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS 64,181 39,630 44,557
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO TUTOR PERINI CORPORATION $ 85,194 $ (157,922) $ (163,905)
v3.25.4
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
CURRENT ASSETS:    
Cash and cash equivalents ($361,898 and $131,738 related to VIEs) $ 734,553 $ 455,084
Restricted cash 35,641 9,104
Restricted investments 228,959 139,986
Accounts receivable ($126,245 and $51,953 related to VIEs) 1,218,609 986,893
Retention receivable ($216,099 and $171,704 related to VIEs) 668,894 560,163
Costs and estimated earnings in excess of billings ($82,426 and $95,219 related to VIEs) 819,199 942,522
Other current assets ($145,473 and $24,954 related to VIEs) 411,030 192,915
Total current assets 4,116,885 3,286,667
PROPERTY AND EQUIPMENT:    
Land 44,132 44,132
Building and improvements 149,973 138,799
Construction equipment 681,300 609,495
Other equipment 242,776 196,870
Total property and equipment, gross 1,118,181 989,296
Less accumulated depreciation (570,186) (566,308)
Total property and equipment, net ($23,246 and $19,876 related to VIEs) 547,995 422,988
GOODWILL 205,143 205,143
INTANGIBLE ASSETS, NET 63,832 66,069
DEFERRED INCOME TAXES 96,573 143,289
OTHER ASSETS 129,994 118,554
TOTAL ASSETS 5,160,422 4,242,710
CURRENT LIABILITIES:    
Current maturities of long-term debt 14,589 24,113
Accounts payable ($64,712 and $22,845 related to VIEs) 724,932 631,468
Retention payable ($27,743 and $19,744 related to VIEs) 265,246 240,971
Billings in excess of costs and estimated earnings ($520,455 and $326,561 related to VIEs) 1,838,610 1,216,623
Accrued expenses and other current liabilities ($56,044 and $16,391 related to VIEs) 396,121 219,525
Total current liabilities 3,239,498 2,332,700
LONG-TERM DEBT, less current maturities, net of unamortized discount and debt issuance costs totaling $17,983 and $21,977 392,785 510,025
OTHER LONG-TERM LIABILITIES 265,477 241,379
TOTAL LIABILITIES 3,897,760 3,084,104
COMMITMENTS AND CONTINGENCIES (Note 8)
Stockholders' equity:    
Preferred stock – authorized 1,000,000 shares ($1 par value), none issued 0 0
Common stock – authorized 112,500,000 shares ($1 par value), issued and outstanding 52,791,451 and 52,485,719 shares 52,791 52,486
Additional paid-in capital 1,148,634 1,146,800
Retained earnings (deficit) 46,443 (30,575)
Accumulated other comprehensive loss (29,234) (33,988)
Total stockholders' equity 1,218,634 1,134,723
Noncontrolling interests 44,028 23,883
TOTAL EQUITY 1,262,662 1,158,606
TOTAL LIABILITIES AND EQUITY $ 5,160,422 $ 4,242,710
v3.25.4
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Cash and cash equivalent $ 734,553 $ 455,084
Accounts receivable 1,218,609 986,893
Retainage receivable 668,894 560,163
Costs and estimated earnings in excess of billings 819,199 942,522
Total other current assets 411,030 192,915
Property and equipment, net 547,995 422,988
Accounts payable 724,932 631,468
Retainage payable 265,246 240,971
Billings in excess of costs and estimated earnings 1,838,610 1,216,623
Accrued expenses and other current liabilities 396,121 219,525
Unamortized discount and debt issuance costs, non-current $ 17,983 $ 21,977
Preferred stock, shares authorized (in shares) 1,000,000 1,000,000
Preferred stock, par value (in dollars per share) $ 1 $ 1
Preferred stock, shares issued (in shares) 0 0
Common stock, shares authorized (in shares) 112,500,000 112,500,000
Common stock, par value (in dollars per share) $ 1 $ 1
Common stock, shares issued (in shares) 52,791,451 52,485,719
Common stock, shares outstanding (in shares) 52,791,451 52,485,719
Variable Interest Entity, Primary Beneficiary    
Cash and cash equivalent $ 361,898 $ 131,738
Accounts receivable 126,245 51,953
Retainage receivable 216,099 171,704
Costs and estimated earnings in excess of billings 82,426 95,219
Total other current assets 145,473 24,954
Property and equipment, net 23,246 19,876
Accounts payable 64,712 22,845
Retainage payable 27,743 19,744
Billings in excess of costs and estimated earnings 520,455 326,561
Accrued expenses and other current liabilities $ 56,044 $ 16,391
v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash Flows from Operating Activities:      
Net income (loss) $ 143,081 $ (122,339) $ (127,597)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation 47,578 51,551 42,992
Amortization of intangible assets 2,237 2,236 2,237
Share-based compensation expense 150,002 40,356 12,259
Change in debt discounts and deferred debt issuance costs 4,553 14,068 5,458
Deferred income taxes 46,861 (78,008) (64,820)
(Gain) loss on sale of property and equipment (2,050) 116 (5,016)
Changes in other components of working capital 330,633 589,124 428,910
Other long-term liabilities 20,658 14,898 3,754
Other, net 4,512 (8,458) 10,294
NET CASH PROVIDED BY OPERATING ACTIVITIES 748,065 503,544 308,471
Cash Flows from Investing Activities:      
Acquisition of property and equipment (180,854) (37,409) (52,953)
Proceeds from sale of property and equipment 8,875 4,752 10,062
Investments in securities (124,806) (35,643) (48,351)
Proceeds from maturities and sales of investments in securities 39,476 27,613 12,997
NET CASH USED IN INVESTING ACTIVITIES (257,309) (40,687) (78,245)
Cash Flows from Financing Activities:      
Proceeds from debt 188,215 787,135 712,324
Repayment of debt (318,974) (1,141,765) (773,999)
Cash payments related to share-based compensation (6,788) (5,556) (969)
Payment of dividends (3,167) 0 0
Distributions paid to noncontrolling interests (51,650) (23,300) (46,500)
Contributions from noncontrolling interests 7,614 15,230 2,000
Debt issuance, extinguishment and modification costs 0 (25,093) (2,233)
NET CASH USED IN FINANCING ACTIVITIES (184,750) (393,349) (109,377)
Net increase in cash, cash equivalents and restricted cash 306,006 69,508 120,849
Cash, cash equivalents and restricted cash at beginning of year 464,188 394,680 273,831
Cash, cash equivalents and restricted cash at end of year $ 770,194 $ 464,188 $ 394,680
v3.25.4
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($)
$ in Thousands
Total
Common Stock
Additional Paid-in Capital
Retained Earnings (Deficit)
Accumulated Other Comprehensive Loss
Noncontrolling Interests
Beginning Balance at Dec. 31, 2022 $ 1,441,984 $ 51,521 $ 1,140,933 $ 304,301 $ (47,037) $ (7,734)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income (loss) (127,597)     (171,155)   43,558
Other comprehensive income (loss) 8,249       7,250 999
Share-based compensation 6,442   6,442      
Issuance of common stock, net (667) 504 (1,171)      
Contributions from noncontrolling interests 2,000         2,000
Distributions to noncontrolling interests (46,500)         (46,500)
Ending Balance at Dec. 31, 2023 1,283,911 52,025 1,146,204 133,146 (39,787) (7,677)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income (loss) (122,339)     (163,721)   41,382
Other comprehensive income (loss) 4,047       5,799 (1,752)
Share-based compensation 6,539   6,539      
Issuance of common stock, net (5,482) 461 (5,943)      
Contributions from noncontrolling interests 15,230         15,230
Distributions to noncontrolling interests (23,300)         (23,300)
Ending Balance at Dec. 31, 2024 1,158,606 52,486 1,146,800 (30,575) (33,988) 23,883
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income (loss) 143,081     80,440   62,641
Other comprehensive income (loss) 6,294       4,754 1,540
Share-based compensation 8,886   8,886      
Issuance of common stock, net (6,747) 305 (7,052)      
Dividends (3,422)     (3,422)    
Contributions from noncontrolling interests 7,614         7,614
Distributions to noncontrolling interests (51,650)         (51,650)
Ending Balance at Dec. 31, 2025 $ 1,262,662 $ 52,791 $ 1,148,634 $ 46,443 $ (29,234) $ 44,028
v3.25.4
Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
(a) Basis of Presentation
The accompanying consolidated financial statements have been prepared in compliance with generally accepted accounting principles in the United States (“GAAP”) as codified in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”). Certain amounts in the consolidated financial statements and notes thereto of prior years have been reclassified to conform to the current year presentation.
(b) Principles of Consolidation
The consolidated financial statements include the accounts of Tutor Perini Corporation and its wholly owned subsidiaries (the “Company”). The Company occasionally forms joint ventures with outside parties for the execution of single contracts or projects. The Company assesses its joint ventures to determine if they meet the qualifications of a variable interest entity (“VIE”) in accordance with ASC 810, Consolidation (“ASC 810”). If a joint venture is a VIE and the Company is the primary beneficiary, the joint venture is fully consolidated (see Note 13). If a joint venture is not a VIE, it may be consolidated under the voting interest method if the Company holds a controlling financial interest in the joint venture. The Company is considered to hold a controlling financial interest when it is able to exercise control over the joint venture’s operating and financial decisions. For construction joint ventures that do not need to be consolidated but qualify for the equity method of accounting, the Company accounts for its interest in the joint ventures using the proportionate consolidation method, whereby the Company’s proportionate share of the joint ventures’ assets, liabilities, revenue and cost of operations are included in the appropriate classifications in the Company’s consolidated financial statements. Intercompany balances and transactions have been eliminated.
(c) Use of Estimates
The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect reported amounts. These estimates are based on information available through the date of the issuance of the financial statements; therefore, actual results could differ from those estimates.
(d) Revenues
Revenue Recognition
The Company derives revenue from long-term construction contracts with public and private customers primarily in the United States and its territories and in certain other international locations. The Company’s construction contracts are generally each accounted for as a single unit of account (i.e., as a single performance obligation).
Throughout the execution of construction contracts, the Company and its affiliated entities recognize revenue with the continuous transfer of control to the customer. The customer typically controls the asset under construction by either contractual termination clauses or by the Company’s rights to payment for work already performed on the asset under construction that does not have an alternative use for the Company.
Because control transfers over time, revenue is recognized to the extent of progress towards completion of the performance obligations. The selection of the method to measure progress towards completion requires judgment and is based on the nature of the products or services provided. The Company generally uses the cost-to-cost method for its contracts, which measures progress towards completion for each performance obligation based on the ratio of costs incurred to date to the total estimated costs at completion for the respective performance obligation. Incurred cost represents work performed, which corresponds with, and thereby best depicts, the transfer of control to the customer. Revenue, including estimated fees or profits, is recorded proportionately as costs are incurred. Cost of operations includes labor, materials, subcontractor costs, and other direct and indirect costs, including depreciation and amortization.
Due to the nature of the work required to be performed on many of the Company’s performance obligations, estimating total revenue and cost at completion is complex, subject to many variables and requires significant judgment. Assumptions as to the occurrence of future events and the likelihood and amount of variable consideration, including the impact of change orders, claims, contract disputes and the achievement of contractual performance criteria, and award or other incentive fees are made during the contract performance period. The Company estimates variable consideration at the most likely amount it expects to receive. The Company includes estimated amounts in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. Estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of anticipated performance and all information (historical, current and forecasted) that is reasonably available to management. Back charges to suppliers or subcontractors are recognized as a reduction of cost when it is determined that recovery of such cost is probable and the amounts can be reliably estimated. Disputed back charges are recognized when the same requirements described above for variable consideration have been satisfied.
Changes in Estimates on Construction Contracts
The Company’s estimates of contract revenue and cost are highly detailed and many factors change during a contract performance period that result in a change to contract profitability. These factors include, but are not limited to, differing site conditions; availability of skilled contract labor; performance of major material suppliers and subcontractors; on-going subcontractor negotiations and buyout provisions; unusual weather conditions; changes in the timing of scheduled work; change orders; accuracy of the original bid estimate; changes in estimated labor productivity and costs based on experience to date; achievement of incentive-based income targets; and the expected, or actual, resolution terms for claims. The factors that cause changes in estimates vary depending on the maturation of the project within its lifecycle. For example, in the ramp-up phase, these factors typically consist of revisions in anticipated project costs and during the peak and closeout phases, these factors include the impact of change orders and claims, as well as additional revisions in remaining anticipated project costs. Generally, if the contract is at an early stage of completion, the current period impact is smaller than if the same change in estimate is made to the contract at a later stage of completion. Management evaluates changes in estimates on a contract-by-contract basis and discloses significant changes, if material, in the Notes to Consolidated Financial Statements. The cumulative catch-up method is used to account for revisions in estimates.
(e) Retention Receivable and Payable
Retention receivable represents amounts invoiced to customers representing an unconditional right to cash where payments have been partially withheld pending the completion of certain milestones, satisfaction of other contractual conditions or the completion of the project. Retention agreements vary from project to project, and balances could be outstanding for several months or years depending on a number of circumstances, such as contract-specific terms, project performance and other variables that may arise as the Company makes progress toward completion.
Retention payable represents amounts invoiced to the Company by subcontractors where payments have been partially withheld pending the completion of certain milestones, other contractual conditions or upon the completion of the project. Generally, retention payable is not remitted to subcontractors until the associated retention receivable from customers is collected.
(f) Other Current Assets
Other current assets consist of the following:
As of December 31,
(in thousands)20252024
Capitalized contract costs
$322,284 $100,593 
Other
88,746 92,322 
Total other current assets
$411,030 $192,915 
Capitalized contract costs are included in other current assets and primarily represent costs to fulfill a contract that (1) directly relate to an existing or anticipated contract, (2) generate or enhance resources that will be used in satisfying performance obligations in the future and (3) are expected to be recovered through the contract. Capitalized contract costs, which are primarily comprised of prepaid insurance premiums, are generally expensed to the associated contract over the period of anticipated use on the project. As of December 31, 2025 and 2024, capitalized contract costs amounted to $322.3 million and $100.6 million, respectively. During the years ended December 31, 2025, 2024 and 2023, $123.5 million, $65.1 million and
$56.9 million, respectively, of previously capitalized contract costs were amortized and recognized as expense on the related contracts.
(g) Depreciation of Property and Equipment and Amortization of Long-Lived Intangible Assets
Property and equipment and long-lived intangible assets are generally depreciated or amortized on a straight-line basis over their estimated useful lives ranging from three to forty years.
(h) Recoverability of Long-Lived Assets
Long-lived assets are reviewed for impairment whenever circumstances indicate that the future cash flows generated by the assets might be less than the assets’ net carrying value. In such circumstances, an impairment loss will be recognized by the amount the assets’ net carrying value exceeds their fair value.
(i) Recoverability of Goodwill
The Company tests goodwill for impairment annually as of October 1 for each reporting unit and between annual tests if events occur or circumstances change which suggest that goodwill should be reevaluated. Such events or circumstances include significant changes in legal factors and business climate, recent losses at a reporting unit, and industry trends, among other factors. The Civil, Building and Specialty Contractors segments each represent a reporting unit, and the Civil reporting unit carried the remaining goodwill balance at December 31, 2025. The Company performs its annual quantitative impairment assessment during the fourth quarter of each year using a weighted average of an income and a market approach. These approaches utilize various valuation assumptions, and small changes to the assumptions could have a significant impact on the concluded fair value. The income approach is based on the estimated present value of future cash flows for each reporting unit carrying a goodwill balance. The market approach is based on assumptions about how market data relates to each reporting unit carrying a goodwill balance. The weighting of these two approaches is based on their individual correlation to the economics of each reporting unit carrying a goodwill balance. The annual quantitative assessment performed in the fourth quarter of 2025 resulted in an estimated fair value that exceeded the net book value of the Civil reporting unit; therefore, no impairment charge was necessary.
(j) Recoverability of Non-Amortizable Trade Names
Certain trade names have an estimated indefinite life and are not amortized to earnings, but instead are reviewed for impairment annually, or more often if events occur or circumstances change which suggest that the non-amortizable trade names should be reevaluated. The Company performs its annual quantitative impairment assessment during the fourth quarter of each year using an income approach (relief from royalty method). The assessment performed in the fourth quarter of 2025 resulted in an estimated fair value for the non-amortizable trade names that exceeded their respective net book values; therefore, no impairment charge was necessary.
(k) Income Taxes
Deferred income tax assets and liabilities are recognized for the effects of temporary differences between the financial statement carrying amounts and the income tax basis of assets and liabilities using tax rates expected to be in effect when such differences reverse. Income tax positions must meet a more-likely-than-not threshold to be recognized. The Company recognizes interest and penalties related to uncertain tax positions as a component of the income tax provision.
(l) Earnings Per Common Share
Basic earnings per common share (“EPS”) and diluted EPS are calculated by dividing net income (loss) attributable to Tutor Perini Corporation by the following: for basic EPS, the weighted-average number of common shares outstanding during the period; and for diluted EPS, the sum of the weighted-average number of both outstanding common shares and potentially dilutive securities, which for the Company can include restricted stock units (“RSUs”) and unexercised stock options. The Company calculates the effect of the potentially dilutive RSUs and stock options using the treasury stock method.
Year Ended December 31,
(in thousands, except per common share data)202520242023
Net income (loss) attributable to Tutor Perini Corporation$80,440 $(163,721)$(171,155)
Weighted-average common shares outstanding, basic52,693 52,322 51,845 
Effect of dilutive RSUs and stock options
720 — — 
Weighted-average common shares outstanding, diluted53,413 52,322 51,845 
Net income (loss) attributable to Tutor Perini Corporation per common share:
Basic$1.53 $(3.13)$(3.30)
Diluted$1.51 $(3.13)$(3.30)
Anti-dilutive securities not included above125 1,443 2,982 
For the years ended December 31, 2024 and 2023, all outstanding RSUs and stock options were excluded from the calculation of weighted-average diluted shares outstanding, as the shares have an anti-dilutive effect due to the net loss for the periods.
(m) Share Repurchases and Dividends
Share Repurchases
In November 2025, the Company’s Board of Directors authorized a share repurchase program totaling $200 million with no expiration date. There were no share repurchases under this program in 2025.
Dividends
In November 2025, the Board of Directors declared a cash dividend of $0.06 per share payable on December 23, 2025 to all shareholders of record as of December 9, 2025. Total dividends declared in 2025 amounted to $3.4 million, including $0.3 million of accrued dividends relating to unvested share-based awards that are payable at the time of vesting.
(n) Cash, Cash Equivalents and Restricted Cash
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets to the amounts shown in the Consolidated Statements of Cash Flows:
As of December 31,
(in thousands)20252024
Cash and cash equivalents available for general corporate purposes$270,715 $265,647 
Joint venture cash and cash equivalents463,838 189,437 
Cash and cash equivalents734,553 455,084 
Restricted cash35,641 9,104 
Total cash, cash equivalents and restricted cash$770,194 $464,188 
Cash equivalents include short-term, highly liquid investments with maturities of three months or less when acquired. Cash and cash equivalents consist of amounts available for the Company’s general purposes, the Company’s proportionate share of cash held by the Company’s unconsolidated joint ventures and 100% of amounts held by the Company’s consolidated joint ventures. In both cases, cash held by joint ventures is available only for joint venture-related uses, including future distributions to joint venture partners.
Restricted cash includes amounts primarily held as collateral to secure insurance-related contingent obligations, such as insurance claim deductibles, in lieu of letters of credit.
(o) Investments
The Company has investments consisting of 1) restricted investments primarily held as collateral to secure insurance-related contingent obligations, such as insurance claim deductibles, in lieu of letters of credit and insurance-related deposits; and 2) investments in lieu of retention. Investments in lieu of retention are recorded as a component of retention receivable on the accompanying Consolidated Balance Sheets.
The Company’s investments consist primarily of debt securities classified as available-for-sale (“AFS”), consisting of U.S. government agency securities, municipal bonds and corporate debt securities that are rated A3 or better (see Note 12). The Company’s AFS debt securities are recorded at fair value with unrealized gains and losses included in accumulated other comprehensive income (loss) (“AOCI”), net of applicable taxes. Realized gains and losses from sales of AFS debt securities are included in other income (expense) in our Consolidated Statements of Operations.
Management evaluated the unrealized losses in AFS debt securities as of December 31, 2025 and 2024 to determine the existence of credit losses considering factors including credit ratings and other relevant information, which may indicate that contractual cash flows are not expected to occur. The results of this evaluation indicated that the unrealized losses on AFS debt securities are primarily attributable to market interest rate increases and not a deterioration in credit quality of the issuers. Based on the analysis, management determined that credit losses did not exist for AFS debt securities in an unrealized loss position as of December 31, 2025 and 2024.
It is not considered likely that the Company will be required to sell the investments before full recovery of the amortized cost basis of the AFS debt securities, which may be at maturity. As a result, the Company has not recognized any impairment losses in earnings for the years ended December 31, 2025 and 2024.
(p) Share-Based Compensation
The Company’s long-term incentive plan allows the Company to grant share-based compensation awards in a variety of forms, including RSUs, stock options, cash-settled performance stock units (“CPSUs”), cash-settled restricted stock awards (“CRSUs”), also known as deferred cash awards (“DCAs”), and unrestricted stock.
RSUs give the holder the right to exchange their stock units for shares of the Company’s common stock on a one-for-one basis. These awards generally vest subject to service, performance or market conditions, with related compensation expense equal to the fair value of the award on the date of grant and recognized on a straight-line basis over the requisite period. The fair value of RSUs with service or performance-vesting conditions is generally based on the closing price of the Company’s common stock on the New York Stock Exchange (“NYSE”).
Stock options give the holder the right to purchase shares of the Company’s common stock subsequent to the vesting date at a defined exercise price. A stock option exercise price must be equal to or greater than the fair value of the Company’s common stock on the date of the award. The term for stock options is limited to 10 years from the award date. Stock options generally vest subject to certain service, performance or market conditions, with related compensation expense equal to the fair value of the award on the date of grant and recognized on a straight-line basis over the requisite period. The fair value of stock options with service or performance-vesting conditions is generally based on the Black-Scholes model.
CPSUs and CRSUs give the holder the right to exchange their stock units for cash based on the value of the Company’s common stock on the vesting date. CPSUs vest upon satisfaction of market or performance conditions and CRSUs vest subject to a service-based condition. CPSUs and CRSUs are classified as liability awards and are remeasured at fair value at the end of each reporting period with the change in fair value recognized in earnings. The fair value of CRSUs and performance-based CPSUs is generally based on the closing price of the Company’s common stock on the NYSE at the measurement date. The fair value of the performance-based CPSUs is also adjusted for expected achievement of performance conditions. Since CPSUs and CRSUs are settled in cash and no shares are issued, these awards do not dilute equity.
Certain RSU and CPSU awards contain market condition components tied to the Company’s total shareholder return in relation to its peer companies, as calculated over a multi-year performance period (“TSR awards”). CPSU awards may also contain a market condition component tied to the annualized growth in price of the Company’s common stock over a multi-year performance period. The fair value of these market-based awards is estimated using a Monte Carlo simulation model. Significant assumptions used in this simulation model include the Company’s expected volatility, a risk-free rate based on U.S. Treasury yield curve rates with maturities consistent with the performance period, and, specifically pertaining to TSR awards, the volatilities for each of the Company’s peers.
Unrestricted stock awards are fully vested upon issuance with related compensation expense equal to the fair value of the award on the date of grant. The fair value of unrestricted stock is based on the closing price of the Company’s common stock on the NYSE.
For all awards with only a service-based vesting condition, the Company accounts for forfeitures upon occurrence, rather than estimating the probability of forfeiture at the date of grant. Accordingly, the Company recognizes the full grant-date fair value of these awards on a straight-line basis throughout the requisite service period, reversing any expense if, and only if, there is a forfeiture.
For all awards that have a performance-based vesting condition, the Company evaluates the probability of achieving the performance criteria quarterly throughout the performance period and will adjust share-based compensation expense if it estimates that the achievement of the performance criteria is not probable. In addition, liability awards with a performance-based vesting condition are remeasured at fair value at each reporting period and the compensation expense is adjusted accordingly.
For equity awards with a market-based vesting condition, compensation expense is recognized regardless of whether the market condition is satisfied, provided that the requisite service period has been completed. Conversely, liability awards with market-based vesting requirements are remeasured at fair value at each reporting period using a Monte Carlo simulation model and the compensation expense is adjusted accordingly.
(q) Insurance Liabilities
The Company typically utilizes third-party insurance coverage subject to varying deductible levels with aggregate caps on losses retained. The Company assumes the risk for the amount of the deductible portion of the losses and liabilities primarily associated with workers’ compensation and general liability coverage. In addition, on certain projects, the Company assumes the risk for the amount of the deductible portion of losses that arise from any subcontractor defaults. Losses are accrued based upon the Company’s estimates of the aggregate liability for claims incurred using historical experience and certain actuarial assumptions followed in the insurance industry. The estimate of insurance liability within the deductible limits includes an estimate of incurred but not reported claims based on data compiled from historical experience.
(r) Other Comprehensive Income (Loss)
ASC 220, Comprehensive Income, establishes standards for reporting comprehensive income and its components in the consolidated financial statements. The Company reports the change in pension benefit plan assets/liabilities, cumulative foreign currency translation, and the unrealized gain (loss) of investments as components of AOCI.
The components of other comprehensive income (loss) and the related tax effects for the years ended December 31, 2025, 2024 and 2023 were as follows:
Year Ended December 31,
202520242023
(in thousands)Before-Tax AmountTax ExpenseNet-of-Tax AmountBefore-Tax AmountTax (Expense) BenefitNet-of-Tax AmountBefore-Tax Amount
Tax Expense
Net-of-Tax Amount
Other comprehensive income (loss):
Defined benefit pension plan adjustments$2,079 $(570)$1,509 $7,906 $(2,124)$5,782 $4,477 $(1,194)$3,283 
Foreign currency translation adjustment2,273 (274)1,999 (4,523)648 (3,875)961 (126)835 
Unrealized gain in fair value of investments3,498 (712)2,786 2,690 (550)2,140 5,206 (1,075)4,131 
Total other comprehensive income$7,850 $(1,556)$6,294 $6,073 $(2,026)$4,047 $10,644 $(2,395)$8,249 
Less: Other comprehensive income (loss) attributable to noncontrolling interests1,540 — 1,540 (1,752)— (1,752)999 — 999 
Total other comprehensive income attributable to Tutor Perini Corporation$6,310 $(1,556)$4,754 $7,825 $(2,026)$5,799 $9,645 $(2,395)$7,250 
The changes in AOCI balances by component (after tax) attributable to Tutor Perini Corporation and noncontrolling interests during the years ended December 31, 2025, 2024 and 2023 were as follows:
(in thousands)Defined Benefit Pension PlanForeign Currency TranslationUnrealized Gain (Loss) in Fair
Value of Investments, Net		Accumulated Other Comprehensive
Income (Loss)
Attributable to Tutor Perini Corporation:
Balance as of December 31, 2022$(32,637)$(7,241)$(7,159)$(47,037)
Other comprehensive income before reclassifications2,036 348 3,528 5,912 
Amounts reclassified from AOCI1,247 — 91 1,338 
Balance as of December 31, 2023$(29,354)$(6,893)$(3,540)$(39,787)
Other comprehensive income (loss) before reclassifications4,566 (1,764)1,680 4,482 
Amounts reclassified from AOCI1,216 — 101 1,317 
Balance as of December 31, 2024$(23,572)$(8,657)$(1,759)$(33,988)
Other comprehensive income before reclassifications5 727 2,569 3,301 
Amounts reclassified from AOCI1,504 — (51)1,453 
Balance as of December 31, 2025$(22,063)$(7,930)$759 $(29,234)
(in thousands)Defined Benefit Pension PlanForeign Currency TranslationUnrealized Gain (Loss) in Fair
Value of Investments, Net		Accumulated Other Comprehensive
Income (Loss)
Attributable to Noncontrolling Interests:
Balance as of December 31, 2022$— $(799)$(931)$(1,730)
Other comprehensive income— 487 512 999 
Balance as of December 31, 2023$— $(312)$(419)$(731)
Other comprehensive income (loss)— (2,111)359 (1,752)
Balance as of December 31, 2024$— $(2,423)$(60)$(2,483)
Other comprehensive income— 1,272 268 1,540 
Balance as of December 31, 2025$— $(1,151)$208 $(943)
The significant items reclassified out of AOCI and the corresponding location and impact on the Consolidated Statements of Operations during the years ended December 31, 2025, 2024 and 2023 are as follows:
Year Ended December 31,
(in thousands)202520242023
Component of AOCI:
Defined benefit pension plan adjustments(a)
$2,072 $1,664 $1,700 
Income tax benefit(b)
(568)(448)(453)
Net of tax$1,504 $1,216 $1,247 
Unrealized (gain) loss in fair value of investment adjustments(a)
$(65)$128 $115 
Income tax expense (benefit)(b)
14 (27)(24)
Net of tax$(51)$101 $91 
___________________________________________________________________________________________________
(a)Amount included in other income, net on the Consolidated Statements of Operations.
(b)Amounts included in income tax (expense) benefit on the Consolidated Statements of Operations.
(s) Recent Accounting Pronouncements
In December 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (“Topic 740”): Improvements to Income Tax Disclosures (“ASU 2023-09”), which requires public entities to disclose specific categories in its annual effective tax rate reconciliation and disaggregated information about significant reconciling items by jurisdiction and by nature. ASU 2023-09 also requires entities to disclose their income tax payments (net of refunds) to international, federal, and state and local jurisdictions. The Company adopted this ASU for the year ended December 31, 2025 on a prospective basis. The adoption of ASU 2023-09 resulted in additional income tax disclosures, but did not have an impact on the consolidated financial position, results of operations or cash flows. Refer to Note 5, Income Taxes, for additional details.
In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (“Subtopic 220-40”): Disaggregation of Income Statement Expenses (“ASU 2024-03”), which requires public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. This guidance is effective for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statements.
v3.25.4
Consolidated Statements of Cash Flows
 12 Months Ended
Dec. 31, 2025
Supplemental Cash Flow Elements [Abstract]  
Consolidated Statements of Cash Flows Consolidated Statements of Cash Flows
Below are the changes in other components of working capital as shown in the Consolidated Statements of Cash Flows, as well as the supplemental disclosures of cash paid for interest and income taxes:
Year Ended December 31,
(in thousands)202520242023
(Increase) Decrease in:
Accounts receivable$(229,726)$66,921 $116,310 
Retention receivable(107,968)22,201 5,666 
Costs and estimated earnings in excess of billings123,323 201,324 233,682 
Other current assets(217,175)23,454 (37,460)
(Decrease) Increase in:
Accounts payable93,464 164,923 (28,800)
Retention payable24,275 17,833 (23,424)
Billings in excess of costs and estimated earnings621,987 113,093 127,718 
Accrued expenses and other current liabilities22,453 (20,625)35,218 
Changes in other components of working capital$330,633 $589,124 $428,910 
Supplemental disclosures:
Interest paid$50,419 $73,674 $80,286 
Income taxes paid, net of refunds received
$8,705 $18,069 $828 
v3.25.4
Revenue
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
Disaggregation of Revenue
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)202520242023
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 facilities382,509 436,511 348,133 
Bridges(c)
378,499 170,069 204,029 
Detention facilities160,354 77,470 — 
Power and energy144,752 129,848 70,658 
Commercial and industrial sites82,520 133,797 118,880 
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)202520242023
Building segment revenue by end market:
Healthcare facilities$943,909 $590,845 $294,667 
Detention facilities414,575 105,897 43,262 
Government191,523 302,034 380,868 
Education facilities122,324 285,207 226,335 
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)202520242023
Specialty Contractors segment revenue by end market:
Mass transit (includes certain transportation and tunneling projects)$252,965 $167,287 $119,760 
Commercial and industrial facilities142,525 115,471 213,003 
Healthcare facilities112,739 64,292 57,292 
Multi-unit residential102,347 84,978 114,516 
Government94,318 78,844 89,031 
Detention facilities58,121 266 — 
Water24,426 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)CivilBuildingSpecialty
Contractors		Total
Revenue by customer type:
State and local agencies(a)
$2,180,599 $856,734 $498,344 $3,535,677 
Federal agencies468,561 117,887 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)CivilBuildingSpecialty
Contractors		Total
Revenue by customer type:
State and local agencies(c)
$1,348,842 $867,638 $287,052 $2,503,532 
Federal agencies458,366 167,786 (4,122)622,030 
Private owners311,745 582,113 307,502 1,201,360 
Total revenue$2,118,953 $1,617,537 $590,432 $4,326,922 
Year Ended December 31, 2023
(in thousands)CivilBuildingSpecialty
Contractors		Total
Revenue by customer type:
State and local agencies$1,250,740 $718,106 $316,473 $2,285,319 
Federal agencies400,782 187,199 (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 
___________________________________________________________________________________________________
(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. Refer to Note 14, Business Segments, for additional details.
(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.
Most federal, state and local government contracts contain provisions that permit the termination of contracts, in whole or in part, for the convenience of government customers, among other reasons.
Year Ended December 31, 2025
(in thousands)CivilBuildingSpecialty
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 price348,874 — 68,311 417,185 
Cost plus fee and other58,659 129,557 68,095 256,311 
Total revenue$2,846,830 $1,852,237 $843,972 $5,543,039 
Year Ended December 31, 2024
(in thousands)CivilBuildingSpecialty
Contractors		Total
Revenue by contract type:
Fixed price(b)
$1,791,858 $638,938 $479,173 $2,909,969 
Guaranteed maximum price715 810,697 6,688 818,100 
Unit price272,579 — 74,102 346,681 
Cost plus fee and other53,801 167,902 30,469 252,172 
Total revenue$2,118,953 $1,617,537 $590,432 $4,326,922 
Year Ended December 31, 2023
(in thousands)CivilBuildingSpecialty
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 price235,085 — 91,992 327,077 
Cost plus fee and other33,883 237,051 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 in Contract Estimates that Impact Revenue
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
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.
v3.25.4
Contract Assets and Liabilities
 12 Months Ended
Dec. 31, 2025
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]  
Contract Assets and Liabilities Contract Assets and Liabilities
The Company classifies contract assets and liabilities that may be settled beyond one year from the balance sheet date as current, consistent with the length of time of the Company’s project operating cycle.
Contract assets and liabilities on the Consolidated Balance Sheets consisted of the following amounts as of December 31, 2025 and 2024:
As of December 31,
(in thousands)20252024
Contract Assets
Costs and estimated earnings in excess of billings:
Claims$324,727 $451,770 
Unapproved change orders402,060 393,803 
Other unbilled costs and profits92,412 96,949 
Total costs and estimated earnings in excess of billings$819,199 $942,522 
Contract Liabilities
Billings in excess of costs and estimated earnings$1,838,610 $1,216,623 
Costs and estimated earnings in excess of billings represent the excess of contract costs and profits (or contract revenue) over the amount of contract billings to date and are classified as a current asset. Costs and estimated earnings in excess of billings result when either: (1) the appropriate contract revenue amount has been recognized over time in accordance with ASC 606, Revenue from Contracts with Customers (“ASC 606”), but a portion of the revenue recorded cannot be billed currently due to the billing terms defined in the contract, or (2) costs are incurred related to certain claims and unapproved change orders. Claims occur when there is a dispute regarding both a change in the scope of work and the price associated with that change. Unapproved change orders occur when a change in the scope of work results in additional work being performed before the parties have agreed on the corresponding change in the contract price. The Company routinely estimates recovery related to claims and unapproved change orders as a form of variable consideration at the most likely amount it expects to receive and to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. Claims and unapproved change orders are billable upon the agreement and resolution between the contractual parties and after the execution of contractual amendments. Increases in claims and unapproved change orders typically result from costs being incurred against existing or new positions; decreases normally result from resolutions and subsequent billings. As discussed in Note 8, the resolution of these claims and unapproved change orders may require litigation or other forms of dispute resolution proceedings. Other unbilled costs and profits are billable in accordance with the billing terms of each of the existing contractual arrangements and, as such, the timing of contract billing cycles can cause fluctuations in the balance of unbilled costs and profits. Ultimate resolution of other unbilled costs and profits typically involves incremental progress toward contractual requirements or milestones. The amount of costs and estimated earnings in excess of billings as of December 31, 2025 estimated by management to be collected beyond one year is approximately $501.4 million.
Billings in excess of costs and estimated earnings represent the excess of contract billings to date over the amount of contract costs and profits (or contract revenue) recognized to date. The balance may fluctuate depending on the timing of contract billings and the recognition of contract revenue. Revenue recognized during the years ended December 31, 2025, 2024 and 2023 and included in the opening billings in excess of costs and estimated earnings balances for each period totaled $1.1 billion, $963.9 million and $740.3 million, respectively.
v3.25.4
Income Taxes
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Income (loss) before income taxes is summarized as follows:
Year Ended December 31,
(in thousands)202520242023
United States operations$164,017 $(261,147)$(232,512)
Foreign and U.S. territory operations40,491 88,139 49,958 
Total$204,508 $(173,008)$(182,554)
The income tax expense (benefit) is as follows:
Year Ended December 31,
(in thousands)202520242023
Current expense (benefit):
Federal$(3,661)$8,832 $(178)
State9,856 3,997 1,888 
Foreign and U.S. territories8,371 14,510 8,153 
Total current expense:14,566 27,339 9,863 
Deferred expense (benefit):
Federal44,735 (51,758)(48,634)
State4,648 (24,862)(17,612)
Foreign and U.S. territories(2,522)(1,388)1,426 
Total deferred expense (benefit):46,861 (78,008)(64,820)
Total expense (benefit):$61,427 $(50,669)$(54,957)
The Company adopted ASU 2023-09 on a prospective basis beginning December 31, 2025. The following table presents the required disclosure pursuant to ASU 2023-09 and is a reconciliation of the Company's income tax expense at the statutory federal tax rate to the Company's effective tax rate for the year ended December 31, 2025:
Year Ended December 31,
2025
(dollars in thousands)AmountRate
Federal income tax benefit at statutory tax rate$42,947 21.0 %
State income taxes, net of federal tax benefit(a)
11,563 5.7 
Foreign tax effects:
Canada:
Statutory tax rate differential(1,547)(0.8)
Noncontrolling interests3,780 1.8 
Other(1,244)(0.6)
  Commonwealth of the Northern Marianas Islands:
    Gross receipts tax credit(4,069)(2.0)
  Other(183)(0.1)
Effects of cross-border tax laws:
Foreign branch income or loss (net of foreign tax credits)(5,451)(2.7)
Foreign flow-through income or loss2,298 1.1 
Other47 — 
Tax credits:
  Research and development tax credits(8,216)(4.0)
  Other(6)— 
Changes in valuation allowances1,782 0.9 
Nontaxable or nondeductible items:
  Officers' compensation32,576 15.9 
  Noncontrolling interests(15,949)(7.8)
  Other1,947 1.0 
Changes in unrecognized tax benefits1,041 0.5 
Other111 0.1 
Income tax expense$61,427 30.0 %
____________________________________________________________________________________________________
(a)State taxes in California contributed to the majority (greater than 50%) of the tax effect in this category.
The following table presents the required disclosures prior to the adoption of ASU 2023-09 and is a reconciliation of the Company's income tax benefit at the statutory federal tax rate to the Company's effective tax rate for the years ended December 31, 2024 and 2023:
Year Ended December 31,
20242023
(dollars in thousands)AmountRateAmountRate
Federal income tax benefit at statutory tax rate$(36,332)21.0 %$(38,336)21.0 %
State income taxes, net of federal tax benefit(16,591)9.6 (10,556)5.8 
Share-based compensation
1,122 (0.6)446 (0.2)
Officers' compensation9,825 (5.7)5,129 (2.8)
Noncontrolling interests(9,892)5.7 (9,795)5.4 
Federal R&D credits(750)0.4 (493)0.3 
Foreign tax rate differences(422)0.2 (297)0.2 
Valuation allowance3,968 (2.3)347 (0.2)
Other(1,597)1.0 (1,402)0.6 
Income tax benefit$(50,669)29.3 %$(54,957)30.1 %
Cash paid for income taxes (net of refunds received) by jurisdiction pursuant to the disclosure requirements of ASU 2023-09 for the year ended December 31, 2025 is as follows:
Year Ended December 31,
(in thousands)2025
Federal $(2,116)
State and local:
California6,804 
Virginia709 
New York City532 
Pennsylvania(655)
New York(869)
Other state and local jurisdictions(315)
Total state and local6,206 
Foreign and U.S. territories:
Guam7,450 
Commonwealth of the Northern Marianas Islands900 
Puerto Rico559 
Canada(4,303)
Other foreign and U.S. territory jurisdictions9 
Total foreign and U.S. territories
4,615 
Total $8,705 
The following is a summary of the significant components of the deferred tax assets and liabilities:
As of December 31,
(in thousands)20252024
Deferred tax assets:
Timing of expense recognition$67,606 $78,892 
Net operating losses117,475 144,148 
Joint ventures
9,395 12,571 
Lease liabilities
14,927 12,067 
Other, net24,326 29,001 
Deferred tax assets233,729 276,679 
Valuation allowance(15,789)(14,014)
Net deferred tax assets217,940 262,665 
Deferred tax liabilities:
Goodwill(11,014)(3,969)
Intangible assets, due primarily to purchase accounting(15,291)(16,786)
Fixed assets(56,865)(53,382)
Construction contract accounting(3,246)(7,212)
Joint ventures(15,653)(23,079)
Right-of-use assets
(13,573)(10,992)
Other(5,725)(3,956)
Deferred tax liabilities(121,367)(119,376)
Net deferred tax assets$96,573 $143,289 
As of December 31, 2025, the Company had federal and various state net operating loss carryforwards of $286.1 million and $777.3 million, respectively. Federal net operating loss carryforwards do not have expiration dates, whereas the state net operating loss carryforwards have expiration dates ranging from 2026 to indefinite periods. As of December 31, 2024, the Company had federal and various state net operating loss carryforwards of $427.9 million and $793.6 million, respectively. As of December 31, 2025, the Company had federal and state tax credit carryforwards of approximately $11.0 million and $2.3 million, respectively. As of December 31, 2024, the Company had federal and state tax credit carryforwards of approximately $3.1 million and $4.8 million, respectively. The Company established a valuation allowance in 2025, 2024 and 2023 as a result of the uncertainty with the future realization of certain carryforwards for capital losses, foreign tax credits and state net operating losses.
The net deferred tax assets are presented in the Consolidated Balance Sheets as follows:
As of December 31,
(in thousands)20252024
Deferred tax assets$96,573 $143,289 
Deferred tax liabilities— — 
Net deferred tax assets$96,573 $143,289 
The Company’s policy is to record interest and penalties on unrecognized tax benefits as an element of income tax expense. The cumulative amounts related to interest and penalties are added to the total unrecognized tax liabilities on the balance sheet. The total amount of gross unrecognized tax benefits as of December 31, 2025 that, if recognized, would impact the effective tax rate is $5.3 million. These changes are not expected to have a material impact to the effective tax rate.
The Company accounts for its uncertain tax positions in accordance with GAAP. The following is a reconciliation of the beginning and ending amounts of these unrecognized tax benefits for the three years ended December 31:
As of December 31,
(in thousands)202520242023
Beginning balance$16,868 $4,773 $7,525 
Change in tax positions of prior years594 6,756 438 
Change in tax positions of current year2,511 6,385 (189)
Reduction in tax positions due to settlement with tax authorities(7,645)— — 
Reduction in tax positions for statute expirations(1,096)(1,046)(3,001)
Ending balance$11,232 $16,868 $4,773 
The Company conducts business internationally and, as a result, one or more of its subsidiaries files income tax returns in U.S. federal, U.S. state and certain foreign jurisdictions. Accordingly, in the normal course of business, the Company is subject to examination by taxing authorities principally throughout the United States, Guam and Canada. The Company's open tax years for a U.S. federal income tax audit are 2018 and later. The 2018 and 2019 federal income tax returns are currently under audit by the Internal Revenue Service. The Company has various years open to audit in a number of state and local jurisdictions and is currently under audit by various state and local taxing authorities.
v3.25.4
Goodwill and Intangible Assets
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Goodwill and Intangible Assets
Goodwill
The following table presents the changes in the carrying amount of goodwill since its inception through December 31, 2025:
(in thousands)CivilBuildingSpecialty
Contractors		Total
Gross goodwill as of December 31, 2023$492,074 $424,724 $156,193 $1,072,991 
Accumulated impairment as of December 31, 2023(286,931)(424,724)(156,193)(867,848)
Goodwill as of December 31, 2023205,143 — — 205,143 
2024 activity— — — — 
Goodwill as of December 31, 2024205,143 — — 205,143 
Current year activity— — — — 
Goodwill as of December 31, 2025(a)
$205,143 $— $— $205,143 
_____________________________________________________________________________________________________________
(a)As of December 31, 2025, accumulated impairment was $867.8 million.
The Company performed its annual impairment test in the fourth quarter of 2025 and concluded goodwill was not impaired. In addition, the Company determined that no triggering events occurred and no circumstances changed since the date of its annual impairment test that would more likely than not reduce the fair value of the Civil reporting unit below its carrying amount.
The Company will continue to monitor events and circumstances for changes that indicate the Civil reporting unit goodwill would need to be reevaluated for impairment during future interim periods prior to the annual impairment test. These future events and circumstances include, but are not limited to, changes in the overall financial performance of the Civil reporting unit, as well as other quantitative and qualitative factors which could indicate potential triggering events for possible impairment.
Intangible Assets
Intangible assets consist of the following:
As of December 31, 2025Weighted-Average Amortization Period
(in thousands)CostAccumulated
Amortization		Accumulated Impairment ChargeCarrying Value
Trade names (non-amortizable)$117,600 $— $(67,190)$50,410 Indefinite
Trade names (amortizable)69,250 (32,596)(23,232)13,422 20 years
Contractor license6,000 — (6,000)— N/A
Customer relationships39,800 (23,155)(16,645)— N/A
Construction contract backlog149,290 (149,290)— — N/A
Total$381,940 $(205,041)$(113,067)$63,832 
As of December 31, 2024Weighted-Average Amortization Period
(in thousands)CostAccumulated
Amortization		Accumulated Impairment ChargeCarrying Value
Trade names (non-amortizable)$117,600 $— $(67,190)$50,410 Indefinite
Trade names (amortizable)69,250 (30,359)(23,232)15,659 20 years
Contractor license6,000 — (6,000)— N/A
Customer relationships39,800 (23,155)(16,645)— N/A
Construction contract backlog149,290 (149,290)— — N/A
Total$381,940 $(202,804)$(113,067)$66,069 
Amortization expense related to amortizable intangible assets was $2.2 million for each of the years ended December 31, 2025, 2024 and 2023. Future amortization expense related to amortizable intangible assets will be approximately $2.2 million per year for the years 2026 through 2030, and $2.4 million in total thereafter.
The Company performed its annual impairment test for non-amortizable trade names during the fourth quarter of 2025. Based on this assessment, the Company concluded that its non-amortizable trade names were not impaired. In addition, the Company determined that no triggering events occurred and no circumstances changed since the date of its annual impairment test that would indicate impairment of its non-amortizable trade names. Other amortizable intangible assets are reviewed for impairment whenever circumstances indicate that the future cash flows generated by the assets might be less than the assets’ net carrying value. The Company had no impairment of intangible assets during the years ended December 31, 2025, 2024 or 2023.
v3.25.4
Financial Commitments
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Financial Commitments Financial Commitments
Long-Term Debt
Long-term debt as reported on the Consolidated Balance Sheets consisted of the following:
As of December 31,
(in thousands)20252024
2024 Senior Notes$382,017 $378,023 
Term Loan B— 121,863 
Revolver— — 
Equipment financing and mortgages18,261 25,038 
Other indebtedness7,096 9,214 
Total debt407,374 534,138 
Less: Current maturities14,589 24,113 
Long-term debt, net$392,785 $510,025 
The following table reconciles the outstanding debt balances to the reported debt balances as of December 31, 2025 and 2024:
As of December 31, 2025As of December 31, 2024
(in thousands)Outstanding DebtUnamortized Discounts and Issuance Costs
Debt,
as reported		Outstanding DebtUnamortized Discounts and Issuance Costs
 Debt,
as reported
2024 Senior Notes$400,000 $(17,983)$382,017 $400,000 $(21,977)$378,023 
Term Loan B— — — 121,863 — 121,863 
The unamortized issuance costs related to the Revolver were $0.9 million and $1.4 million, respectively, as of December 31, 2025 and 2024, and are included in other assets on the Consolidated Balance Sheets.
2024 Senior Notes
On April 22, 2024, the Company issued $400.0 million in aggregate principal amount of 11.875% Senior Notes due April 30, 2029 (the “2024 Senior Notes”) in a private placement offering. Interest on the 2024 Senior Notes is payable in arrears semi-annually in April and October of each year, beginning in October 2024. Proceeds from the 2024 Senior Notes were used to redeem the 2017 Senior Notes (as discussed below).
Prior to April 30, 2026, the Company may redeem the 2024 Senior Notes at a redemption price equal to 100% of the principal amount plus a “make-whole” premium described in the indenture. In addition, prior to April 30, 2026, the Company may redeem up to 40% of the original aggregate principal amount of the 2024 Senior Notes at a redemption price of 111.875% of their principal amount with the “net cash proceeds” received by the Company from one or more equity offerings, as described in the indenture. On or after April 30, 2026, the Company may redeem the 2024 Senior Notes at specified redemption prices described in the indenture. If the Company experiences certain change of control events, holders of the 2024 Senior Notes may require the Company to repurchase all or part of the 2024 Senior Notes at 101% of the principal amount thereof, plus accrued and unpaid interest to the redemption date.
The 2024 Senior Notes are senior unsecured obligations of the Company and are guaranteed by the Company’s existing and future subsidiaries that also guarantee obligations under the Company’s 2020 Credit Agreement. In addition, the indenture for the 2024 Senior Notes provides for customary covenants, including restrictions on the payment of dividends and share repurchases, and includes customary events of default.
Redemption of 2017 Senior Notes
On April 20, 2017, the Company issued $500.0 million in aggregate principal amount of 6.875% Senior Notes due May 1, 2025 (the “2017 Senior Notes”) in a private placement offering.
The proceeds of the 2024 Senior Notes, together with cash on hand, were used to redeem in full, all of the outstanding obligations in respect of the 2017 Senior Notes. The redemption of the 2017 Senior Notes occurred on May 2, 2024 (the “2017 Senior Notes Redemption”).
2020 Credit Agreement
On August 18, 2020, the Company entered into a credit agreement (as amended, the “2020 Credit Agreement”) with BMO Bank N.A. (f/k/a BMO Harris Bank N.A.), as Administrative Agent, Swing Line Lender and L/C Issuer and other lenders. The 2020 Credit Agreement originally provided for a $425.0 million term loan B facility (the “Term Loan B”) and a $175.0 million revolving credit facility (the “Revolver”), which was subsequently reduced to $170.0 million following the effectiveness of the 2024 Amendment (as defined and discussed below),with sub-limits for the issuance of letters of credit and swing line loans up to the aggregate amounts of $75.0 million and $10.0 million, respectively. The Term Loan B was set to mature on August 18, 2027. Prior to the 2017 Senior Notes Redemption, if any of the 2017 Senior Notes had remained outstanding beyond certain dates, the maturities of the Term Loan B and the Revolver would have been subject to acceleration (“spring-forward maturity”). However, following the 2017 Senior Notes Redemption and the consummation of the 2024 Amendment, the spring-forward maturity of the Term Loan B is no longer in effect and the spring-forward maturity of the Revolver has been extended (as described below).
On April 15, 2024, the Company entered into an amendment in respect of the 2020 Credit Agreement (the “2024 Amendment”) which, among other changes, (1) extends the existing Revolver maturity date from August 18, 2025 to (a) if any tranche of the Term Loan B, any incremental term loan or any refinancing term loan (or any refinancing or replacement thereof) remains outstanding, the earlier of (i) May 20, 2027 and (ii) the date that is ninety (90) days prior to the final maturity of any tranche of the Term Loan B, any incremental term loan or any refinancing term loan (or any refinancing or replacement thereof), as applicable, and (b) if no obligations are outstanding with respect to any tranche of the Term Loan B, any incremental term loan or any refinancing term loan, August 18, 2027 and (2) permanently reduces the aggregate commitments in respect of the Revolver by $5.0 million from $175.0 million to $170.0 million. The 2024 Amendment became effective on May 2, 2024 upon the completion of the 2017 Senior Notes Redemption.
The 2020 Credit Agreement permits the Company to repay any or all borrowings outstanding under the 2020 Credit Agreement at any time prior to maturity without penalty. The 2020 Credit Agreement requires the Company to make regularly scheduled payments of principal on the Term Loan B in quarterly installments equal to 0.25% of the initial principal amount of the Term Loan B. The 2020 Credit Agreement also requires the Company to make prepayments on the Term Loan B in connection with certain asset sales, receipts of insurance proceeds, incurrences of certain indebtedness and annual excess cash flow (in each case, subject to certain customary exceptions). During the first quarter of 2025, the Company voluntarily repaid the remaining $121.9 million outstanding balance of the Term Loan B.
Subject to certain exceptions, at any time prior to maturity, the 2020 Credit Agreement provides the Company with the right to increase the commitments under the Revolver and/or to establish one or more term loan facilities in an aggregate amount up to (i) the greater of $173.5 million and 50% LTM EBITDA (as defined in the 2020 Credit Agreement) plus (ii) additional amounts if (A) in the case of pari passu first lien secured indebtedness, the First Lien Net Leverage Ratio (as defined in the 2020 Credit Agreement) does not exceed 1.35:1.00, (B) in the case of junior lien secured indebtedness, the Total Net Leverage Ratio (as defined in the 2020 Credit Agreement) does not exceed 3.50:1.00 and (C) in the case of unsecured indebtedness, (x) the Total Net Leverage Ratio does not exceed 3.50:1.00 or (y) the Fixed Charge Coverage Ratio (as defined in the 2020 Credit Agreement) is no less than 2.00:1.00.
Borrowings under the 2020 Credit Agreement bear interest, at the Company’s option, at a rate equal to (i) (A) in the case of the Term Loan B, following the amendment to the 2020 Credit Agreement on May 2, 2023 (as discussed below), (x) the Adjusted Term Secured Overnight Financing Rate (“Adjusted Term SOFR”) (calculated with a 11.448 basis point, 26.161 basis point and 42.826 basis point credit spread adjustment for a 1, 3 and 6 month interest period, respectively) or (y) a base rate (determined by reference to the highest of (1) the administrative agent’s prime lending rate, (2) the federal funds effective rate plus 50 basis points and (3) the Adjusted Term SOFR rate for a one-month interest period plus 100 basis points) and (B) in the case of the Revolver, following the amendment to the 2020 Credit Agreement on October 31, 2022 (as discussed below), (x) the Adjusted Term SOFR rate (calculated with a 10 basis point credit spread adjustment for all interest periods) or (y) a base rate (determined by reference to the highest of (1) the administrative agent’s prime lending rate, (2) the federal funds effective rate plus 50 basis points and (3) the Adjusted Term SOFR rate for a one-month interest period plus 100 basis points) plus, in each case, (ii) an applicable margin. The margin applicable to the Term Loan B is between 4.50% and 4.75% for Adjusted Term SOFR and between 3.50% and 3.75% for base rate, and, in each case, is based on the Total Net Leverage Ratio. The margin applicable to the Revolver is between 4.25% and 4.75% for Adjusted Term SOFR and 3.25% and 3.75% for base rate, and, in each case, is based on the First Lien Net Leverage Ratio. Effective following the amendment to the 2020 Credit Agreement on October 31, 2022, the Company’s original London Interbank Offered Rate (“LIBOR”) option in respect of the Revolver was transitioned to Adjusted Term SOFR. Effective May 2, 2023, the 2020 Credit Agreement was further amended to transition the Company’s original LIBOR option in respect of the Term Loan B to Adjusted Term SOFR. In addition to paying interest on outstanding principal under the 2020 Credit Agreement, the Company will pay a commitment fee to the lenders under the Revolver in respect of the unutilized commitments thereunder. The Company will pay customary letter of credit fees. If a payment or bankruptcy event of default occurs and is continuing, the otherwise applicable margin on overdue amounts will be increased by 2% per annum. The 2020 Credit Agreement includes customary provisions for the replacement of Adjusted Term SOFR with an alternative benchmark rate upon Adjusted Term SOFR being discontinued. The average borrowing rates on the Term Loan B and the Revolver during the year ended December 31, 2025 were approximately 9.2% and 10.8%, respectively.
As amended, the 2020 Credit Agreement requires, solely with respect to the Revolver, the Company and its restricted subsidiaries to maintain a maximum First Lien Net Leverage Ratio of 2.25:1.00 for the fiscal quarter ending December 31, 2023 and each fiscal quarter thereafter. The 2020 Credit Agreement also includes certain customary representations and warranties, affirmative covenants and events of default. Subject to certain exceptions, substantially all of the Company’s existing and future material wholly-owned subsidiaries unconditionally guarantee the obligations of the Company under the 2020 Credit Agreement; additionally, subject to certain exceptions, the obligations are secured by a lien on substantially all of the assets of the Company and its subsidiaries guaranteeing these obligations.
As of December 31, 2025, the entire $170.0 million was available under the Revolver. The Company was in compliance with the financial covenant under the 2020 Credit Agreement for the period ended December 31, 2025.
Equipment Financing and Mortgages
The Company has certain loans entered into for the purchase of specific property, plant and equipment and secured by the assets purchased. The aggregate balance of equipment financing loans was approximately $13.1 million and $19.3 million at December 31, 2025 and 2024, respectively, with interest rates ranging from 2.54% to 7.32% with equal monthly installment payments over periods up to 5 years. The aggregate balance of mortgage loans was approximately $5.1 million and $5.8 million at December 31, 2025 and 2024, respectively, with interest rates of SOFR plus 2.00% and monthly installment payments over periods up to 10 years.
The following table presents the future principal payments required under all of the Company’s debt obligations, discussed above:
Year (in thousands)
2026$14,589 
20273,212 
20282,670 
2029402,223 
20301,268 
Thereafter1,395 
425,357 
Less: Unamortized discounts and issuance costs17,983 
Total$407,374 
Interest Expense
Interest expense as reported in the Consolidated Statements of Operations consisted of the following:
For the year ended December 31,
(in thousands)202520242023
Cash interest expense:
Interest on Term Loan B$876 $27,452 $38,266 
Interest on 2024 Senior Notes47,500 32,458 — 
Interest on 2017 Senior Notes— 11,554 34,375 
Interest on Revolver193 1,194 4,924 
Other interest1,843 2,407 2,134 
Total cash interest expense50,412 75,065 79,699 
Non-cash interest expense(a):
Amortization of discount and debt issuance costs on Term Loan B— 9,410 3,592 
Amortization of debt issuance costs on Revolver559 632 745 
Amortization of debt issuance costs on 2024 Senior Notes3,994 2,436 — 
Amortization of debt issuance costs on 2017 Senior Notes— 392 1,121 
Non-cash portion of loss on extinguishment— 1,198 — 
Total non-cash interest expense4,553 14,068 5,458 
Total interest expense$54,965 $89,133 $85,157 
_____________________________________________________________________________________________________________
(a)The combination of cash and non-cash interest expense produces effective interest rates that are higher than contractual rates. Accordingly, the effective interest rate for the 2024 Senior Notes was 13.56% for the year ended December 31, 2025.
v3.25.4
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
The Company and certain of its subsidiaries are involved in litigation and other legal proceedings and forms of dispute resolution in the ordinary course of business, including but not limited to disputes over contract payment and/or performance-related issues (such as disagreements regarding delay or a change in the scope of work of a project and/or the price associated with that change) and other matters incidental to the Company’s business. In accordance with ASC 606, the Company makes assessments of these types of matters on a routine basis and, to the extent permitted by ASC 606, estimates and records recovery related to these matters as a form of variable consideration at the most likely amount the Company expects to receive, as discussed further in Note 1(d) and Note 4. In addition, the Company is contingently liable for litigation, performance guarantees and other commitments arising in the ordinary course of business, which are accounted for in accordance with ASC 450, Contingencies. Management reviews these matters regularly and updates or revises its estimates as warranted by subsequent information and developments. These assessments require judgments concerning matters that are inherently uncertain, such as litigation developments and outcomes, the anticipated outcome of negotiations and the estimated cost of resolving disputes. Consequently, these assessments are estimates, and actual amounts may vary from such estimates. In addition, because such matters are typically resolved over long periods of time, the Company’s assets and liabilities may change over time should the circumstances dictate. The description of the legal proceedings listed below include management’s assessment of those proceedings. Management believes that, based on current information and discussions with the Company’s legal counsel, the ultimate resolution of other matters is not expected to have a material effect on the Company’s consolidated financial position, results of operations or cash flows.
A description of the material pending legal proceedings, other than ordinary routine litigation incidental to the business, is as follows:

Alaskan Way Viaduct Matter
In January 2011, Seattle Tunnel Partners (“STP”), a joint venture between Dragados USA, Inc. and the Company, entered into a design-build contract with the Washington State Department of Transportation (“WSDOT”) for the construction of a large-diameter bored tunnel in downtown Seattle, King County, Washington to replace the Alaskan Way Viaduct, also known as State Route 99. The Company has a 45% interest in STP. The construction of the large-diameter bored tunnel required the use of a tunnel boring machine (“TBM”). In December 2013, the TBM struck a steel pipe, installed by WSDOT as a well casing for an exploratory well. The TBM was significantly damaged and was required to be repaired. STP asserted that the steel pipe casing was a differing site condition that WSDOT failed to properly disclose. The Disputes Review Board mandated by the contract to hear disputes issued a decision finding the steel casing was a Type I (material) differing site condition. WSDOT did not accept that finding.

Case Against WSDOT

In March 2016, WSDOT filed a complaint against STP in Thurston County Superior Court alleging breach of contract, seeking $57.2 million in delay-related damages and seeking declaratory relief. STP subsequently filed a counterclaim against WSDOT seeking damages in excess of $640 million. The jury trial between STP and WSDOT commenced on October 7, 2019 and concluded on December 13, 2019, with a jury verdict in favor of WSDOT awarding them $57.2 million in damages. The Company recorded the impact of the jury verdict during the fourth quarter of 2019, resulting in a pre-tax charge of $166.8 million, which included $25.7 million for the Company’s 45% proportionate share of the $57.2 million in damages awarded by the jury to WSDOT. The charge was for non-cash write-downs primarily related to the costs and estimated earnings in excess of billings and receivables that the Company previously recorded to reflect its expected recovery in this case. STP’s petition for discretionary review by the Washington Supreme Court was denied on October 10, 2022. On October 18, 2022, STP paid the damages and associated interest from the judgment, which included the Company’s proportionate share of $34.6 million. As a result, the lawsuit between STP and WSDOT has concluded.
Case Against Insurers

The TBM was insured under a Builder’s Risk Insurance Policy (the “Policy”) with Great Lakes Reinsurance (UK) PLC and a consortium of other insurers (the “Insurers”). STP submitted the claims to the Insurers and requested interim payments under the Policy. The Insurers refused to pay and denied coverage. In June 2015, STP filed a lawsuit in the King County Superior Court, State of Washington seeking declaratory relief, as well as damages as a result of the Insurers’ breach of their obligations under the terms of the Policy. On September 30, 2024, after several years of law and motion proceedings, a confidential settlement was reached resolving the case in full for a substantial sum. Payment was received in October 2024 and the case against the Insurers was dismissed. As a result of the settlement, STP resolved the claims of Hitachi Zosen (the manufacturer of the TBM) and the remaining subcontractor lawsuits pending on the project, including those with the Company’s subsidiaries.

