EVERUS CONSTRUCTION GROUP, INC., 10-K filed on 2/25/2026
Annual Report
v3.25.4
Cover Page - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Feb. 23, 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 001-42276    
Entity Registrant Name Everus Construction Group, Inc.    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 99-1952207    
Entity Address, Address Line One 1730 Burnt Boat Drive    
Entity Address, City or Town Bismarck    
Entity Address, State or Province ND    
Entity Address, Postal Zip Code 58503    
City Area Code (701)    
Local Phone Number 221-6400    
Title of 12(b) Security Common Stock, par value $0.01 per share    
Trading Symbol ECG    
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     $ 2,520
Entity Common Stock, Shares Outstanding   51,006,719  
Documents Incorporated by Reference
Relevant portions of the registrant's Definitive Proxy Statement for the 2026 Annual Meeting of Stockholders, to be filed no later than 120 days from December 31, 2025, are incorporated by reference in Part III, Items 10, 11, 12, 13 and 14 of this 2025 Annual Report on Form 10-K.
    
Entity Central Index Key 0002015845    
Document Fiscal Year Focus 2025    
Document Fiscal Period Focus FY    
Amendment Flag false    
v3.25.4
Audit Information
 12 Months Ended
Dec. 31, 2025
Audit Information [Abstract]  
Auditor Firm ID 34
Auditor Name DELOITTE & TOUCHE LLP
Auditor Location Minneapolis, Minnesota
v3.25.4
Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Statement [Abstract]      
Operating revenues $ 3,746,387 $ 2,849,685 $ 2,854,390
Cost of sales 3,292,299 2,510,234 2,532,472
Gross profit 454,088 339,451 321,918
Selling, general and administrative expenses 189,338 149,544 131,375
Operating income 264,750 189,907 190,543
Interest income 4,573 0 0
Interest expense 21,451 14,023 16,954
Other income, net 9,939 4,875 3,981
Income before income taxes and income from equity method investments 257,811 180,759 177,570
Income taxes expense 72,311 49,523 45,286
Income from equity method investments 16,270 12,185 4,946
Net income $ 201,770 $ 143,421 $ 137,230
Earnings per share:      
Earnings per share - basic (in dollars per share) $ 3.95 $ 2.81 $ 2.69
Earnings per share - diluted (in dollars per share) $ 3.95 $ 2.81 $ 2.69
Weighted average common shares outstanding:      
Weighted average common shares outstanding - basic (in shares) 51,045 50,973 50,972
Weighted average common shares outstanding - diluted (in shares) 51,123 51,072 50,972
v3.25.4
Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Comprehensive Income [Abstract]      
Net income $ 201,770 $ 143,421 $ 137,230
Other comprehensive income:      
Reclassification adjustment for loss on derivative instruments included in net income, net of tax benefit of $1 in 2023 0 0 35
Other comprehensive income 0 0 35
Comprehensive income attributable to common stockholders $ 201,770 $ 143,421 $ 137,265
v3.25.4
Consolidated Statements of Comprehensive Income (Parenthetical)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
USD ($)
Statement of Comprehensive Income [Abstract]  
Reclassification adjustment for loss on derivative instruments included in net income, tax $ 1
v3.25.4
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash, cash equivalents and restricted cash $ 170,500 $ 86,012
Receivables, net of allowance for credit losses of $5,282 and $7,097, respectively 769,828 590,028
Contract assets 255,767 167,049
Inventories 45,271 43,750
Prepayments and other current assets 55,015 30,390
Total current assets 1,296,381 917,229
Noncurrent assets:    
Investments 27,082 21,286
Property, plant and equipment, net of accumulated depreciation of $174,914 and $157,278, respectively 168,498 134,409
Operating lease right-of-use assets 88,705 67,045
Goodwill 143,224 143,224
Other noncurrent assets 4,841 5,270
Total noncurrent assets 432,350 371,234
Total assets 1,728,731 1,288,463
Current liabilities:    
Current portion of long-term debt 15,000 15,000
Accounts payable 226,264 138,097
Contract liabilities, net 305,111 207,304
Taxes payable 6,483 6,768
Accrued compensation 86,960 67,815
Accrued payroll-related liabilities 47,189 38,995
Current portion of operating lease liabilities 33,905 26,354
Other accrued liabilities 15,278 13,037
Total current liabilities 736,190 513,370
Noncurrent liabilities:    
Long-Term Debt, Excluding Current Maturities 266,549 280,648
Deferred income taxes 14,869 8,161
Operating lease liabilities 56,634 41,200
Other noncurrent liabilities 24,671 22,472
Total noncurrent liabilities 362,723 352,481
Total liabilities 1,098,913 865,851
Commitments and contingent liabilities
Stockholders’ equity:    
Preferred stock, 10,000,000 shares authorized, $0.01 par value, none issued and outstanding 0 0
Common stock, 300,000,000 shares authorized, $0.01 par value, 51,006,719 and 50,980,924 shares issued and outstanding at December 31, 2025 and 2024, respectively 510 510
Other paid-in capital 143,566 138,130
Retained earnings 485,742 283,972
Total stockholders’ equity 629,818 422,612
Total liabilities and stockholders’ equity $ 1,728,731 $ 1,288,463
v3.25.4
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Allowance for receivables $ 5,282 $ 7,097
Accumulated depreciation $ 174,914 $ 157,278
Preferred stock, shares authorized (in shares) 10,000,000 10,000,000
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Common stock, authorized (in shares) 300,000,000  
Common stock, stated value (in dollars per share) $ 0.01  
Common stock, issued (in shares) 51,006,719 50,980,924
Common stock, outstanding (in shares) 51,006,719 50,980,924
v3.25.4
Consolidated Statements of Equity - USD ($)
$ in Thousands
Total
Common Stock
Other Paid-in Capital
Retained Earnings
Accumulated Other Comprehensive Loss
Beginning balance (in shares) at Dec. 31, 2022   1,000      
Beginning balance at Dec. 31, 2022 $ 382,247 $ 1 $ 136,327 $ 245,954 $ (35)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 137,230     137,230  
Other comprehensive income 35       35
Net transfers (to) from CEHI, LLC and/or MDU Resources Group, Inc. (70,662)   (143) (70,519)  
Ending balance (in shares) at Dec. 31, 2023   1,000      
Ending balance at Dec. 31, 2023 448,850 $ 1 136,184 312,665 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 143,421     143,421  
Other comprehensive income 0        
Stock-based compensation (in shares)   8,865      
Stock-based compensation 1,472   2,047 (575)  
Retirement of historical common stock in connection with the Separation (in shares)   (1,000)      
Retirement of historical common stock in connection with the Separation 0 $ (1) 1    
Issuance of common stock in connection with the Separation (in shares)   50,972,059      
Issuance of common stock in connection with the Separation 0 $ 510 (510)    
Net transfers (to) from CEHI, LLC and/or MDU Resources Group, Inc. $ (171,131)   408 (171,539)  
Ending balance (in shares) at Dec. 31, 2024 50,980,924 50,980,924      
Ending balance at Dec. 31, 2024 $ 422,612 $ 510 138,130 283,972 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 201,770     201,770  
Other comprehensive income 0        
Stock-based compensation (in shares)   25,795      
Stock-based compensation $ 5,436   5,436    
Ending balance (in shares) at Dec. 31, 2025 51,006,719 51,006,719      
Ending balance at Dec. 31, 2025 $ 629,818 $ 510 $ 143,566 $ 485,742 $ 0
v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating activities:      
Net income $ 201,770 $ 143,421 $ 137,230
Adjustments to reconcile net income to net cash provided by operating activities:       
Depreciation 28,684 23,384 21,051
Amortization of intangible assets 116 1,888 2,097
Deferred income taxes 6,341 1,626 (3,105)
Net credit loss expenses (reversals) 636 (56) 6,202
Amortization of debt issuance costs 1,576 263 0
Stock-based compensation costs 6,311 1,559 804
Net unrealized gains on investments (771) (585) 0
Gain on sale of assets (5,976) (7,231) (8,174)
Equity in earnings of unconsolidated affiliates, net of distributions (5,186) (8,055) (4,946)
Changes in operating assets and liabilities:      
Receivables (180,436) (140,345) 28,944
Due from related-party 0 11,507 (489)
Contract assets (88,718) 39,186 16,863
Inventories (1,521) (1,041) (5,865)
Other current assets (24,625) (12,814) (4,390)
Accounts payable 88,372 14,296 (21,782)
Due to related-party 0 (2,135) (2,803)
Contract liabilities, net 97,807 67,196 15,713
Other current liabilities 29,218 20,728 (6,933)
Other noncurrent changes 3,247 10,585 921
Net cash provided by operating activities 156,845 163,377 171,338
Investing activities:      
Capital expenditures (66,836) (48,278) (35,590)
Net proceeds from sale or disposition of property, plant and equipment 9,971 13,706 16,214
Proceeds from insurance contracts 2,174 0 0
Investments (2,078) (2,489) (596)
Net cash used in investing activities (56,769) (37,061) (19,972)
Financing activities:      
Issuance of long-term debt 0 300,000 0
Proceeds under the credit facility 0 40,000 0
Repayments under the credit facility 0 (40,000) 0
Payment of debt issuance costs 0 (7,879) 0
Tax withholding on stock-based compensation (588) 0 0
Contribution from MDU Resources 0 13,531 0
Net amounts paid to MDU Resources cash management program 0 (168,531) (10,584)
Transfers to CEHI, LLC and MDU Resources 0 (178,992) (69,327)
Net cash used in financing activities (15,588) (41,871) (151,911)
Increase (decrease) in cash, cash equivalents and restricted cash 84,488 84,445 (545)
Cash, cash equivalents and restricted cash - beginning of year 86,012 1,567 2,112
Cash, cash equivalents and restricted cash - end of year 170,500 86,012 1,567
Supplemental Cash Flow Information:      
Interest paid 19,709 14,800 16,845
Income taxes paid, net 77,819 50,207 52,322
Noncash investing activities:      
Purchases of property, plant and equipment included in accounts payable 216 421 258
Related party      
Financing activities:      
Repayment of related-party long-term notes payable 0 0 (45,000)
Repayment of related-party short-term notes payable 0 0 (27,000)
Nonrelated party      
Financing activities:      
Repayment of related-party long-term notes payable $ (15,000) $ 0 $ 0
v3.25.4
Background and Nature of Operations
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Background and Nature of Operations Background and Nature of Operations
Nature of Operations
Everus Construction Group, Inc. (the “Company” or “Everus”) is a leading construction solutions provider headquartered in Bismarck, North Dakota, offering specialty contracting services to a diverse set of end markets, which are provided to commercial, industrial, institutional, renewables, service, transportation, utility and other customers. The Company operates throughout most of the United States through two reportable, operating segments:
Electrical & Mechanical (“E&M”): Contracting services including construction and maintenance of electrical and communication wiring and infrastructure, fire suppression systems, renewables infrastructure and mechanical piping and services to customers in both the public and private sectors.
Transmission & Distribution (“T&D”): Contracting services including construction and maintenance of overhead and underground electrical, gas, communication infrastructure and transportation-related lighting, as well as the manufacture and distribution of overhead and underground transmission line construction equipment and tools.
Separation from MDU Resources
On November 2, 2023, MDU Resources Group, Inc. (“MDU Resources”) announced its intent to pursue a tax-free spinoff of Everus Construction, Inc. (formerly known as MDU Construction Services Group, Inc.) (“Everus Construction”) from MDU Resources (the “Separation”). Prior to the Separation, Everus Construction was the construction services segment of MDU Resources and operated as a wholly owned subsidiary of CEHI, LLC (“Centennial”), which is a wholly owned subsidiary of MDU Resources. In anticipation of the Separation, MDU Resources formed a new wholly owned subsidiary, Everus Construction Group, Inc., that became the new parent company of Everus Construction.
On October 31, 2024, MDU Resources completed the Separation by transferring Everus Construction, inclusive of all its assets and liabilities, to Everus and distributing 50,972,059 shares of Everus common stock ($0.01 par value) to MDU Resources stockholders of record as of October 21, 2024 (the “Distribution”). The Distribution was structured as a pro rata distribution of one share of Everus common stock for every four shares of MDU Resources common stock (such ratio, the “Distribution Ratio”). MDU Resources did not distribute any fractional shares of Everus common stock to its stockholders as part of the Distribution. Instead, MDU Resources’ stockholders received cash in lieu of any fractional shares of Everus common stock that they would have received after application of the Distribution Ratio.
As a result of the Separation and Distribution, Everus is an independent publicly traded company and its common stock is listed under the ticker symbol “ECG” on the New York Stock Exchange.
The Separation and Distribution was completed pursuant to a separation and distribution agreement as well as other agreements with MDU Resources, including, but not limited to, a transition services agreement, a tax matters agreement and an employee matters agreement. Refer to Note 15 – Related-Party Transactions for additional information on the transition services agreement. The Company has incurred costs in establishing itself as an independent public entity and expects additional ongoing expenses related to its continued operations as such.
v3.25.4
Basis of Presentation and Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation and Summary of Significant Accounting Policies
Basis of Presentation
Prior to the Separation, Everus Construction historically operated as a wholly owned subsidiary of Centennial and an indirect, wholly owned subsidiary of MDU Resources and not as a standalone company. For periods prior to the Separation, financial information included in the accompanying consolidated financial statements and related footnotes was prepared on a “carve-out” basis in connection with the Separation and was derived from the consolidated financial statements of MDU Resources as if the Company operated on a standalone basis during the periods presented. However, the pre-Separation financial information included in the consolidated financial statements and related footnotes does not necessarily reflect what the Company’s results of operations, financial position and cash flows would have been had it operated as a separate, publicly traded company for those periods presented and may not be indicative of its future performance.
The accompanying consolidated financial statements were prepared in conformity with generally accepted accounting principles in the United States (“GAAP”). The consolidated financial statements include all adjustments that are, in the opinion of management, necessary for a fair presentation of the consolidated financial statements and are of a normal recurring nature.
All revenues and costs as well as assets and liabilities directly associated with the business activity of the Company are included in the consolidated financial statements. For periods prior to the Separation, the consolidated financial statements also included expense allocations for certain functions that were provided by MDU Resources and Centennial, including, but not limited to, certain general corporate expenses related to senior management, legal, human resources, finance and accounting, treasury, information technology, internal audit, risk management and other shared services. The amounts allocated were $30.4 million and $27.1 million for the years ended December 31, 2024 and 2023, respectively, and were included in Selling, general and administrative expenses on the consolidated statements of income. These expenses were allocated to the Company on the basis of direct usage where identifiable, with the remainder principally allocated on the basis of percentage of total capital invested or other allocation methodologies that were considered to be a reasonable reflection of the utilization of the services provided to the benefits received. The allocations may not, however, reflect the expenses the Company would have incurred as a standalone company for the periods presented. These costs also may not be indicative of the expenses that the Company will incur in the future or would have incurred if the Company had obtained these services from a third party. Refer to Note 15 – Related-Party Transactions for more information on the transition services agreement between the Company and MDU Resources.
Earnings per share (“EPS”) information was retrospectively adjusted for periods prior to the Separation on the consolidated statements of income to reflect the Distribution. Refer to Note 9 – Earnings Per Share for more information on the share counts used in the EPS calculations.
Prior to the Separation, the Company historically participated in MDU Resources’ centralized cash management program through Centennial, including its overall financing arrangements. The Company had related-party agreements in place with Centennial for the financing of its capital needs, which were reflected as related-party notes payable on the consolidated balance sheets for periods prior to the Separation. Interest expense in the consolidated statements of income for periods prior to the Separation reflected the allocation of interest on borrowing and funding associated with the related-party agreements. Following the Separation, the Company has implemented its own centralized cash management program and has access to third-party credit facilities to fund day-to-day operations. For additional information related to the Company’s current financing arrangements and related interest expense recognition, refer to Note 7 – Debt and Note 15 – Related-Party Transactions.
Cash-settled, related-party transactions between the Company, MDU Resources, Centennial or other MDU Resources subsidiaries for general operating activities; the Company's participation in MDU Resources’ centralized cash management program through Centennial; and intercompany debt, were included in the consolidated financial statements for periods prior to the Separation. These related-party transactions were reflected in the consolidated balance sheets prior to the Separation as Due from related-party, Due from related-party - noncurrent, Due to related-party or Related-party notes payable. The aggregate net effect of general related-party operating activities was reflected in the consolidated statements of cash flows within operating activities for periods prior to the Separation. The effects of the Company’s participation in MDU Resources’ centralized cash management program and intercompany debt arrangements were reflected in the consolidated statements of cash flows within investing and financing activities for periods prior to the Separation. Refer to Note 15 – Related-Party Transactions for additional information on related-party transactions.
Prior to the Separation, MDU Resources maintained various benefit and stock-based compensation plans at a corporate level and the Company’s employees participated in these programs. The costs associated with its employees were included in the Company’s consolidated financial statements for the periods prior to the Separation. Following the Separation, the Company has its own employee benefit and stock-based compensation plans at a corporate level that its employees participate in. Refer to Note 10 – Stock-Based Compensation and Note 13 – Employee Benefit Plans for additional information.
Principles of Consolidation
The consolidated financial statements were prepared in accordance with GAAP and include the accounts of the Company and its wholly owned subsidiaries, as well as entities that the Company controls through its ownership of a majority voting interest or pursuant to control of a variable interest entity (“VIE”), which is discussed in more detail below. All significant intercompany accounts and transactions between the businesses comprising the Company have been eliminated in the accompanying consolidated financial statements.
Subsequent Events
The Company has evaluated transactions for consideration as recognized subsequent events in these consolidated financial statements through February 25, 2026, the date of issuance of these consolidated financial statements, and determined that no additional events requiring disclosure occurred.
Summary of Significant Accounting Policies
Use of Estimates
The preparation of consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities, at the date of the consolidated financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Estimates are used for items such as long-lived assets and goodwill; fair values of acquired assets and liabilities under the acquisition method of accounting; property depreciable lives; tax provisions; revenue recognized using the cost-to-cost measure of progress for contracts; costs on construction contracts; unbilled revenues; expected credit losses; loss contingencies; actuarially determined benefit costs; lease classification; present value of right-of-use assets and lease liabilities; and the valuation of stock-based compensation. As additional information becomes available, or actual amounts are determinable, the recorded estimates are revised. Consequently, operating results can be affected by revisions to prior accounting estimates. 
Revenue Recognition
Under the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) 606 - Revenue from Contracts with Customers (“ASC 606”), revenue is recognized when a performance obligation is satisfied by transferring control over a product or service to a customer. Revenue is measured based on consideration specified in a contract with a customer and excludes any sales incentives and amounts collected on behalf of third parties. The Company is considered an agent for certain taxes collected from customers. As such, the Company presents revenues net of these taxes at the time of sale to be remitted to governmental authorities, including sales and use taxes.
The Company generates most of its revenues from specialty contracting services. The Company provides specialty contracting services to a customer when a contract has been signed by both the customer and a representative of the Company obligating a service to be provided in exchange for the consideration identified in the contract. The nature of the services the Company provides generally includes multiple promised goods and services in a single project to create a distinct bundle of goods and services, which the Company has determined are single performance obligations. The transaction price includes the fixed consideration required pursuant to the original contract price together with any additional consideration, to which the Company expects to be entitled to, associated with executed change orders plus the estimate of variable consideration to which the Company expects to be entitled, subject to the following constraint.
The nature of the Company’s contracts gives rise to several types of variable consideration. Examples of variable consideration include: liquidated damages; performance bonuses or incentives and penalties; claims; unpriced change orders; and index pricing. The variable amounts usually arise upon achievement of certain performance metrics or change in project scope. The Company estimates the amount of revenue to be recognized on variable consideration using one of the two prescribed estimation methods, the expected value method or the most likely amount method, depending on which method best predicts the most likely amount of consideration the Company expects to be entitled to or expects to incur.
Assumptions as to the occurrence of future events and the likelihood and amount of variable consideration are made during the contract performance period. Estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on the assessment of anticipated performance and all information (historical, current, and forecasted) that is reasonably available to management. The Company only includes variable consideration in the estimated transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur or when the uncertainty associated with the variable consideration is resolved.
Changes in circumstances could impact management’s estimates made in determining the value of variable consideration recorded. When determining if the variable consideration is constrained, the Company considers if factors exist that could increase the likelihood or the magnitude of a potential reversal of revenue. The Company updates its estimate of the transaction price each reporting period and the effect of variable consideration on the transaction price is recognized as an adjustment to revenue on a cumulative catch-up basis.
Contract revenues related to specialty contracting services are recognized over time using the input method based on the measurement of progress on a project. This is the preferred method of measuring revenues because the costs incurred have been determined to represent the best indication of the overall progress toward the transfer of such goods or services promised to a customer. Under the cost-to-cost measure of progress, the costs incurred are compared with total estimated costs of a performance obligation. Revenues are recorded proportionately to the costs incurred.
The Company also sells construction equipment and other supplies to third parties and internal customers. The contract for these sales is the use of a sales order or invoice, which includes the pricing and payment terms. All such contracts include a
single performance obligation for the delivery of a single distinct product or a distinct separately identifiable bundle of products and services. Revenue is recognized at a point in time when the performance obligation has been satisfied with the delivery of the products or services. The warranties associated with the sales are those consistent with a standard warranty that the product meets certain specifications for quality or those required by law.
For most contracts, amounts billed to customers are due within 30 days of receipt. There are no material obligations for returns, refunds or other similar obligations.
In addition, the Company leases certain equipment to third parties. These leases are considered short-term operating leases with terms of less than 12 months, with the majority being month-to-month leases currently. The Company recognizes revenue from operating leases on a straight-line basis over the respective operating lease terms under ASC 842 - Leases.
The Company recognizes all other revenues when services are rendered or goods are delivered.