Case Against Designer

On April 13, 2023, STP filed a case in the Washington Superior Court against HNTB Corporation (“HNTB”), STP’s design firm on the project, wherein STP alleges that HNTB is liable for providing design services that resulted in the TBM striking the steel pipe described above and for additional steel quantity costs associated with the project. Due to the resolution of the matter against the Insurers and WSDOT discussed above, and subject to any setoffs or contractual damages limitations, STP’s current claim against HNTB exceeds $300 million and includes HNTB’s liability for providing design services, amounts paid by STP to WSDOT in liquidated damages and interest as well as certain subcontractor delay claims paid by STP to subcontractors in November 2024. The case is currently scheduled for trial to commence in June 2026. With respect to STP’s claims against HNTB, management has included in receivables an estimate of the total anticipated recovery concluded to be probable. The case against HNTB is the final case related to the project.
v3.25.4
Leases
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Leases Leases
The Company leases certain office space, construction and office equipment, vehicles and temporary housing generally under non-cancelable operating leases. Leases with an initial term of one year or less are not recorded on the balance sheet, and the Company generally recognizes lease expense for these leases on a straight-line basis over the lease term. As of December 31, 2025, the Company’s operating leases have remaining lease terms ranging from less than one year to 13 years, some of which include options to renew the leases. The exercise of lease renewal options is generally at the Company’s sole discretion. The Company’s leases do not contain any material residual value guarantees or material restrictive covenants.
The Company determines if an arrangement is a lease at inception. Operating lease right-of-use (“ROU”) assets are included in other assets, while current and long-term operating lease liabilities are included in accrued expenses and other current liabilities, and other long-term liabilities, respectively, on the Consolidated Balance Sheets. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. The present value of future lease payments are discounted using either the implicit rate in the lease, if known, or the Company’s incremental borrowing rate for the specific lease as of the lease commencement date. The ROU asset is also adjusted for any prepayments made or incentives received. The lease terms include options to extend or terminate the lease only to the extent it is reasonably certain any of those options will be exercised. Lease expense is recognized on a straight-line basis over the lease term. The Company accounts for lease components (e.g., fixed payments) separate from the non-lease components (e.g., common-area maintenance costs). The Company does not have any material financing leases.
The following table presents components of lease expense for the years ended December 31, 2025 and 2024:
For the year ended December 31,
(in thousands)20252024
Operating lease expense$15,313 $13,524 
Short-term lease expense(a)
54,772 55,425 
70,085 68,949 
Less: Sublease income1,152 897 
Total lease expense$68,933 $68,052 
_____________________________________________________________________________________________________________
(a)Short-term lease expense includes all leases with lease terms ranging from less than one month to one year. Short-term leases include, among other things, construction equipment rented on an as-needed basis as well as temporary housing.
The following table presents supplemental balance sheet information related to operating leases:
As of December 31,
(dollars in thousands)Balance Sheet Line Item20252024
Assets
ROU assetsOther assets$58,608$41,695
Total lease assets$58,608$41,695
Liabilities
Current lease liabilitiesAccrued expenses and other current liabilities$11,763$7,066
Long-term lease liabilitiesOther long-term liabilities51,78338,630
Total lease liabilities$63,546$45,696
Weighted-average remaining lease term 6.4 years8.0 years
Weighted-average discount rate8.04 %9.73 %
The following table presents supplemental cash flow information and non-cash activity related to operating leases:
As of December 31,
(in thousands)20252024
Operating cash flow information:
Cash paid for amounts included in the measurement of lease liabilities$(14,383)$(13,013)
Non-cash activity:
ROU assets obtained in exchange for lease liabilities$27,236 $10,817 
The following table presents maturities of operating lease liabilities on an undiscounted basis as of December 31, 2025:
Year (in thousands)
Operating Leases
2026$16,529 
202714,822 
202813,346 
202910,842 
20307,016 
Thereafter22,310 
Total lease payments84,865 
Less: Imputed interest21,319 
Total$63,546 
v3.25.4
Share-Based Compensation
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Share-Based Compensation Share-Based Compensation
The Tutor Perini Corporation Omnibus Incentive Plan (the “Plan”) provides for the grant of non-qualified and incentive stock options, stock appreciation rights, deferred stock awards, RSUs, unrestricted stock awards, dividend equivalent rights, performance awards and cash-based awards to eligible full-time and part-time officers, employees, non-employee directors and other key persons (including qualifying consultants and prospective employees) of the Company and its subsidiaries. On May 15, 2025, the Company’s shareholders approved an amendment and restatement of the Plan to (1) increase the total number of shares of the Company’s common stock available for issuance under the Plan by 2,000,000 shares and (2) extend the term within which new awards may be granted under the Plan through April 10, 2030. As of December 31, 2025, there were 3,687,558 shares of common stock available for grant under the Plan and an aggregate of 1,216,380 RSUs and stock options from outstanding, historical awards that either had not vested or had vested but had not been exercised. Any awards that were granted under the Plan that are forfeited, cancelled or held back for net settlement will become available to be issued under the Plan.
The terms of the Plan give the Company the right to settle the vesting of RSU grants in cash or shares. CPSU and CRSU grants must only be settled in cash.
The following table summarizes RSU, stock option, CPSU and CRSU activity:
 Time-Based RSUsPerformance-Based RSUsStock OptionsCPSUs
CRSUs
NumberWeighted-
Average
Grant Date
Fair Value
Per Share		NumberWeighted-
Average
Grant Date
Fair Value
Per Share		NumberWeighted-
Average
Exercise/
(Strike) Price
Per Share		Number
Weighted-
Average
Grant Date
Fair Value
Per Unit
Number
Weighted-
Average
Grant Date
Fair Value
Per Unit
Outstanding as of December 31, 20221,106,670 $15.66 — $— 1,625,265 $22.93 814,620 $16.61 100,000 $6.99 
Granted590,188 8.66 — — — — 901,541 11.18 214,379 8.43 
Expired or cancelled(45,000)16.19 — — (190,000)19.88 (380,782)20.37 — — 
Vested/exercised(404,229)15.75 — — — — (150,696)11.98 (30,000)8.98 
Outstanding as of December 31, 20231,247,629 $12.30 — $— 1,435,265 $23.33 1,184,683 $11.86 284,379 $7.87 
Granted30,000 12.68 — — — — 645,180 19.17 673,855 12.75 
Earned for performance above target
— — — — — — 72,864 19.24 — — 
Expired or cancelled(50,000)23.14 — — (287,337)26.62 (157,884)10.53 — — 
Vested/exercised(598,913)13.24 — — (471,295)20.12 (230,748)19.24 (171,459)7.59 
Outstanding as of December 31, 2024628,716 $10.57 — $— 676,633 $24.17 1,514,095 $14.34 786,775 $12.11 
Granted461,095 37.41 151,623 47.76 — — — — 381,410 27.59 
Earned for performance above target
— — — — — — 636,368 12.95 — — 
Expired or cancelled— — — — (177,201)23.56 (265,094)8.66 (74,279)36.35 
Vested/exercised(411,986)11.38 — — (112,500)19.61 (1,140,189)12.80 (286,520)11.62 
Outstanding as of December 31, 2025677,825 $28.33 151,623 $47.76 386,932 $25.77 745,180 $17.54 807,386 $17.37 
Vested and expected to vest at December 31, 2025
677,825 $28.33 151,623 $47.76 386,932 $25.77 745,180 $17.54 807,386 $17.37 
Included in the above table are certain time-based RSU grants which are classified as liabilities in accordance with ASC 718, Stock Compensation because they contained a guaranteed minimum payout and may be settled in shares of the Company's stock, cash or a combination thereof, at the Company's discretion. As of December 31, 2023, there were 50,000 RSUs with guaranteed minimum payouts outstanding, with a weighted-average grant date fair value per share of $26.32. As of December 31, 2024 and 2025 there were no remaining RSUs with guaranteed minimum payouts outstanding. The number of performance-based RSUs and CPSUs granted in the above table are presented at target-level performance and adjusted to actual units upon vesting. Actual payout of these awards can range from 0% to 250% of target-level performance depending upon the terms of the award and the achievement of required performance conditions. Awards paid above target-level performance are included in the “earned for performance above target” line in the table above.
The Company recognized liabilities for CPSUs, RSUs with guaranteed minimum payouts and CRSUs totaling approximately $85.2 million and $34.6 million as of December 31, 2025 and 2024, respectively. The Company paid approximately $90.4 million in 2025, $4.0 million in 2024 and $2.8 million in 2023 to settle certain awards.
The following table summarizes unrestricted common stock awards, which are generally issued to the non-employee members of the Company’s Board of Directors as part of their annual retainer fees:
Unrestricted Stock Awards
YearNumberWeighted-Average
Grant Date
Fair Value Per Share
2023302,112 $5.66 
202473,716 20.89 
202540,710 36.35 
The fair value of unrestricted common stock awards issued during 2025, 2024 and 2023 was approximately $1.5 million, $1.5 million and $1.7 million, respectively.
The following table summarizes the fair value of RSUs, CPSUs and CRSUs that vested during 2025, 2024 and 2023:
For the year ended December 31,
(in thousands)202520242023
Fair value of vested shares on vesting date:
Time-based RSUs$10,855 $9,971 $4,110 
CPSUs76,415 5,584 1,077 
CRSUs8,446 3,040 185 
As of December 31, 2025, the balance of unamortized time-based RSU, performance-based RSU, CPSU and CRSU expense was $14.4 million, $5.2 million, $30.2 million and $24.7 million, respectively, which is expected to be recognized over weighted-average periods of 2.4 years for time-based RSUs, 2.0 years for performance-based RSUs, one year for CPSUs and 1.3 years for CRSUs. As of December 31, 2025, there was no remaining unamortized stock option expense.
The 386,932 outstanding stock options as of December 31, 2025, which were all exercisable, had an intrinsic value of $16.0 million and a weighted-average remaining contractual life of 1.9 years. Stock options that were exercised during 2025 and 2024 had an intrinsic value of $4.5 million and $3.1 million, respectively.
For the years ended December 31, 2025, 2024 and 2023, the Company recognized, as part of general and administrative expenses, costs for share-based payment arrangements for employees of $148.5 million, $38.8 million and $10.5 million, respectively. Additionally for the same periods, the Company recognized as part of general and administrative expenses, costs for share-based awards to non-employee directors of $1.5 million, $1.5 million and $1.7 million, respectively. The aggregate tax benefits for these awards were approximately $1.3 million, $0.7 million and $0.8 million, for the respective periods.
v3.25.4
Employee Benefit Plans
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Employee Benefit Plans Employee Benefit Plans
Defined Benefit Pension Plan
The Company has a defined benefit pension plan that covers certain of its executive, professional, administrative and clerical employees, subject to certain specified service requirements. The pension plan is noncontributory and benefits are based on an employee’s years of service and “final average earnings,” as defined by the pension plan. The pension plan provides reduced benefits for early retirement and takes into account offsets for social security benefits. The Company also has an unfunded supplemental retirement plan (“Benefit Equalization Plan”) for certain employees whose benefits under the defined benefit pension plan were reduced because of compensation limitations under federal tax laws. Effective June 1, 2004, all benefit accruals under the Company’s pension plan and Benefit Equalization Plan were frozen; however, the current vested benefit was preserved. Pension disclosure as presented below includes aggregated amounts for both of the Company’s plans, except where otherwise indicated. In November 2025, the Company’s Board of Directors voted to terminate the Company’s pension plan, with an anticipated effective date of March 31, 2026. All obligations due under this plan are expected to be satisfied during 2026.
The Company historically has used the date of its year-end as its measurement date to determine the funded status of the pension plan.
The long-term investment goals of the Company’s pension plan are to manage the assets in accordance with the legal requirements of all applicable laws; produce investment returns which maximize return within reasonable and prudent levels of risks; and achieve a fully funded status with regard to pension liabilities. Some risk must be assumed in order to achieve the investment goals. Investments with the ability to withstand short and intermediate term variability are considered and some interim fluctuations in market value and rates of return are tolerated in order to achieve the pension plan’s longer-term objectives.
The pension plan’s assets are managed by a third-party investment manager. The Company monitors investment performance and risk on an ongoing basis.
The following table sets forth a summary of net periodic benefit cost for the years ended December 31, 2025, 2024 and 2023:
Year Ended December 31,
(in thousands)
202520242023
Interest cost$3,760 $3,651 $3,839 
Service cost685 988 1,000 
Expected return on plan assets(3,594)(3,763)(3,875)
Recognized net actuarial losses1,747 1,803 1,699 
Net periodic benefit cost$2,598 $2,679 $2,663 
Actuarial assumptions used to determine net cost:
Discount rate5.50 %4.95 %5.16 %
Expected return on assets5.00 %6.25 %6.25 %
Rate of increase in compensationN/AN/AN/A
The target asset allocation for the Company’s pension plan by asset category for 2026 and the actual asset allocation as of December 31, 2025 and 2024 by asset category are as follows:
Percentage of Plan Assets as of December 31,
Target
Allocation
2026
Actual Allocation
Asset Category20252024
Cash2 %7 %5 %
Equity funds18 11 60 
Fixed income funds80 82 35 
Total100 %100 %100 %
The Company expects to contribute approximately $1.2 million to its defined benefit pension plan in 2026.
Future benefit payments under the plans for the next ten years are estimated as follows. These payments reflect calculated amounts prior to the effect of the anticipated termination of the pension plan.
(in thousands)
Year ended December 31,
2026$6,790 
20276,678 
20286,534 
20296,364 
20306,175 
2031-203527,436 
Total$59,977 
The following tables provide a reconciliation of the changes in the fair value of plan assets and plan benefit obligations during 2025 and 2024, and a summary of the funded status as of December 31, 2025 and 2024:
Year Ended December 31,
(in thousands)20252024
Change in Fair Value of Plan Assets
Balance at beginning of year$60,247 $57,882 
Actual return on plan assets6,032 7,227 
Company contribution2,763 2,861 
Benefit payments(7,103)(7,723)
Balance at end of year$61,939 $60,247 
Year Ended December 31,
(in thousands)20252024
Change in Benefit Obligations
Balance at beginning of year$71,581 $77,443 
Interest cost3,760 3,651 
Service cost685 988 
Assumption change (gain) loss1,596 (3,161)
Actuarial loss
835 383 
Benefit payments(7,103)(7,723)
Balance at end of year$71,354 $71,581 
As of December 31,
(in thousands)20252024
Funded status$(9,415)$(11,334)
Net unfunded amounts recognized in Consolidated Balance Sheets consist of:
Current liabilities$(303)$(295)
Long-term liabilities(9,112)(11,039)
Total net unfunded amount recognized in Consolidated Balance Sheets$(9,415)$(11,334)
Amounts not yet recognized in net periodic benefit cost and included in accumulated other comprehensive loss consist of net actuarial losses before income taxes of $35.0 million and $36.7 million as of December 31, 2025 and 2024, respectively.
The discount rate used in determining the accumulated post-retirement benefit obligation was 5.2% and 5.5% as of December 31, 2025 and 2024, respectively. The discount rate used for the accumulated post-retirement obligation was derived using a blend of U.S. Treasury and high-quality corporate bond discount rates.
The expected long-term rate of return on assets assumption was 5.0% and 6.3% for 2025 and 2024, respectively. The expected long-term rate of return on assets assumption was developed considering forward looking capital market assumptions and historical return expectations for each asset class assuming the plans’ target asset allocation and full availability of invested assets.
Closely held fund strategies seek to capitalize on inefficiencies identified across different asset classes or markets and include investments in both long and short equity securities.
Plan assets were measured at fair value. Mutual funds are public investment vehicles valued using the Net Asset Value (“NAV”) of shares held by the pension plan at year-end. Fixed income funds are valued based on quoted market prices in active markets. Closely held funds, which are only available through private offerings, do not have readily determinable fair values. Estimates of fair value of these funds were determined using the information provided by the fund managers and are generally based on the NAV per share or its equivalent.
The following table sets forth the pension plan assets at fair value in accordance with the fair value hierarchy described in Note 12:
As of December 31, 2025As of December 31, 2024
Fair Value HierarchyFair Value Hierarchy
(in thousands)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Cash and cash equivalents$4,336 $— $— $4,336 $3,177 $— $— $3,177 
Fixed income funds560 12,741 — 13,301 — 3,133 — 3,133 
Exchange traded funds37,682 — — 37,682 — — — — 
Mutual funds— — — — 46,467 — — 46,467 
$42,578 $12,741 $— $55,319 $49,644 $3,133 $— $52,777 
Closely held funds(a)
Equity partnerships119 2,139 
Hedge fund investments6,501 5,331 
Total closely held funds(a)
6,620 7,470 
Total$42,578 $12,741 $— $61,939 $49,644 $3,133 $— $60,247 
_____________________________________________________________________________________________________________
(a)The pension plan’s investments in closely held funds are not categorized in the fair value hierarchy because they are measured at NAV using the practical expedient under ASC 820, Fair Value Measurement (“ASC 820”). The underlying holdings of closely held funds were composed of a combination of Level 1, 2 and 3 investments, and in some cases, may also include investments not categorized in the fair value hierarchy because they are measured at NAV using the practical expedient, as described above. The pension plan assets included investments in hedge funds and equity partnerships which do not have readily determinable fair values. The underlying holdings of the funds were composed of a combination of assets for which the estimate of fair value is determined using information provided by fund managers.
The plans have benefit obligations in excess of the fair value of each plan’s assets as follows:
As of December 31, 2025As of December 31, 2024
(in thousands)Pension
Plan		Benefit
Equalization
Plan		TotalPension
Plan		Benefit
Equalization
Plan		Total
Projected benefit obligation$69,059 $2,295 $71,354 $69,248 $2,333 $71,581 
Accumulated benefit obligation$69,059 $2,295 $71,354 $69,248 $2,333 $71,581 
Fair value of plans' assets$61,939 $— $61,939 $60,247 $— $60,247 
Projected benefit obligation greater than fair value of plans' assets$7,120 $2,295 $9,415 $9,001 $2,333 $11,334 
Accumulated benefit obligation greater than fair value of plans' assets$7,120 $2,295 $9,415 $9,001 $2,333 $11,334 
Section 401(k) Plan
The Company has a contributory Section 401(k) plan which covers its executive, professional, administrative and clerical employees, subject to certain specified service requirements. The cost recognized by the Company for its 401(k) plan was $8.0 million in 2025, $4.4 million in 2024 and $4.1 million in 2023, respectively. The Company’s contribution is based on a non-discretionary match of employees’ contributions, as defined by the plan.
Multiemployer Plans
In addition to the Company’s defined benefit pension and contribution plans discussed above, the Company participates in multiemployer pension plans for its union construction employees. Contributions are based on the hours worked by employees covered under various collective bargaining agreements. Under the Employee Retirement Income Security Act, a contributor to a multiemployer plan is only liable for its proportionate share of a plan’s unfunded vested liability upon termination, or withdrawal from a plan. The Company currently has no intention of withdrawing from any of the multiemployer pension plans in which it participates and, therefore, has not recognized a liability for its proportionate share of any unfunded vested liabilities associated with these plans.
The following table summarizes key information for the plans that the Company made significant contributions to during the three years ended December 31:
Pension Protection Act
Zone Status(a)
FIP/RP
Status
Pending or
Implemented(b)
Company Contributions
(amounts in millions) 		Expiration
Date of
Collective
Bargaining
Agreement
Pension FundEIN/Pension
Plan Number
2025
2024
2025(c)
2024
2023
Surcharge
Imposed
Construction Laborers Pension Trust Fund for Southern California43-6159056GreenGreenN/A$5.8 $5.2 
(d)
$2.1 No6/30/2026
The Pension, Hospitalization and Benefit Plan of the Electrical Industry - Pension Trust Account13-6123601/001GreenGreenN/A3.8 3.4 
(d)
4.2 
(d)
No4/12/2028
Southern California IBEW-NECA Pension Plan95-6392774YellowYellowImplemented3.7 2.4 1.0 No6/30/2026
Carpenters Pension Trust Fund for Northern California94-6050970GreenRedN/A3.2 2.5 2.5 No6/30/2027
Western States Carpenters Pension Plan95-6042875GreenGreenN/A3.1 2.7 1.3 No6/30/2026
_____________________________________________________________________________________________________________
(a)The Pension Protection Act Zone Status columns provide the two most recently available Pension Protection Act zone status reports from each plan.
(b)The “FIP/RP Status Pending or Implemented” column indicates plans for which a funding improvement plan (“FIP”) or a rehabilitation plan (“RP”) is either pending or implemented.
(c)The Company's contributions as a percentage of total plan contributions were not available for the 2025 plan year for any of the above pension funds.
(d)These amounts exceeded 5% of the respective total plan contributions.
In addition to the individually significant plans described above, the Company also contributed approximately $36.7 million in 2025, $31.7 million in 2024 and $37.7 million in 2023 to other multiemployer pension plans. Funding for these payments is principally provided for in the contracts with our customers.
v3.25.4
Fair Value Measurements
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The fair value hierarchy established by ASC 820 prioritizes the use of inputs used in valuation techniques into the following three levels:
•Level 1 inputs are observable quoted prices in active markets for identical assets or liabilities
•Level 2 inputs are observable, either directly or indirectly, but are not Level 1 inputs
•Level 3 inputs are unobservable
The following fair value hierarchy table presents the Company’s assets that are measured at fair value on a recurring basis as of December 31, 2025 and 2024:
As of December 31, 2025As of December 31, 2024
Fair Value HierarchyFair Value Hierarchy
(in thousands)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Cash and cash equivalents(a)
$734,553 $— $— $734,553 $455,084 $— $— $455,084 
Restricted cash(a)
35,641 — — 35,641 9,104 — — 9,104 
Restricted investments(b)
— 228,959 — 228,959 — 139,986 — 139,986 
Investments in lieu of retention(c)
27,849 159,142 — 186,991 38,359 106,765 — 145,124 
Total$798,043 $388,101 $— $1,186,144 $502,547 $246,751 $— $749,298 
_____________________________________________________________________________________________________________
(a)Includes money market funds and short-term investments with maturity dates of three months or less when acquired.
(b)Restricted investments, as of December 31, 2025 and 2024, consist of AFS debt securities, which are valued based on pricing models determined from a compilation of primarily observable market information, broker quotes in non-active markets or similar assets; therefore, they are classified as Level 2 assets.
(c)Investments in lieu of retention are included in retention receivable as of December 31, 2025 and 2024, and are composed of money market funds of $27.8 million and $38.4 million, respectively, and AFS debt securities of $159.1 million and $106.8 million, respectively. The fair values of the money market funds are measured using quoted market prices; therefore, they are classified as Level 1 assets. The fair values of AFS debt securities are determined from a compilation of primarily observable market information, broker quotes in non-active markets or similar assets; therefore, they are classified as Level 2 assets.
Investments in AFS debt securities consisted of the following as of December 31, 2025 and 2024:

As of December 31, 2025As of December 31, 2024
(in thousands)Amortized CostUnrealized GainsUnrealized LossesFair ValueAmortized CostUnrealized GainsUnrealized LossesFair Value
Restricted investments:
Corporate debt securities$205,584 $1,900 $(472)$207,012 $118,421 $603 $(1,242)$117,782 
U.S. government agency securities12,300 11 (329)11,982 16,323 35 (663)15,695 
Municipal bonds10,282 32 (534)9,780 7,159 — (831)6,328 
Corporate certificates of deposit198 — (13)185 200 — (19)181 
Total restricted investments228,364 1,943 (1,348)228,959 142,103 638 (2,755)139,986 
Investments in lieu of retention:
Corporate debt securities140,749 844 (38)141,555 106,014 224 (491)105,747 
U.S. government agency securities4,337 — (43)4,294 — — — — 
Municipal bonds13,349 218 (274)13,293 830 188 — 1,018 
Total investments in lieu of retention158,435 1,062 (355)159,142 106,844 412 (491)106,765 
Total AFS debt securities$386,799 $3,005 $(1,703)$388,101 $248,947 $1,050 $(3,246)$246,751 
The following table summarizes the fair value and gross unrealized losses aggregated by category and the length of time that individual AFS debt securities have been in a continuous unrealized loss position as of December 31, 2025 and 2024:
As of December 31, 2025
Less than 12 Months12 Months or GreaterTotal
(in thousands)Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
Restricted investments:
Corporate debt securities$57,673 $(221)$20,907 $(251)$78,580 $(472)
U.S. government agency securities3,056 (31)3,550 (298)6,606 (329)
Municipal bonds2,171 (7)4,894 (527)7,065 (534)
Corporate certificates of deposit— — 185 (13)185 (13)
Total restricted investments62,900 (259)29,536 (1,089)92,436 (1,348)
Investments in lieu of retention:
Corporate debt securities4,796 (37)2,982 (1)7,778 (38)
U.S. government agency securities4,294 (43)— — 4,294 (43)
Municipal bonds11,855 (274)— — 11,855 (274)
Total investments in lieu of retention20,945 (354)2,982 (1)23,927 (355)
Total AFS debt securities$83,845 $(613)$32,518 $(1,090)$116,363 $(1,703)
As of December 31, 2024
Less than 12 Months12 Months or GreaterTotal
(in thousands)Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
Restricted investments:
Corporate debt securities$23,985 $(159)$30,384 $(1,083)$54,369 $(1,242)
U.S. government agency securities4,371 (43)10,699 (620)15,070 (663)
Municipal bonds704 (13)5,560 (818)6,264 (831)
Corporate certificates of deposit— — 181 (19)181 (19)
Total restricted investments29,060 (215)46,824 (2,540)75,884 (2,755)
Investments in lieu of retention:
Corporate debt securities24,470 (149)37,755 (342)62,225 (491)
Total investments in lieu of retention24,470 (149)37,755 (342)62,225 (491)
Total AFS debt securities$53,530 $(364)$84,579 $(2,882)$138,109 $(3,246)
The amortized cost and fair value of AFS debt securities by contractual maturity as of December 31, 2025 are summarized in the table below. Actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay certain obligations.
(in thousands)Amortized CostFair Value
Due within one year$82,463 $82,483 
Due after one year through five years290,855 292,585 
Due after five years13,481 13,033 
Total$386,799 $388,101 
The carrying values of receivables, payables and other amounts arising out of normal contract activities, including retention, which may be settled beyond one year, are estimated to approximate fair value. Of the Company’s long-term debt, the fair value of the 2024 Senior Notes was $444.2 million and $441.9 million as of December 31, 2025 and 2024, respectively. The fair values of the 2024 Senior Notes were determined using Level 1 inputs, specifically current observable market prices. The fair value of the Term Loan B was $121.9 million as of December 31, 2024. The fair value of the Term Loan B was determined using Level 2 inputs, specifically third-party quoted market prices. The reported value of the Company’s remaining borrowings approximates fair value as of December 31, 2025 and 2024.
v3.25.4
Variable Interest Entities (VIEs)
 12 Months Ended
Dec. 31, 2025
Variable Interest Entities [Abstract]  
Variable Interest Entities (VIEs) Variable Interest Entities (VIEs)
The Company may form joint ventures or partnerships with third parties for the execution of projects. In accordance with ASC 810, the Company assesses its partnerships and joint ventures at inception to determine if any meet the qualifications of a VIE. The Company considers a joint venture a VIE if either (a) the total equity investment is not sufficient to permit the entity to finance its activities without additional subordinated financial support, (b) characteristics of a controlling financial interest are missing (either the ability to make decisions through voting or other rights, the obligation to absorb the expected losses of the entity or the right to receive the expected residual returns of the entity), or (c) the voting rights of the equity holders are not proportional to their obligations to absorb the expected losses of the entity and/or their rights to receive the expected residual returns of the entity, and substantially all of the entity’s activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights. Upon the occurrence of certain events outlined in ASC 810, the Company reassesses its initial determination of whether a joint venture is a VIE.
ASC 810 also requires the Company to determine whether it is the primary beneficiary of the VIE. The Company concludes that it is the primary beneficiary and consolidates the VIE if the Company has both (a) the power to direct the economically significant activities of the VIE and (b) the obligation to absorb losses of, or the right to receive benefits from, the VIE that could potentially be significant to the VIE. The Company considers the contractual agreements that define the ownership structure, distribution of profits and losses, risks, responsibilities, indebtedness, voting rights and board representation of the respective parties in determining if the Company is the primary beneficiary. The Company also considers all parties that have direct or implicit variable interests when determining whether it is the primary beneficiary. In accordance with ASC 810, management’s assessment of whether the Company is the primary beneficiary of a VIE is performed continuously.
As of December 31, 2025, the Company had unconsolidated VIE-related current assets and noncurrent assets of $58.5 million and $6.3 million, respectively, as well as current liabilities of $70.2 million included in the Company’s Consolidated Balance Sheets. As of December 31, 2024, the Company had unconsolidated VIE-related current assets and liabilities of $26.7 million and $24.8 million, respectively, included in the Company’s Consolidated Balance Sheets. The Company’s maximum exposure to loss as a result of its investments in unconsolidated VIEs is typically limited to the aggregate of the carrying value of the investment and future funding commitments. There were no future funding requirements for the unconsolidated VIEs as of December 31, 2025.
As of December 31, 2025, the Company’s Consolidated Balance Sheets included current and noncurrent assets of $932.1 million and $36.4 million, respectively, as well as current liabilities and noncurrent liabilities of $669.0 million and $10.6 million, respectively, related to the operations of its consolidated VIEs. As of December 31, 2024, the Company’s Consolidated Balance Sheets included current and noncurrent assets of $475.6 million and $19.9 million, respectively, as well as current liabilities of $385.5 million related to the operations of its consolidated VIEs.
Below is a discussion of some of the Company’s more significant or unique VIEs.
The Company established a joint venture to construct the Purple Line Extension Section 2 (Tunnels and Stations) and Section 3 (Stations) mass-transit projects in Los Angeles, California with an original combined value of approximately $2.8 billion. The Company has a 75% interest in the joint venture with the remaining 25% held by O&G Industries, Inc. (“O&G”). The joint venture was initially financed with contributions from the partners and, per the terms of the joint venture agreement, the partners may be required to provide additional capital contributions in the future. The Company has determined that this joint venture is a VIE for which the Company is the primary beneficiary.
The Company established a joint venture with O&G to construct the Manhattan Jail project, a $3.76 billion design-build construction project in New York. The Company has a 75% interest in the joint venture with the remaining 25% held by O&G. The joint venture was initially financed with contributions from the partners and, per the terms of the joint venture agreement, the partners may be required to provide additional capital contributions in the future. The Company has determined that this joint venture is a VIE for which the Company is the primary beneficiary.
v3.25.4
Business Segments
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Business Segments Business Segments
The Company offers general contracting, pre-construction planning and comprehensive project management services, including planning and scheduling of manpower, equipment, materials and subcontractors required for the timely completion of a project in accordance with the terms and specifications contained in a construction contract. The Company also offers self-performed construction services: site work, concrete forming and placement, steel erection, electrical, mechanical, plumbing, and HVAC (heating, ventilation and air conditioning). As described below, the Company’s business is conducted through three segments: Civil, Building and Specialty Contractors. These segments are determined based on how management aggregates its business units for making operating decisions and assessing performance, which takes into account certain qualitative and quantitative factors. The Company’s Chief Executive Officer and President, who is the Company’s chief operating decision maker
(“CODM”), reviews information for each segment to evaluate performance and allocate resources. The CODM evaluates segment performance by comparing each segment’s historical, actual and forecasted revenue and operating income on a regular basis.
The Civil segment specializes in public works construction and the replacement and reconstruction of infrastructure. The contracting services provided by the Civil segment include construction and rehabilitation of highways, bridges, tunnels, mass-transit systems, military facilities, and water management and wastewater treatment facilities.
The Building segment has significant experience providing services for private and public works customers in a number of specialized building markets, including: hospitality and gaming, transportation, healthcare, commercial offices, government facilities, sports and entertainment, education, correctional and detention facilities, biotech, pharmaceutical, industrial and technology.
The Specialty Contractors segment specializes in electrical, mechanical, plumbing, HVAC and fire protection systems for a full range of civil and building construction projects in the industrial, commercial, hospitality and gaming, and mass-transit end markets. This segment is strategically important to the Company because various business units within the segment participate in many of the Company’s larger Civil and Building segment projects. In addition, the segment provides unique strengths and capabilities that allow the Company to position itself as a full-service contractor in key geographic markets with greater control over scheduled work, project delivery, and cost and risk management.
To the extent that a contract is co-managed and co-executed among segments, the Company allocates the share of revenues and costs of the contract to each segment to reflect the shared responsibilities in the management and execution of the project.
The following tables set forth certain reportable segment information relating to the Company’s operations for the years ended December 31, 2025, 2024 and 2023:
Reportable Segments
(in thousands)CivilBuildingSpecialty
Contractors		TotalCorporateConsolidated
Total
Year ended December 31, 2025
Total revenue$3,062,354 $1,955,446 $843,972 $5,861,772 $— $5,861,772 
Elimination of intersegment revenue(215,524)(103,209)— (318,733)— (318,733)
Revenue from external customers$2,846,830 $1,852,237 $843,972 $5,543,039 $— $5,543,039 
Reconciliation of revenue to income (loss) from construction operations
Less:
Cost of operations$2,366,197 $1,741,533 $788,970 $4,896,700 $(1,176)$4,895,524 
General and administrative expenses(a)
89,756 52,473 62,482 204,711 210,843 415,554 
Income (loss) from construction operations(b)
$390,877 $58,231 $(7,480)$441,628 $(209,667)

$231,961 
Capital expenditures$125,357 $1,663 $6,864 $133,884 $46,970 $180,854 
Depreciation and amortization(c)
$43,342 $2,136 $2,339 $47,817 $1,998 $49,815 
Year ended December 31, 2024
Total revenue$2,248,659 $1,666,862 $590,822 $4,506,343 $— $4,506,343 
Elimination of intersegment revenue(129,706)(49,325)(390)(179,421)— (179,421)
Revenue from external customers$2,118,953 $1,617,537 $590,432 $4,326,922 $— $4,326,922 
Reconciliation of revenue to income (loss) from construction operations
Less:
Cost of operations$1,897,741 $1,593,509 $634,271 $4,125,521 $4,363 $4,129,884 
General and administrative expenses(a)
82,951 48,165 59,506 190,622 110,169 300,791 
Income (loss) from construction operations(d)
$138,261 $(24,137)$(103,345)$10,779 $(114,532)$(103,753)
Capital expenditures$27,040 $613 $530 $28,183 $9,226 $37,409 
Depreciation and amortization(c)
$42,521 $2,270 $2,333 $47,124 $6,663 $53,787 
Year ended December 31, 2023
Total revenue$1,971,194 $1,302,636 $694,038 $3,967,868 $— $3,967,868 
Elimination of intersegment revenue(87,329)(97)(215)(87,641)— (87,641)
Revenue from external customers$1,883,865 $1,302,539 $693,823 $3,880,227 $— $3,880,227 
Reconciliation of revenue to income (loss) from construction operations
Less:
Cost of operations$1,614,859 $1,347,589 $775,189 $3,737,637 $1,966 $3,739,603 
General and administrative expenses(a)
70,397 46,156 63,456 180,009 75,212 255,221 
Income (loss) from construction operations(e)
$198,609 $(91,206)$(144,822)$(37,419)$(77,178)$(114,597)
Capital expenditures$41,318 $3,932 $1,250 $46,500 $6,453 $52,953 
Depreciation and amortization(c)
$31,685 $2,227 $2,445 $36,357 $8,872 $45,229 
_____________________________________________________________________________________________________________