Consolidation of Variable Interest Entities
The Company holds a minority economic interest in a captive insurance company, which has been determined to be a VIE due to its variable ownership interest in the captive insurance company. The captive insurance is structured with protected cell captives for each insured party (“Captive Cells”) in which participants’ assets and liabilities are held separately from each other and is not exposed to the insurance and investment risks that the Captive Cells are designed to create and distribute on behalf of the insured parties. The Company is the primary beneficiary of its individual Captive Cell and has the power to direct the activities that most significantly impact economic performance of its Captive Cell, as well as the obligation to absorb losses of, and receive benefits from the activities of its Captive Cell. Accordingly, the Company has prepared these consolidated financial statements in accordance with ASC 810, Consolidation. ASC 810 requires that if an entity is the primary beneficiary of a VIE, the assets, liabilities, and results of operations of the VIE should be included in the consolidated financial statements of such entity. As such, the consolidated financial statements include the consolidation of the Company’s Captive Cell.
Cash deposits held by the Captive Cell are considered restricted cash as they are to remain in the Captive Cell. After consolidation by the Company, the total carrying amounts of Cash, cash equivalents and restricted cash, Other accrued liabilities, and Other noncurrent liabilities on the consolidated balance sheet attributable to the Captive Cell were as follows as of December 31:
20252024
(In thousands)
Cash, cash equivalents and restricted cash
$17,828 $16,057 
Other accrued liabilities
2,381 1,816 
Other noncurrent liabilities
$6,326 $9,271 
Joint Ventures
The Company accounts for unconsolidated joint ventures using either the equity method or proportionate consolidation. For the years ended December 31, 2025, 2024 and 2023, the Company held interests between 25% and 50% in joint ventures formed primarily for the purpose of pooling resources on construction contracts.
Proportionate consolidation is used for joint ventures that include unincorporated legal entities when we hold an undivided interest in each asset and are proportionately liable for the Company’s share of liabilities and the activities of the joint ventures that are construction related. For those joint ventures accounted for under proportionate consolidation, only the Company’s pro rata share of assets, liabilities, revenues and expenses are included in the Company’s consolidated financial statements.
For those joint ventures accounted for using proportionate consolidation, the Company recorded operating revenues of $0.6 million and $7.8 million and operating income of $0.2 million and $2.1 million for the years ended December 31, 2024 and 2023, respectively, in the consolidated statements of income. As of December 31, 2024, the Company did not have any remaining interest in assets from these joint ventures. There was no activity during the year ended December 31, 2025 related to joint ventures accounted for using proportionate consolidation.
For those joint ventures accounted for under the equity method, the Company’s investment balances for the joint ventures are included in Investments in the consolidated balance sheets and the Company’s pro rata share of net income is included in Income from equity method investments in the consolidated statements of income.
For the years ended December 31, 2025, 2024 and 2023, the Company recognized income from equity method joint ventures of $16.3 million, $12.2 million and $5.0 million, respectively.
The Company’s investments in equity method joint ventures as of December 31, 2025 and 2024, were $19.5 million and $14.3 million, respectively.
Income Taxes
Prior to the Separation, the Company’s operations were historically included in the consolidated federal income tax returns and combined and separate state income tax returns filed by MDU Resources. Pursuant to the tax sharing agreement that existed between MDU Resources and its subsidiaries, federal income taxes paid by MDU Resources, as parent of the consolidated group, were allocated to the individual subsidiaries based on separate company computations of tax. MDU Resources made a similar allocation for state income taxes paid in connection with combined state filings.
Following the Separation, Everus and its subsidiaries file consolidated federal income tax returns and combined and separate state income tax returns. Pursuant to the tax sharing agreement that exists between Everus and its subsidiaries, federal income taxes paid by Everus, as parent of the consolidated group, are allocated to the individual subsidiaries based on separate company computations of tax. Everus makes a similar allocation for state income taxes paid in connection with combined state filings.
The Company recognizes deferred federal and state income taxes on all temporary differences between the book and tax basis of the Company’s assets and liabilities by using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized as income in the period that includes the enactment date.
The Company records uncertain tax positions in accordance with accounting guidance on accounting for income taxes on the basis of a two-step process in which (i) the Company determines whether it is more-likely-than-not that the tax position will be sustained on the basis of the technical merits of the position and (ii) for those tax positions that meet the more-likely-than-not recognition threshold, the Company recognizes the largest amount of the tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. Tax positions that do not meet the more-likely-than-not criteria are reflected as a tax liability. The Company recognizes interest and penalties accrued related to unrecognized tax benefits in income taxes in the consolidated statements of income.
Stock-Based Compensation 
Prior to the Separation, eligible employees of the Company participated in MDU Resources’ stock-based compensation plans and the Company recorded compensation expense on awards granted by MDU Resources to those eligible employees.
At the time of Separation, all outstanding MDU Resources time-vesting restricted stock unit (“RSU”) awards held by Company employees were converted into Everus RSU awards. The converted awards will continue to vest over the original vesting period of three years from the respective grant dates. Refer to Note 10 – Stock-Based Compensation for additional information related to the conversion to Everus RSU awards.
Following the Separation, stock-based compensation awards are accounted for based on the estimated fair values at the grant date and compensation expense is recognized over the requisite service or vesting period/s.
The Company uses the graded vesting method to recognize compensation expense related to time-vesting RSU awards with graded vesting features that are subject only to a service condition. This method recognizes stock compensation expense over the requisite service period for each separately vesting tranche as though each tranche of the award is, in substance, a separate award, which results in an accelerated recognition of compensation expense.
However, the Company uses the straight-line vesting method to recognize compensation expense related to time-vesting RSU awards without graded vesting features that are subject only to a service condition. This method recognizes stock compensation expense on a straight-line basis over the requisite service period for the entire award.
The Company uses the graded vesting method to recognize compensation expense related to performance share awards (“PSAs”) with graded vesting features that are subject either to a performance or market condition, as well as a service condition.
The Company uses the straight-line vesting method to recognize compensation expense related to PSAs without graded vesting features that have a performance condition based on certain predetermined performance measures, as well as a service
condition, but recognizes a true up to expense on a cumulative catch-up basis based on the Company’s determination of the expected achievement of each performance measure relative to the performance target at each reporting date. The expected achievement may vary from 0% to 200% of the performance measure target.
The Company uses the straight-line amortization method to recognize compensation expense related to PSAs without graded vesting features that have a market condition based on certain predetermined performance measures, as well as a service condition. The expected achievement may vary from 0% to 200% of the performance measure target.
The Company implemented a change in accounting policy pertaining to forfeitures and recognizes forfeitures when they occur and the related true up to expense on a cumulative catch-up basis at the time of the forfeitures. Prior to the Separation, the Company applied a forfeiture rate estimate, consistent with MDU Resources’ accounting policy. As a result, the Company adjusted compensation expense following the Separation to account for the change in accounting policy.
Cash, Cash Equivalents and Restricted Cash
The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Restricted cash represents deposits held by the Company’s Captive Cell that are to be used solely for Captive Cell’s purposes. As of December 31, 2025 and 2024, the Company had $170.5 million and $86.0 million of cash, cash equivalents, and restricted cash, respectively, including $17.8 million and $16.1 million of restricted cash held by the Captive Cell, respectively.
Receivables and Allowance for Expected Credit Losses 
Receivables consist primarily of trade receivables from the sale of goods and services, net of the allowance for expected credit losses. The Company’s trade receivables are all due in 12 months or less. Receivables, net was summarized as follows as of December 31: 
20252024
(In thousands)
Trade receivables:
Completed contracts$40,202 $42,462 
Contracts in progress728,808 546,543 
Other6,100 8,120 
Receivables, gross775,110 597,125 
Less: allowance for expected credit losses
(5,282)(7,097)
Receivables, net$769,828 $590,028 
The following table presents the opening and closing balances of Receivables, net, as of December 31:
20252024
(In thousands)
Balance at beginning of year
$590,028 $449,626 
Change during period179,800 140,402 
Balance at end of year
$769,828 $590,028 
The Company’s allowance for expected credit losses is determined using historical credit loss experiences, changes in asset-specific characteristics, current conditions, and reasonable and supportable future forecasts, among other specific account data. A review of the Company’s expected credit losses is performed at least quarterly. The Company develops and documents its methodology to determine its allowance for expected credit losses. Risk characteristics used by the Company may include customer mix, knowledge of customers and general economic conditions of the various local economies, among others. Specific account balances are written off when management determines the amounts to be uncollectible. For 2025, the year-over-year change in the allowance for expected credit losses was primarily driven by write-offs of uncollectible account balances, partially offset by net credit loss expenses recorded during the year.
Details of the Company’s allowance for expected credit losses, disclosed within Receivables, net, for the respective periods presented below, were as follows:
202520242023
(In thousands)
Balance at beginning of year
$7,097 $7,967 $2,161 
Net credit loss expenses (reversals)
636 (56)6,202 
Less: write-offs charged against the allowance
(2,469)(870)(455)
Credit loss recoveries collected18 56 59 
Balance at end of year
$5,282 $7,097 $7,967 
Inventories
Inventories are recorded at average cost, and the cost may decrease due to obsolescence, physical deterioration, damage, costs to repair, changes in price levels or other causes. Inventory valuation write-downs, as well as inventory allowances, are determined based on specific facts and circumstances.
Inventories were summarized as follows as of:
December 31, 2025
December 31, 2024
(In thousands)
Materials and supplies
$15,571 $6,771 
Work in process
3,230 — 
Finished goods
27,057 36,979 
Less: valuation allowance
(587)— 
Inventory
$45,271 $43,750 
As of December 31, 2025 and 2024, finished goods primarily consisted of manufactured equipment and tools held for sale and/or resale.
Investments
As of December 31, 2025, the Company’s investments, excluding joint venture investments, primarily included corporate-owned life insurance (“COLI”) contracts. The Company measures its investments in COLI contracts at fair value with any unrealized gains and losses recorded on the consolidated statements of income. The Company’s valuation techniques used to measure fair value are designed to maximize the use of observable inputs and minimize the use of unobservable inputs.
During the year ended December 31, 2025, the Company received proceeds related to the total cash surrender values of life insurance policies that were within Investments as of December 31, 2024.
Property, Plant and Equipment
Additions to property, plant and equipment are recorded at cost. Gains or losses resulting from the retirement or disposal of assets are recognized as a component of operating income. The Company capitalizes interest, when applicable, on certain property, plant and equipment. There was no interest capitalized in 2025 or 2024. Property, plant and equipment are depreciated on a straight-line basis over the average useful lives of the assets.
Goodwill
Goodwill represents the excess of the purchase price over the fair value of identifiable net tangible and intangible assets acquired in a business combination. Goodwill is required to be tested for impairment annually, which the Company completes in the fourth quarter, or more frequently if unforeseen events or changes in circumstances indicate that goodwill may be impaired.
The Company performed its annual goodwill impairment test in the fourth quarter of 2025. The Company determined that the reporting units for its goodwill impairment test were its operating segments, plus a component of an operating segment, that each constitute a business for which discrete financial information is available and for which management regularly reviews the
operating results. As such, the Company’s reporting units are E&M, T&D, and Wagner Smith Equipment (“WSE”). For more information on the Company’s reporting units, refer to Note 5 – Goodwill and Other Intangible Assets. Goodwill impairment, if any, is measured by comparing the fair value of each reporting unit to its carrying value. If the fair value exceeds carrying value, the goodwill of the reporting unit is not impaired. If the carrying value exceeds fair value, the Company must record a goodwill impairment loss for the amount that the carrying value of the reporting unit, including goodwill, exceeds the fair value of the reporting unit. For the years ended December 31, 2025, 2024 and 2023, there were no goodwill impairment losses recorded.
Determining the fair value of a reporting unit requires judgment and the use of significant estimates which include assumptions about the Company’s future revenue, profitability and cash flows, amount and timing of estimated capital expenditures, inflation rates, risk-adjusted cost of capital, operational plans, and current and future economic conditions, among others. Following the Separation as a standalone company, for 2025 and 2024, the fair value of each reporting unit was determined using an income approach. Prior to the Separation under MDU Resources, for 2023, the fair value of each reporting unit was determined using a weighted combination of income and market approaches. The Company believed that the estimates and assumptions used in its goodwill impairment assessments were reasonable and based on available market information.
Impairment of Long-Lived Assets, Excluding Goodwill 
The Company reviews the carrying values of its long-lived assets, excluding goodwill, whenever events or changes in circumstances indicate that such carrying values may not be recoverable. The Company tests long-lived assets for impairment at a lower level than that of goodwill impairment testing. Long-lived assets or groups of assets are evaluated for impairment at the lowest level of independently identifiable cash flows for an individual operation or group of operations collectively serving a local market. The determination of whether a long-lived asset impairment has occurred is based on an estimate of undiscounted future cash flows attributable to the assets, compared to the carrying value of the assets. If impairment has occurred, the amount of the long-lived asset impairment recognized is determined by estimating the fair value of the assets and recording a loss if the carrying value is greater than the fair value.
No long-lived asset impairment losses were recorded for the years ended December 31, 2025, 2024 and 2023. Unforeseen events and changes in circumstances could require the recognition of long-lived asset impairment losses in the future.
Leases
The Company determines if an arrangement contains a lease at inception of a contract and accounts for all leases in accordance with ASC 842 - Leases. The recognition of leases requires the Company to make estimates and assumptions that affect the lease classification, and the assets and liabilities recorded. The accuracy of lease assets and liabilities reported on the consolidated balance sheets depends on, among other things, management’s estimates of interest rates used to discount the lease assets and liabilities to their present value, as well as the lease terms based on the unique facts and circumstances of each lease.
Lease liabilities and their corresponding right-of-use assets are recorded based on the present value of lease payments over the expected lease term. The Company recognizes leases with an original lease term of 12 months or less in net income on a straight-line basis over the term of the lease and does not recognize a corresponding right-of-use asset or lease liability. The Company’s lease agreements may contain variable lease payments based on inflation adjustments, property taxes and common area maintenance, all of which are expensed as incurred.
The Company determines the lease term based on the non-cancellable and cancellable periods in each contract. The non-cancellable period consists of the term of the contract that is legally enforceable and cannot be cancelled by either party without incurring a significant penalty. The cancellable period is determined by various factors that are based on who has the right to cancel a contract. If only the lessor has the right to cancel the contract, the Company will assume the contract will continue. If the lessee is the only party that has the right to cancel the contract, the Company looks to asset, entity and market-based factors. If both the lessor and the lessee have the right to cancel the contract, the Company assumes the contract will not continue.
The discount rate used to calculate the present value of the lease liabilities is based upon the implied rate within each contract. If the rate is unknown or cannot be determined, the Company uses an incremental borrowing rate, which is determined by the length of the contract, asset class and the Company’s borrowing rates, as of the commencement date of the contract.
Insurance
The Company entered into an insurance arrangement in anticipation of the Separation. The insurance arrangement is subject to applicable insurance rules and regulations, and insures the Company’s exposure related to workers’ compensation, general liability and automobile liability on a primary basis. These policies are subject to certain self-insured limits.
The insurance arrangement establishes a reserve for estimated ultimate losses on reported claims and those incurred but not yet reported utilizing actuarial projections. The reserves are classified within Other accrued liabilities or Other noncurrent liabilities on the consolidated balance sheets based on projections of when the estimated losses will be paid. The estimates that are utilized to record potential losses on claims are inherently subjective, and actual claims could differ from amounts recorded, which could result in increased or decreased expense in future periods.
The Company also purchases excess coverage from unrelated insurance carriers and obtains third-party coverage for other forms of insurance including, but not limited to, excess liability, contractors pollution liability, legal liability, professional liability, directors and officers liability and employment practices liability. These policies are subject to certain deductible thresholds.
For certain health benefit plans, the Company carries insurance policies that are subject to stop-loss limits for qualified individuals. The Company maintains a reserve for these health benefit plans that is included within Other accrued liabilities on the consolidated balance sheets. The reserve includes an estimate for losses on reported claims as well as for amounts incurred but not yet reported, based on historical trends.
Legal Costs 
The Company expenses external legal fees as they are incurred.
Advertising
The Company expenses advertising costs as they are incurred. Advertising costs, which are included in Selling, general and administrative expenses, were $1.5 million, $1.1 million and $0.9 million for the years ended December 31, 2025, 2024 and 2023, respectively.
New Accounting Standards
Changes to GAAP are typically established by the FASB in the form of an Accounting Standards Update (“ASU”) to the FASB’s ASC. The Company considers the applicability and impact of all ASUs.
Recently Adopted Accounting Standards Updates
In August 2023, the FASB issued ASU 2023-05, Business Combinations - Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement, which provided guidance on accounting for contributions made to a joint venture, upon formation, in a joint venture’s separate financial statement in order to provide decision useful information to investors and other allocators of capital (collectively investors) in a joint venture’s financial statements and reduce diversity in practice. The new basis of accounting will require that a joint venture, upon formation, will recognize and initially measure its assets and liabilities at fair value (with the exceptions to fair value measurement that are consistent with the business combinations guidance). The standard became effective prospectively for all joint venture formations with a formation date on or after January 1, 2025. However, a joint venture that was formed before January 1, 2025, may elect to apply the guidance retrospectively if it has sufficient information. The Company adopted the standard prospectively in the first quarter of 2025, but it did not have an impact on the consolidated financial statements.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which provided guidance to address investors’ requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income tax paid information and effectiveness of income tax disclosures. The standard became effective for fiscal years beginning after December 15, 2024. The Company adopted the standard retrospectively in the fourth quarter of fiscal year 2025. Refer to Note 11 – Income Taxes for the related disclosure-only impacts of adopting this standard.
New Accounting Standards Updates Not Yet Adopted
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, which provided guidance to address investors’ requests for more detailed information about the types of expenses including purchases of inventory, employee compensation, depreciation, amortization, and depletion in commonly presented expense captions, such as cost of sales, selling, general and administrative expenses, and research and development costs. The standard will be effective for fiscal year December 31, 2027, and interim periods beginning January 1, 2028. The Company is currently evaluating the impact the guidance will have on its disclosures for the year ending December 31, 2027, and future interim periods beginning in 2028.
In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provided guidance to address stakeholders feedback on the challenges of applying Topic 326 to current accounts receivable and current contract assets, specifically related to the costs and complexities of developing reasonable and supportable forecasts to support the estimation of expected credit losses. As a result, this update provides a practical expedient for all entities that allows an entity to assume that current conditions as of the balance sheet date do not change for the remaining life of the asset when developing such forecasts. The standard will be effective for fiscal year December 31, 2026, and interim periods beginning January 1, 2026. The Company adopted the standard in the first quarter of 2026 and it did not have a material impact on the consolidated financial statements.
In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which provided guidance to address stakeholders feedback for modernizing the accounting for internal-use software costs due to the different methods of software development. This update amended the accounting and disclosure of internal-use software costs and provided entities updated recognition requirements for capitalizing internal-use software development costs, as well as website development costs. The standard will be effective for fiscal year December 31, 2028, and interim periods beginning January 1, 2028. Early adoption is permitted as of the beginning of an annual reporting period. The Company is currently evaluating the impact the guidance will have on its consolidated financial statements as well as whether the Company will early-adopt the standard.
In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, which provided clarity on interim reporting disclosure requirements and which disclosures should be provided in interim reporting periods. The standard will be effective for fiscal year December 31, 2028, and interim periods beginning January 1, 2028. Early adoption is permitted as of the beginning of an annual reporting period. The Company is currently evaluating the disclosure impacts the guidance will have on its interim financial statements as well as whether the Company will early-adopt the standard.
v3.25.4
Revenue from Contracts with Customers
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenue from Contracts with Customers Revenue from Contracts with Customers
Under ASC 606, revenue is recognized when a performance obligation is satisfied by transferring control over a product or service to a customer. Revenue is measured based on consideration specified in a contract with a customer and excludes any sales incentives and amounts collected on behalf of third parties. The Company is considered an agent for certain taxes collected from customers. As such, the Company presents revenues net of these taxes at the time of sale to be remitted to governmental authorities, including sales and use taxes.
As part of the adoption of ASC 606, the Company elected the practical expedient to recognize the incremental costs of obtaining a contract as an expense when incurred if the amortization period of the asset that the Company otherwise would have recognized is 12 months or less.
Contract Estimates and Changes in Estimates
Changes in cost estimates on certain contracts can arise from, but not limited to, changes in productivity and performance expectations, availability of skilled labor in geographic locations of such projects, costs of labor and/or materials, changes in subcontractor productivity and performance, and extended overhead due to weather or other delays. These changes in estimates may result in the issuance of change orders, which can be approved or unapproved by the customer, or the assertion of contract claims. The Company recognizes amounts associated with change orders and claims as revenue if it is probable that the contract price will be adjusted and the amount of any such adjustment can be reasonably estimated. Change orders and claims are negotiated in the normal course of business and represent management's estimates of additional contract revenues that have been earned and are probable of collection.
As of December 31, 2025 and 2024, $69.9 million and $56.2 million, respectively, of unexecuted change orders were included in contract transaction price and in Contract assets or Contract liabilities, net on the consolidated balance sheets. The Company was in the process of negotiating execution of these change orders in the normal course of business and the recognized amounts represent the Company’s best estimates of additional contract revenues for which it is not probable that a significant reversal of the revenue amounts will occur in the future.
As of December 31, 2025 and 2024, the Company recorded loss provisions of $2.0 million and $1.0 million, respectively, in Contract liabilities, net on the consolidated balance sheets related to contracts that are still being completed and remain recorded.
The Company had claim positions of $25.8 million and $54.9 million that were excluded from the contract transaction price as of December 31, 2025 and 2024, respectively. The Company continues to evaluate these active claims. The Company recognized $3.6 million in pre-tax income related to settled claims during the year ended December 31, 2025.
The Company received notification in October 2023 from a customer that it was withholding payment of approximately $31.3 million on remaining outstanding billings, including retention, on a large project with a contract that was billed on a time and materials basis with no stated maximum price. The Company believes it has substantial defenses against these claims based upon the terms of the contract and it has performed under the terms of the contract. Therefore, the Company believes collection of the remaining outstanding billings, including retention, is probable and, as a result, the Company has recognized revenues from this project in its historical results. However, there is uncertainty surrounding this matter, including the potential long-term nature of dispute resolution, the Company filing a lien on the property and the broad range of possible consideration amounts as a result of negotiations and potential litigation to resolve the dispute.