(a)General and administrative expenses for the year ended December 31, 2025, 2024 and 2023 included share-based compensation expense of $150.0 million ($148.7 million after tax, or $2.78 per diluted share), $40.4 million ($39.7 million after tax, or $0.76 per diluted share), and $12.3 million ($11.5 million after tax, or $0.22 per diluted share), respectively. The increases in share-based compensation expense in 2025 and 2024 were primarily due to substantial increases in the Company’s stock price during these years, which impacted the fair value of liability-classified awards. These awards are remeasured at fair value at the end of each reporting period with the change recognized in earnings. After the Company’s shareholders approved additional shares under the Plan in May 2025, the Company stopped issuing liability-classified, long-term incentive compensation awards.
(b)During the year ended December 31, 2025, the Company’s income (loss) from construction operations in the Civil segment was impacted by favorable adjustments totaling $57.6 million ($34.6 million attributable to the Company and $24.9 million after tax, or $0.47 per diluted share) 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. The period was also impacted by unfavorable adjustments totaling $54.7 million ($32.8 million attributable to the Company and $23.4 million after tax, or $0.44 per diluted share) due to the settlement of a legacy dispute related to a completed Civil segment tunneling project in Canada.
(c)Depreciation and amortization is included in income (loss) from construction operations.
(d)During the year ended December 31, 2024, the Company’s income (loss) from construction operations in the Civil segment was impacted by unfavorable adjustments of $101.6 million ($74.3 million after tax, or $1.42 per diluted share) pertaining to an unexpected adverse arbitration decision on a legacy dispute related to a completed Civil segment bridge project in California, which the Company is appealing; $31.8 million ($25.4 million after tax, or $0.48 per share) for a project on the West Coast, which primarily resulted from significant changes that have been negotiated and carry lower margin (and lower risk) that reduced the project’s percentage of completion and overall margin percentage; $17.4 million ($12.7 million after tax, or $0.24 per share) due to an unfavorable legal ruling on a completed highway project in Virginia; and $15.1 million ($11.1 million after tax, or $0.21 per diluted share) for changes in estimates on an otherwise profitable mass-transit project in California that is nearly complete. The period was also impacted by a favorable adjustment of $18.4 million ($13.5 million after tax, or $0.26 per diluted share) due to a settlement of a claim associated with a completed Civil segment highway tunneling project in the western United States.
Also in 2024, the Company’s income (loss) from operations in the Building segment was impacted by unfavorable adjustments of $25.9 million ($18.9 million after tax, or $0.36 per diluted share) on a completed government building project in Florida, primarily due to increased costs associated with external subcontractors and resolution of certain delay change orders, and $20.0 million ($14.6 million after tax, or $0.28 per diluted share) associated with the settlement of a legacy dispute related to another completed Building segment government facility project in Florida.
Furthermore, in 2024 the Company’s income (loss) from operations in the Specialty Contractors segment was adversely impacted by $17.7 million ($13.0 million after tax, or $0.25 per diluted share) due to an unfavorable judgment on a completed Specialty Contractors segment mass-transit project in California.
(e)During the year ended December 31, 2023, the Company’s income (loss) from construction operations in the Civil segment was impacted by net unfavorable adjustments related to a settlement that impacted multiple components of a mass-transit project in California. The settlement resolved certain ongoing disputes and increased the expected profit from work to be performed in the future. The settlement resulted in an unfavorable non-cash adjustment of $23.2 million ($17.0 million after tax, or $0.33 per diluted share) to one component of the project that is nearing completion, partially offset by a favorable adjustment of $8.8 million ($7.1 million after tax, or $0.14 per diluted share) on the other component of the project that has substantial scope of work remaining. As a result of the settlement, the net unfavorable impact to the period from these two adjustments is expected to be mitigated by the increased profit generated from future work on the project. The Civil segment was also impacted by net favorable adjustments of $19.0 million ($15.2 million after tax, or $0.29 per diluted share) for a project on the West Coast that primarily resulted from a favorable impact of $58.1 million on the settlement of change orders and changes in estimates due to improved performance, partially offset by a temporary unfavorable non-cash impact of $40.7 million resulting from the successful negotiation of significant lower margin (and lower risk) change orders which increased the project’s overall estimated profit but reduced the project’s percentage of completion and overall margin percentage.
During the year ended December 31, 2023, the Company’s income (loss) from operations in the Building segment was adversely impacted an unfavorable adjustment of $14.6 million ($10.7 million after tax, or $0.21 per diluted share) on a government building project in Florida primarily due to increased costs associated with an external subcontractor.
Also in 2023, the Company’s income (loss) from operations in the Specialty Contractors segment was adversely impacted by $62.2 million ($45.7 million after tax, or $0.88 per diluted share) of unfavorable non-cash adjustments due to changes in estimates on the electrical and mechanical scope of a completed transportation project in the Northeast associated with changes in the expected recovery on certain unapproved change orders resulting from ongoing negotiations; a non-cash charge of $24.7 million ($18.1 million after tax, or $0.35 per diluted share) that resulted from an adverse legal ruling on an educational facilities project in New York; and an unfavorable adjustment of $16.9 million ($12.4 million after tax, or $0.24 per diluted share) on a multi-unit residential project in New York due to changes in estimates resulting from incremental costs to complete the project and ongoing negotiations on unapproved change orders.
Furthermore, in 2023 the Company’s income (loss) from construction operations was also unfavorably impacted by an adverse legal ruling on a completed mixed-use project in New York, which resulted in a non-cash, pre-tax charge of $83.6 million ($60.8 million after tax, or $1.17 per diluted share), of which $72.2 million impacted the Building segment and $11.4 million impacted the Specialty Contractors segment, as well as an unfavorable adjustment of $28.3 million ($22.2 million after tax, or $0.43 per diluted share) on a completed transportation project in the Northeast, split evenly between the Civil and Building segments, primarily due to the settlement of certain change orders, changes in estimates due to recent negotiations and incremental cost incurred during project closeout.
Total assets by segment were as follows:
As of December 31,
(in thousands)20252024
Civil$4,348,288 $3,636,825 
Building1,354,282 1,085,998 
Specialty Contractors397,750 198,952 
Corporate and other(a)
(939,898)(679,065)
Total assets$5,160,422 $4,242,710 
_____________________________________________________________________________________________________________
(a)    Consists principally of cash, equipment, tax-related assets and insurance-related assets, offset by the elimination of assets related to intersegment revenue.
Geographic Information
Information concerning principal geographic areas is as follows:
Year Ended December 31,
(in thousands)202520242023
Revenue:
United States$5,053,306 $3,743,518 $3,437,971 
Foreign and U.S. territories489,733 583,404 442,256 
Total revenue$5,543,039 $4,326,922 $3,880,227 

As of December 31,
(in thousands)20252024
Assets:
United States$4,604,866 $3,759,874 
Foreign and U.S. territories555,556 482,836 
Total assets$5,160,422 $4,242,710 