Additionally, the cost-to-cost method of accounting requires the Company to make estimates about expected revenues and gross profit on each of its contracts in progress. Changes in estimates may result from contract modifications, which affect the estimated progress of the related performance obligations. As a result, the Company recognizes additional revenues on a cumulative catch-up basis in the current period from performance obligations that were satisfied or partially satisfied in prior periods or the reversal of previously recognized revenues if the current estimated progress is less than the previous estimate. In some instances, contract modifications may occur after completion of work under the contract. Changes in estimates can also result in contract losses, which are recognized in full when they are determined to be probable and can be reasonably estimated.
Since these changes in estimates could significantly affect our profitability, the Company reviews and updates contract-related estimates regularly and recognizes adjustments in estimated gross profit on contracts under the cumulative catch-up method. Under this method, the cumulative impact to gross profit is recognized in the period that the adjustment is identified. As such, future revenues and gross profit of contract performance are recognized using the adjusted estimates.
Changes in estimates associated with performance obligations that were satisfied or partially satisfied in prior periods, positively net impacted operating revenues, and in turn gross profit, by $113.7 million, $83.4 million and $45.7 million for the years ended December 31, 2025, 2024 and 2023, respectively. As a result, net income was positively net impacted by $83.7 million, $61.9 million and $34.4 million and diluted EPS by $1.64, $1.21 and $0.67, respectively.
For the years ended December 31, 2025, 2024 and 2023, net changes in estimates pertaining to certain projects, each individually positively or negatively affecting profitability in excess of $1.0 million, positively net impacted operating revenues, and in turn gross profit, by $60.1 million, $28.6 million, and $12.9 million, respectively, which resulted in positive net impacts to net income of $44.2 million, $21.3 million and $9.7 million and diluted EPS of $0.87, $0.42 and $0.19, respectively.
The changes in estimates resulted from changes in performance estimates due to revisions to total estimated costs and/or anticipated contract value and from the mitigation of risks and contingencies as projects progressed to completion. The changes in estimates were made in the ordinary course of business and there were no changes that resulted in material amounts that should have been recognized in a prior period.
Disaggregation of Revenue
In the following tables, revenue is disaggregated by contract type and customer type for each reportable segment. The Company believes this level of disaggregation best depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. For more information on the Company’s reportable segments, refer to Note 12 – Business Segment Data.
The following tables present revenue disaggregated by contract type:
Year ended December 31, 2025
E&M
T&D
Total
(In thousands)
Fixed-price
$1,534,357 $439,481 $1,973,838 
Cost reimbursable*
1,347,305 258,929 1,606,234 
Unit-price
39,010 150,111 189,121 
Total contract revenues
2,920,672 848,521 3,769,193 
Eliminations(10,017)(12,789)(22,806)
Total operating revenues
$2,910,655 $835,732 $3,746,387 
__________________
*Includes time and material, time and equipment, and cost reimbursable plus fee contracts.
Year ended December 31, 2024
E&M
T&D
Total

(In thousands)
Fixed-price
$1,299,059 $385,868 $1,684,927 
Cost reimbursable*
670,424 295,679 966,103 
Unit-price
61,964 155,599 217,563 
Total contract revenues
2,031,447 837,146 2,868,593 
Eliminations(7,536)(11,372)(18,908)
Total operating revenues
$2,023,911 $825,774 $2,849,685 
__________________
*Includes time and material, time and equipment, and cost reimbursable plus fee contracts.
Year ended December 31, 2023
E&M
T&D
Total

(In thousands)
Fixed-price
$1,049,626 $353,836 $1,403,462 
Cost reimbursable*
1,003,455 285,947 1,289,402 
Unit-price
81,786 94,794 176,580 
Total contract revenues
2,134,867 734,577 2,869,444 
Eliminations(9,324)(5,730)(15,054)
Total operating revenues
$2,125,543 $728,847 $2,854,390 
___________________
*Includes time and material, time and equipment, and cost reimbursable plus fee contracts.
The following table presents revenue disaggregated by customer type:
Year ended December 31,
202520242023
(In thousands)
Commercial
$2,074,578 $1,197,760 $1,204,016 
Institutional
352,671 364,611 262,344 
Industrial
316,581 322,661 473,339 
Service & other
114,207 109,440 139,766 
Renewables
62,635 36,975 55,402 
Total E&M
2,920,672 2,031,447 2,134,867 
Utility
749,500 753,725 677,434 
Transportation
99,021 83,421 57,143 
Total T&D
848,521 837,146 734,577 
Eliminations
(22,806)(18,908)(15,054)
Total operating revenues
$3,746,387 $2,849,685 $2,854,390 
Uncompleted Contracts, Contract Assets and Contract Liabilities, Net
Costs, estimated earnings and billings on uncompleted contracts were summarized as follows as of December 31:
20252024
(In thousands)
Costs incurred on uncompleted contracts
$8,036,495 $7,034,838 
Estimated earnings
1,172,516 995,766 
Costs and estimated earnings on uncompleted contracts9,209,011 8,030,604 
Less: billings to date
(9,258,355)(8,070,859)
Net contract liabilities
$(49,344)$(40,255)
The timing of invoicing to customers does not necessarily correlate with the timing of revenues being recognized under the cost-to-cost method of accounting. Contracts from contracting services usually stipulate the timing of payment, which is defined by the terms found within the various contracts under which work was performed during the period. Contracts from contracting services are billed as work progresses in accordance with agreed-upon contractual terms. A variance in timing of the billings in comparison to the timing of revenue recognition results in contract assets or contract liabilities.
Contract assets consist of unbilled revenue and retainage. Unbilled revenue occurs when revenues are recognized under the cost-to-cost measure of progress, which exceeds amounts billed on uncompleted contracts. Such amounts will be billed as standard contract terms allow, usually based on various measures of performance or achievement. Retainage represents amounts that have been contractually invoiced to customers and where payments have been partially withheld pending the achievement of certain milestones, satisfaction of other contractual conditions, or completion of the project. Contract assets are not considered a significant financing component as they are intended to protect the customer in the event the Company does not perform on its obligations under the contract.
Contract liabilities occur when there are billings in excess of revenues recognized under the cost-to-cost measure of progress on uncompleted contracts. Contract liabilities decrease as revenue is recognized from the satisfaction of the related performance obligation. Contract liabilities are not considered to have a significant financing component as they are used to meet working capital requirements that generally are higher in the early stages of a contract and are intended to protect the Company from the other party failing to meet its obligations under the contract.
The Company classifies Contract assets and Contract liabilities, net that may be settled after one year from the balance sheet date as current, consistent with the timing of the Company’s project operating cycle.
Contract assets and Contract liabilities, net consisted of the following as of December 31:
20252024
(In thousands)
Unbilled revenue
$187,902 $124,007 
Retainage
67,865 43,042 
Contract assets
$255,767 $167,049 
Deferred revenue
$417,415 $278,409 
Accrued loss provision1,965 1,021 
Less: retainage
(114,269)(72,126)
Contract liabilities, net
$305,111 $207,304 
The following table presents the opening and closing balances of net contract assets (liabilities):
20252024
Contract assets
Contract liabilities, net
Net contract assets (liabilities)
Contract assets
Contract liabilities, net
Net contract assets (liabilities)
(In thousands)
Balance at beginning of year
$167,049 $(207,304)$(40,255)$206,235 $(140,108)$66,127 
Change during year
88,718 (97,807)(9,089)(39,186)(67,196)(106,382)
Balance at end of year
$255,767 $(305,111)$(49,344)$167,049 $(207,304)$(40,255)
Contract assets and contract liabilities fluctuate period to period based on various factors, including, but not limited to, changes in the number and size of projects in progress at period end; variability in billing and payment terms, such as up-front or advance billings, interim or milestone billings, or deferred billings; variability in billing of retainage and the satisfaction of the specified condition; and unapproved change orders and contract claims recognized as revenues. The primary driver of the difference between the Company’s opening and closing contract assets and contract liabilities balances is the timing of the Company’s billings, including retainage, in relation to its performance of work.
The Company recognized a net increase in revenues of $151.4 million, $117.5 million and $116.3 million for the years ended December 31, 2025, 2024 and 2023, respectively, related to previously recognized deferred revenues that were included in Contract liabilities, net as of December 31, 2024, 2023 and 2022, respectively.
Remaining Performance Obligations
Remaining performance obligations include unrecognized revenues that the Company reasonably expects to be realized from the uncompleted portion of services to be performed under job-specific contracts to the extent management believes additional contract revenues will be earned and are deemed probable of collection. The majority of the Company’s contracts for contracting services have an original duration of less than one year.
As of December 31, 2025 and 2024, the aggregate amount of the transaction price allocated to the Company’s remaining performance obligations was $2.80 billion and $2.46 billion, respectively. The table below shows additional information regarding the Company’s remaining performance obligations as of December 31, 2025, including an estimate of when the Company expects to recognize its remaining performance obligations as revenues:
Within 12 Months
Greater than 12 Months
(In thousands)
E&M
$2,067,484 $382,647 
T&D
266,979 80,548 
Total $2,334,463 $463,195 
v3.25.4
Property, Plant, and Equipment, Net
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment, Net Property, Plant and Equipment, Net
Property, plant and equipment, net as of December 31 was as follows:
20252024
Estimated Useful Life
Weighted Average Estimated Useful Life
(In thousands)
(In years)
Land$10,187 $8,662 
—
— 
Buildings and improvements65,117 54,936 
0 to 40
22
Machinery and equipment100,258 86,689 
0 to 15
7
Vehicles158,265 133,437 
0 to 15
7
Other9,585 7,963 
0 to 10
3
Property, plant and equipment, gross
343,412 291,687 
Less: accumulated depreciation
(174,914)(157,278)
Property, plant and equipment, net
$168,498 $134,409 
For the years ended December 31, 2025, 2024 and 2023, depreciation expense was $28.7 million, $23.4 million and $21.1 million, respectively.
Depreciation expense is recognized in Cost of sales and Selling, general and administrative expenses on the consolidated statements of income.
The components of certain equipment leased to third parties under operating leases, which are included within Property, plant and equipment, net in the consolidated balance sheets, were as follows as of December 31;
20252024
(In thousands)
Machinery and equipment$69,152 $59,549 
Less: accumulated depreciation
(32,565)(29,687)
Property, plant and equipment, net $36,587 $29,862 
v3.25.4
Goodwill and Other Intangible Assets
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets
Goodwill
The Company’s carrying amount of goodwill remained unchanged at $143.2 million as of both December 31, 2025 and 2024. The Company’s reporting units are E&M, T&D, and Wagner Smith Equipment (“WSE”). WSE is within the T&D reportable segment. Goodwill also remained unchanged for each reportable segment as of both December 31, 2025 and 2024, with $115.9 million for E&M and $27.3 million for T&D. No impairments of goodwill were recorded for the years ended December 31, 2025, 2024 and 2023.