Major Customers
Revenue from a single customer with multiple projects impacting the Civil, Building and Specialty Contractors segments represented 14.1%, 17.6% and 16.3% of the Company’s consolidated revenue for the years ended December 31, 2025, 2024 and 2023, respectively. Revenue from an additional customer with multiple projects, impacting the Civil, Building and Specialty Contractors segments, represented 11.4% of the Company’s consolidated revenue for the year ended December 31, 2025.
Reconciliation of Segment Information to Consolidated Amounts
A reconciliation of segment results to the consolidated income (loss) before income taxes is as follows:
Year Ended December 31,
(in thousands)202520242023
Income (loss) from construction operations$231,961 $(103,753)$(114,597)
Other income, net27,512 19,878 17,200 
Interest expense(54,965)(89,133)(85,157)
Income (loss) before income taxes$204,508 $(173,008)$(182,554)
v3.25.4
Related Party Transactions
 12 Months Ended
Dec. 31, 2025
Related Party Transactions [Abstract]  
Related Party Transactions Related Party Transactions
The Company leases, at market rates, certain facilities from an entity owned by Ronald N. Tutor, the Company’s Executive Chairman as of December 31, 2025. Under these leases, the Company paid $1.7 million in 2025, $4.0 million in 2024 and $3.9 million in 2023, and recognized expense of $1.9 million in 2025, $2.4 million in 2024 and $4.1 million in 2023.
Raymond R. Oneglia, Vice Chairman of the Board of Directors of O&G, is a director of the Company. The Company occasionally forms construction project joint ventures with O&G. During the three years ended December 31, 2025, the Company had active joint ventures with O&G including a transportation project in Newark, New Jersey for the Newark AirTrain Replacement, a detention facility project in New York for the Manhattan Jail, and two mass-transit projects in Los Angeles, California to construct the Purple Line Extension Section 2 (Tunnels and Stations) and Section 3 (Stations), where the Company’s and O&G’s joint venture interests are 75% and 25%, respectively, in each of these joint ventures. During the three years ended December 31, 2025, the Company also had active joint ventures for two completed infrastructure projects in the northeastern United States. O&G may provide equipment and services to these joint ventures on customary trade terms. There were no material payments made by these joint ventures to O&G for equipment or services during the years ended December 31, 2025, 2024 or 2023. During the year ended December 31, 2025, the Company also had an active joint venture with O&G for a bridge replacement project in Connecticut, in which the Company’s and O&G’s joint venture interests are 30% and 70%, respectively. The Company and its subsidiaries may provide equipment and services to this joint venture on customary trade terms. During 2025, the Company performed $27.3 million of services for this joint venture, of which $5.5 million was recorded in accounts receivable and $1.5 million was recorded in retention receivable as of December 31, 2025.
Peter Arkley, President of National Brokerage at Alliant Insurance Services, Inc. (“Alliant”), is a director of the Company. The Company uses Alliant for various insurance-related services. The associated expenses for services provided for the years ended December 31, 2025, 2024 and 2023 were $18.4 million, $14.9 million and $15.3 million, respectively. The Company owed Alliant $0.1 million and $6.0 million as of December 31, 2025 and 2024, respectively, for services rendered.
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.4
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.4
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
We have established various policies, processes, and technologies to aid in our efforts to assess, identify, manage, and mitigate material risks posed by cybersecurity threats, including, among other things:
•Our CISO and IT teams continuously monitor our systems and perform an annual cybersecurity risk assessment;
•We have implemented a proactive incident response and management plan generally aligned with the National Institute of Standards and Technology (“NIST”), with annual plan testing and training for employees involved in the response process;
•Annual penetration tests are performed by a third party and any notable findings are included in remediation plans;
•We engage with key industry partners and threat intelligence services, including assessors, consultants and other industry third parties to evaluate our cybersecurity risk management and incident response plans and processes;
•All employees, contractors and temporary workers are required to review and acknowledge our acceptable use policies, which include sections on information and cybersecurity practices and policies;
•Employees are regularly engaged in cybersecurity awareness campaigns, anti-phishing tests, and mandatory training as needed;
•We address third-party cybersecurity risks through interviews and third-party independent assessment reports;
•We maintain cybersecurity insurance coverage as part of our overall insurance portfolio; and
•In conformity with customer requirements, we require proof that subcontractors complete relevant cybersecurity education and awareness training prior to being awarded a subcontract.
We are not aware of any known risks from cybersecurity threats that have materially affected, or are reasonably likely to materially affect, our Company, business strategy, or financial results, and we have not experienced any cybersecurity incidents that have had a material adverse impact on our operations or financial results. See Item 1A. Risk Factors for a discussion of cybersecurity risks.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]
We have established various policies, processes, and technologies to aid in our efforts to assess, identify, manage, and mitigate material risks posed by cybersecurity threats, including, among other things:
•Our CISO and IT teams continuously monitor our systems and perform an annual cybersecurity risk assessment;
•We have implemented a proactive incident response and management plan generally aligned with the National Institute of Standards and Technology (“NIST”), with annual plan testing and training for employees involved in the response process;
•Annual penetration tests are performed by a third party and any notable findings are included in remediation plans;
•We engage with key industry partners and threat intelligence services, including assessors, consultants and other industry third parties to evaluate our cybersecurity risk management and incident response plans and processes;
•All employees, contractors and temporary workers are required to review and acknowledge our acceptable use policies, which include sections on information and cybersecurity practices and policies;
•Employees are regularly engaged in cybersecurity awareness campaigns, anti-phishing tests, and mandatory training as needed;
•We address third-party cybersecurity risks through interviews and third-party independent assessment reports;
•We maintain cybersecurity insurance coverage as part of our overall insurance portfolio; and
•In conformity with customer requirements, we require proof that subcontractors complete relevant cybersecurity education and awareness training prior to being awarded a subcontract.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
Cybersecurity and risks related to our information technology (“IT”) are an important focus of our Board of Directors’ risk oversight. Our Board of Directors, with assistance from the Audit Committee, oversees the Company’s enterprise risk management process, which includes cybersecurity risk management. The Audit Committee, a member of which holds a Certificate in Cyber Risk Governance and a Qualified Risk Director designation from the DCRO Institute, receives regular reports from our Chief Information Officer (“CIO”), along with members of senior management, on the identification and status of cybersecurity risks and management, as well as on the Company’s exploration of the use of artificial intelligence in the construction industry.
Our IT and cybersecurity programs are managed by our CIO, who reports to our Chief Executive Officer. Our CIO has over 30 years of experience in managing IT and cybersecurity. We also have a dedicated Chief Information Security Officer (“CISO”), who reports to the CIO and has overall responsibility for establishing our enterprise-wide cybersecurity strategy, standards, architecture, processes and procedures, and policies. Our CISO has over 25 years of experience in IT and cybersecurity. The Company has adopted incident response plan procedures for assessing and escalating cybersecurity incidents to various response teams that include the CISO, the CIO and other senior management, as necessary.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] Our Board of Directors, with assistance from the Audit Committee, oversees the Company’s enterprise risk management process, which includes cybersecurity risk management.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] The Audit Committee, a member of which holds a Certificate in Cyber Risk Governance and a Qualified Risk Director designation from the DCRO Institute, receives regular reports from our Chief Information Officer (“CIO”), along with members of senior management, on the identification and status of cybersecurity risks and management, as well as on the Company’s exploration of the use of artificial intelligence in the construction industry.
Cybersecurity Risk Role of Management [Text Block]
Cybersecurity and risks related to our information technology (“IT”) are an important focus of our Board of Directors’ risk oversight. Our Board of Directors, with assistance from the Audit Committee, oversees the Company’s enterprise risk management process, which includes cybersecurity risk management. The Audit Committee, a member of which holds a Certificate in Cyber Risk Governance and a Qualified Risk Director designation from the DCRO Institute, receives regular reports from our Chief Information Officer (“CIO”), along with members of senior management, on the identification and status of cybersecurity risks and management, as well as on the Company’s exploration of the use of artificial intelligence in the construction industry.
Our IT and cybersecurity programs are managed by our CIO, who reports to our Chief Executive Officer. Our CIO has over 30 years of experience in managing IT and cybersecurity. We also have a dedicated Chief Information Security Officer (“CISO”), who reports to the CIO and has overall responsibility for establishing our enterprise-wide cybersecurity strategy, standards, architecture, processes and procedures, and policies. Our CISO has over 25 years of experience in IT and cybersecurity. The Company has adopted incident response plan procedures for assessing and escalating cybersecurity incidents to various response teams that include the CISO, the CIO and other senior management, as necessary.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]
Cybersecurity and risks related to our information technology (“IT”) are an important focus of our Board of Directors’ risk oversight. Our Board of Directors, with assistance from the Audit Committee, oversees the Company’s enterprise risk management process, which includes cybersecurity risk management. The Audit Committee, a member of which holds a Certificate in Cyber Risk Governance and a Qualified Risk Director designation from the DCRO Institute, receives regular reports from our Chief Information Officer (“CIO”), along with members of senior management, on the identification and status of cybersecurity risks and management, as well as on the Company’s exploration of the use of artificial intelligence in the construction industry.
Our IT and cybersecurity programs are managed by our CIO, who reports to our Chief Executive Officer. Our CIO has over 30 years of experience in managing IT and cybersecurity. We also have a dedicated Chief Information Security Officer (“CISO”), who reports to the CIO and has overall responsibility for establishing our enterprise-wide cybersecurity strategy, standards, architecture, processes and procedures, and policies. Our CISO has over 25 years of experience in IT and cybersecurity. The Company has adopted incident response plan procedures for assessing and escalating cybersecurity incidents to various response teams that include the CISO, the CIO and other senior management, as necessary.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] Our IT and cybersecurity programs are managed by our CIO, who reports to our Chief Executive Officer. Our CIO has over 30 years of experience in managing IT and cybersecurity. We also have a dedicated Chief Information Security Officer (“CISO”), who reports to the CIO and has overall responsibility for establishing our enterprise-wide cybersecurity strategy, standards, architecture, processes and procedures, and policies. Our CISO has over 25 years of experience in IT and cybersecurity.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] The Company has adopted incident response plan procedures for assessing and escalating cybersecurity incidents to various response teams that include the CISO, the CIO and other senior management, as necessary.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.4
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Basis of Presentation
(a) Basis of Presentation
The accompanying consolidated financial statements have been prepared in compliance with generally accepted accounting principles in the United States (“GAAP”) as codified in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”). Certain amounts in the consolidated financial statements and notes thereto of prior years have been reclassified to conform to the current year presentation.
Principles of Consolidation
(b) Principles of Consolidation
The consolidated financial statements include the accounts of Tutor Perini Corporation and its wholly owned subsidiaries (the “Company”). The Company occasionally forms joint ventures with outside parties for the execution of single contracts or projects. The Company assesses its joint ventures to determine if they meet the qualifications of a variable interest entity (“VIE”) in accordance with ASC 810, Consolidation (“ASC 810”). If a joint venture is a VIE and the Company is the primary beneficiary, the joint venture is fully consolidated (see Note 13). If a joint venture is not a VIE, it may be consolidated under the voting interest method if the Company holds a controlling financial interest in the joint venture. The Company is considered to hold a controlling financial interest when it is able to exercise control over the joint venture’s operating and financial decisions. For construction joint ventures that do not need to be consolidated but qualify for the equity method of accounting, the Company accounts for its interest in the joint ventures using the proportionate consolidation method, whereby the Company’s proportionate share of the joint ventures’ assets, liabilities, revenue and cost of operations are included in the appropriate classifications in the Company’s consolidated financial statements. Intercompany balances and transactions have been eliminated.
Use of Estimates
(c) Use of Estimates
The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect reported amounts. These estimates are based on information available through the date of the issuance of the financial statements; therefore, actual results could differ from those estimates.
Revenues
(d) Revenues
Revenue Recognition
The Company derives revenue from long-term construction contracts with public and private customers primarily in the United States and its territories and in certain other international locations. The Company’s construction contracts are generally each accounted for as a single unit of account (i.e., as a single performance obligation).
Throughout the execution of construction contracts, the Company and its affiliated entities recognize revenue with the continuous transfer of control to the customer. The customer typically controls the asset under construction by either contractual termination clauses or by the Company’s rights to payment for work already performed on the asset under construction that does not have an alternative use for the Company.
Because control transfers over time, revenue is recognized to the extent of progress towards completion of the performance obligations. The selection of the method to measure progress towards completion requires judgment and is based on the nature of the products or services provided. The Company generally uses the cost-to-cost method for its contracts, which measures progress towards completion for each performance obligation based on the ratio of costs incurred to date to the total estimated costs at completion for the respective performance obligation. Incurred cost represents work performed, which corresponds with, and thereby best depicts, the transfer of control to the customer. Revenue, including estimated fees or profits, is recorded proportionately as costs are incurred. Cost of operations includes labor, materials, subcontractor costs, and other direct and indirect costs, including depreciation and amortization.
Due to the nature of the work required to be performed on many of the Company’s performance obligations, estimating total revenue and cost at completion is complex, subject to many variables and requires significant judgment. Assumptions as to the occurrence of future events and the likelihood and amount of variable consideration, including the impact of change orders, claims, contract disputes and the achievement of contractual performance criteria, and award or other incentive fees are made during the contract performance period. The Company estimates variable consideration at the most likely amount it expects to receive. The Company includes estimated amounts in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. Estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of anticipated performance and all information (historical, current and forecasted) that is reasonably available to management. Back charges to suppliers or subcontractors are recognized as a reduction of cost when it is determined that recovery of such cost is probable and the amounts can be reliably estimated. Disputed back charges are recognized when the same requirements described above for variable consideration have been satisfied.
Changes in Estimates on Construction Contracts
The Company’s estimates of contract revenue and cost are highly detailed and many factors change during a contract performance period that result in a change to contract profitability. These factors include, but are not limited to, differing site conditions; availability of skilled contract labor; performance of major material suppliers and subcontractors; on-going subcontractor negotiations and buyout provisions; unusual weather conditions; changes in the timing of scheduled work; change orders; accuracy of the original bid estimate; changes in estimated labor productivity and costs based on experience to date; achievement of incentive-based income targets; and the expected, or actual, resolution terms for claims. The factors that cause changes in estimates vary depending on the maturation of the project within its lifecycle. For example, in the ramp-up phase, these factors typically consist of revisions in anticipated project costs and during the peak and closeout phases, these factors include the impact of change orders and claims, as well as additional revisions in remaining anticipated project costs. Generally, if the contract is at an early stage of completion, the current period impact is smaller than if the same change in estimate is made to the contract at a later stage of completion. Management evaluates changes in estimates on a contract-by-contract basis and discloses significant changes, if material, in the Notes to Consolidated Financial Statements. The cumulative catch-up method is used to account for revisions in estimates.
Retention Receivable and Payable
(e) Retention Receivable and Payable
Retention receivable represents amounts invoiced to customers representing an unconditional right to cash where payments have been partially withheld pending the completion of certain milestones, satisfaction of other contractual conditions or the completion of the project. Retention agreements vary from project to project, and balances could be outstanding for several months or years depending on a number of circumstances, such as contract-specific terms, project performance and other variables that may arise as the Company makes progress toward completion.
Retention payable represents amounts invoiced to the Company by subcontractors where payments have been partially withheld pending the completion of certain milestones, other contractual conditions or upon the completion of the project. Generally, retention payable is not remitted to subcontractors until the associated retention receivable from customers is collected.
Other Current Assets
(f) Other Current Assets
Other current assets consist of the following:
As of December 31,
(in thousands)20252024
Capitalized contract costs
$322,284 $100,593 
Other
88,746 92,322 
Total other current assets
$411,030 $192,915 
Capitalized contract costs are included in other current assets and primarily represent costs to fulfill a contract that (1) directly relate to an existing or anticipated contract, (2) generate or enhance resources that will be used in satisfying performance obligations in the future and (3) are expected to be recovered through the contract. Capitalized contract costs, which are primarily comprised of prepaid insurance premiums, are generally expensed to the associated contract over the period of anticipated use on the project.
Depreciation of Property and Equipment and Amortization of Long-Lived Intangible Assets
(g) Depreciation of Property and Equipment and Amortization of Long-Lived Intangible Assets
Property and equipment and long-lived intangible assets are generally depreciated or amortized on a straight-line basis over their estimated useful lives ranging from three to forty years.
Recoverability of Long-Lived Assets
(h) Recoverability of Long-Lived Assets
Long-lived assets are reviewed for impairment whenever circumstances indicate that the future cash flows generated by the assets might be less than the assets’ net carrying value. In such circumstances, an impairment loss will be recognized by the amount the assets’ net carrying value exceeds their fair value.
Recoverability of Goodwill
(i) Recoverability of Goodwill
The Company tests goodwill for impairment annually as of October 1 for each reporting unit and between annual tests if events occur or circumstances change which suggest that goodwill should be reevaluated. Such events or circumstances include significant changes in legal factors and business climate, recent losses at a reporting unit, and industry trends, among other factors. The Civil, Building and Specialty Contractors segments each represent a reporting unit, and the Civil reporting unit carried the remaining goodwill balance at December 31, 2025. The Company performs its annual quantitative impairment assessment during the fourth quarter of each year using a weighted average of an income and a market approach. These approaches utilize various valuation assumptions, and small changes to the assumptions could have a significant impact on the concluded fair value. The income approach is based on the estimated present value of future cash flows for each reporting unit carrying a goodwill balance. The market approach is based on assumptions about how market data relates to each reporting unit carrying a goodwill balance. The weighting of these two approaches is based on their individual correlation to the economics of each reporting unit carrying a goodwill balance. The annual quantitative assessment performed in the fourth quarter of 2025 resulted in an estimated fair value that exceeded the net book value of the Civil reporting unit; therefore, no impairment charge was necessary.
Recoverability of Non-Amortizable Trade Names
(j) Recoverability of Non-Amortizable Trade Names
Certain trade names have an estimated indefinite life and are not amortized to earnings, but instead are reviewed for impairment annually, or more often if events occur or circumstances change which suggest that the non-amortizable trade names should be reevaluated. The Company performs its annual quantitative impairment assessment during the fourth quarter of each year using an income approach (relief from royalty method). The assessment performed in the fourth quarter of 2025 resulted in an estimated fair value for the non-amortizable trade names that exceeded their respective net book values; therefore, no impairment charge was necessary.
Income Taxes
(k) Income Taxes
Deferred income tax assets and liabilities are recognized for the effects of temporary differences between the financial statement carrying amounts and the income tax basis of assets and liabilities using tax rates expected to be in effect when such differences reverse. Income tax positions must meet a more-likely-than-not threshold to be recognized. The Company recognizes interest and penalties related to uncertain tax positions as a component of the income tax provision.
Earnings Per Common Share
(l) Earnings Per Common Share
Basic earnings per common share (“EPS”) and diluted EPS are calculated by dividing net income (loss) attributable to Tutor Perini Corporation by the following: for basic EPS, the weighted-average number of common shares outstanding during the period; and for diluted EPS, the sum of the weighted-average number of both outstanding common shares and potentially dilutive securities, which for the Company can include restricted stock units (“RSUs”) and unexercised stock options. The Company calculates the effect of the potentially dilutive RSUs and stock options using the treasury stock method.
Cash, Cash Equivalents and Restricted Cash
(n) Cash, Cash Equivalents and Restricted Cash
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets to the amounts shown in the Consolidated Statements of Cash Flows:
As of December 31,
(in thousands)20252024
Cash and cash equivalents available for general corporate purposes$270,715 $265,647 
Joint venture cash and cash equivalents463,838 189,437 
Cash and cash equivalents734,553 455,084 
Restricted cash35,641 9,104 
Total cash, cash equivalents and restricted cash$770,194 $464,188 
Cash equivalents include short-term, highly liquid investments with maturities of three months or less when acquired. Cash and cash equivalents consist of amounts available for the Company’s general purposes, the Company’s proportionate share of cash held by the Company’s unconsolidated joint ventures and 100% of amounts held by the Company’s consolidated joint ventures. In both cases, cash held by joint ventures is available only for joint venture-related uses, including future distributions to joint venture partners.
Restricted cash includes amounts primarily held as collateral to secure insurance-related contingent obligations, such as insurance claim deductibles, in lieu of letters of credit.
Investments
(o) Investments
The Company has investments consisting of 1) restricted investments primarily held as collateral to secure insurance-related contingent obligations, such as insurance claim deductibles, in lieu of letters of credit and insurance-related deposits; and 2) investments in lieu of retention. Investments in lieu of retention are recorded as a component of retention receivable on the accompanying Consolidated Balance Sheets.
The Company’s investments consist primarily of debt securities classified as available-for-sale (“AFS”), consisting of U.S. government agency securities, municipal bonds and corporate debt securities that are rated A3 or better (see Note 12). The Company’s AFS debt securities are recorded at fair value with unrealized gains and losses included in accumulated other comprehensive income (loss) (“AOCI”), net of applicable taxes. Realized gains and losses from sales of AFS debt securities are included in other income (expense) in our Consolidated Statements of Operations.
Management evaluated the unrealized losses in AFS debt securities as of December 31, 2025 and 2024 to determine the existence of credit losses considering factors including credit ratings and other relevant information, which may indicate that contractual cash flows are not expected to occur. The results of this evaluation indicated that the unrealized losses on AFS debt securities are primarily attributable to market interest rate increases and not a deterioration in credit quality of the issuers. Based on the analysis, management determined that credit losses did not exist for AFS debt securities in an unrealized loss position as of December 31, 2025 and 2024.
It is not considered likely that the Company will be required to sell the investments before full recovery of the amortized cost basis of the AFS debt securities, which may be at maturity. As a result, the Company has not recognized any impairment losses in earnings for the years ended December 31, 2025 and 2024.
Share-Based Compensation
(p) Share-Based Compensation
The Company’s long-term incentive plan allows the Company to grant share-based compensation awards in a variety of forms, including RSUs, stock options, cash-settled performance stock units (“CPSUs”), cash-settled restricted stock awards (“CRSUs”), also known as deferred cash awards (“DCAs”), and unrestricted stock.
RSUs give the holder the right to exchange their stock units for shares of the Company’s common stock on a one-for-one basis. These awards generally vest subject to service, performance or market conditions, with related compensation expense equal to the fair value of the award on the date of grant and recognized on a straight-line basis over the requisite period. The fair value of RSUs with service or performance-vesting conditions is generally based on the closing price of the Company’s common stock on the New York Stock Exchange (“NYSE”).
Stock options give the holder the right to purchase shares of the Company’s common stock subsequent to the vesting date at a defined exercise price. A stock option exercise price must be equal to or greater than the fair value of the Company’s common stock on the date of the award. The term for stock options is limited to 10 years from the award date. Stock options generally vest subject to certain service, performance or market conditions, with related compensation expense equal to the fair value of the award on the date of grant and recognized on a straight-line basis over the requisite period. The fair value of stock options with service or performance-vesting conditions is generally based on the Black-Scholes model.
CPSUs and CRSUs give the holder the right to exchange their stock units for cash based on the value of the Company’s common stock on the vesting date. CPSUs vest upon satisfaction of market or performance conditions and CRSUs vest subject to a service-based condition. CPSUs and CRSUs are classified as liability awards and are remeasured at fair value at the end of each reporting period with the change in fair value recognized in earnings. The fair value of CRSUs and performance-based CPSUs is generally based on the closing price of the Company’s common stock on the NYSE at the measurement date. The fair value of the performance-based CPSUs is also adjusted for expected achievement of performance conditions. Since CPSUs and CRSUs are settled in cash and no shares are issued, these awards do not dilute equity.
Certain RSU and CPSU awards contain market condition components tied to the Company’s total shareholder return in relation to its peer companies, as calculated over a multi-year performance period (“TSR awards”). CPSU awards may also contain a market condition component tied to the annualized growth in price of the Company’s common stock over a multi-year performance period. The fair value of these market-based awards is estimated using a Monte Carlo simulation model. Significant assumptions used in this simulation model include the Company’s expected volatility, a risk-free rate based on U.S. Treasury yield curve rates with maturities consistent with the performance period, and, specifically pertaining to TSR awards, the volatilities for each of the Company’s peers.
Unrestricted stock awards are fully vested upon issuance with related compensation expense equal to the fair value of the award on the date of grant. The fair value of unrestricted stock is based on the closing price of the Company’s common stock on the NYSE.
For all awards with only a service-based vesting condition, the Company accounts for forfeitures upon occurrence, rather than estimating the probability of forfeiture at the date of grant. Accordingly, the Company recognizes the full grant-date fair value of these awards on a straight-line basis throughout the requisite service period, reversing any expense if, and only if, there is a forfeiture.
For all awards that have a performance-based vesting condition, the Company evaluates the probability of achieving the performance criteria quarterly throughout the performance period and will adjust share-based compensation expense if it estimates that the achievement of the performance criteria is not probable. In addition, liability awards with a performance-based vesting condition are remeasured at fair value at each reporting period and the compensation expense is adjusted accordingly.
For equity awards with a market-based vesting condition, compensation expense is recognized regardless of whether the market condition is satisfied, provided that the requisite service period has been completed. Conversely, liability awards with market-based vesting requirements are remeasured at fair value at each reporting period using a Monte Carlo simulation model and the compensation expense is adjusted accordingly.
Insurance Liabilities
(q) Insurance Liabilities
The Company typically utilizes third-party insurance coverage subject to varying deductible levels with aggregate caps on losses retained. The Company assumes the risk for the amount of the deductible portion of the losses and liabilities primarily associated with workers’ compensation and general liability coverage. In addition, on certain projects, the Company assumes the risk for the amount of the deductible portion of losses that arise from any subcontractor defaults. Losses are accrued based upon the Company’s estimates of the aggregate liability for claims incurred using historical experience and certain actuarial assumptions followed in the insurance industry. The estimate of insurance liability within the deductible limits includes an estimate of incurred but not reported claims based on data compiled from historical experience.
Other Comprehensive Income (Loss)
(r) Other Comprehensive Income (Loss)
ASC 220, Comprehensive Income, establishes standards for reporting comprehensive income and its components in the consolidated financial statements. The Company reports the change in pension benefit plan assets/liabilities, cumulative foreign currency translation, and the unrealized gain (loss) of investments as components of AOCI.
Recent Accounting Pronouncements
(s) Recent Accounting Pronouncements
In December 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (“Topic 740”): Improvements to Income Tax Disclosures (“ASU 2023-09”), which requires public entities to disclose specific categories in its annual effective tax rate reconciliation and disaggregated information about significant reconciling items by jurisdiction and by nature. ASU 2023-09 also requires entities to disclose their income tax payments (net of refunds) to international, federal, and state and local jurisdictions. The Company adopted this ASU for the year ended December 31, 2025 on a prospective basis. The adoption of ASU 2023-09 resulted in additional income tax disclosures, but did not have an impact on the consolidated financial position, results of operations or cash flows. Refer to Note 5, Income Taxes, for additional details.
In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (“Subtopic 220-40”): Disaggregation of Income Statement Expenses (“ASU 2024-03”), which requires public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. This guidance is effective for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statements.
v3.25.4
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Schedule of Other Current Assets
Other current assets consist of the following:
As of December 31,
(in thousands)20252024
Capitalized contract costs
$322,284 $100,593 
Other
88,746 92,322 
Total other current assets
$411,030 $192,915 
Schedule of Calculations of Basic and Diluted (EPS)
Year Ended December 31,
(in thousands, except per common share data)202520242023
Net income (loss) attributable to Tutor Perini Corporation$80,440 $(163,721)$(171,155)
Weighted-average common shares outstanding, basic52,693 52,322 51,845 
Effect of dilutive RSUs and stock options
720 — — 
Weighted-average common shares outstanding, diluted53,413 52,322 51,845 
Net income (loss) attributable to Tutor Perini Corporation per common share:
Basic$1.53 $(3.13)$(3.30)
Diluted$1.51 $(3.13)$(3.30)
Anti-dilutive securities not included above125 1,443 2,982 
Schedule of Cash and Cash Equivalents
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets to the amounts shown in the Consolidated Statements of Cash Flows:
As of December 31,
(in thousands)20252024
Cash and cash equivalents available for general corporate purposes$270,715 $265,647 
Joint venture cash and cash equivalents463,838 189,437 
Cash and cash equivalents734,553 455,084 
Restricted cash35,641 9,104 
Total cash, cash equivalents and restricted cash$770,194 $464,188 
Schedule of Tax Effects of Components of Other Comprehensive Income (Loss)
The components of other comprehensive income (loss) and the related tax effects for the years ended December 31, 2025, 2024 and 2023 were as follows:
Year Ended December 31,
202520242023
(in thousands)Before-Tax AmountTax ExpenseNet-of-Tax AmountBefore-Tax AmountTax (Expense) BenefitNet-of-Tax AmountBefore-Tax Amount
Tax Expense
Net-of-Tax Amount
Other comprehensive income (loss):
Defined benefit pension plan adjustments$2,079 $(570)$1,509 $7,906 $(2,124)$5,782 $4,477 $(1,194)$3,283 
Foreign currency translation adjustment2,273 (274)1,999 (4,523)648 (3,875)961 (126)835 
Unrealized gain in fair value of investments3,498 (712)2,786 2,690 (550)2,140 5,206 (1,075)4,131 
Total other comprehensive income$7,850 $(1,556)$6,294 $6,073 $(2,026)$4,047 $10,644 $(2,395)$8,249 
Less: Other comprehensive income (loss) attributable to noncontrolling interests1,540 — 1,540 (1,752)— (1,752)999 — 999 
Total other comprehensive income attributable to Tutor Perini Corporation$6,310 $(1,556)$4,754 $7,825 $(2,026)$5,799 $9,645 $(2,395)$7,250 
Schedule of Changes in AOCI Balances by Component
The changes in AOCI balances by component (after tax) attributable to Tutor Perini Corporation and noncontrolling interests during the years ended December 31, 2025, 2024 and 2023 were as follows:
(in thousands)Defined Benefit Pension PlanForeign Currency TranslationUnrealized Gain (Loss) in Fair
Value of Investments, Net		Accumulated Other Comprehensive
Income (Loss)
Attributable to Tutor Perini Corporation:
Balance as of December 31, 2022$(32,637)$(7,241)$(7,159)$(47,037)
Other comprehensive income before reclassifications2,036 348 3,528 5,912 
Amounts reclassified from AOCI1,247 — 91 1,338 
Balance as of December 31, 2023$(29,354)$(6,893)$(3,540)$(39,787)
Other comprehensive income (loss) before reclassifications4,566 (1,764)1,680 4,482 
Amounts reclassified from AOCI1,216 — 101 1,317 
Balance as of December 31, 2024$(23,572)$(8,657)$(1,759)$(33,988)
Other comprehensive income before reclassifications5 727 2,569 3,301 
Amounts reclassified from AOCI1,504 — (51)1,453 
Balance as of December 31, 2025$(22,063)$(7,930)$759 $(29,234)
(in thousands)Defined Benefit Pension PlanForeign Currency TranslationUnrealized Gain (Loss) in Fair
Value of Investments, Net		Accumulated Other Comprehensive
Income (Loss)
Attributable to Noncontrolling Interests:
Balance as of December 31, 2022$— $(799)$(931)$(1,730)
Other comprehensive income— 487 512 999 
Balance as of December 31, 2023$— $(312)$(419)$(731)
Other comprehensive income (loss)— (2,111)359 (1,752)
Balance as of December 31, 2024$— $(2,423)$(60)$(2,483)
Other comprehensive income— 1,272 268 1,540 
Balance as of December 31, 2025$— $(1,151)$208 $(943)
Schedule of Reclassification from AOCI
The significant items reclassified out of AOCI and the corresponding location and impact on the Consolidated Statements of Operations during the years ended December 31, 2025, 2024 and 2023 are as follows:
Year Ended December 31,
(in thousands)202520242023
Component of AOCI:
Defined benefit pension plan adjustments(a)
$2,072 $1,664 $1,700 
Income tax benefit(b)
(568)(448)(453)
Net of tax$1,504 $1,216 $1,247 
Unrealized (gain) loss in fair value of investment adjustments(a)
$(65)$128 $115 
Income tax expense (benefit)(b)
14 (27)(24)
Net of tax$(51)$101 $91 
___________________________________________________________________________________________________
(a)Amount included in other income, net on the Consolidated Statements of Operations.
(b)Amounts included in income tax (expense) benefit on the Consolidated Statements of Operations.
v3.25.4
Consolidated Statements of Cash Flows (Tables)
 12 Months Ended
Dec. 31, 2025
Supplemental Cash Flow Elements [Abstract]  
Schedule of Changes in Other Components of Working Capital
Below are the changes in other components of working capital as shown in the Consolidated Statements of Cash Flows, as well as the supplemental disclosures of cash paid for interest and income taxes:
Year Ended December 31,
(in thousands)202520242023
(Increase) Decrease in:
Accounts receivable$(229,726)$66,921 $116,310 
Retention receivable(107,968)22,201 5,666 
Costs and estimated earnings in excess of billings123,323 201,324 233,682 
Other current assets(217,175)23,454 (37,460)
(Decrease) Increase in:
Accounts payable93,464 164,923 (28,800)
Retention payable24,275 17,833 (23,424)
Billings in excess of costs and estimated earnings621,987 113,093 127,718 
Accrued expenses and other current liabilities22,453 (20,625)35,218 
Changes in other components of working capital$330,633 $589,124 $428,910 
Supplemental disclosures:
Interest paid$50,419 $73,674 $80,286 
Income taxes paid, net of refunds received
$8,705 $18,069 $828 
v3.25.4
Revenue (Tables)
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue
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)202520242023
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 facilities382,509 436,511 348,133 
Bridges(c)
378,499 170,069 204,029 
Detention facilities160,354 77,470 — 
Power and energy144,752 129,848 70,658 
Commercial and industrial sites82,520 133,797 118,880 
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)202520242023
Building segment revenue by end market:
Healthcare facilities$943,909 $590,845 $294,667 
Detention facilities414,575 105,897 43,262 
Government191,523 302,034 380,868 
Education facilities122,324 285,207 226,335 
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)202520242023
Specialty Contractors segment revenue by end market:
Mass transit (includes certain transportation and tunneling projects)$252,965 $167,287 $119,760 
Commercial and industrial facilities142,525 115,471 213,003 
Healthcare facilities112,739 64,292 57,292 
Multi-unit residential102,347 84,978 114,516 
Government94,318 78,844 89,031 
Detention facilities58,121 266 — 
Water24,426 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)CivilBuildingSpecialty
Contractors		Total
Revenue by customer type:
State and local agencies(a)
$2,180,599 $856,734 $498,344 $3,535,677 
Federal agencies468,561 117,887 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)CivilBuildingSpecialty
Contractors		Total
Revenue by customer type:
State and local agencies(c)
$1,348,842 $867,638 $287,052 $2,503,532 
Federal agencies458,366 167,786 (4,122)622,030 
Private owners311,745 582,113 307,502 1,201,360 
Total revenue$2,118,953 $1,617,537 $590,432 $4,326,922 
Year Ended December 31, 2023
(in thousands)CivilBuildingSpecialty
Contractors		Total
Revenue by customer type:
State and local agencies$1,250,740 $718,106 $316,473 $2,285,319 
Federal agencies400,782 187,199 (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 
___________________________________________________________________________________________________
(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. Refer to Note 14, Business Segments, for additional details.
(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.
Year Ended December 31, 2025
(in thousands)CivilBuildingSpecialty
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 price348,874 — 68,311 417,185 
Cost plus fee and other58,659 129,557 68,095 256,311 
Total revenue$2,846,830 $1,852,237 $843,972 $5,543,039 
Year Ended December 31, 2024
(in thousands)CivilBuildingSpecialty
Contractors		Total
Revenue by contract type:
Fixed price(b)
$1,791,858 $638,938 $479,173 $2,909,969 
Guaranteed maximum price715 810,697 6,688 818,100 
Unit price272,579 — 74,102 346,681 
Cost plus fee and other53,801 167,902 30,469 252,172 
Total revenue$2,118,953 $1,617,537 $590,432 $4,326,922 
Year Ended December 31, 2023
(in thousands)CivilBuildingSpecialty
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 price235,085 — 91,992 327,077 
Cost plus fee and other33,883 237,051 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.
v3.25.4
Contract Assets and Liabilities (Tables)
 12 Months Ended
Dec. 31, 2025
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]  
Schedule of Contract Assets and Liabilities
Contract assets and liabilities on the Consolidated Balance Sheets consisted of the following amounts as of December 31, 2025 and 2024:
As of December 31,
(in thousands)20252024
Contract Assets
Costs and estimated earnings in excess of billings:
Claims$324,727 $451,770 
Unapproved change orders402,060 393,803 
Other unbilled costs and profits92,412 96,949 
Total costs and estimated earnings in excess of billings$819,199 $942,522 
Contract Liabilities
Billings in excess of costs and estimated earnings$1,838,610 $1,216,623 
v3.25.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Loss Before Taxes
Income (loss) before income taxes is summarized as follows:
Year Ended December 31,
(in thousands)202520242023
United States operations$164,017 $(261,147)$(232,512)
Foreign and U.S. territory operations40,491 88,139 49,958 
Total$204,508 $(173,008)$(182,554)
Schedule of Provision for Income Taxes
The income tax expense (benefit) is as follows:
Year Ended December 31,
(in thousands)202520242023
Current expense (benefit):
Federal$(3,661)$8,832 $(178)
State9,856 3,997 1,888 
Foreign and U.S. territories8,371 14,510 8,153 
Total current expense:14,566 27,339 9,863 
Deferred expense (benefit):
Federal44,735 (51,758)(48,634)
State4,648 (24,862)(17,612)
Foreign and U.S. territories(2,522)(1,388)1,426 
Total deferred expense (benefit):46,861 (78,008)(64,820)
Total expense (benefit):$61,427 $(50,669)$(54,957)
Schedule of Reconciliation of Provision for Income Taxes The following table presents the required disclosure pursuant to ASU 2023-09 and is a reconciliation of the Company's income tax expense at the statutory federal tax rate to the Company's effective tax rate for the year ended December 31, 2025:
Year Ended December 31,
2025
(dollars in thousands)AmountRate
Federal income tax benefit at statutory tax rate$42,947 21.0 %
State income taxes, net of federal tax benefit(a)
11,563 5.7 
Foreign tax effects:
Canada:
Statutory tax rate differential(1,547)(0.8)
Noncontrolling interests3,780 1.8 
Other(1,244)(0.6)
  Commonwealth of the Northern Marianas Islands:
    Gross receipts tax credit(4,069)(2.0)
  Other(183)(0.1)
Effects of cross-border tax laws:
Foreign branch income or loss (net of foreign tax credits)(5,451)(2.7)
Foreign flow-through income or loss2,298 1.1 
Other47 — 
Tax credits:
  Research and development tax credits(8,216)(4.0)
  Other(6)— 
Changes in valuation allowances1,782 0.9 
Nontaxable or nondeductible items:
  Officers' compensation32,576 15.9 
  Noncontrolling interests(15,949)(7.8)
  Other1,947 1.0 
Changes in unrecognized tax benefits1,041 0.5 
Other111 0.1 
Income tax expense$61,427 30.0 %
____________________________________________________________________________________________________
(a)State taxes in California contributed to the majority (greater than 50%) of the tax effect in this category.
The following table presents the required disclosures prior to the adoption of ASU 2023-09 and is a reconciliation of the Company's income tax benefit at the statutory federal tax rate to the Company's effective tax rate for the years ended December 31, 2024 and 2023:
Year Ended December 31,
20242023
(dollars in thousands)AmountRateAmountRate
Federal income tax benefit at statutory tax rate$(36,332)21.0 %$(38,336)21.0 %
State income taxes, net of federal tax benefit(16,591)9.6 (10,556)5.8 
Share-based compensation
1,122 (0.6)446 (0.2)
Officers' compensation9,825 (5.7)5,129 (2.8)
Noncontrolling interests(9,892)5.7 (9,795)5.4 
Federal R&D credits(750)0.4 (493)0.3 
Foreign tax rate differences(422)0.2 (297)0.2 
Valuation allowance3,968 (2.3)347 (0.2)
Other(1,597)1.0 (1,402)0.6 
Income tax benefit$(50,669)29.3 %$(54,957)30.1 %
Schedule of Cash Paid (Net of Refunds Received) for Income Taxes
Cash paid for income taxes (net of refunds received) by jurisdiction pursuant to the disclosure requirements of ASU 2023-09 for the year ended December 31, 2025 is as follows:
Year Ended December 31,
(in thousands)2025
Federal $(2,116)
State and local:
California6,804 
Virginia709 
New York City532 
Pennsylvania(655)
New York(869)
Other state and local jurisdictions(315)
Total state and local6,206 
Foreign and U.S. territories:
Guam7,450 
Commonwealth of the Northern Marianas Islands900 
Puerto Rico559 
Canada(4,303)
Other foreign and U.S. territory jurisdictions9 
Total foreign and U.S. territories
4,615 
Total $8,705 
Schedule of Significant Components of Deferred Tax Assets and Liabilities
The following is a summary of the significant components of the deferred tax assets and liabilities:
As of December 31,
(in thousands)20252024
Deferred tax assets:
Timing of expense recognition$67,606 $78,892 
Net operating losses117,475 144,148 
Joint ventures
9,395 12,571 
Lease liabilities
14,927 12,067 
Other, net24,326 29,001 
Deferred tax assets233,729 276,679 
Valuation allowance(15,789)(14,014)
Net deferred tax assets217,940 262,665 
Deferred tax liabilities:
Goodwill(11,014)(3,969)
Intangible assets, due primarily to purchase accounting(15,291)(16,786)
Fixed assets(56,865)(53,382)
Construction contract accounting(3,246)(7,212)
Joint ventures(15,653)(23,079)
Right-of-use assets
(13,573)(10,992)
Other(5,725)(3,956)
Deferred tax liabilities(121,367)(119,376)
Net deferred tax assets$96,573 $143,289 
The net deferred tax assets are presented in the Consolidated Balance Sheets as follows:
As of December 31,
(in thousands)20252024
Deferred tax assets$96,573 $143,289 
Deferred tax liabilities— — 
Net deferred tax assets$96,573 $143,289 
Schedule of Reconciliation of Gross Unrecognized Tax Benefit
The Company accounts for its uncertain tax positions in accordance with GAAP. The following is a reconciliation of the beginning and ending amounts of these unrecognized tax benefits for the three years ended December 31:
As of December 31,
(in thousands)202520242023
Beginning balance$16,868 $4,773 $7,525 
Change in tax positions of prior years594 6,756 438 
Change in tax positions of current year2,511 6,385 (189)
Reduction in tax positions due to settlement with tax authorities(7,645)— — 
Reduction in tax positions for statute expirations(1,096)(1,046)(3,001)
Ending balance$11,232 $16,868 $4,773 
v3.25.4
Goodwill and Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Changes in Carrying Amount of Goodwill
The following table presents the changes in the carrying amount of goodwill since its inception through December 31, 2025:
(in thousands)CivilBuildingSpecialty
Contractors		Total
Gross goodwill as of December 31, 2023$492,074 $424,724 $156,193 $1,072,991 
Accumulated impairment as of December 31, 2023(286,931)(424,724)(156,193)(867,848)
Goodwill as of December 31, 2023205,143 — — 205,143 
2024 activity— — — — 
Goodwill as of December 31, 2024205,143 — — 205,143 
Current year activity— — — — 
Goodwill as of December 31, 2025(a)
$205,143 $— $— $205,143 
_____________________________________________________________________________________________________________
(a)As of December 31, 2025, accumulated impairment was $867.8 million.
Schedule of Intangible Assets
Intangible assets consist of the following:
As of December 31, 2025Weighted-Average Amortization Period
(in thousands)CostAccumulated
Amortization		Accumulated Impairment ChargeCarrying Value
Trade names (non-amortizable)$117,600 $— $(67,190)$50,410 Indefinite
Trade names (amortizable)69,250 (32,596)(23,232)13,422 20 years
Contractor license6,000 — (6,000)— N/A
Customer relationships39,800 (23,155)(16,645)— N/A
Construction contract backlog149,290 (149,290)— — N/A
Total$381,940 $(205,041)$(113,067)$63,832 
As of December 31, 2024Weighted-Average Amortization Period
(in thousands)CostAccumulated
Amortization		Accumulated Impairment ChargeCarrying Value
Trade names (non-amortizable)$117,600 $— $(67,190)$50,410 Indefinite
Trade names (amortizable)69,250 (30,359)(23,232)15,659 20 years
Contractor license6,000 — (6,000)— N/A
Customer relationships39,800 (23,155)(16,645)— N/A
Construction contract backlog149,290 (149,290)— — N/A
Total$381,940 $(202,804)$(113,067)$66,069 
v3.25.4
Financial Commitments (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt
Long-term debt as reported on the Consolidated Balance Sheets consisted of the following:
As of December 31,
(in thousands)20252024
2024 Senior Notes$382,017 $378,023 
Term Loan B— 121,863 
Revolver— — 
Equipment financing and mortgages18,261 25,038 
Other indebtedness7,096 9,214 
Total debt407,374 534,138 
Less: Current maturities14,589 24,113 
Long-term debt, net$392,785 $510,025 
Schedule of Reconciliation of Outstanding Debt Balance to Reported Debt Balance
The following table reconciles the outstanding debt balances to the reported debt balances as of December 31, 2025 and 2024:
As of December 31, 2025As of December 31, 2024
(in thousands)Outstanding DebtUnamortized Discounts and Issuance Costs
Debt,
as reported		Outstanding DebtUnamortized Discounts and Issuance Costs
 Debt,
as reported
2024 Senior Notes$400,000 $(17,983)$382,017 $400,000 $(21,977)$378,023 
Term Loan B— — — 121,863 — 121,863 
Schedule of Future Principal Payments of Long-Term Debt
The following table presents the future principal payments required under all of the Company’s debt obligations, discussed above:
Year (in thousands)
2026$14,589 
20273,212 
20282,670 
2029402,223 
20301,268 
Thereafter1,395 
425,357 
Less: Unamortized discounts and issuance costs17,983 
Total$407,374 
Schedule of Interest Expense as Reported in the Consolidated Statements of Operations
Interest expense as reported in the Consolidated Statements of Operations consisted of the following:
For the year ended December 31,
(in thousands)202520242023
Cash interest expense:
Interest on Term Loan B$876 $27,452 $38,266 
Interest on 2024 Senior Notes47,500 32,458 — 
Interest on 2017 Senior Notes— 11,554 34,375 
Interest on Revolver193 1,194 4,924 
Other interest1,843 2,407 2,134 
Total cash interest expense50,412 75,065 79,699 
Non-cash interest expense(a):
Amortization of discount and debt issuance costs on Term Loan B— 9,410 3,592 
Amortization of debt issuance costs on Revolver559 632 745 
Amortization of debt issuance costs on 2024 Senior Notes3,994 2,436 — 
Amortization of debt issuance costs on 2017 Senior Notes— 392 1,121 
Non-cash portion of loss on extinguishment— 1,198 — 
Total non-cash interest expense4,553 14,068 5,458 
Total interest expense$54,965 $89,133 $85,157 
_____________________________________________________________________________________________________________
(a)The combination of cash and non-cash interest expense produces effective interest rates that are higher than contractual rates. Accordingly, the effective interest rate for the 2024 Senior Notes was 13.56% for the year ended December 31, 2025.
v3.25.4
Leases (Tables)
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Schedule of Components of Lease Expense
The following table presents components of lease expense for the years ended December 31, 2025 and 2024:
For the year ended December 31,
(in thousands)20252024
Operating lease expense$15,313 $13,524 
Short-term lease expense(a)
54,772 55,425 
70,085 68,949 
Less: Sublease income1,152 897 
Total lease expense$68,933 $68,052 
_____________________________________________________________________________________________________________
(a)Short-term lease expense includes all leases with lease terms ranging from less than one month to one year. Short-term leases include, among other things, construction equipment rented on an as-needed basis as well as temporary housing.
Schedule of Supplemental Financial Statement Information Related to Leases
The following table presents supplemental balance sheet information related to operating leases:
As of December 31,
(dollars in thousands)Balance Sheet Line Item20252024
Assets
ROU assetsOther assets$58,608$41,695
Total lease assets$58,608$41,695
Liabilities
Current lease liabilitiesAccrued expenses and other current liabilities$11,763$7,066
Long-term lease liabilitiesOther long-term liabilities51,78338,630
Total lease liabilities$63,546$45,696
Weighted-average remaining lease term 6.4 years8.0 years
Weighted-average discount rate8.04 %9.73 %
The following table presents supplemental cash flow information and non-cash activity related to operating leases:
As of December 31,
(in thousands)20252024
Operating cash flow information:
Cash paid for amounts included in the measurement of lease liabilities$(14,383)$(13,013)
Non-cash activity:
ROU assets obtained in exchange for lease liabilities$27,236 $10,817 
Schedule of Maturity of Operating Lease Liabilities on an Undiscounted Basis
The following table presents maturities of operating lease liabilities on an undiscounted basis as of December 31, 2025:
Year (in thousands)
Operating Leases
2026$16,529 
202714,822 
202813,346 
202910,842 
20307,016 
Thereafter22,310 
Total lease payments84,865 
Less: Imputed interest21,319 
Total$63,546 
v3.25.4
Share-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock Activity
The following table summarizes RSU, stock option, CPSU and CRSU activity:
 Time-Based RSUsPerformance-Based RSUsStock OptionsCPSUs
CRSUs
NumberWeighted-
Average
Grant Date
Fair Value
Per Share		NumberWeighted-
Average
Grant Date
Fair Value
Per Share		NumberWeighted-
Average
Exercise/
(Strike) Price
Per Share		Number
Weighted-
Average
Grant Date
Fair Value
Per Unit
Number
Weighted-
Average
Grant Date
Fair Value
Per Unit
Outstanding as of December 31, 20221,106,670 $15.66 — $— 1,625,265 $22.93 814,620 $16.61 100,000 $6.99 
Granted590,188 8.66 — — — — 901,541 11.18 214,379 8.43 
Expired or cancelled(45,000)16.19 — — (190,000)19.88 (380,782)20.37 — — 
Vested/exercised(404,229)15.75 — — — — (150,696)11.98 (30,000)8.98 
Outstanding as of December 31, 20231,247,629 $12.30 — $— 1,435,265 $23.33 1,184,683 $11.86 284,379 $7.87 
Granted30,000 12.68 — — — — 645,180 19.17 673,855 12.75 
Earned for performance above target
— — — — — — 72,864 19.24 — — 
Expired or cancelled(50,000)23.14 — — (287,337)26.62 (157,884)10.53 — — 
Vested/exercised(598,913)13.24 — — (471,295)20.12 (230,748)19.24 (171,459)7.59 
Outstanding as of December 31, 2024628,716 $10.57 — $— 676,633 $24.17 1,514,095 $14.34 786,775 $12.11 
Granted461,095 37.41 151,623 47.76 — — — — 381,410 27.59 
Earned for performance above target
— — — — — — 636,368 12.95 — — 
Expired or cancelled— — — — (177,201)23.56 (265,094)8.66 (74,279)36.35 
Vested/exercised(411,986)11.38 — — (112,500)19.61 (1,140,189)12.80 (286,520)11.62 
Outstanding as of December 31, 2025677,825 $28.33 151,623 $47.76 386,932 $25.77 745,180 $17.54 807,386 $17.37 
Vested and expected to vest at December 31, 2025
677,825 $28.33 151,623 $47.76 386,932 $25.77 745,180 $17.54 807,386 $17.37 
The following table summarizes the fair value of RSUs, CPSUs and CRSUs that vested during 2025, 2024 and 2023:
For the year ended December 31,
(in thousands)202520242023
Fair value of vested shares on vesting date:
Time-based RSUs$10,855 $9,971 $4,110 
CPSUs76,415 5,584 1,077 
CRSUs8,446 3,040 185 
Schedule of Unrestricted Stock Units Issuance
The following table summarizes unrestricted common stock awards, which are generally issued to the non-employee members of the Company’s Board of Directors as part of their annual retainer fees:
Unrestricted Stock Awards
YearNumberWeighted-Average
Grant Date
Fair Value Per Share
2023302,112 $5.66 
202473,716 20.89 
202540,710 36.35 
v3.25.4
Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Schedule of Net Periodic Benefit Cost
The following table sets forth a summary of net periodic benefit cost for the years ended December 31, 2025, 2024 and 2023:
Year Ended December 31,
(in thousands)
202520242023
Interest cost$3,760 $3,651 $3,839 
Service cost685 988 1,000 
Expected return on plan assets(3,594)(3,763)(3,875)
Recognized net actuarial losses1,747 1,803 1,699 
Net periodic benefit cost$2,598 $2,679 $2,663 
Actuarial assumptions used to determine net cost:
Discount rate5.50 %4.95 %5.16 %
Expected return on assets5.00 %6.25 %6.25 %
Rate of increase in compensationN/AN/AN/A
Schedule of Target and Actual Asset Allocation for Pension Plan by Asset Category
The target asset allocation for the Company’s pension plan by asset category for 2026 and the actual asset allocation as of December 31, 2025 and 2024 by asset category are as follows:
Percentage of Plan Assets as of December 31,
Target
Allocation
2026
Actual Allocation
Asset Category20252024
Cash2 %7 %5 %
Equity funds18 11 60 
Fixed income funds80 82 35 
Total100 %100 %100 %
Schedule of Future Benefit Payments Under Defined Benefit Pension Plan
Future benefit payments under the plans for the next ten years are estimated as follows. These payments reflect calculated amounts prior to the effect of the anticipated termination of the pension plan.
(in thousands)
Year ended December 31,
2026$6,790 
20276,678 
20286,534 
20296,364 
20306,175 
2031-203527,436 
Total$59,977 
Schedule of Reconciliation of Changes in Fair Value of Plan Assets, Plan Benefit Obligations and Funded Status
The following tables provide a reconciliation of the changes in the fair value of plan assets and plan benefit obligations during 2025 and 2024, and a summary of the funded status as of December 31, 2025 and 2024:
Year Ended December 31,
(in thousands)20252024
Change in Fair Value of Plan Assets
Balance at beginning of year$60,247 $57,882 
Actual return on plan assets6,032 7,227 
Company contribution2,763 2,861 
Benefit payments(7,103)(7,723)
Balance at end of year$61,939 $60,247 
Year Ended December 31,
(in thousands)20252024
Change in Benefit Obligations
Balance at beginning of year$71,581 $77,443 
Interest cost3,760 3,651 
Service cost685 988 
Assumption change (gain) loss1,596 (3,161)
Actuarial loss
835 383 
Benefit payments(7,103)(7,723)
Balance at end of year$71,354 $71,581 
Schedule of Amount Recognized in Consolidated Balance Sheets
As of December 31,
(in thousands)20252024
Funded status$(9,415)$(11,334)
Net unfunded amounts recognized in Consolidated Balance Sheets consist of:
Current liabilities$(303)$(295)
Long-term liabilities(9,112)(11,039)
Total net unfunded amount recognized in Consolidated Balance Sheets$(9,415)$(11,334)
Schedule of Plan Assets at Fair Value
The following table sets forth the pension plan assets at fair value in accordance with the fair value hierarchy described in Note 12:
As of December 31, 2025As of December 31, 2024
Fair Value HierarchyFair Value Hierarchy
(in thousands)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Cash and cash equivalents$4,336 $— $— $4,336 $3,177 $— $— $3,177 
Fixed income funds560 12,741 — 13,301 — 3,133 — 3,133 
Exchange traded funds37,682 — — 37,682 — — — — 
Mutual funds— — — — 46,467 — — 46,467 
$42,578 $12,741 $— $55,319 $49,644 $3,133 $— $52,777 
Closely held funds(a)
Equity partnerships119 2,139 
Hedge fund investments6,501 5,331 
Total closely held funds(a)
6,620 7,470 
Total$42,578 $12,741 $— $61,939 $49,644 $3,133 $— $60,247 
_____________________________________________________________________________________________________________
(a)The pension plan’s investments in closely held funds are not categorized in the fair value hierarchy because they are measured at NAV using the practical expedient under ASC 820, Fair Value Measurement (“ASC 820”). The underlying holdings of closely held funds were composed of a combination of Level 1, 2 and 3 investments, and in some cases, may also include investments not categorized in the fair value hierarchy because they are measured at NAV using the practical expedient, as described above. The pension plan assets included investments in hedge funds and equity partnerships which do not have readily determinable fair values. The underlying holdings of the funds were composed of a combination of assets for which the estimate of fair value is determined using information provided by fund managers.
Schedule of Benefit Obligations in Excess of Fair Value of Plan's Assets
The plans have benefit obligations in excess of the fair value of each plan’s assets as follows:
As of December 31, 2025As of December 31, 2024
(in thousands)Pension
Plan		Benefit
Equalization
Plan		TotalPension
Plan		Benefit
Equalization
Plan		Total
Projected benefit obligation$69,059 $2,295 $71,354 $69,248 $2,333 $71,581 
Accumulated benefit obligation$69,059 $2,295 $71,354 $69,248 $2,333 $71,581 
Fair value of plans' assets$61,939 $— $61,939 $60,247 $— $60,247 
Projected benefit obligation greater than fair value of plans' assets$7,120 $2,295 $9,415 $9,001 $2,333 $11,334 
Accumulated benefit obligation greater than fair value of plans' assets$7,120 $2,295 $9,415 $9,001 $2,333 $11,334 
Schedule of Key Information for the Plans
The following table summarizes key information for the plans that the Company made significant contributions to during the three years ended December 31:
Pension Protection Act
Zone Status(a)
FIP/RP
Status
Pending or
Implemented(b)
Company Contributions
(amounts in millions) 		Expiration
Date of
Collective
Bargaining
Agreement
Pension FundEIN/Pension
Plan Number
2025
2024
2025(c)
2024
2023
Surcharge
Imposed
Construction Laborers Pension Trust Fund for Southern California43-6159056GreenGreenN/A$5.8 $5.2 
(d)
$2.1 No6/30/2026
The Pension, Hospitalization and Benefit Plan of the Electrical Industry - Pension Trust Account13-6123601/001GreenGreenN/A3.8 3.4 
(d)
4.2 
(d)
No4/12/2028
Southern California IBEW-NECA Pension Plan95-6392774YellowYellowImplemented3.7 2.4 1.0 No6/30/2026
Carpenters Pension Trust Fund for Northern California94-6050970GreenRedN/A3.2 2.5 2.5 No6/30/2027
Western States Carpenters Pension Plan95-6042875GreenGreenN/A3.1 2.7 1.3 No6/30/2026
_____________________________________________________________________________________________________________
(a)The Pension Protection Act Zone Status columns provide the two most recently available Pension Protection Act zone status reports from each plan.
(b)The “FIP/RP Status Pending or Implemented” column indicates plans for which a funding improvement plan (“FIP”) or a rehabilitation plan (“RP”) is either pending or implemented.
(c)The Company's contributions as a percentage of total plan contributions were not available for the 2025 plan year for any of the above pension funds.
(d)These amounts exceeded 5% of the respective total plan contributions.
v3.25.4
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis
The following fair value hierarchy table presents the Company’s assets that are measured at fair value on a recurring basis as of December 31, 2025 and 2024:
As of December 31, 2025As of December 31, 2024
Fair Value HierarchyFair Value Hierarchy
(in thousands)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Cash and cash equivalents(a)
$734,553 $— $— $734,553 $455,084 $— $— $455,084 
Restricted cash(a)
35,641 — — 35,641 9,104 — — 9,104 
Restricted investments(b)
— 228,959 — 228,959 — 139,986 — 139,986 
Investments in lieu of retention(c)
27,849 159,142 — 186,991 38,359 106,765 — 145,124 
Total$798,043 $388,101 $— $1,186,144 $502,547 $246,751 $— $749,298 
_____________________________________________________________________________________________________________
(a)Includes money market funds and short-term investments with maturity dates of three months or less when acquired.
(b)Restricted investments, as of December 31, 2025 and 2024, consist of AFS debt securities, which are valued based on pricing models determined from a compilation of primarily observable market information, broker quotes in non-active markets or similar assets; therefore, they are classified as Level 2 assets.
(c)Investments in lieu of retention are included in retention receivable as of December 31, 2025 and 2024, and are composed of money market funds of $27.8 million and $38.4 million, respectively, and AFS debt securities of $159.1 million and $106.8 million, respectively. The fair values of the money market funds are measured using quoted market prices; therefore, they are classified as Level 1 assets. The fair values of AFS debt securities are determined from a compilation of primarily observable market information, broker quotes in non-active markets or similar assets; therefore, they are classified as Level 2 assets.
Schedule of Available-for-Sale Securities Reconciliation
Investments in AFS debt securities consisted of the following as of December 31, 2025 and 2024:

As of December 31, 2025As of December 31, 2024
(in thousands)Amortized CostUnrealized GainsUnrealized LossesFair ValueAmortized CostUnrealized GainsUnrealized LossesFair Value
Restricted investments:
Corporate debt securities$205,584 $1,900 $(472)$207,012 $118,421 $603 $(1,242)$117,782 
U.S. government agency securities12,300 11 (329)11,982 16,323 35 (663)15,695 
Municipal bonds10,282 32 (534)9,780 7,159 — (831)6,328 
Corporate certificates of deposit198 — (13)185 200 — (19)181 
Total restricted investments228,364 1,943 (1,348)228,959 142,103 638 (2,755)139,986 
Investments in lieu of retention:
Corporate debt securities140,749 844 (38)141,555 106,014 224 (491)105,747 
U.S. government agency securities4,337 — (43)4,294 — — — — 
Municipal bonds13,349 218 (274)13,293 830 188 — 1,018 
Total investments in lieu of retention158,435 1,062 (355)159,142 106,844 412 (491)106,765 
Total AFS debt securities$386,799 $3,005 $(1,703)$388,101 $248,947 $1,050 $(3,246)$246,751 
Schedule of Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value
The following table summarizes the fair value and gross unrealized losses aggregated by category and the length of time that individual AFS debt securities have been in a continuous unrealized loss position as of December 31, 2025 and 2024:
As of December 31, 2025
Less than 12 Months12 Months or GreaterTotal
(in thousands)Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
Restricted investments:
Corporate debt securities$57,673 $(221)$20,907 $(251)$78,580 $(472)
U.S. government agency securities3,056 (31)3,550 (298)6,606 (329)
Municipal bonds2,171 (7)4,894 (527)7,065 (534)
Corporate certificates of deposit— — 185 (13)185 (13)
Total restricted investments62,900 (259)29,536 (1,089)92,436 (1,348)
Investments in lieu of retention:
Corporate debt securities4,796 (37)2,982 (1)7,778 (38)
U.S. government agency securities4,294 (43)— — 4,294 (43)
Municipal bonds11,855 (274)— — 11,855 (274)
Total investments in lieu of retention20,945 (354)2,982 (1)23,927 (355)
Total AFS debt securities$83,845 $(613)$32,518 $(1,090)$116,363 $(1,703)
As of December 31, 2024
Less than 12 Months12 Months or GreaterTotal
(in thousands)Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
Restricted investments:
Corporate debt securities$23,985 $(159)$30,384 $(1,083)$54,369 $(1,242)
U.S. government agency securities4,371 (43)10,699 (620)15,070 (663)
Municipal bonds704 (13)5,560 (818)6,264 (831)
Corporate certificates of deposit— — 181 (19)181 (19)
Total restricted investments29,060 (215)46,824 (2,540)75,884 (2,755)
Investments in lieu of retention:
Corporate debt securities24,470 (149)37,755 (342)62,225 (491)
Total investments in lieu of retention24,470 (149)37,755 (342)62,225 (491)
Total AFS debt securities$53,530 $(364)$84,579 $(2,882)$138,109 $(3,246)
Schedule of Investments Classified by Contractual Maturity Date
The amortized cost and fair value of AFS debt securities by contractual maturity as of December 31, 2025 are summarized in the table below. Actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay certain obligations.
(in thousands)Amortized CostFair Value
Due within one year$82,463 $82,483 
Due after one year through five years290,855 292,585 
Due after five years13,481 13,033 
Total$386,799 $388,101 
v3.25.4
Business Segments (Tables)
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Schedule of Reportable Segments
The following tables set forth certain reportable segment information relating to the Company’s operations for the years ended December 31, 2025, 2024 and 2023:
Reportable Segments
(in thousands)CivilBuildingSpecialty
Contractors		TotalCorporateConsolidated
Total
Year ended December 31, 2025
Total revenue$3,062,354 $1,955,446 $843,972 $5,861,772 $— $5,861,772 
Elimination of intersegment revenue(215,524)(103,209)— (318,733)— (318,733)
Revenue from external customers$2,846,830 $1,852,237 $843,972 $5,543,039 $— $5,543,039 
Reconciliation of revenue to income (loss) from construction operations
Less:
Cost of operations$2,366,197 $1,741,533 $788,970 $4,896,700 $(1,176)$4,895,524 
General and administrative expenses(a)
89,756 52,473 62,482 204,711 210,843 415,554 
Income (loss) from construction operations(b)
$390,877 $58,231 $(7,480)$441,628 $(209,667)

$231,961 
Capital expenditures$125,357 $1,663 $6,864 $133,884 $46,970 $180,854 
Depreciation and amortization(c)
$43,342 $2,136 $2,339 $47,817 $1,998 $49,815 
Year ended December 31, 2024
Total revenue$2,248,659 $1,666,862 $590,822 $4,506,343 $— $4,506,343 
Elimination of intersegment revenue(129,706)(49,325)(390)(179,421)— (179,421)
Revenue from external customers$2,118,953 $1,617,537 $590,432 $4,326,922 $— $4,326,922 
Reconciliation of revenue to income (loss) from construction operations
Less:
Cost of operations$1,897,741 $1,593,509 $634,271 $4,125,521 $4,363 $4,129,884 
General and administrative expenses(a)
82,951 48,165 59,506 190,622 110,169 300,791 
Income (loss) from construction operations(d)
$138,261 $(24,137)$(103,345)$10,779 $(114,532)$(103,753)
Capital expenditures$27,040 $613 $530 $28,183 $9,226 $37,409 
Depreciation and amortization(c)
$42,521 $2,270 $2,333 $47,124 $6,663 $53,787 
Year ended December 31, 2023
Total revenue$1,971,194 $1,302,636 $694,038 $3,967,868 $— $3,967,868 
Elimination of intersegment revenue(87,329)(97)(215)(87,641)— (87,641)
Revenue from external customers$1,883,865 $1,302,539 $693,823 $3,880,227 $— $3,880,227 
Reconciliation of revenue to income (loss) from construction operations
Less:
Cost of operations$1,614,859 $1,347,589 $775,189 $3,737,637 $1,966 $3,739,603 
General and administrative expenses(a)
70,397 46,156 63,456 180,009 75,212 255,221 
Income (loss) from construction operations(e)
$198,609 $(91,206)$(144,822)$(37,419)$(77,178)$(114,597)
Capital expenditures$41,318 $3,932 $1,250 $46,500 $6,453 $52,953 
Depreciation and amortization(c)
$31,685 $2,227 $2,445 $36,357 $8,872 $45,229 
_____________________________________________________________________________________________________________

(a)General and administrative expenses for the year ended December 31, 2025, 2024 and 2023 included share-based compensation expense of $150.0 million ($148.7 million after tax, or $2.78 per diluted share), $40.4 million ($39.7 million after tax, or $0.76 per diluted share), and $12.3 million ($11.5 million after tax, or $0.22 per diluted share), respectively. The increases in share-based compensation expense in 2025 and 2024 were primarily due to substantial increases in the Company’s stock price during these years, which impacted the fair value of liability-classified awards. These awards are remeasured at fair value at the end of each reporting period with the change recognized in earnings. After the Company’s shareholders approved additional shares under the Plan in May 2025, the Company stopped issuing liability-classified, long-term incentive compensation awards.
(b)During the year ended December 31, 2025, the Company’s income (loss) from construction operations in the Civil segment was impacted by favorable adjustments totaling $57.6 million ($34.6 million attributable to the Company and $24.9 million after tax, or $0.47 per diluted share) 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. The period was also impacted by unfavorable adjustments totaling $54.7 million ($32.8 million attributable to the Company and $23.4 million after tax, or $0.44 per diluted share) due to the settlement of a legacy dispute related to a completed Civil segment tunneling project in Canada.
(c)Depreciation and amortization is included in income (loss) from construction operations.
(d)During the year ended December 31, 2024, the Company’s income (loss) from construction operations in the Civil segment was impacted by unfavorable adjustments of $101.6 million ($74.3 million after tax, or $1.42 per diluted share) pertaining to an unexpected adverse arbitration decision on a legacy dispute related to a completed Civil segment bridge project in California, which the Company is appealing; $31.8 million ($25.4 million after tax, or $0.48 per share) for a project on the West Coast, which primarily resulted from significant changes that have been negotiated and carry lower margin (and lower risk) that reduced the project’s percentage of completion and overall margin percentage; $17.4 million ($12.7 million after tax, or $0.24 per share) due to an unfavorable legal ruling on a completed highway project in Virginia; and $15.1 million ($11.1 million after tax, or $0.21 per diluted share) for changes in estimates on an otherwise profitable mass-transit project in California that is nearly complete. The period was also impacted by a favorable adjustment of $18.4 million ($13.5 million after tax, or $0.26 per diluted share) due to a settlement of a claim associated with a completed Civil segment highway tunneling project in the western United States.
Also in 2024, the Company’s income (loss) from operations in the Building segment was impacted by unfavorable adjustments of $25.9 million ($18.9 million after tax, or $0.36 per diluted share) on a completed government building project in Florida, primarily due to increased costs associated with external subcontractors and resolution of certain delay change orders, and $20.0 million ($14.6 million after tax, or $0.28 per diluted share) associated with the settlement of a legacy dispute related to another completed Building segment government facility project in Florida.
Furthermore, in 2024 the Company’s income (loss) from operations in the Specialty Contractors segment was adversely impacted by $17.7 million ($13.0 million after tax, or $0.25 per diluted share) due to an unfavorable judgment on a completed Specialty Contractors segment mass-transit project in California.
(e)During the year ended December 31, 2023, the Company’s income (loss) from construction operations in the Civil segment was impacted by net unfavorable adjustments related to a settlement that impacted multiple components of a mass-transit project in California. The settlement resolved certain ongoing disputes and increased the expected profit from work to be performed in the future. The settlement resulted in an unfavorable non-cash adjustment of $23.2 million ($17.0 million after tax, or $0.33 per diluted share) to one component of the project that is nearing completion, partially offset by a favorable adjustment of $8.8 million ($7.1 million after tax, or $0.14 per diluted share) on the other component of the project that has substantial scope of work remaining. As a result of the settlement, the net unfavorable impact to the period from these two adjustments is expected to be mitigated by the increased profit generated from future work on the project. The Civil segment was also impacted by net favorable adjustments of $19.0 million ($15.2 million after tax, or $0.29 per diluted share) for a project on the West Coast that primarily resulted from a favorable impact of $58.1 million on the settlement of change orders and changes in estimates due to improved performance, partially offset by a temporary unfavorable non-cash impact of $40.7 million resulting from the successful negotiation of significant lower margin (and lower risk) change orders which increased the project’s overall estimated profit but reduced the project’s percentage of completion and overall margin percentage.
During the year ended December 31, 2023, the Company’s income (loss) from operations in the Building segment was adversely impacted an unfavorable adjustment of $14.6 million ($10.7 million after tax, or $0.21 per diluted share) on a government building project in Florida primarily due to increased costs associated with an external subcontractor.
Also in 2023, the Company’s income (loss) from operations in the Specialty Contractors segment was adversely impacted by $62.2 million ($45.7 million after tax, or $0.88 per diluted share) of unfavorable non-cash adjustments due to changes in estimates on the electrical and mechanical scope of a completed transportation project in the Northeast associated with changes in the expected recovery on certain unapproved change orders resulting from ongoing negotiations; a non-cash charge of $24.7 million ($18.1 million after tax, or $0.35 per diluted share) that resulted from an adverse legal ruling on an educational facilities project in New York; and an unfavorable adjustment of $16.9 million ($12.4 million after tax, or $0.24 per diluted share) on a multi-unit residential project in New York due to changes in estimates resulting from incremental costs to complete the project and ongoing negotiations on unapproved change orders.
Furthermore, in 2023 the Company’s income (loss) from construction operations was also unfavorably impacted by an adverse legal ruling on a completed mixed-use project in New York, which resulted in a non-cash, pre-tax charge of $83.6 million ($60.8 million after tax, or $1.17 per diluted share), of which $72.2 million impacted the Building segment and $11.4 million impacted the Specialty Contractors segment, as well as an unfavorable adjustment of $28.3 million ($22.2 million after tax, or $0.43 per diluted share) on a completed transportation project in the Northeast, split evenly between the Civil and Building segments, primarily due to the settlement of certain change orders, changes in estimates due to recent negotiations and incremental cost incurred during project closeout.
Schedule of Total Assets for Reportable Segments
Total assets by segment were as follows:
As of December 31,
(in thousands)20252024
Civil$4,348,288 $3,636,825 
Building1,354,282 1,085,998 
Specialty Contractors397,750 198,952 
Corporate and other(a)
(939,898)(679,065)
Total assets$5,160,422 $4,242,710 
_____________________________________________________________________________________________________________
(a)    Consists principally of cash, equipment, tax-related assets and insurance-related assets, offset by the elimination of assets related to intersegment revenue.
Schedule of Revenue from External Customers by Geographic Areas
Information concerning principal geographic areas is as follows:
Year Ended December 31,
(in thousands)202520242023
Revenue:
United States$5,053,306 $3,743,518 $3,437,971 
Foreign and U.S. territories489,733 583,404 442,256 
Total revenue$5,543,039 $4,326,922 $3,880,227 