Other Intangible Assets
Finite-lived intangible assets, which were classified in Other noncurrent assets, were as follows as of December 31:
2024
(In thousands)
Customer relationships$10,450 
Less: accumulated amortization
(10,334)
Net customer relationships
116 
Total $116 
During the third quarter of 2025, the Company wrote off the remaining asset cost and associated accumulated amortization of the finite-lived intangible assets related to customer relationships that were fully amortized.
For the years ended December 31, 2025, 2024 and 2023, amortization expense for finite-lived intangible assets was $0.1 million, $1.9 million and $2.1 million, respectively. As a result of the finite-lived intangible assets being fully amortized during the first quarter of 2025, there was no future amortization expense remaining for finite-lived intangible assets.
Amortization expense is recognized in Selling, general and administrative expenses in the consolidated statements of income.
No impairments of finite-lived intangible assets were recorded for the years ended December 31, 2025, 2024 and 2023.
v3.25.4
Fair Value Measurements
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. ASC 820 - Fair Value Measurement (“ASC 820”) establishes a three-tier hierarchy for grouping assets and liabilities, based on the significance and availability of inputs in active markets. The estimated fair values of the Company’s assets and liabilities measured on a recurring basis are determined using the market approach.
In general, fair values determined by Level 1 inputs use quoted prices in active markets for identical assets or liabilities. Fair values determined by Level 2 inputs use data points that are observable such as quoted prices, interest rates and yield
curves. Fair values determined by Level 3 inputs are “unobservable data points” for the asset or liability and include situations where there is little, if any, market activity for the asset or liability.
Assets and Liabilities Measured at Fair Value on a Recurring Basis
The Company measured its investments in certain fixed-income and equity securities at fair value with changes in fair value recognized in the consolidated statements of income. The Company anticipates using these investments, which consist of COLI contracts, to satisfy its obligations under its unfunded, nonqualified deferred compensation plan for the Company’s executive officers and certain key management employees. The Company invests in these fixed-income and equity securities for the purpose of earning investment returns and capital appreciation. Prior to the Separation, the Company was a participant in MDU Resources’ benefit and compensation plans. These investments, which totaled $7.6 million and $4.8 million as of December 31, 2025 and 2024, respectively, were included in Investments on the consolidated balance sheets. The Company recognized net unrealized gains on these investments of $0.8 million and $0.6 million for the years ended December 31, 2025 and 2024, respectively. The net unrealized losses on these investments were immaterial for the year ended December 31, 2023. The changes in fair value were classified in Other income, net on the consolidated statements of income.
The estimated fair value of the Company’s Level 2 COLI contracts was based on contractual cash surrender values that were determined primarily by investments in managed separate accounts of the insurer. These amounts approximated fair value. The managed separate accounts were valued based on other observable inputs or corroborated market data.
Though the Company believes the methods used to estimate fair value are consistent with those used by other market participants, the use of other methods or assumptions could result in a different estimate of fair value.
The estimated fair values of the Company’s Cash, cash equivalents and restricted cash, Receivables, Accounts payable and Other accrued liabilities approximated their carrying value due to the short-term maturities of these instruments.
The Company has a captive insurance arrangement in which a Captive Cell within a captive insurance company holds cash, classified as restricted cash, and certain other accrued liabilities and other noncurrent liabilities in order to manage and administer insurance claims on behalf of the Company. The fair values of the assets and liabilities held by the Captive Cell approximated their fair values as of both December 31, 2025 and 2024. Refer to Note 2 – Basis of Presentation and Summary of Significant Accounting Policies for additional information on the Company’s captive insurance arrangement.
The Company’s assets measured at fair value on a recurring basis were as follows:
Fair Value Measurements
as of December 31, 2025, Using
Quoted Prices in Active Markets for Identical Assets
(Level 1)
Significant Other Observable Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
Balance as of December 31, 2025
(In thousands)
Assets:
COLI contracts
$— $7,615 $— $7,615 
Total assets measured at fair value
$— $7,615 $— $7,615 
Fair Value Measurements
as of December 31, 2024, Using
Quoted Prices in Active Markets for Identical Assets
(Level 1)
Significant Other Observable Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
Balance as of December 31, 2024
(In thousands)
Assets:
COLI contracts
$— $4,766 $— $4,766 
Total assets measured at fair value
$— $4,766 $— $4,766 
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
The Company applies the provisions of ASC 820 to its nonrecurring, nonfinancial measurements of nonfinancial assets and liabilities, including long-lived asset impairments. These nonfinancial assets are not measured at fair value on an ongoing basis but are subject to fair value adjustments only in certain circumstances. The Company reviews the carrying value of its long-lived assets, excluding goodwill, whenever events or changes in circumstances indicate that such carrying amounts may not be recoverable. Refer to Note 2 – Basis of Presentation and Summary of Significant Accounting Policies for additional information on impairment of long-lived assets.
Assets and Liabilities Not Measured at Fair Value
The Company's long-term debt was not measured at fair value on the consolidated balance sheets as of both December 31, 2025 and 2024, but corresponding fair values are being provided for disclosure purposes only. The fair values were categorized as Level 2 in the fair value hierarchy and were based on discounted cash flows using current market interest rates. Refer to Note 7 – Debt for additional information on the Company’s long-term debt.
The estimated fair values of the Company's Level 2 long-term debt, including current long-term debt, were as follows as of December 31:

2025
2024

(In thousands)
Carrying value
$285,000 $300,000 
Fair value
$282,115 $298,559 
v3.25.4
Debt
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Debt Debt
Certain debt instruments of the Company contain restrictive and financial covenants and cross-default provisions. In order to borrow under the debt instruments, the Company must be in compliance with the applicable covenants and certain other conditions, all of which the Company was in compliance with as of December 31, 2025. Non-compliance with applicable covenants or conditions may constitute an event of default under the Credit Agreement. Subject to any applicable cure periods, failure to remedy such a default may require the Company to pursue alternative sources of funding.
Long-Term Debt
Long-term debt outstanding was as follows:

Weighted Average Interest Rate as of December 31, 2025
December 31, 2025
December 31, 2024

(In percentage)
(In thousands)
Term loan due on October 31, 2029
5.67 %$285,000 $300,000 
Revolving credit facility
— — 
Less: unamortized debt issuance costs
(3,451)(4,352)
Total debt
281,549 295,648 
Less: current maturities
(15,000)(15,000)
Total long-term debt
$266,549 $280,648 
Term Loan and Revolving Credit Facility
On October 31, 2024, the Company entered into a five-year senior secured credit agreement (“Credit Agreement”), which provides for a $300.0 million term loan (“Term Loan”) and a $225.0 million revolving credit facility (“Revolving Credit Facility”). The Revolving Credit Facility includes letters of credit available under the Credit Agreement in an aggregate amount of up to $50.0 million.
The Company incurred $4.4 million and $3.5 million of debt issuance costs for the Term Loan and Revolving Credit Facility, respectively. The costs associated with the Term Loan were capitalized and classified as a reduction to Long-term debt and the costs associated with the Revolving Credit Facility were capitalized and recorded as Other noncurrent assets. Each will be amortized to interest expense over the term of the Credit Agreement.
The Company drew $40.0 million under the Revolving Credit Facility on the Separation date for projected working capital needs. On November 29, 2024, the Company repaid the $40.0 million outstanding balance, plus accrued interest, under the Revolving Credit Facility.
As of December 31, 2025 and 2024, there was no outstanding balance under the Revolving Credit Facility, but there were $2.2 million and $15.6 million of outstanding standby letters of credit, respectively. As a result, the Company had a borrowing capacity of $222.8 million and $209.4 million under the Revolving Credit Facility, respectively.
The Company incurred $21.4 million and $4.1 million of interest expense related to the Credit Agreement for the years ended December 31, 2025 and 2024, consisting of $18.9 million and $3.7 million of interest on outstanding borrowings, $1.6 million and $0.3 million of debt issuance costs amortization and $0.9 million and $0.1 million of unused commitment fees, respectively.
The Company did not incur any interest expense related to the Credit Agreement for the year ended December 31, 2023, as the agreement had not yet commenced during this period. Refer to Note 15 – Related-Party Transactions for additional information on related-party interest expense pertaining to periods prior to the Separation.
The Term Loan requires quarterly amortization payments of 5.00% per annum of the original principal amount thereof. The Credit Agreement also requires mandatory prepayments in connection with certain asset sales, subject to certain exceptions. During the year ended December 31, 2025, the Company paid its required quarterly amortization payments of the Term Loan totaling $15.0 million, along with $18.9 million of associated interest. No such payments were made during the years ended December 31, 2024 and 2023.
Borrowings under the Credit Agreement bear interest, at the Company’s option, at an annual rate equal to (a) adjusted term Secured Overnight Financing Rate, defined in a customary manner (“Term SOFR”) plus an applicable rate of 2.00% to 2.75%, based on the Company’s total net leverage ratio (as defined below), or (b) the base rate (determined by reference to the highest of (x) the prime rate, (y) the greater of (i) the federal funds effective rate and (ii) the overnight bank funding rate, in each case, plus 0.50% and (z) the one-month adjusted Term SOFR rate plus 1.00% per annum, subject to customary floors (clauses (x) through (z), the “Base Rate”)) plus an applicable rate of 1.00% to 1.75%, based on the Company’s total net leverage ratio. Undrawn commitment fees under the Revolving Credit Facility range from 0.30% to 0.45% based on the Company’s consolidated total net leverage ratio.
The Credit Agreement provides for incremental revolving and term facilities at the Company’s request and at the discretion of the lenders or other persons providing such incremental facilities, and also permits the Company to incur other secured or unsecured debt, in all cases subject to conditions and limitations on the amount of such incremental facility or other debt as specified in the Credit Agreement.
The Credit Agreement contains certain limitations with respect to indebtedness, liens, acquisitions and other investments, fundamental changes, restrictive agreements, dividends and redemptions or repurchases of stock, prepayments of certain subordinated indebtedness, dispositions of assets and transactions with affiliates, in each case subject to certain exceptions.
The Credit Agreement contains financial covenants requiring the Company to maintain a maximum consolidated total net leverage ratio of 3.00 to 1.00 and a minimum interest coverage ratio of 3.00 to 1.00, each determined as of the end of each fiscal quarter. Per the Credit Agreement, consolidated total net leverage ratio is defined as the ratio of (a) consolidated funded indebtedness of the Company to (b) last twelve months (“LTM”) earnings before interest, taxes, depreciation and amortization (“EBITDA”). Interest coverage ratio is defined as the ratio of (a) LTM EBITDA to (b) consolidated cash interest expense of the Company. The consolidated total net leverage ratio may be increased at the Company’s option to 3.50 to 1.00 in connection with certain qualifying material acquisitions. The covenants also include restrictions on the sale of certain assets, loans and investments.
Schedule of Debt Maturities
The amounts of scheduled long-term debt maturities, excluding unamortized debt issuance costs, for the five years following December 31, 2025, aggregate as follows:
2026202720282029
Total
(In thousands)
Long-term debt maturities, including current portion
$15,000 $15,000 $15,000 $240,000 $285,000 
v3.25.4
Leases
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Leases Leases
Most of the leases the Company enters into are for equipment, buildings and vehicles as part of its ongoing operations. The Company also leases certain equipment to third parties.