As of December 31,
(in thousands)20252024
Assets:
United States$4,604,866 $3,759,874 
Foreign and U.S. territories555,556 482,836 
Total assets$5,160,422 $4,242,710 
Schedule of Reconciliation of Segment Results to Consolidated Loss Before Income Taxes
A reconciliation of segment results to the consolidated income (loss) before income taxes is as follows:
Year Ended December 31,
(in thousands)202520242023
Income (loss) from construction operations$231,961 $(103,753)$(114,597)
Other income, net27,512 19,878 17,200 
Interest expense(54,965)(89,133)(85,157)
Income (loss) before income taxes$204,508 $(173,008)$(182,554)
v3.25.4
Summary of Significant Accounting Policies (Schedule of Other Current Assets) (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Accounting Policies [Abstract]    
Capitalized contract costs $ 322,284 $ 100,593
Other 88,746 92,322
Total other current assets $ 411,030 $ 192,915
v3.25.4
Summary of Significant Accounting Policies (Narrative) (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Nov. 30, 2025
Capitalized contract cost $ 322,300,000 $ 100,600,000    
Amortized contract costs $ 123,500,000 $ 65,100,000 $ 56,900,000  
Share repurchase program, authorized amount       $ 200,000,000
Dividend declared (in dollars per share) $ 0.06      
Total dividends declared $ 3,422,000      
Accrued dividends $ 300,000      
Conversion ratio (in shares) 1      
Expected life of options 10 years      
Minimum        
Estimated useful lives 3 years      
Maximum        
Estimated useful lives 40 years      
v3.25.4
Summary of Significant Accounting Policies (Schedule of Calculations of Basic and Diluted EPS) (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Accounting Policies [Abstract]      
Net income (loss) attributable to Tutor Perini Corporation $ 80,440 $ (163,721) $ (171,155)
Weighted-average common shares outstanding, basic (in shares) 52,693 52,322 51,845
Effect of dilutive RSUs and stock options (in shares) 720 0 0
Weighted-average common shares outstanding, diluted (in shares) 53,413 52,322 51,845
Basic (in dollars per share) $ 1.53 $ (3.13) $ (3.30)
Diluted (in dollars per share) $ 1.51 $ (3.13) $ (3.30)
Anti-dilutive securities not included above (in shares) 125 1,443 2,982
v3.25.4
Summary of Significant Accounting Policies (Schedule of Cash and Cash Equivalents) (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash and cash equivalents $ 734,553 $ 455,084    
Restricted cash 35,641 9,104    
Total cash, cash equivalents and restricted cash 770,194 464,188 $ 394,680 $ 273,831
Joint Venture        
Cash and cash equivalents 463,838 189,437    
General Corporate Purposes        
Cash and cash equivalents $ 270,715 $ 265,647    
v3.25.4
Summary of Significant Accounting Policies (Schedule of Tax Effects of Components of Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Total other comprehensive income (loss), Before-Tax Amount $ 7,850 $ 6,073 $ 10,644
Total other comprehensive income (loss), Tax Expense (1,556) (2,026) (2,395)
TOTAL OTHER COMPREHENSIVE INCOME, NET OF TAX 6,294 4,047 8,249
Accumulated Other Comprehensive Loss      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Total other comprehensive income (loss), Before-Tax Amount 6,310 7,825 9,645
Total other comprehensive income (loss), Tax Expense (1,556) (2,026) (2,395)
TOTAL OTHER COMPREHENSIVE INCOME, NET OF TAX 4,754 5,799 7,250
Defined benefit pension plan adjustments      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Total other comprehensive income (loss), Before-Tax Amount 2,079 7,906 4,477
Total other comprehensive income (loss), Tax Expense (570) (2,124) (1,194)
TOTAL OTHER COMPREHENSIVE INCOME, NET OF TAX 1,509 5,782 3,283
Foreign currency translation adjustment      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Total other comprehensive income (loss), Before-Tax Amount 2,273 (4,523) 961
Total other comprehensive income (loss), Tax Expense (274) 648 (126)
TOTAL OTHER COMPREHENSIVE INCOME, NET OF TAX 1,999 (3,875) 835
Unrealized gain in fair value of investments      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Total other comprehensive income (loss), Before-Tax Amount 3,498 2,690 5,206
Total other comprehensive income (loss), Tax Expense (712) (550) (1,075)
TOTAL OTHER COMPREHENSIVE INCOME, NET OF TAX 2,786 2,140 4,131
Noncontrolling Interests      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Total other comprehensive income (loss), Before-Tax Amount 1,540 (1,752) 999
Total other comprehensive income (loss), Tax Expense 0 0 0
TOTAL OTHER COMPREHENSIVE INCOME, NET OF TAX $ 1,540 $ (1,752) $ 999
v3.25.4
Summary of Significant Accounting Policies (Schedule of Changes in AOCI Balances by Component) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning Balance $ 1,158,606 $ 1,283,911 $ 1,441,984
Other comprehensive income (loss) before reclassifications 3,301 4,482 5,912
Amounts reclassified from AOCI 1,453 1,317 1,338
Other comprehensive income 1,540 (1,752) 999
Ending Balance 1,262,662 1,158,606 1,283,911
AOCI Attributable to Parent      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning Balance (33,988) (39,787) (47,037)
Ending Balance (29,234) (33,988) (39,787)
Defined Benefit Pension Plan      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning Balance (23,572) (29,354) (32,637)
Other comprehensive income (loss) before reclassifications 5 4,566 2,036
Amounts reclassified from AOCI 1,504 1,216 1,247
Ending Balance (22,063) (23,572) (29,354)
Foreign Currency Translation      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning Balance (8,657) (6,893) (7,241)
Other comprehensive income (loss) before reclassifications 727 (1,764) 348
Amounts reclassified from AOCI 0 0 0
Ending Balance (7,930) (8,657) (6,893)
Unrealized Gain (Loss) in Fair Value of Investments, Net      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning Balance (1,759) (3,540) (7,159)
Other comprehensive income (loss) before reclassifications 2,569 1,680 3,528
Amounts reclassified from AOCI (51) 101 91
Ending Balance 759 (1,759) (3,540)
AOCI Attributable to Noncontrolling Interest      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning Balance (2,483) (731) (1,730)
Ending Balance (943) (2,483) (731)
Defined Benefit Pension Plan      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning Balance 0 0 0
Other comprehensive income 0 0 0
Ending Balance 0 0 0
Foreign Currency Translation      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning Balance (2,423) (312) (799)
Other comprehensive income 1,272 (2,111) 487
Ending Balance (1,151) (2,423) (312)
Unrealized Gain (Loss) in Fair Value of Investments, Net      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning Balance (60) (419) (931)
Other comprehensive income 268 359 512
Ending Balance $ 208 $ (60) $ (419)
v3.25.4
Summary of Significant Accounting Policies (Schedule of Reclassification from AOCI) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Other income, net $ 27,512 $ 19,878 $ 17,200
Income tax (expense) benefit (61,427) 50,669 54,957
NET INCOME (LOSS) ATTRIBUTABLE TO TUTOR PERINI CORPORATION 80,440 (163,721) (171,155)
Reclassification out of Accumulated Other Comprehensive Income | Component of AOCI:      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Other income, net 2,072 1,664 1,700
Income tax (expense) benefit (568) (448) (453)
NET INCOME (LOSS) ATTRIBUTABLE TO TUTOR PERINI CORPORATION 1,504 1,216 1,247
Reclassification out of Accumulated Other Comprehensive Income | Unrealized (gain) loss in fair value of investment adjustments      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Other income, net (65) 128 115
Income tax (expense) benefit 14 (27) (24)
NET INCOME (LOSS) ATTRIBUTABLE TO TUTOR PERINI CORPORATION $ (51) $ 101 $ 91
v3.25.4
Consolidated Statements of Cash Flows (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Supplemental Cash Flow Elements [Abstract]      
Accounts receivable $ (229,726) $ 66,921 $ 116,310
Retention receivable (107,968) 22,201 5,666
Costs and estimated earnings in excess of billings 123,323 201,324 233,682
Other current assets (217,175) 23,454 (37,460)
Accounts payable 93,464 164,923 (28,800)
Retention payable 24,275 17,833 (23,424)
Billings in excess of costs and estimated earnings 621,987 113,093 127,718
Accrued expenses and other current liabilities 22,453 (20,625) 35,218
Changes in other components of working capital 330,633 589,124 428,910
Interest paid 50,419 73,674 80,286
Income taxes paid, net of refunds received $ 8,705 $ 18,069 $ 828
v3.25.4
Revenue (Schedule of Disaggregation of Revenue) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Disaggregation of Revenue [Line Items]      
Revenue $ 5,543,039 $ 4,326,922 $ 3,880,227
Adverse Legal Ruling Pertaining to Mixed-Use Project in New York      
Disaggregation of Revenue [Line Items]      
Loss contingency     83,600
State and local agencies      
Disaggregation of Revenue [Line Items]      
Revenue 3,535,677 2,503,532 2,285,319
Federal agencies      
Disaggregation of Revenue [Line Items]      
Revenue 604,782 622,030 573,675
Private owners      
Disaggregation of Revenue [Line Items]      
Revenue 1,402,580 1,201,360 1,021,233
Civil      
Disaggregation of Revenue [Line Items]      
Revenue 2,846,830 2,118,953 1,883,865
Loss contingency     40,700
Civil | Favorable Adjustment Legal Ruling Pertaining to Mass-Transit Project in Midwest      
Disaggregation of Revenue [Line Items]      
Favorable arbitration 57,600    
Civil | Unfavorable Adjustment Legal Ruling Pertaining to Tunneling Project in Canada      
Disaggregation of Revenue [Line Items]      
Loss contingency 54,700    
Civil | Unfavorable Adjustment Due to Arbitration Ruling on Bridge Project in California      
Disaggregation of Revenue [Line Items]      
Revenue   79,400  
Loss contingency   101,600  
Civil | State and local agencies      
Disaggregation of Revenue [Line Items]      
Revenue 2,180,599 1,348,842 1,250,740
Civil | Federal agencies      
Disaggregation of Revenue [Line Items]      
Revenue 468,561 458,366 400,782
Civil | Private owners      
Disaggregation of Revenue [Line Items]      
Revenue 197,670 311,745 232,343
Civil | Mass transit (includes certain transportation and tunneling projects)      
Disaggregation of Revenue [Line Items]      
Revenue 1,690,025 1,126,830 1,079,629
Civil | Military facilities      
Disaggregation of Revenue [Line Items]      
Revenue 382,509 436,511 348,133
Civil | Bridges      
Disaggregation of Revenue [Line Items]      
Revenue 378,499 170,069 204,029
Civil | Detention facilities      
Disaggregation of Revenue [Line Items]      
Revenue 160,354 77,470 0
Civil | Power and energy      
Disaggregation of Revenue [Line Items]      
Revenue 144,752 129,848 70,658
Civil | Commercial and industrial sites      
Disaggregation of Revenue [Line Items]      
Revenue 82,520 133,797 118,880
Civil | Other      
Disaggregation of Revenue [Line Items]      
Revenue 8,171 44,428 62,536
Building      
Disaggregation of Revenue [Line Items]      
Revenue 1,852,237 1,617,537 1,302,539
Building | Adverse Legal Ruling Pertaining to Mixed-Use Project in New York      
Disaggregation of Revenue [Line Items]      
Loss contingency     72,200
Building | State and local agencies      
Disaggregation of Revenue [Line Items]      
Revenue 856,734 867,638 718,106
Building | Federal agencies      
Disaggregation of Revenue [Line Items]      
Revenue 117,887 167,786 187,199
Building | Private owners      
Disaggregation of Revenue [Line Items]      
Revenue 877,616 582,113 397,234
Building | Mass transit (includes certain transportation and tunneling projects)      
Disaggregation of Revenue [Line Items]      
Revenue 111,212 218,396 188,335
Building | Detention facilities      
Disaggregation of Revenue [Line Items]      
Revenue 414,575 105,897 43,262
Building | Other      
Disaggregation of Revenue [Line Items]      
Revenue 68,694 115,158 169,072
Building | Healthcare facilities      
Disaggregation of Revenue [Line Items]      
Revenue 943,909 590,845 294,667
Building | Government      
Disaggregation of Revenue [Line Items]      
Revenue 191,523 302,034 380,868
Building | Education facilities      
Disaggregation of Revenue [Line Items]      
Revenue 122,324 285,207 226,335
Specialty Contractors      
Disaggregation of Revenue [Line Items]      
Revenue 843,972 590,432 693,823
Specialty Contractors | Adverse Legal Ruling Pertaining to Mixed-Use Project in New York      
Disaggregation of Revenue [Line Items]      
Loss contingency     11,400
Specialty Contractors | State and local agencies      
Disaggregation of Revenue [Line Items]      
Revenue 498,344 287,052 316,473
Specialty Contractors | Federal agencies      
Disaggregation of Revenue [Line Items]      
Revenue 18,334 (4,122) (14,306)
Specialty Contractors | Private owners      
Disaggregation of Revenue [Line Items]      
Revenue 327,294 307,502 391,656
Specialty Contractors | Mass transit (includes certain transportation and tunneling projects)      
Disaggregation of Revenue [Line Items]      
Revenue 252,965 167,287 119,760
Specialty Contractors | Detention facilities      
Disaggregation of Revenue [Line Items]      
Revenue 58,121 266 0
Specialty Contractors | Other      
Disaggregation of Revenue [Line Items]      
Revenue 56,531 28,844 15,045
Specialty Contractors | Healthcare facilities      
Disaggregation of Revenue [Line Items]      
Revenue 112,739 64,292 57,292
Specialty Contractors | Government      
Disaggregation of Revenue [Line Items]      
Revenue 94,318 78,844 89,031
Specialty Contractors | Commercial and industrial facilities      
Disaggregation of Revenue [Line Items]      
Revenue 142,525 115,471 213,003
Specialty Contractors | Multi-unit residential      
Disaggregation of Revenue [Line Items]      
Revenue 102,347 84,978 114,516
Specialty Contractors | Water      
Disaggregation of Revenue [Line Items]      
Revenue $ 24,426 $ 50,450 $ 85,176
v3.25.4
Revenue (Schedule of Revenue By Contract Type) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Disaggregation of Revenue [Line Items]      
Revenue $ 5,543,039 $ 4,326,922 $ 3,880,227
Adverse Legal Ruling Pertaining to Mixed-Use Project in New York      
Disaggregation of Revenue [Line Items]      
Loss contingency     83,600
Fixed price      
Disaggregation of Revenue [Line Items]      
Revenue 3,846,083 2,909,969 2,728,175
Guaranteed maximum price      
Disaggregation of Revenue [Line Items]      
Revenue 1,023,460 818,100 530,137
Unit price      
Disaggregation of Revenue [Line Items]      
Revenue 417,185 346,681 327,077
Cost plus fee and other      
Disaggregation of Revenue [Line Items]      
Revenue 256,311 252,172 294,838
Civil      
Disaggregation of Revenue [Line Items]      
Revenue 2,846,830 2,118,953 1,883,865
Loss contingency     40,700
Civil | Favorable Adjustment Legal Ruling Pertaining to Mass-Transit Project in Midwest      
Disaggregation of Revenue [Line Items]      
Favorable arbitration 57,600    
Civil | Unfavorable Adjustment Legal Ruling Pertaining to Tunneling Project in Canada      
Disaggregation of Revenue [Line Items]      
Loss contingency 54,700    
Civil | Unfavorable Adjustment Due to Arbitration Ruling on Bridge Project in California      
Disaggregation of Revenue [Line Items]      
Revenue   79,400  
Loss contingency   101,600  
Civil | Fixed price      
Disaggregation of Revenue [Line Items]      
Revenue 2,438,982 1,791,858 1,618,081
Civil | Guaranteed maximum price      
Disaggregation of Revenue [Line Items]      
Revenue 315 715 (3,184)
Civil | Unit price      
Disaggregation of Revenue [Line Items]      
Revenue 348,874 272,579 235,085
Civil | Cost plus fee and other      
Disaggregation of Revenue [Line Items]      
Revenue 58,659 53,801 33,883
Building      
Disaggregation of Revenue [Line Items]      
Revenue 1,852,237 1,617,537 1,302,539
Building | Adverse Legal Ruling Pertaining to Mixed-Use Project in New York      
Disaggregation of Revenue [Line Items]      
Loss contingency     72,200
Building | Fixed price      
Disaggregation of Revenue [Line Items]      
Revenue 749,703 638,938 532,950
Building | Guaranteed maximum price      
Disaggregation of Revenue [Line Items]      
Revenue 972,977 810,697 532,538
Building | Unit price      
Disaggregation of Revenue [Line Items]      
Revenue 0 0 0
Building | Cost plus fee and other      
Disaggregation of Revenue [Line Items]      
Revenue 129,557 167,902 237,051
Specialty Contractors      
Disaggregation of Revenue [Line Items]      
Revenue 843,972 590,432 693,823
Specialty Contractors | Adverse Legal Ruling Pertaining to Mixed-Use Project in New York      
Disaggregation of Revenue [Line Items]      
Loss contingency     11,400
Specialty Contractors | Fixed price      
Disaggregation of Revenue [Line Items]      
Revenue 657,398 479,173 577,144
Specialty Contractors | Guaranteed maximum price      
Disaggregation of Revenue [Line Items]      
Revenue 50,168 6,688 783
Specialty Contractors | Unit price      
Disaggregation of Revenue [Line Items]      
Revenue 68,311 74,102 91,992
Specialty Contractors | Cost plus fee and other      
Disaggregation of Revenue [Line Items]      
Revenue $ 68,095 $ 30,469 $ 23,904
v3.25.4
Revenue (Narrative) (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
segment
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Net revenue recognized related to performance obligations satisfies (or partially satisfied) in prior periods $ 82.8 $ 275.8 $ 214.2
Number of reportable segments | segment 3    
Civil      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Performance obligation amount $ 9,800.0 7,300.0  
Civil | Minimum      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Remaining performance obligation period range 3 years    
Civil | Maximum      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Remaining performance obligation period range 5 years    
Building      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Performance obligation amount $ 4,800.0 4,600.0  
Specialty Contractors      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Performance obligation amount $ 2,300.0 $ 2,000.0  
Building and Specialty Contractors | Minimum      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Remaining performance obligation period range 1 year    
Building and Specialty Contractors | Maximum      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Remaining performance obligation period range 3 years    
v3.25.4
Contract Assets and Liabilities (Schedule of Contract Assets) (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Costs and estimated earnings in excess of billings:    
Claims $ 324,727 $ 451,770
Unapproved change orders 402,060 393,803
Other unbilled costs and profits 92,412 96,949
Total costs and estimated earnings in excess of billings 819,199 942,522
Billings in excess of costs and estimated earnings $ 1,838,610 $ 1,216,623
v3.25.4
Contract Assets and Liabilities (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]      
Costs and estimated earnings in excess of billings to be collected beyond one year $ 501.4    
Revenue recognized $ 1,100.0 $ 963.9 $ 740.3
v3.25.4
Income Taxes (Schedule of Loss Before Taxes) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
United States operations $ 164,017 $ (261,147) $ (232,512)
Foreign and U.S. territory operations 40,491 88,139 49,958
INCOME (LOSS) BEFORE INCOME TAXES $ 204,508 $ (173,008) $ (182,554)
v3.25.4
Income Taxes (Schedule of Provision for Income Taxes) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Current expense (benefit):      
Federal $ (3,661) $ 8,832 $ (178)
State 9,856 3,997 1,888
Foreign and U.S. territories 8,371 14,510 8,153
Total current expense: 14,566 27,339 9,863
Deferred expense (benefit):      
Federal 44,735 (51,758) (48,634)
State 4,648 (24,862) (17,612)
Foreign and U.S. territories (2,522) (1,388) 1,426
Total deferred expense (benefit): 46,861 (78,008) (64,820)
Income tax benefit $ 61,427 $ (50,669) $ (54,957)
v3.25.4
Income Taxes (Schedule of Reconciliation of Provision for Income Taxes) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Amount      
Federal income tax benefit at statutory tax rate $ 42,947 $ (36,332) $ (38,336)
State income taxes, net of federal tax benefit 11,563 (16,591) (10,556)
Statutory tax rate differential   (422) (297)
Noncontrolling interests   (9,892) (9,795)
Other   (1,597) (1,402)
Share-based compensation   1,122 446
Foreign branch income or loss (net of foreign tax credits) (5,451)    
Foreign flow-through income or loss 2,298    
Other 47    
Research and development tax credits (8,216) (750) (493)
Other (6)    
Changes in unrecognized tax benefits 1,782 3,968 347
Officers' compensation 32,576 9,825 5,129
Other 1,947    
Changes in unrecognized tax benefits 1,041    
Income tax benefit $ 61,427 $ (50,669) $ (54,957)
Percent      
Federal income tax benefit at statutory tax rate 21.00% 21.00% 21.00%
State income taxes, net of federal tax benefit 5.70% 9.60% 5.80%
Statutory tax rate differential   0.20% 0.20%
Noncontrolling interests   5.70% 5.40%
Other 0.00%    
Share-based compensation   (0.60%) (0.20%)
Foreign branch income or loss (net of foreign tax credits) (2.70%)    
Foreign flow-through income or loss 1.10%    
Research and development tax credits (4.00%) 0.40% 0.30%
Other, tax credits 0.00%    
Changes in unrecognized tax benefits 0.90% (2.30%) (0.20%)
Officers' compensation 15.90% (5.70%) (2.80%)
Other 1.00% 1.00% 0.60%
Changes in unrecognized tax benefits 0.50%    
Effective income tax rate 30.00% 29.30% 30.10%
Canada      
Amount      
Statutory tax rate differential $ (1,547)    
Noncontrolling interests 3,780    
Other (1,244)    
Percent      
Statutory tax rate differential   (0.80%)  
Noncontrolling interests   1.80%  
Other   (0.60%)  
Commonwealth of the Northern Marianas Islands      
Amount      
Gross receipts tax credit $ (4,069)    
Percent      
Gross receipts tax credit (2.00%)    
Other foreign and U.S. territory jurisdictions      
Amount      
Other $ (183)    
Percent      
Other (0.10%)    
United States      
Amount      
Noncontrolling interests $ (15,949)    
Other $ 111    
Percent      
Noncontrolling interests (7.80%)    
Other 0.10%    
v3.25.4
Income Taxes Schedule of Cash Paid (Net of Refunds Received) for Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Federal $ (2,116)    
State and local:      
Total state and local 6,206    
Foreign and U.S. territories:      
Total foreign and U.S. territories 4,615    
Total 8,705 $ 18,069 $ 828
California      
State and local:      
Total state and local 6,804    
Virginia      
State and local:      
Total state and local 709    
New York City      
State and local:      
Total state and local 532    
Pennsylvania      
State and local:      
Total state and local (655)    
New York      
State and local:      
Total state and local (869)    
Other state and local jurisdictions      
State and local:      
Total state and local (315)    
Guam      
Foreign and U.S. territories:      
Total foreign and U.S. territories 7,450    
Commonwealth of the Northern Marianas Islands      
Foreign and U.S. territories:      
Total foreign and U.S. territories 900    
Puerto Rico      
Foreign and U.S. territories:      
Total foreign and U.S. territories 559    
Canada      
Foreign and U.S. territories:      
Total foreign and U.S. territories (4,303)    
Other foreign and U.S. territory jurisdictions      
Foreign and U.S. territories:      
Total foreign and U.S. territories $ 9    
v3.25.4
Income Taxes (Schedule of Significant Components of Deferred Tax Assets and Liabilities) (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Deferred tax assets:    
Timing of expense recognition $ 67,606 $ 78,892
Net operating losses 117,475 144,148
Joint ventures 9,395 12,571
Lease liabilities 14,927 12,067
Other, net 24,326 29,001
Deferred tax assets 233,729 276,679
Valuation allowance (15,789) (14,014)
Net deferred tax assets 217,940 262,665
Deferred tax liabilities:    
Goodwill (11,014) (3,969)
Intangible assets, due primarily to purchase accounting (15,291) (16,786)
Fixed assets (56,865) (53,382)
Construction contract accounting (3,246) (7,212)
Joint ventures (15,653) (23,079)
Right-of-use assets 13,573 10,992
Other (5,725) (3,956)
Deferred tax liabilities (121,367) (119,376)
Net deferred tax assets 96,573 143,289
Net Deferred Tax Liabilities    
Deferred tax assets 96,573 143,289
Deferred tax liabilities 0 0
Net deferred tax assets $ 96,573 $ 143,289
v3.25.4
Income Taxes (Narrative) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Operating Loss Carryforwards [Line Items]    
Unrecognized tax benefits that would impact effective tax rate $ 5.3  
United States    
Operating Loss Carryforwards [Line Items]    
Net operating loss carryforwards 286.1 $ 427.9
Credit carryforwards 11.0 3.1
State and local:    
Operating Loss Carryforwards [Line Items]    
Net operating loss carryforwards 777.3 793.6
Credit carryforwards $ 2.3 $ 4.8
v3.25.4
Income Taxes (Schedule of Reconciliation of Gross Unrecognized Tax Benefit) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Reconciliation of gross unrecognized tax benefits      
Beginning balance $ 16,868 $ 4,773 $ 7,525
Change in tax positions of prior years 594 6,756 438
Change in tax positions of current year 2,511 6,385  
Change in tax positions of current year     (189)
Reduction in tax positions due to settlement with tax authorities (7,645) 0 0
Reduction in tax positions for statute expirations (1,096) (1,046) (3,001)
Ending balance $ 11,232 $ 16,868 $ 4,773
v3.25.4
Goodwill and Intangible Assets (Schedule of Changes in Carrying Amount of Goodwill) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Goodwill [Line Items]      
Gross goodwill as of December 31, 2023     $ 1,072,991
Accumulated impairment as of December 31, 2023 $ (867,800)   (867,848)
Goodwill [Roll Forward]      
Balance at beginning of period 205,143 $ 205,143  
Activity 0 0  
Balance at end of period 205,143 205,143  
Civil      
Goodwill [Line Items]      
Gross goodwill as of December 31, 2023     492,074
Accumulated impairment as of December 31, 2023     (286,931)
Goodwill [Roll Forward]      
Balance at beginning of period 205,143 205,143  
Activity 0 0  
Balance at end of period 205,143 205,143  
Building      
Goodwill [Line Items]      
Gross goodwill as of December 31, 2023     424,724
Accumulated impairment as of December 31, 2023     (424,724)
Goodwill [Roll Forward]      
Balance at beginning of period 0 0  
Activity 0 0  
Balance at end of period 0 0  
Specialty Contractors      
Goodwill [Line Items]      
Gross goodwill as of December 31, 2023     156,193
Accumulated impairment as of December 31, 2023     $ (156,193)
Goodwill [Roll Forward]      
Balance at beginning of period 0 0  
Activity 0 0  
Balance at end of period $ 0 $ 0  
v3.25.4
Goodwill and Intangible Assets (Narrative) (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]      
Goodwill impairment charge $ 0    
Amortization expense 2,237,000 $ 2,236,000 $ 2,237,000
2026 2,200,000    
2027 2,200,000    
2028 2,200,000    
2029 2,200,000    
2030 2,200,000    
Thereafter 2,400,000    
Impairment of intangible assets $ 0 $ 0 $ 0
v3.25.4
Goodwill and Intangible Assets (Schedule of Intangible Assets) (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Total Intangible Assets [Abstract]    
Cost $ 381,940 $ 381,940
Accumulated Amortization (205,041) (202,804)
Accumulated Impairment Charge (113,067) (113,067)
Carrying Value 63,832 66,069
Trade Names    
Finite-Lived intangible assets    
Cost 69,250 69,250
Accumulated Amortization (32,596) (30,359)
Accumulated Impairment Charge (23,232) (23,232)
Carrying Value $ 13,422 $ 15,659
Weighted-Average Amortization Period 20 years 20 years
Customer relationships    
Finite-Lived intangible assets    
Cost $ 39,800 $ 39,800
Accumulated Amortization (23,155) (23,155)
Accumulated Impairment Charge (16,645) (16,645)
Carrying Value 0 0
Construction contract backlog    
Finite-Lived intangible assets    
Cost 149,290 149,290
Accumulated Amortization (149,290) (149,290)
Carrying Value 0 0
Trade Names    
Indefinite-lived intangible assets    
Cost 117,600 117,600
Accumulated Impairment Charge (67,190) (67,190)
Carrying Value 50,410 50,410
Contractor license    
Indefinite-lived intangible assets    
Cost 6,000 6,000
Accumulated Impairment Charge $ (6,000) $ (6,000)
v3.25.4
Financial Commitments (Schedule of Long-Term Debt) (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Total debt $ 407,374 $ 534,138
Less: current maturities 14,589 24,113
Long-term debt, net 392,785 510,025
Revolver    
Debt Instrument [Line Items]    
Total debt 0 0
Term Loan B    
Debt Instrument [Line Items]    
Total debt 0 121,863
Equipment financing and mortgages    
Debt Instrument [Line Items]    
Total debt 18,261 25,038
Other indebtedness    
Debt Instrument [Line Items]    
Total debt 7,096 9,214
2024 Senior Notes | 2024 Senior Notes    
Debt Instrument [Line Items]    
Total debt $ 382,017 $ 378,023
v3.25.4
Financial Commitments (Schedule of Reconciliation of Outstanding Debt Balance to Reported Debt Balance) (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Outstanding Debt $ 425,357  
Unamortized Discounts and Issuance Costs (17,983)  
Total debt 407,374 $ 534,138
Term Loan B    
Debt Instrument [Line Items]    
Outstanding Debt 0 121,863
Unamortized Discounts and Issuance Costs 0 0
Total debt 0 121,863
2024 Senior Notes | 2024 Senior Notes    
Debt Instrument [Line Items]    
Outstanding Debt 400,000 400,000
Unamortized Discounts and Issuance Costs (17,983) (21,977)
Total debt $ 382,017 $ 378,023
v3.25.4
Financial Commitments (Narrative) (Details) - USD ($)
 1 Months Ended 3 Months Ended 12 Months Ended
Apr. 22, 2024
Apr. 15, 2024
May 02, 2023
Oct. 31, 2022
Aug. 18, 2020
Oct. 31, 2022
Mar. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Apr. 20, 2017
Debt Instrument [Line Items]                      
Repayments of debt               $ 318,974,000 $ 1,141,765,000 $ 773,999,000  
Amount outstanding               407,374,000 534,138,000    
BMO Harris Bank                      
Debt Instrument [Line Items]                      
Increase in applicable margin on overdue amounts upon default (as a percent)         2.00%            
Term Loan B                      
Debt Instrument [Line Items]                      
Amount outstanding               0 121,863,000    
Unsecured Debt | BMO Harris Bank                      
Debt Instrument [Line Items]                      
Fixed charge coverage ratio (maximum)         2.00            
Equipment Financing Loans                      
Debt Instrument [Line Items]                      
Amount outstanding               $ 13,100,000 19,300,000    
Term of debt               5 years      
Equipment Financing Loans | Minimum                      
Debt Instrument [Line Items]                      
Interest rate (as a percent)               2.54%      
Equipment Financing Loans | Maximum                      
Debt Instrument [Line Items]                      
Interest rate (as a percent)               7.32%      
Mortgages                      
Debt Instrument [Line Items]                      
Amount outstanding               $ 5,100,000 $ 5,800,000    
Term of debt               10 years      
Mortgages | Secured Overnight Financing Rate (SOFR)                      
Debt Instrument [Line Items]                      
Basis spread on variable rate               2.00% 2.00%    
2024 Senior Notes | 2024 Senior Notes                      
Debt Instrument [Line Items]                      
Amount outstanding               $ 382,017,000 $ 378,023,000    
2024 Senior Notes | 2024 Senior Notes | Debt Instrument, Redemption, Period One                      
Debt Instrument [Line Items]                      
Redemption price (as a percent) 100.00%                    
2024 Senior Notes | 2024 Senior Notes | Debt Instrument, Redemption, Period Two                      
Debt Instrument [Line Items]                      
Redemption price (as a percent) 111.875%                    
Percentage of principal amount redeemed (as a percent) 40.00%                    
2024 Senior Notes | 2024 Senior Notes | Debt Instrument, Redemption, Period Three                      
Debt Instrument [Line Items]                      
Redemption price (as a percent) 101.00%                    
2024 Senior Notes | 2024 Senior Notes | Private Placement                      
Debt Instrument [Line Items]                      
Face amount $ 400,000,000.0                    
Interest rate (as a percent) 11.875%                    
2017 Senior Notes | 2024 Senior Notes | Private Placement                      
Debt Instrument [Line Items]                      
Face amount                     $ 500,000,000.0
Interest rate (as a percent)                     6.875%
Credit Agreement 2020 | BMO Harris Bank                      
Debt Instrument [Line Items]                      
Days prior to maturity   90 days                  
Credit Agreement 2020 | BMO Harris Bank | Secured Overnight Financing Rate (SOFR)                      
Debt Instrument [Line Items]                      
Basis point spread, 1 month interest period     0.11448%                
Basis point spread, 3 month interest period     0.26161%                
Basis point spread, 6 month interest period     0.42826%                
Basis spread on variable rate     1.00%     1.00%          
Basis spread adjustment (as a percent)       0.10%              
Credit Agreement 2020 | BMO Harris Bank | Federal Funds Rate                      
Debt Instrument [Line Items]                      
Basis spread on variable rate     0.50%     0.50%          
Credit Agreement 2020 | Line of Credit | BMO Harris Bank                      
Debt Instrument [Line Items]                      
Maximum borrowing capacity         $ 425,000,000.0            
Credit Agreement 2020 | Term Loan B | BMO Harris Bank                      
Debt Instrument [Line Items]                      
Initial principal amount installment percentage         0.25%            
Repayments of debt             $ 121,900,000        
Weighted-average annual interest rate on borrowings (as a percent)               9.20%      
Credit Agreement 2020 | Term Loan B | BMO Harris Bank | Secured Overnight Financing Rate (SOFR) | Minimum                      
Debt Instrument [Line Items]                      
Basis spread on variable rate         4.50%            
Credit Agreement 2020 | Term Loan B | BMO Harris Bank | Secured Overnight Financing Rate (SOFR) | Maximum                      
Debt Instrument [Line Items]                      
Basis spread on variable rate         4.75%            
Credit Agreement 2020 | Term Loan B | BMO Harris Bank | Base Rate | Minimum                      
Debt Instrument [Line Items]                      
Basis spread on variable rate         3.50%            
Credit Agreement 2020 | Term Loan B | BMO Harris Bank | Base Rate | Maximum                      
Debt Instrument [Line Items]                      
Basis spread on variable rate         3.75%            
First Lien | BMO Harris Bank                      
Debt Instrument [Line Items]                      
Net leverage ratio (maximum)         1.35            
Revolver                      
Debt Instrument [Line Items]                      
Unamortized debt issuance costs               $ 900,000 1,400,000    
Amount outstanding               $ 0 $ 0    
Revolver | BMO Harris Bank | Secured Overnight Financing Rate (SOFR) | Minimum                      
Debt Instrument [Line Items]                      
Basis spread on variable rate         4.25%            
Revolver | BMO Harris Bank | Secured Overnight Financing Rate (SOFR) | Maximum                      
Debt Instrument [Line Items]                      
Basis spread on variable rate         4.75%            
Revolver | BMO Harris Bank | Base Rate | Minimum                      
Debt Instrument [Line Items]                      
Basis spread on variable rate         3.25%            
Revolver | BMO Harris Bank | Base Rate | Maximum                      
Debt Instrument [Line Items]                      
Basis spread on variable rate         3.75%            
Revolver | BMO Harris Bank | Net Leverage Ratio | Fiscal Quarter December 31, 2023                      
Debt Instrument [Line Items]                      
Net leverage ratio (maximum)         2.25            
Revolver | Credit Agreement 2020 | BMO Harris Bank                      
Debt Instrument [Line Items]                      
Increase (decrease) in line of credit         $ 173,500,000            
Accordion feature percentage of LTM EBITDA         50.00%            
Revolver | Credit Agreement 2020 | Line of Credit | BMO Harris Bank                      
Debt Instrument [Line Items]                      
Maximum borrowing capacity   $ 170,000,000.0     $ 175,000,000.0            
Increase (decrease) in line of credit   $ (5,000,000.0)                  
Weighted-average annual interest rate on borrowings (as a percent)               10.80%      
Available borrowing capacity               $ 170,000,000.0      
Letters Of Credit | Credit Agreement 2020 | Line of Credit | BMO Harris Bank                      
Debt Instrument [Line Items]                      
Maximum borrowing capacity         75,000,000.0            
Bridge Loan | Credit Agreement 2020 | Line of Credit | BMO Harris Bank                      
Debt Instrument [Line Items]                      
Maximum borrowing capacity         $ 10,000,000.0            
Secured Debt | Unsecured Debt | BMO Harris Bank | Junior Lien                      
Debt Instrument [Line Items]                      
Total net leverage ratio (maximum)         3.50            
v3.25.4
Financial Commitments (Schedule of Future Principal Payments of Long-Term Debt) (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Debt Disclosure [Abstract]    
2026 $ 14,589  
2027 3,212  
2028 2,670  
2029 402,223  
2030 1,268  
Thereafter 1,395  
Subtotal 425,357  
Less: Unamortized discounts and issuance costs 17,983  
Total debt $ 407,374 $ 534,138
v3.25.4
Financial Commitments (Schedule of Interest Expense as Reported in the Consolidated Statements of Operations) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]      
Other interest $ 1,843 $ 2,407 $ 2,134
Total cash interest expense 50,412 75,065 79,699
Non-cash portion of loss on extinguishment 0 1,198 0
Total non-cash interest expense 4,553 14,068 5,458
Total interest expense 54,965 89,133 85,157
Term Loan B      
Debt Instrument [Line Items]      
Interest on debt 876 27,452 38,266
Amortization of debt issuance costs and discounts 0 9,410 3,592
Revolver      
Debt Instrument [Line Items]      
Interest on debt 193 1,194 4,924
Amortization of debt issuance costs and discounts 559 632 745
2024 Senior Notes | Senior Notes      
Debt Instrument [Line Items]      
Interest on debt 47,500 32,458 0
Amortization of debt issuance costs and discounts $ 3,994 2,436 0
Effective interest rates (as a percent) 13.56%    
2017 Senior Notes | Senior Notes      
Debt Instrument [Line Items]      
Interest on debt $ 0 11,554 34,375
Amortization of debt issuance costs and discounts $ 0 $ 392 $ 1,121
v3.25.4
Commitments and Contingencies (Details) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended 12 Months Ended
Oct. 18, 2022
Dec. 13, 2019
Mar. 31, 2016
Dec. 31, 2019
Dec. 31, 2025
Apr. 13, 2023
Alaskan Way Viaduct Matter            
Contingencies and Commitments            
Value of claim filed     $ 57,200      
Settlement on judgment, awarded to other party   $ 57,200        
Pre-tax charge, impact from jury verdict       $ 166,800    
Pre-tax accrual, impact from jury verdict       25,700    
Settlement on judgment       $ 57,200    
Loss contingency, damages paid, value $ 34,600          
Alaskan Way Viaduct Matter | Seattle Tunnel Partners            
Contingencies and Commitments            
Ownership percentage in joint venture         45.00%  
Seattle Tunnel Partners            
Contingencies and Commitments            
Value of counterclaim filed in excess of     $ 640,000      
HNTB            
Contingencies and Commitments            
Value of counterclaim filed in excess of           $ 300,000
v3.25.4
Leases (Narrative) (Details)
Dec. 31, 2025
Minimum  
Lessee, Lease, Description [Line Items]  
Operating lease, remaining lease terms 1 year
Maximum  
Lessee, Lease, Description [Line Items]  
Operating lease, remaining lease terms 13 years
v3.25.4
Leases (Schedule of Components of Lease Expense) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Lessee, Lease, Description [Line Items]    
Operating lease expense $ 15,313 $ 13,524
Short-term lease expense 54,772 55,425
Lease expense, gross 70,085 68,949
Less: Sublease income 1,152 897
Total lease expense $ 68,933 $ 68,052
Minimum    
Lessee, Lease, Description [Line Items]    
Short term lease, lease term 1 month  
Maximum    
Lessee, Lease, Description [Line Items]    
Short term lease, lease term 1 year  
v3.25.4
Leases (Schedule of Supplemental Balance Sheet Information Related to Leases) (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
ASSETS    
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] OTHER ASSETS OTHER ASSETS
ROU assets $ 58,608 $ 41,695
LIABILITIES    
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] Accrued expenses and other current liabilities Accrued expenses and other current liabilities
Current lease liabilities $ 11,763 $ 7,066
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] Other Liabilities, Noncurrent Other Liabilities, Noncurrent
Long-term lease liabilities $ 51,783 $ 38,630
Total lease liabilities $ 63,546 $ 45,696
Weighted-average remaining lease term 6 years 4 months 24 days 8 years
Weighted-average discount rate 8.04% 9.73%
v3.25.4
Leases (Schedule of Supplemental Cash Flow And Other Information Related To Leases) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Leases [Abstract]    
Cash paid for amounts included in the measurement of lease liabilities $ (14,383) $ (13,013)
ROU assets obtained in exchange for lease liabilities $ 27,236 $ 10,817
v3.25.4
Leases (Schedule of Maturity of Leases Liabilities on an Undiscounted Basis) (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Leases [Abstract]    
2026 $ 16,529  
2027 14,822  
2028 13,346  
2029 10,842  
2030 7,016  
Thereafter 22,310  
Total lease payments 84,865  
Less: Imputed interest 21,319  
Total $ 63,546 $ 45,696
v3.25.4
Share-Based Compensation (Narrative) (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
May 15, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Additional shares authorized (in shares) 2,000,000        
Number of shares available for grant (in shares)   3,687,558      
Total granted and outstanding (in shares)   386,932 676,633 1,435,265 1,625,265
Aggregate intrinsic value   $ 16,000      
Weighted average remaining contractual term of outstanding stock options   1 year 10 months 24 days      
Stock options exercised, intrinsic value   $ 4,500 $ 3,100    
Share-based compensation expense   150,002 40,356 $ 12,259  
Share based compensation, tax benefits   $ 1,300 700 800  
Minimum          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Share-based compensation, achievement of target level performance criteria, payout range, percent        
Maximum          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Share-based compensation, achievement of target level performance criteria, payout range, percent   250.00%      
Employee          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Share-based compensation expense   $ 148,500 38,800 10,500  
Non-employee Directors          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Share-based compensation expense   $ 1,500 $ 1,500 $ 1,700  
Restricted Stock Units, guaranteed minimum payouts          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Stock units with guaranteed minimum payouts outstanding (in shares)   0 0 50,000  
Stock units with guaranteed minimum payouts outstanding, weighted-average grant date fair value (in dollars per share)       $ 26.32  
CPSUs, RSUs with guaranteed minimum payouts and CRSUs          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Stock units with guaranteed minimum payouts outstanding, recognized liabilities   $ 85,200 $ 34,600    
Paid to settle share-based awards   90,400 4,000 $ 2,800  
Unrestricted Stock Units          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Fair value of unrestricted stock units issued   $ 1,500 $ 1,500 $ 1,700  
Time-Based RSUs          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Stock units with guaranteed minimum payouts outstanding (in shares)   677,825 628,716 1,247,629 1,106,670
Stock units with guaranteed minimum payouts outstanding, weighted-average grant date fair value (in dollars per share)   $ 28.33 $ 10.57 $ 12.30 $ 15.66
Unamortized share-based compensation expense   $ 14,400      
Weighted average period over which unrecognized compensation cost is expected to be recognized   2 years 4 months 24 days      
Performance-Based RSUs          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Stock units with guaranteed minimum payouts outstanding (in shares)   151,623 0 0 0
Stock units with guaranteed minimum payouts outstanding, weighted-average grant date fair value (in dollars per share)   $ 47.76 $ 0 $ 0 $ 0
Unamortized share-based compensation expense   $ 5,200      
Weighted average period over which unrecognized compensation cost is expected to be recognized   2 years      
CPSUs          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Stock units with guaranteed minimum payouts outstanding (in shares)   745,180 1,514,095 1,184,683 814,620
Stock units with guaranteed minimum payouts outstanding, weighted-average grant date fair value (in dollars per share)   $ 17.54 $ 14.34 $ 11.86 $ 16.61
Unamortized share-based compensation expense   $ 30,200      
Weighted average period over which unrecognized compensation cost is expected to be recognized   1 year      
CRSUs          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Stock units with guaranteed minimum payouts outstanding (in shares)   807,386 786,775 284,379 100,000
Stock units with guaranteed minimum payouts outstanding, weighted-average grant date fair value (in dollars per share)   $ 17.37 $ 12.11 $ 7.87 $ 6.99
Unamortized share-based compensation expense   $ 24,700      
Weighted average period over which unrecognized compensation cost is expected to be recognized   1 year 3 months 18 days      
Amended and Restated Tutor Perini Corporation Long-Term Incentive Plan (“Incentive Plan”) | Restricted Stock Units and Stock Options          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Vested and expected to vest, outstanding (in shares)   1,216,380      
v3.25.4
Share-Based Compensation (Schedule of RSU, Stock Option, CPSU and CRSU Activity) (Details) - $ / shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Stock Options Number of Shares      
Outstanding, beginning of period (in shares) 676,633 1,435,265 1,625,265
Granted (in shares) 0 0 0
Earned for performance above target (in shares) 0 0  
Expired or cancelled (in shares) (177,201) (287,337) (190,000)
Vested/exercised (in shares) (112,500) (471,295) 0
Outstanding, end of period (in shares) 386,932 676,633 1,435,265
Vested and expected to vest, outstanding (in shares) 386,932    
Stock Options Weighted-Average Grant Date Fair Value Per Share      
Outstanding, beginning of period, weighted average exercise/(Strike) price per share (in dollars per share) $ 24.17 $ 23.33 $ 22.93
Granted, weighted average exercise/(Strike) price per share (in dollars per share) 0 0 0
Earned for performance above target, weighted average exercise/(Strike) price per share (in dollars per share) 0 0  
Expired or cancelled, weighted average exercise/(Strike) Price per share (in dollars per share) 23.56 26.62 19.88
Vested/exercised, weighted average exercise/(Strike) price per share (in dollars per share) 19.61 20.12 0
Outstanding, end of period, weighted average exercise/(Strike) price per share (in dollars per share) 25.77 $ 24.17 $ 23.33
Vested and expected to vest, outstanding, weighted average exercise price (in dollars per share) $ 25.77    
Time-Based RSUs      
RSUs and CPSUs Number of Shares      
Outstanding, beginning of period (in shares) 628,716 1,247,629 1,106,670
Units granted (in shares) 461,095 30,000 590,188
Earned for performance above target (in shares) 0 0  
Expired or cancelled (in shares) 0 (50,000) (45,000)
Vested/exercised (in shares) (411,986) (598,913) (404,229)
Outstanding, end of period (in shares) 677,825 628,716 1,247,629
Vested and expected to vest, outstanding (in shares) 677,825    
RSUs and CPSUs Weighted-Average Grant Date Fair Value Per Share      
Outstanding, beginning of period, weighted average grant date fair value (in dollars per share) $ 10.57 $ 12.30 $ 15.66
Granted, weighted average grant date fair value (in dollars per share) $ 37.41 $ 12.68 8.66
Earned for performance above target, weighted average grant date fair value (in dollars per share) 0 0  
Expired or cancelled, weighted average grant date fair value (in dollars per share) $ 0 $ 23.14 16.19
Vested/exercised, weighted average grant date fair value (in dollars per share) 11.38 13.24 15.75
Outstanding, end of period, weighted average grant date fair value (in dollars per share) 28.33 $ 10.57 $ 12.30
Vested and expected to vest, outstanding, weighted average exercise price (in dollars per share) $ 28.33    
Performance-Based RSUs      
RSUs and CPSUs Number of Shares      
Outstanding, beginning of period (in shares) 0 0 0
Units granted (in shares) 151,623 0 0
Earned for performance above target (in shares) 0 0  
Expired or cancelled (in shares) 0 0 0
Vested/exercised (in shares) 0 0 0
Outstanding, end of period (in shares) 151,623 0 0
Vested and expected to vest, outstanding (in shares) 151,623    
RSUs and CPSUs Weighted-Average Grant Date Fair Value Per Share      
Outstanding, beginning of period, weighted average grant date fair value (in dollars per share) $ 0 $ 0 $ 0
Granted, weighted average grant date fair value (in dollars per share) $ 47.76 $ 0 0
Earned for performance above target, weighted average grant date fair value (in dollars per share) 0 0  
Expired or cancelled, weighted average grant date fair value (in dollars per share) $ 0 $ 0 0
Vested/exercised, weighted average grant date fair value (in dollars per share) 0 0 0
Outstanding, end of period, weighted average grant date fair value (in dollars per share) 47.76 $ 0 $ 0
Vested and expected to vest, outstanding, weighted average exercise price (in dollars per share) $ 47.76    
CPSUs      
RSUs and CPSUs Number of Shares      
Outstanding, beginning of period (in shares) 1,514,095 1,184,683 814,620
Units granted (in shares) 0 645,180 901,541
Earned for performance above target (in shares) 636,368 72,864  
Expired or cancelled (in shares) (265,094) (157,884) (380,782)
Vested/exercised (in shares) (1,140,189) (230,748) (150,696)
Outstanding, end of period (in shares) 745,180 1,514,095 1,184,683
Vested and expected to vest, outstanding (in shares) 745,180    
RSUs and CPSUs Weighted-Average Grant Date Fair Value Per Share      
Outstanding, beginning of period, weighted average grant date fair value (in dollars per share) $ 14.34 $ 11.86 $ 16.61
Granted, weighted average grant date fair value (in dollars per share) $ 0 $ 19.17 11.18
Earned for performance above target, weighted average grant date fair value (in dollars per share) 12.95 19.24  
Expired or cancelled, weighted average grant date fair value (in dollars per share) $ 8.66 $ 10.53 20.37
Vested/exercised, weighted average grant date fair value (in dollars per share) 12.80 19.24 11.98
Outstanding, end of period, weighted average grant date fair value (in dollars per share) 17.54 $ 14.34 $ 11.86
Vested and expected to vest, outstanding, weighted average exercise price (in dollars per share) $ 17.54    
CRSUs      
RSUs and CPSUs Number of Shares      
Outstanding, beginning of period (in shares) 786,775 284,379 100,000
Units granted (in shares) 381,410 673,855 214,379
Earned for performance above target (in shares) 0 0  
Expired or cancelled (in shares) (74,279) 0 0
Vested/exercised (in shares) (286,520) (171,459) (30,000)
Outstanding, end of period (in shares) 807,386 786,775 284,379
Vested and expected to vest, outstanding (in shares) 807,386    
RSUs and CPSUs Weighted-Average Grant Date Fair Value Per Share      
Outstanding, beginning of period, weighted average grant date fair value (in dollars per share) $ 12.11 $ 7.87 $ 6.99
Granted, weighted average grant date fair value (in dollars per share) $ 27.59 $ 12.75 8.43
Earned for performance above target, weighted average grant date fair value (in dollars per share) 0 0  
Expired or cancelled, weighted average grant date fair value (in dollars per share) $ 36.35 $ 0 0
Vested/exercised, weighted average grant date fair value (in dollars per share) 11.62 7.59 8.98
Outstanding, end of period, weighted average grant date fair value (in dollars per share) 17.37 $ 12.11 $ 7.87
Vested and expected to vest, outstanding, weighted average exercise price (in dollars per share) $ 17.37    
v3.25.4
Share-Based Compensation (Schedule of Unrestricted Stock Units Issuance) (Details) - Unrestricted Stock Units - $ / shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Units granted (in shares) 40,710 73,716 302,112
Units granted (in dollars per share) $ 36.35 $ 20.89 $ 5.66
v3.25.4
Share-Based Compensation (Schedule of Fair Value of RSUs, CPSUs and CRSUs) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Time-based RSUs      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Fair value of vested shares on vesting date: $ 10,855 $ 9,971 $ 4,110
CPSUs      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Fair value of vested shares on vesting date: 76,415 5,584 1,077
CRSUs      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Fair value of vested shares on vesting date: $ 8,446 $ 3,040 $ 185
v3.25.4
Employee Benefit Plans (Schedule of Net Periodic Benefit Cost) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Summary of net periodic benefit cost      
Defined Benefit Plan, Net Periodic Benefit Cost, Credit Interest Cost, Statement Of Income Or Comprehensive Income, Extensible List Not Disclosed Flag true true true
Interest cost $ 3,760 $ 3,651 $ 3,839
Service cost $ 685 $ 988 $ 1,000
Defined Benefit Plan, Net Periodic Benefit Cost Credit Expected, Return Loss, Statement Of Income Or Comprehensive Income, Extensible List Not Disclosed Flag true true true
Expected return on plan assets $ (3,594) $ (3,763) $ (3,875)
Defined Benefit Plan, Net Periodic Benefit Cost Credit, Amortization Of Gain Loss, Statement Of Income Or Comprehensive Income, Extensible List Not Disclosed Flag true true true
Recognized net actuarial losses $ 1,747 $ 1,803 $ 1,699
Net periodic benefit cost $ 2,598 $ 2,679 $ 2,663
Actuarial assumptions used to determine net cost:      
Discount rate (as a percent) 5.50% 4.95% 5.16%
Expected return on assets (as a percent) 5.00% 6.25% 6.25%
v3.25.4
Employee Benefit Plans (Schedule of Target and Actual Asset Allocation for Pension Plan by Asset Category) (Details)
Dec. 31, 2025
Dec. 31, 2024
Pension Plan Assets    
Target asset allocation (as a percent) 100.00%  
Actual asset allocation (as a percent) 100.00% 100.00%
Cash    
Pension Plan Assets    
Target asset allocation (as a percent) 2.00%  
Actual asset allocation (as a percent) 7.00% 5.00%
Equity funds    
Pension Plan Assets    
Target asset allocation (as a percent) 18.00%  
Actual asset allocation (as a percent) 11.00% 60.00%
Fixed income funds    
Pension Plan Assets    
Target asset allocation (as a percent) 80.00%  
Actual asset allocation (as a percent) 82.00% 35.00%
v3.25.4
Employee Benefit Plans (Narrative) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2026
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]        
Company contribution   $ 2,763 $ 2,861  
Net actuarial loss   $ 35,000 $ 36,700  
Discount rate (as a percent)   5.20% 5.50%  
Expected return on assets (as a percent)   5.00% 6.25% 6.25%
Expense provision for 401 (k) plans   $ 8,000 $ 4,400 $ 4,100
Company contribution   $ 36,700 $ 31,700 $ 37,700
Forecast        
Defined Benefit Plan Disclosure [Line Items]        
Company contribution $ 1,200      
v3.25.4
Employee Benefit Plans (Schedule of Future Benefit Payments Under Defined Benefit Pension Plan) (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Retirement Benefits [Abstract]  
2026 $ 6,790
2027 6,678
2028 6,534
2029 6,364
2030 6,175
2031-2035 27,436
Total future benefit payments $ 59,977
v3.25.4
Employee Benefit Plans (Schedule of Reconciliation of Changes in Fair Value of Plan Assets, Plan Benefit Obligations and Funded Status) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2026
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Change in Fair Value of Plan Assets        
Balance at beginning of year $ 61,939 $ 60,247 $ 57,882  
Actual return on plan assets   6,032 7,227  
Company contribution   2,763 2,861  
Benefit payments   (7,103) (7,723)  
Balance at end of year   61,939 60,247 $ 57,882
Change in Benefit Obligations        
Balance at beginning of year 71,354 71,581 77,443  
Interest cost   3,760 3,651 3,839
Service cost   685 988 1,000
Assumption change (gain) loss   1,596 (3,161)  
Actuarial loss   835 383  
Benefit payments   (7,103) (7,723)  
Balance at end of year   $ 71,354 $ 71,581 $ 77,443
Forecast        
Change in Fair Value of Plan Assets        
Company contribution $ 1,200      
v3.25.4
Employee Benefit Plans (Schedule of Amounts Recognized in Consolidated Balance Sheets) (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Funded Status    
Funded status $ (9,415) $ (11,334)
Net unfunded amounts recognized in Consolidated Balance Sheets consist of:    
Current liabilities (303) (295)
Long-term liabilities (9,112) (11,039)
Total net unfunded amount recognized in Consolidated Balance Sheets $ (9,415) $ (11,334)
v3.25.4
Employee Benefit Plans (Schedule of Plan Assets at Fair Value) (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plans' assets $ 61,939 $ 60,247 $ 57,882
Fair Value, Inputs, Level 1, 2 and 3 | Non-Closely Held Funds      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plans' assets 55,319 52,777  
Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plans' assets 42,578 49,644  
Level 1 | Non-Closely Held Funds      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plans' assets 42,578 49,644  
Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plans' assets 12,741 3,133  
Level 2 | Non-Closely Held Funds      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plans' assets 12,741 3,133  
Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plans' assets 0 0  
Level 3 | Non-Closely Held Funds      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plans' assets 0 0  
Fair Value Measured at Net Asset Value Per Share | Closely Held Funds      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plans' assets 6,620 7,470  
Cash and cash equivalents | Non-Closely Held Funds      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plans' assets 4,336 3,177  
Cash and cash equivalents | Level 1 | Non-Closely Held Funds      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plans' assets 4,336 3,177  
Cash and cash equivalents | Level 2 | Non-Closely Held Funds      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plans' assets 0 0  
Cash and cash equivalents | Level 3 | Non-Closely Held Funds      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plans' assets 0 0  
Fixed income funds | Non-Closely Held Funds      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plans' assets 13,301 3,133  
Fixed income funds | Level 1 | Non-Closely Held Funds      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plans' assets 560 0  
Fixed income funds | Level 2 | Non-Closely Held Funds      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plans' assets 12,741 3,133  
Fixed income funds | Level 3 | Non-Closely Held Funds      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plans' assets 0 0  
Exchange traded funds | Non-Closely Held Funds      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plans' assets 37,682 0  
Exchange traded funds | Level 1 | Non-Closely Held Funds      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plans' assets 37,682 0  
Exchange traded funds | Level 2 | Non-Closely Held Funds      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plans' assets 0 0  
Exchange traded funds | Level 3 | Non-Closely Held Funds      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plans' assets 0 0  
Mutual funds | Non-Closely Held Funds      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plans' assets 0 46,467  
Mutual funds | Level 1 | Non-Closely Held Funds      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plans' assets 0 46,467  
Mutual funds | Level 2 | Non-Closely Held Funds      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plans' assets 0 0  
Mutual funds | Level 3 | Non-Closely Held Funds      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plans' assets $ 0 $ 0  
Equity partnerships      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Fair Value by Hierarchy and NAV [Extensible List] Fair Value Measured at Net Asset Value Per Share Fair Value Measured at Net Asset Value Per Share  
Equity partnerships | Closely Held Funds      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plans' assets $ 119 $ 2,139  
Hedge fund investments      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Fair Value by Hierarchy and NAV [Extensible List] Fair Value Measured at Net Asset Value Per Share Fair Value Measured at Net Asset Value Per Share  
Hedge fund investments | Closely Held Funds      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plans' assets $ 6,501 $ 5,331  
v3.25.4
Employee Benefit Plans (Schedule of Benefit Obligations in Excess of the Fair Value of Plan's Assets) (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]      
Projected benefit obligation $ 71,354 $ 71,581 $ 77,443
Accumulated benefit obligation 71,354 71,581  
Fair value of plans' assets 61,939 60,247 $ 57,882
Projected benefit obligation greater than fair value of plans' assets 9,415 11,334  
Accumulated benefit obligation greater than fair value of plans' assets 9,415 11,334  
Pension Plan      
Defined Benefit Plan Disclosure [Line Items]      
Projected benefit obligation 69,059 69,248  
Accumulated benefit obligation 69,059 69,248  
Fair value of plans' assets 61,939 60,247  
Projected benefit obligation greater than fair value of plans' assets 7,120 9,001  
Accumulated benefit obligation greater than fair value of plans' assets 7,120 9,001  
Benefit Equalization Plan      
Defined Benefit Plan Disclosure [Line Items]      
Projected benefit obligation 2,295 2,333  
Accumulated benefit obligation 2,295 2,333  
Fair value of plans' assets 0 0  
Projected benefit obligation greater than fair value of plans' assets 2,295 2,333  
Accumulated benefit obligation greater than fair value of plans' assets $ 2,295 $ 2,333  
v3.25.4
Employee Benefit Plans (Schedule of Key Information for the Plans) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Construction Laborers Pension Trust Fund for Southern California      
Multiemployer Plans [Line Items]      
Pension Protection Act Zone Status Green Green  
Company contributions $ 5.8 $ 5.2 $ 2.1
Surcharge Imposed No    
Expiration Date of Collective Bargaining Agreement Jun. 30, 2026    
The Pension, Hospitalization and Benefit Plan of the Electrical Industry - Pension Trust Account      
Multiemployer Plans [Line Items]      
Pension Protection Act Zone Status Green Green  
Company contributions $ 3.8 $ 3.4 4.2
Surcharge Imposed No    
Expiration Date of Collective Bargaining Agreement Apr. 12, 2028    
Southern California IBEW-NECA Pension Plan      
Multiemployer Plans [Line Items]      
Pension Protection Act Zone Status Yellow Yellow  
FIP/RP Status Pending or Implemented Implemented    
Company contributions $ 3.7 $ 2.4 1.0
Surcharge Imposed No    
Expiration Date of Collective Bargaining Agreement Jun. 30, 2026    
Carpenters Pension Trust Fund for Northern California      
Multiemployer Plans [Line Items]      
Pension Protection Act Zone Status Green Red  
Company contributions $ 3.2 $ 2.5 2.5
Surcharge Imposed No    
Expiration Date of Collective Bargaining Agreement Jun. 30, 2027    
Western States Carpenters Pension Plan      
Multiemployer Plans [Line Items]      
Pension Protection Act Zone Status Green Green  
Company contributions $ 3.1 $ 2.7 $ 1.3
Surcharge Imposed No    
Expiration Date of Collective Bargaining Agreement Jun. 30, 2026    
v3.25.4
Fair Value Measurements (Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Assets:    
Cash and cash equivalents $ 734,553 $ 455,084
Restricted cash 35,641 9,104
Restricted investments 228,959 139,986
Investments in lieu of retainage 186,991 145,124
Total $ 1,186,144 749,298
Cash and cash equivalents maturity period (maximum) 3 months  
Level 1    
Assets:    
Cash and cash equivalents $ 734,553 455,084
Restricted cash 35,641 9,104
Restricted investments 0 0
Investments in lieu of retainage 27,849 38,359
Total 798,043 502,547
Level 1 | Money Market Funds    
Assets:    
Investments in lieu of retainage 27,800 38,400
Level 2    
Assets:    
Cash and cash equivalents 0 0
Restricted cash 0 0
Restricted investments 228,959 139,986
Investments in lieu of retainage 159,142 106,765
Total 388,101 246,751
Level 2 | Debt Securities    
Assets:    
Investments in lieu of retainage 159,100 106,800
Level 3    
Assets:    
Cash and cash equivalents 0 0
Restricted cash 0 0
Restricted investments 0 0
Investments in lieu of retainage 0 0
Total $ 0 $ 0
v3.25.4
Fair Value Measurements (Schedule of Available-for-Sale Securities Reconciliation and Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value and Investments Classified by Contractual Maturity Date ) (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Amortized Cost $ 386,799 $ 248,947
Unrealized Gains 3,005 1,050
Unrealized Losses (1,703) (3,246)
Fair Value 388,101 246,751
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Less than 12 months, fair value 83,845 53,530
Less than 12 months, unrealized losses (613) (364)
12 Months or greater, fair value 32,518 84,579
12 Months or greater, unrealized losses (1,090) (2,882)
Total, fair value 116,363 138,109
Total, unrealized losses (1,703) (3,246)
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Fair Value [Abstract]    
Amortized cost, due within one year 82,463  
Fair value, due within one year 82,483  
Amortized cost, due after one year through five years 290,855  
Fair value, due after one year through five years 292,585  
Amortized cost, due after five years 13,481  
Fair value, due after five years 13,033  
Restricted investments:    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Amortized Cost 228,364 142,103
Unrealized Gains 1,943 638
Unrealized Losses (1,348) (2,755)
Fair Value 228,959 139,986
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Less than 12 months, fair value 62,900 29,060
Less than 12 months, unrealized losses (259) (215)
12 Months or greater, fair value 29,536 46,824
12 Months or greater, unrealized losses (1,089) (2,540)
Total, fair value 92,436 75,884
Total, unrealized losses (1,348) (2,755)
Investments in lieu of retention:    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Amortized Cost 158,435 106,844
Unrealized Gains 1,062 412
Unrealized Losses (355) (491)
Fair Value 159,142 106,765
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Less than 12 months, fair value 20,945 24,470
Less than 12 months, unrealized losses (354) (149)
12 Months or greater, fair value 2,982 37,755
12 Months or greater, unrealized losses (1) (342)
Total, fair value 23,927 62,225
Total, unrealized losses (355) (491)
Corporate debt securities | Restricted investments:    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Amortized Cost 205,584 118,421
Unrealized Gains 1,900 603
Unrealized Losses (472) (1,242)
Fair Value 207,012 117,782
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Less than 12 months, fair value 57,673 23,985
Less than 12 months, unrealized losses (221) (159)
12 Months or greater, fair value 20,907 30,384
12 Months or greater, unrealized losses (251) (1,083)
Total, fair value 78,580 54,369
Total, unrealized losses (472) (1,242)
Corporate debt securities | Investments in lieu of retention:    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Amortized Cost 140,749 106,014
Unrealized Gains 844 224
Unrealized Losses (38) (491)
Fair Value 141,555 105,747
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Less than 12 months, fair value 4,796 24,470
Less than 12 months, unrealized losses (37) (149)
12 Months or greater, fair value 2,982 37,755
12 Months or greater, unrealized losses (1) (342)
Total, fair value 7,778 62,225
Total, unrealized losses (38) (491)
U.S. government agency securities | Restricted investments:    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Amortized Cost 12,300 16,323
Unrealized Gains 11 35
Unrealized Losses (329) (663)
Fair Value 11,982 15,695
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Less than 12 months, fair value 3,056 4,371
Less than 12 months, unrealized losses (31) (43)
12 Months or greater, fair value 3,550 10,699
12 Months or greater, unrealized losses (298) (620)
Total, fair value 6,606 15,070
Total, unrealized losses (329) (663)
U.S. government agency securities | Investments in lieu of retention:    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Amortized Cost 4,337 0
Unrealized Gains 0 0
Unrealized Losses (43) 0
Fair Value 4,294 0
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Less than 12 months, fair value 4,294  
Less than 12 months, unrealized losses (43)  
12 Months or greater, fair value 0  
12 Months or greater, unrealized losses 0  
Total, fair value 4,294  
Total, unrealized losses (43)  
Municipal bonds | Restricted investments:    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Amortized Cost 10,282 7,159
Unrealized Gains 32 0
Unrealized Losses (534) (831)
Fair Value 9,780 6,328
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Less than 12 months, fair value 2,171 704
Less than 12 months, unrealized losses (7) (13)
12 Months or greater, fair value 4,894 5,560
12 Months or greater, unrealized losses (527) (818)
Total, fair value 7,065 6,264
Total, unrealized losses (534) (831)
Municipal bonds | Investments in lieu of retention:    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Amortized Cost 13,349 830
Unrealized Gains 218 188
Unrealized Losses (274) 0
Fair Value 13,293 1,018
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Less than 12 months, fair value 11,855  
Less than 12 months, unrealized losses (274)  
12 Months or greater, fair value 0  
12 Months or greater, unrealized losses 0  
Total, fair value 11,855  
Total, unrealized losses (274)  
Corporate certificates of deposit | Restricted investments:    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Amortized Cost 198 200
Unrealized Gains 0 0
Unrealized Losses (13) (19)
Fair Value 185 181
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Less than 12 months, fair value 0 0
Less than 12 months, unrealized losses 0 0
12 Months or greater, fair value 185 181
12 Months or greater, unrealized losses (13) (19)
Total, fair value 185 181
Total, unrealized losses $ (13) $ (19)
v3.25.4
Fair Value Measurements (Narrative) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
2024 Senior Notes | 2024 Senior Notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Long-term debt, fair value $ 444.2 $ 441.9
Term Loan B    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Long-term debt, fair value   $ 121.9
v3.25.4
Variable Interest Entities (VIEs) (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Variable Interest Entity [Line Items]      
Current assets $ 4,116,885,000 $ 3,286,667,000  
Current liabilities 3,239,498,000 2,332,700,000  
Future funding commitments 0    
Revenue 5,543,039,000 4,326,922,000 $ 3,880,227,000
Related Party | Purple Line Extension Section 2 and Section 3      
Variable Interest Entity [Line Items]      
Revenue $ 2,800,000,000    
Percent interest in the joint venture 75.00%    
Related Party | Manhattan Jail Project      
Variable Interest Entity [Line Items]      
Revenue $ 3,760,000,000    
Percent interest in the joint venture 75.00%    
O&G | Related Party | Purple Line Extension Section 2 and Section 3      
Variable Interest Entity [Line Items]      
Noncontrolling interest, ownership percentage by noncontrolling owners 25.00%    
O&G | Related Party | Manhattan Jail Project      
Variable Interest Entity [Line Items]      
Noncontrolling interest, ownership percentage by noncontrolling owners 25.00%    
Variable Interest Entity, Not Primary Beneficiary      
Variable Interest Entity [Line Items]      
Current assets $ 58,500,000 26,700,000  
Noncurrent assets 6,300,000    
Current liabilities 70,200,000 24,800,000  
Variable Interest Entity, Primary Beneficiary      
Variable Interest Entity [Line Items]      
Current assets 932,100,000 475,600,000  
Noncurrent assets 36,400,000 19,900,000  
Current liabilities 669,000,000.0 $ 385,500,000  
Noncurrent liabilities $ 10,600,000    
v3.25.4
Business Segments (Narrative) (Details) - segment
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting [Abstract]      
Number of reportable segments 3    
Revenues from External Customers and Long-Lived Assets      
Number of reportable segments 3    
Revenue Benchmark | Customer Concentration Risk | Civil, Building, and Specialty Contractors | Customer One      
Revenues from External Customers and Long-Lived Assets      
Concentration risk, percentage 14.10% 17.60% 16.30%
Revenue Benchmark | Customer Concentration Risk | Civil, Building, and Specialty Contractors | Customer Two      
Revenues from External Customers and Long-Lived Assets      
Concentration risk, percentage 11.40%    
v3.25.4
Business Segments (Schedule of Reportable Segments) (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Business Segments      
Revenue $ 5,543,039 $ 4,326,922 $ 3,880,227
Cost of operations 4,895,524 4,129,884 3,739,603
General and administrative expenses 415,554 300,791 255,221
Income (loss) from construction operations 231,961 (103,753) (114,597)
Capital expenditures 180,854 37,409 52,953
Depreciation and amortization 49,815 53,787 45,229
Costs for share-based payment arrangements 150,000 40,400 12,300
Costs for share-based payment arrangements, after tax $ 148,700 $ 39,700 $ 11,500
Costs for share-based payment arrangements, diluted (in dollars per share) $ 2.78 $ 0.76 $ 0.22
Adverse Legal Ruling Pertaining to Mixed-Use Project in New York      
Business Segments      
Loss contingency, loss in period     $ 83,600
Loss contingency, after tax     $ 60,800
Loss contingency, loss in period, after tax, per share, diluted (in dollars per share)     $ 1.17
Operating Segments      
Business Segments      
Revenue $ 5,861,772 $ 4,506,343 $ 3,967,868
Cost of operations 4,896,700 4,125,521 3,737,637
General and administrative expenses 204,711 190,622 180,009
Income (loss) from construction operations 441,628 10,779 (37,419)
Capital expenditures 133,884 28,183 46,500
Depreciation and amortization 47,817 47,124 36,357
Segment Reporting, Reconciling Item, Corporate Nonsegment      
Business Segments      
Revenue 0 0 0
Cost of operations (1,176) 4,363 1,966
General and administrative expenses 210,843 110,169 75,212
Income (loss) from construction operations (209,667) (114,532) (77,178)
Capital expenditures 46,970 9,226 6,453
Depreciation and amortization 1,998 6,663 8,872
Intersegment Eliminations      
Business Segments      
Revenue (318,733) (179,421) (87,641)
Civil      
Business Segments      
Revenue 2,846,830 2,118,953 1,883,865
Loss contingency, loss in period     40,700
Civil | Favorable Adjustment Legal Ruling Pertaining to Mass-Transit Project in Midwest      
Business Segments      
Favorable arbitration 57,600    
Favorable arbitration, attributable to company 34,600    
Favorable arbitration, after tax $ 24,900    
Favorable arbitration, after tax, diluted (in dollars per share) $ 0.47    
Civil | Unfavorable Adjustment Legal Ruling Pertaining to Tunneling Project in Canada      
Business Segments      
Loss contingency, loss in period $ 54,700    
Loss contingency, loss in period, company 32,800    
Loss contingency, after tax $ 23,400    
Loss contingency, loss in period, after tax, per share, diluted (in dollars per share) $ 0.44    
Civil | Unfavorable Adjustment Due to Arbitration Ruling on Bridge Project in California      
Business Segments      
Revenue   79,400  
Loss contingency, loss in period   101,600  
Loss contingency, after tax   $ 74,300  
Loss contingency, loss in period, after tax, per share, diluted (in dollars per share)   $ 1.42  
Civil | Unfavorable Legal Ruling Pertaining to Mass-Transit Project in West Coast      
Business Segments      
Loss contingency, loss in period   $ 31,800  
Loss contingency, after tax   $ 25,400  
Loss contingency, loss in period, after tax, per share, diluted (in dollars per share)   $ 0.48  
Civil | Unfavorable Legal Ruling on a Completed Highway Project in Virginia      
Business Segments      
Loss contingency, loss in period   $ 17,400  
Loss contingency, after tax   $ 12,700  
Loss contingency, loss in period, after tax, per share, diluted (in dollars per share)   $ 0.24  
Civil | Unfavourable Adjustments Due to Mass Transit Project in California      
Business Segments      
Loss contingency, loss in period   $ 15,100  
Loss contingency, after tax   $ 11,100  
Loss contingency, loss in period, after tax, per share, diluted (in dollars per share)   $ 0.21  
Civil | Favorable Adjustment Legal Settlement on Highway Tunneling Project in the Western United States      
Business Segments      
Favorable arbitration   $ 18,400  
Favorable arbitration, after tax   $ 13,500  
Favorable arbitration, after tax, diluted (in dollars per share)   $ 0.26  
Civil | Unfavorable Adjustment Legal Ruling Pertaining to Mass-Transit Project in California      
Business Segments      
Loss contingency, loss in period     23,200
Loss contingency, after tax     $ 17,000
Loss contingency, loss in period, after tax, per share, diluted (in dollars per share)     $ 0.33
Civil | Favorable Adjustment Legal Ruling Pertaining to Mass-Transit Project in California, Remaining Work      
Business Segments      
Favorable arbitration     $ 8,800
Favorable arbitration, after tax     $ 7,100
Favorable arbitration, after tax, diluted (in dollars per share)     $ 0.14
Civil | Favorable Adjustment Legal Ruling Pertaining to Mass-Transit Project in West Coast      
Business Segments      
Favorable arbitration     $ 19,000
Favorable arbitration, after tax     $ 15,200
Favorable arbitration, after tax, diluted (in dollars per share)     $ 0.29
Civil | Favorable Adjustments Due to Improved Performance      
Business Segments      
Favorable arbitration     $ 58,100
Civil | Operating Segments      
Business Segments      
Revenue $ 3,062,354 $ 2,248,659 1,971,194
Cost of operations 2,366,197 1,897,741 1,614,859
General and administrative expenses 89,756 82,951 70,397
Income (loss) from construction operations 390,877 138,261 198,609
Capital expenditures 125,357 27,040 41,318
Depreciation and amortization 43,342 42,521 31,685
Civil | Intersegment Eliminations      
Business Segments      
Revenue (215,524) (129,706) (87,329)
Building      
Business Segments      
Revenue 1,852,237 1,617,537 1,302,539
Building | Unfavourable Adjustments Due to Changes In Estimates On A Government Building Project In Miami      
Business Segments      
Loss contingency, loss in period   25,900  
Loss contingency, after tax   $ 18,900  
Loss contingency, loss in period, after tax, per share, diluted (in dollars per share)   $ 0.36  
Building | Unfavorable Adjustment Adverse Legal Settlement on Government Facility Project in Florida      
Business Segments      
Loss contingency, loss in period   $ 20,000  
Loss contingency, after tax   $ 14,600  
Loss contingency, loss in period, after tax, per share, diluted (in dollars per share)   $ 0.28  
Building | Unfavorable Adjustment on a Government Building Project in Florida      
Business Segments      
Loss contingency, loss in period     14,600
Loss contingency, after tax     $ 10,700
Loss contingency, loss in period, after tax, per share, diluted (in dollars per share)     $ 0.21
Building | Adverse Legal Ruling Pertaining to Mixed-Use Project in New York      
Business Segments      
Loss contingency, loss in period     $ 72,200
Building | Operating Segments      
Business Segments      
Revenue 1,955,446 $ 1,666,862 1,302,636
Cost of operations 1,741,533 1,593,509 1,347,589
General and administrative expenses 52,473 48,165 46,156
Income (loss) from construction operations 58,231 (24,137) (91,206)
Capital expenditures 1,663 613 3,932
Depreciation and amortization 2,136 2,270 2,227
Building | Intersegment Eliminations      
Business Segments      
Revenue (103,209) (49,325) (97)
Specialty Contractors      
Business Segments      
Revenue 843,972 590,432 693,823
Specialty Contractors | Unfavorable Adjustment Legal Ruling Pertaining to Mass-Transit Project in California      
Business Segments      
Loss contingency, loss in period   17,700  
Loss contingency, after tax   $ 13,000  
Loss contingency, loss in period, after tax, per share, diluted (in dollars per share)   $ 0.25  
Specialty Contractors | Unfavorable Adjustment Due to Changes in Estimates on Transportation Project in the Northeast      
Business Segments      
Loss contingency, loss in period     62,200
Loss contingency, after tax     $ 45,700
Loss contingency, loss in period, after tax, per share, diluted (in dollars per share)     $ 0.88
Specialty Contractors | Unfavorable Adjustment Due to Educational Facilities Project in New York      
Business Segments      
Loss contingency, loss in period     $ 24,700
Loss contingency, after tax     $ 18,100
Loss contingency, loss in period, after tax, per share, diluted (in dollars per share)     $ 0.35
Specialty Contractors | Unfavorable Adjustment on Multi-Unit Residential Project in New York      
Business Segments      
Loss contingency, loss in period     $ 16,900
Loss contingency, after tax     $ 12,400
Loss contingency, loss in period, after tax, per share, diluted (in dollars per share)     $ 0.24
Specialty Contractors | Adverse Legal Ruling Pertaining to Mixed-Use Project in New York      
Business Segments      
Loss contingency, loss in period     $ 11,400
Specialty Contractors | Operating Segments      
Business Segments      
Revenue 843,972 $ 590,822 694,038
Cost of operations 788,970 634,271 775,189
General and administrative expenses 62,482 59,506 63,456
Income (loss) from construction operations (7,480) (103,345) (144,822)
Capital expenditures 6,864 530 1,250
Depreciation and amortization 2,339 2,333 2,445
Specialty Contractors | Intersegment Eliminations      
Business Segments      
Revenue $ 0 $ (390) (215)
Civil and Building | Unfavorable Adjustment Due to Changes in Estimates on Transportation Project in the Northeast      
Business Segments      
Loss contingency, loss in period     28,300
Loss contingency, after tax     $ 22,200
Loss contingency, loss in period, after tax, per share, diluted (in dollars per share)     $ 0.43
v3.25.4
Business Segments (Schedule of Total Assets for Reportable Segments) (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Total assets $ 5,160,422 $ 4,242,710
Segment Reporting, Reconciling Item, Corporate Nonsegment    
Total assets (939,898) (679,065)
Civil | Operating Segments    
Total assets 4,348,288 3,636,825
Building | Operating Segments    
Total assets 1,354,282 1,085,998
Specialty Contractors | Operating Segments    
Total assets $ 397,750 $ 198,952
v3.25.4
Business Segments (Schedule of Revenue from External Customers by Geographic Areas) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Principal Geographical Areas Information      
Revenue $ 5,543,039 $ 4,326,922 $ 3,880,227
Total assets 5,160,422 4,242,710  
United States      
Principal Geographical Areas Information      
Revenue 5,053,306 3,743,518 3,437,971
Total assets 4,604,866 3,759,874  
Foreign and U.S. territories      
Principal Geographical Areas Information      
Revenue 489,733 583,404 $ 442,256
Total assets $ 555,556 $ 482,836  
v3.25.4
Business Segments (Schedule of Reconciliation of Segment Results to Consolidated Loss Before Income Taxes) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting [Abstract]      
Income (loss) from construction operations $ 231,961 $ (103,753) $ (114,597)
Other income, net 27,512 19,878 17,200
Interest expense (54,965) (89,133) (85,157)
INCOME (LOSS) BEFORE INCOME TAXES $ 204,508 $ (173,008) $ (182,554)
v3.25.4
Related Party Transactions (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
project
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Related Party Transactions      
Accounts receivable $ 1,218,609 $ 986,893  
Retention receivable $ 668,894 560,163  
AirTrain Newark Replacement Program and Mass-Transit in Los Angeles, California      
Related Party Transactions      
Ownership percentage in joint venture 75.00%    
AirTrain Newark Replacement Program and Mass-Transit in Los Angeles, California | O&G      
Related Party Transactions      
Ownership percentage in joint venture 25.00%    
Bridge Replacement Project in Connecticut      
Related Party Transactions      
Ownership percentage in joint venture 30.00%    
Bridge Replacement Project in Connecticut | O&G      
Related Party Transactions      
Ownership percentage in joint venture 70.00%    
Related Party      
Related Party Transactions      
Related party, payment for leases $ 1,700 4,000 $ 3,900
Amounts of transaction 1,900 2,400 4,100
Accounts receivable 5,500    
Retention receivable 1,500    
Related Party | O&G      
Related Party Transactions      
Amounts of transaction $ 27,300    
Related Party | O&G | Mass-Transit Project in Los Angeles California      
Related Party Transactions      
Number of construction projects | project 2    
Related Party | O&G | Infrastructure Projects in Northeastern United States      
Related Party Transactions      
Number of construction projects | project 2    
Related Party | Alliant      
Related Party Transactions      
General insurance expense $ 18,400 14,900 $ 15,300
Other liabilities $ 100 $ 6,000