Lessee Accounting
The leases the Company has entered into as part of its ongoing operations are considered operating leases. The corresponding lease costs are included in Cost of sales and Selling, general and administrative expenses on the consolidated statements of income.
Generally, operating leases for vehicles and equipment have a term of one to five years and buildings have a longer term of up to 10 years or more. For certain operating leases, lease terms may include the options to extend or terminate the lease. Similarly, building or property leases could include one or more options to renew, with renewal terms that could extend the lease term by one to five years or more.
The Company also has guaranteed the residual value under certain of its equipment operating leases, agreeing to pay any difference between the residual value and the fair market value of the underlying asset at the date of lease termination. Historically, the fair value of the asset at the time of lease termination generally has approximated or exceeded the residual value guarantee. To date, the Company does not have any residual value guarantee amounts probable of being owed to a lessor, financing leases or material agreements with related parties.
In addition, the Company has entered into short-term leases to help support its ongoing operations, consisting primarily of short-term equipment and vehicle leases, and generally have a lease term of less than one year.
The following table provides information on the Company’s lease costs for operating leases:
Year ended December 31,
202520242023
(In thousands)
Lease costs:
Operating lease cost
$38,805 $31,274 $26,386 
Variable lease cost
1,599 1,232 1,215 
Short-term lease cost
106,149 107,421 99,964 
Total lease costs
$146,553 $139,927 $127,565 
The following is summary information of lease terms and discount rates for operating leases as of December 31:
20252024
Weighted average remaining lease term (in years)
1.15 years1.38 years
Weighted average discount rate (in percentages)
5.43 %5.50 %
The following is a summary of other information and supplemental cash flow information related to operating leases:
Year ended December 31,
202520242023
(In thousands)
Cash paid for amounts included in the measurement of lease liabilities:



Operating cash flows used for operating lease liabilities
$37,490 $31,156 $26,810 
Right-of-use assets obtained in exchange for new operating lease liabilities$56,481 $44,214 $43,917 
The reconciliation of future undiscounted cash flows to operating lease liabilities, including current portion of operating lease liabilities, presented on the consolidated balance sheets, was as follows as of:
December 31, 2025
(In thousands)
2026$37,762 
202726,066 
202814,572 
20298,496 
20304,928 
Thereafter
8,152 
Total 99,976 
Less: discount
(9,437)
Total operating lease liabilities
$90,539 
The Company has entered into a $22.7 million operating lease that has not yet commenced as of December 31, 2025. The operating lease has an estimated lease term of 10 years, 4 months, which is expected to commence in July 2026.
Lessor Accounting
The Company leases certain equipment to third parties. These leases are considered short-term operating leases with terms of less than 12 months, with the majority being month-to-month leases currently. The Company recognizes revenue from operating leases in Operating revenues in the consolidated statements of income on a straight-line basis over the respective operating lease terms.
The following table provides information on the Company's lease income for operating leases:
Year ended December 31,
202520242023
(In thousands)
Lease income:
Operating lease income
$48,539 $41,420 $45,338 
Total lease income
$48,539 $41,420 $45,338 
The following table is a maturity analysis of undiscounted cash flows relating to lease payments expected to be received by the Company as a lessor of operating leases as of:
December 31, 2025
(In thousands)
2026
$11,300 
Total lease payments
$11,300 
The majority of the total lease payments are currently from month-to-month leases as stated above and are included in Receivables, net on the consolidated balance sheets as rent receivables due to the timing of billings compared to earned operating lease income.
The Company leases components of certain equipment to third parties under operating leases, which are included within Property, plant and equipment, net. Refer to Note 4 – Property, Plant and Equipment, Net for additional information.
Leases Leases
Most of the leases the Company enters into are for equipment, buildings and vehicles as part of its ongoing operations. The Company also leases certain equipment to third parties.
Lessee Accounting
The leases the Company has entered into as part of its ongoing operations are considered operating leases. The corresponding lease costs are included in Cost of sales and Selling, general and administrative expenses on the consolidated statements of income.
Generally, operating leases for vehicles and equipment have a term of one to five years and buildings have a longer term of up to 10 years or more. For certain operating leases, lease terms may include the options to extend or terminate the lease. Similarly, building or property leases could include one or more options to renew, with renewal terms that could extend the lease term by one to five years or more.
The Company also has guaranteed the residual value under certain of its equipment operating leases, agreeing to pay any difference between the residual value and the fair market value of the underlying asset at the date of lease termination. Historically, the fair value of the asset at the time of lease termination generally has approximated or exceeded the residual value guarantee. To date, the Company does not have any residual value guarantee amounts probable of being owed to a lessor, financing leases or material agreements with related parties.
In addition, the Company has entered into short-term leases to help support its ongoing operations, consisting primarily of short-term equipment and vehicle leases, and generally have a lease term of less than one year.
The following table provides information on the Company’s lease costs for operating leases:
Year ended December 31,
202520242023
(In thousands)
Lease costs:
Operating lease cost
$38,805 $31,274 $26,386 
Variable lease cost
1,599 1,232 1,215 
Short-term lease cost
106,149 107,421 99,964 
Total lease costs
$146,553 $139,927 $127,565 
The following is summary information of lease terms and discount rates for operating leases as of December 31:
20252024
Weighted average remaining lease term (in years)
1.15 years1.38 years
Weighted average discount rate (in percentages)
5.43 %5.50 %
The following is a summary of other information and supplemental cash flow information related to operating leases:
Year ended December 31,
202520242023
(In thousands)
Cash paid for amounts included in the measurement of lease liabilities:



Operating cash flows used for operating lease liabilities
$37,490 $31,156 $26,810 
Right-of-use assets obtained in exchange for new operating lease liabilities$56,481 $44,214 $43,917 
The reconciliation of future undiscounted cash flows to operating lease liabilities, including current portion of operating lease liabilities, presented on the consolidated balance sheets, was as follows as of:
December 31, 2025
(In thousands)
2026$37,762 
202726,066 
202814,572 
20298,496 
20304,928 
Thereafter
8,152 
Total 99,976 
Less: discount
(9,437)
Total operating lease liabilities
$90,539 
The Company has entered into a $22.7 million operating lease that has not yet commenced as of December 31, 2025. The operating lease has an estimated lease term of 10 years, 4 months, which is expected to commence in July 2026.
Lessor Accounting
The Company leases certain equipment to third parties. These leases are considered short-term operating leases with terms of less than 12 months, with the majority being month-to-month leases currently. The Company recognizes revenue from operating leases in Operating revenues in the consolidated statements of income on a straight-line basis over the respective operating lease terms.
The following table provides information on the Company's lease income for operating leases:
Year ended December 31,
202520242023
(In thousands)
Lease income:
Operating lease income
$48,539 $41,420 $45,338 
Total lease income
$48,539 $41,420 $45,338 
The following table is a maturity analysis of undiscounted cash flows relating to lease payments expected to be received by the Company as a lessor of operating leases as of:
December 31, 2025
(In thousands)
2026
$11,300 
Total lease payments
$11,300 
The majority of the total lease payments are currently from month-to-month leases as stated above and are included in Receivables, net on the consolidated balance sheets as rent receivables due to the timing of billings compared to earned operating lease income.
The Company leases components of certain equipment to third parties under operating leases, which are included within Property, plant and equipment, net. Refer to Note 4 – Property, Plant and Equipment, Net for additional information.
v3.25.4
Earnings Per Share
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
Prior to the Separation, Everus Construction had 1,000 common shares issued and outstanding. On October 31, 2024, as part of the Distribution, 50,972,059 shares of Everus common stock were issued and outstanding. Basic and diluted EPS for periods prior to the Separation and Distribution have been retrospectively adjusted to incorporate the Everus shares outstanding on the Distribution date. For comparative purposes, and to provide meaningful insight into the weighted average common
shares calculation, the Distribution date share count was assumed to be outstanding throughout periods prior to the Separation and Distribution in the calculation of basic weighted average common shares outstanding. In addition, for periods prior to the Separation and Distribution, it was assumed that there were no dilutive or anti-dilutive equity instruments as there were no Everus stock-based awards outstanding during those periods.
Basic EPS is calculated by dividing net income by the weighted average number of shares of common stock outstanding during the applicable period. The Company calculates diluted EPS using the treasury stock method. Diluted EPS is calculated by dividing net income by the total of the weighted average number of shares of common stock outstanding during the applicable period, plus the effect of any potentially dilutive securities, except in cases where the effect of such securities would be anti-dilutive.
Basic and diluted EPS were calculated as follows, based on a reconciliation of the weighted average common shares outstanding on a basic and diluted basis:
Year ended December 31,
202520242023
(In thousands, except per share amounts)
Net income
$201,770 $143,421 $137,230 
Weighted average common shares outstanding - basic
51,04550,97350,972
Effect of dilutive securities - share-based awards
78990
Weighted average common shares outstanding - diluted
51,12351,07250,972
EPS - basic
$3.95 $2.81 $2.69 
EPS - diluted
$3.95 $2.81 $2.69 
For the years ended December 31, 2025, 2024 and 2023, there were no shares excluded from the calculation of diluted EPS due to their anti-dilutive effect.
v3.25.4
Stock-Based Compensation
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
Pre-Separation
Prior to the Separation, key employees of the Company participated in the stock-based compensation plans authorized and managed by MDU Resources. In connection with MDU Resources’ separation of Knife River Corporation (“Knife River”) on May 31, 2023, the provisions of the existing MDU Resources’ compensation plans required adjustments to the number and terms of outstanding employee time-vesting RSUs and PSAs to preserve the intrinsic value of the awards immediately prior to the Knife River Corporation (“Knife River”) separation.
However, the outstanding MDU Resources PSAs would no longer be subject to performance-based vesting conditions. The MDU Resources PSAs were first adjusted for performance. The combined performance factors were determined based on the performance of MDU Resources as of December 31, 2022. Then, at the time of the Knife River separation, all outstanding stock-based compensation awards of MDU Resources were converted into MDU Resources time-vesting RSUs. Following the Knife River separation, no MDU Resources PSAs existed.
In addition, similar required adjustments were needed to the number and terms of outstanding MDU Resources time-vesting RSUs to preserve the intrinsic value of the awards immediately prior to the Separation. At the time of Separation, all outstanding MDU Resources time-vesting RSUs held by Company employees were converted into Everus time-vesting RSUs.
The number of Everus time-vesting RSUs was determined by taking the closing per share price of MDU Resources on October 31, 2024, and dividing by the closing per share price of Everus on November 1, 2024. The ratio used to convert the MDU Resources’ time-vesting RSUs was designed to preserve the aggregate intrinsic value of the awards immediately after the Separation when compared to the aggregate intrinsic value of the awards immediately prior to the Separation. The existing unvested time-vesting RSUs issued through MDU Resources’ stock-based compensation plans were modified in connection with the Separation to maintain an equivalent value immediately before and after Separation. Everus did not incur any incremental compensation expenses related to the conversion of the time-vesting RSUs. The outstanding Everus time-vesting RSUs will continue to vest over the original vesting periods of three years from the respective grant dates, contingent on continued employment.
Post-Separation
The Company has its own stock-based compensation plan under which it’s currently authorized to issue 2.5 million RSUs, PSAs and other stock awards under the Everus Construction Group, Inc. Long-Term Performance-Based Incentive Plan (“Everus LTIP”). As of December 31, 2025, there were approximately 2.4 million shares available for issuance, with approximately 2.2 million shares available for grant under the Everus LTIP. There were approximately 0.2 million of outstanding stock awards that were either vested, but unsettled in shares of common stock or nonvested as of December 31, 2025. The Company either purchases shares on the open market or issues new shares of common stock to satisfy the vesting of stock-based awards.
The Company’s compensation committee has the authority to select recipients of awards, determine the type and size of awards, and establish certain terms and conditions of award grants.
Total stock-based compensation expense, including Company participants and non-employee directors, was $6.3 million, $1.6 million, and $0.8 million for the years ended December 31, 2025, 2024 and 2023, respectively, and was included in Selling, general and administrative expenses in the consolidated statements of income.
As of December 31, 2025, total remaining unrecognized compensation expense related to nonvested time-vesting RSUs, including Company participant and non-employee directors awards, and nonvested PSAs was approximately $4.2 million, which is expected to be amortized over a weighted average period of 1.40 years.
Restricted Stock Units
As previously discussed, adjustments were made to the number of MDU Resources time-vesting RSUs to preserve the intrinsic value of the awards in connection with the separation of Knife River in 2023 and outstanding MDU Resources PSAs were converted to MDU Resources time-vesting RSUs. And at the time of Separation, MDU Resources time-vesting RSUs were converted to Everus time-vesting RSUs for outstanding RSUs granted to Everus employees.
During the year ended December 31, 2025, the Company’s compensation committee granted 47,705 time-vesting RSUs to employees under the Everus LTIP at a weighted-average grant-date fair value per share of $49.60. The time-vesting RSUs generally vest ratably in equal installments over three years, contingent on continued employment through the vesting periods. Upon vesting, participants receive dividends, if any, that accumulate during the vesting period.
During the year ended December 31, 2025, 18,304 shares of common stock were issued, on a net settlement basis, in connection with vested time-vesting RSUs. The gross issuance of 30,939 shares of common stock was considered noncash financing activities, as no cash was exchanged for the shares. However, the Company withheld/repurchased 12,635 to satisfy the employees withholding tax obligations, as evidenced by the financing cash outflow on the consolidated statement of cash flows.
During the year ended December 31, 2025, the Company’s compensation committee granted 19,664 time-vesting RSUs to the Company’s non-employee directors under the Everus LTIP at a weighted-average grant-date fair value per share of $59.13. The time-vesting RSUs generally vest over one year on the first anniversary of the Company's 2025 Annual Meeting of Stockholders, contingent on continued service on the Everus board of directors. Upon vesting, participants receive dividends, if any, that accumulate during the vesting period.
A summary of time-vesting RSUs activity for the years ended December 31, 2025 and 2024, including the conversion to Everus RSUs in 2024, was as follows: 
RSUs
Number of Shares
Weighted-Average Grant-Date Fair Value Per Share2
Nonvested pre-Separation
243,327 $21.37 
Conversion to Everus RSUs1
(109,596)
Vested shares
(30,939)40.72 
Nonvested as of December 31, 2024
102,792 38.33 
Granted shares
67,369 52.38 
Vested shares
(45,419)38.82 
Nonvested as of December 31, 2025
124,742 $45.74 
__________________
1.Includes the conversion adjustments to preserve the intrinsic value of the awards.
2.Weighted-average grant-date fair value per share represented post-separations of Knife River and the Company from MDU Resources in 2023 and 2024, respectively, as applicable.
The approximate fair value on vesting date of time-vesting RSUs that vested on December 31, 2025 was $3.9 million. The time-vesting RSUs that vested on December 31, 2024 were net settled in shares of Company common stock in February 2025, with an approximate fair value of $1.4 million before shares were withheld for tax purposes. The time-vesting RSUs that vested during the year ended December 31, 2025, along with the first installment of the annual time-vesting RSUs granted in 2025, are scheduled to be settled in shares of Company common stock at the end of February 2026.
As of December 31, 2025, total remaining unrecognized compensation expense related to nonvested time-vesting RSUs, including Company participant and non-employee directors awards, was approximately $1.9 million, which is expected to be amortized over a weighted average period of 1.04 years.
Performance Share Awards
During the year ended December 31, 2025, the Company’s compensation committee granted 55,092 PSAs, at target, under the Everus LTIP. The PSAs are generally earned over a three-year performance period, with vesting generally at the end of the performance period, dependent upon achievement of performance measures and continued employment through the vesting period. The target number of shares are split equally between performance and market conditions. Upon vesting, participants may receive dividends, if any, that accumulate during the vesting period.
Under the performance conditions for these PSAs, participants can earn from 0% to 200% of the apportioned target grant of shares. The performance conditions are tied to specific financial metrics. The weighted-average grant-date fair value per share for the PSAs applicable to these performance conditions issued during the year ended December 31, 2025 was $47.27.
Under the market condition for these PSAs, participants can earn from 0% to 200% of the apportioned target grant of shares based on the Company’s total shareholder return relative to that of a selected peer group. The weighted-average grant-date fair value per share for the PSAs applicable to the market condition issued during the year ended December 31, 2025 was $56.93, which was determined by multiple Monte Carlo simulations.
A summary of PSAs activity for the year ended December 31, 2025 was as follows: 
PSAs
Number of Shares
Weighted Average Grant-Date Fair Value Per Share
Nonvested as of December 31, 2024
— $— 
Granted shares
55,092 52.10 
Nonvested as of December 31, 2025
55,092 $52.10 
For the Monte Carlo simulations performed during the year ended December 31, 2025, the blended volatility term structure ranges were comprised of 50% historical volatility and 50% implied volatility. Risk-free interest rates were based on US Treasury security rates in effect as of the respective grant date. The weighted-average grant-date fair value per share and the assumptions used for grants applicable to PSAs with a market condition granted during the year ended December 31, 2025 were:
Annual Award
Off-Cycle Award
Weighted-average grant-date fair value per share
$55.82 $72.20 
Assumptions:
Performance period
January 1, 2025 to December 31, 2027
January 1, 2025 to December 31, 2027
Grant date closing stock price
$46.54 $57.39 
Blended volatility range
44.33% - 47.07%
46.31% - 52.10%
Risk-free interest rate range
4.37% - 4.46%
4.08% - 4.24%
Dividend yield
0.00 %0.00 %
As of December 31, 2025, total remaining unrecognized compensation expense related to nonvested PSAs was approximately $2.3 million, which is expected to be amortized over a weighted average period of 1.70 years.
The remaining unrecognized compensation for nonvested PSAs with performance conditions was based on the expected achievement of the financial metrics related to the nonvested PSAs as of the end of reporting period. As such, compensation expense related to these nonvested PSAs can vary at each reporting period based on changes in expected achievement of the performance measures. In addition, if the expected achievement of the performance measures change, the total number of shares expected to be earned and vested will also change. However, the remaining unrecognized compensation expense related to nonvested PSAs with a market condition is unaffected by the expected achievement of the performance measure, since it is already included in the Monte Carlo simulations that produce the grant-date fair values.
Stock Awards
Prior to the non-employee director time-vesting RSU grants, the non-employee directors received shares of common stock in addition to cash payments for directors’ fees through fully vested stock award grants. On May 22, 2025, the Company granted 6,778 shares with a grant-date fair value of approximately $0.4 million to the non-employee directors, which represented noncash financing activities.
During the year ended December 31, 2025, the Company issued 713 shares of common stock to certain non-employee directors who chose to convert a portion of their monthly cash payments for directors’ fees into shares of Company common stock, which represented noncash financing activities.
v3.25.4
Income Taxes
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Income before income taxes and income from equity method investments consisted solely of U.S. domestic income.
Income tax expense on the consolidated statements of income was as follows:
Year ended December 31,
202520242023
(In thousands)
Current:
Federal$49,658 $36,964 $39,468 
State and local
16,312 10,933 8,923 
Total current
65,970 47,897 48,391 
Deferred:
Federal4,891 1,214 (2,629)
State and local
1,450 412 (476)
Total deferred
6,341 1,626 (3,105)
Total income tax expense
$72,311 $49,523 $45,286 
Total income tax expense differs from the amount computed by applying the statutory federal income tax rate to income before taxes and income from equity method investments. The reasons for this difference were as follows:
Year ended December 31,
202520242023
Amount
%
Amount
%
Amount
%
(In thousands, except percentages)
U.S. federal statutory tax rate
$57,557 21.0 %$40,518 21.0 %$38,328 21.0 %
Increases (reductions) resulting from:
State and local income taxes, net of federal income tax effect*
14,664 5.4 8,939 4.6 6,535 3.6 
Nondeductible expenses
1,550 0.6 1,254 0.7 1,605 0.9 
Tax credits
(1,509)(0.6)(1,185)(0.6)(1,084)(0.6)
Changes in unrecognized tax benefits
49 — (3)— (98)(0.1)
Effective tax rate
$72,311 26.4 %$49,523 25.7 %$45,286 24.8 %
__________________
*State taxes in Oregon and California constitute the majority (greater than 50%) of the tax effects in this category.
Components of deferred tax assets and deferred tax liabilities as of December 31 were as follows:
20252024
(In thousands)
Deferred tax assets:
Operating lease liabilities
$22,643 $16,808 
Compensation-related18,927 13,573 
Employee benefit plans costs
2,181 1,614 
Workers’ compensation reserve
1,862 1,878 
Allowance for expected credit losses
1,121 1,437 
Capital investment overhead on contracts
347 535 
Research and development costs
— 5,596 
Other3,251 2,764 
Total deferred tax assets
$50,332 $44,205 
Deferred tax liabilities:
Operating lease right-of-use-assets
$(22,163)$(16,672)
Basis differences on property, plant and equipment
(21,278)(17,664)
Intangible assets
(11,897)(10,912)
Prepaid expenses
(7,802)(6,597)
Other(1,540)— 
Total deferred tax liabilities
(64,680)(51,845)
Valuation allowance
(521)(521)
Net deferred income tax liabilities
$(14,869)$(8,161)
As of both December 31, 2025 and 2024, the Company had various state income tax net operating loss carryforwards of $16.5 million. The state income tax net operating loss carryforwards are due to expire beginning in 2031. It is likely that a portion of the benefit from certain carryforwards will not be realized; therefore, valuation allowances have been provided. As of both December 31, 2025 and 2024, the total valuation allowance on deferred tax assets, related to the state income tax net operating loss carryforwards, was approximately $0.5 million. Changes in tax regulations or assumptions regarding current and future taxable income could require an adjustment to the valuation allowance in the future.
The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction and various state and local jurisdictions. The Company is no longer subject to U.S. federal tax examinations by tax authorities for years ending prior to 2022. With few exceptions, as of December 31, 2025, the Company is no longer subject to state and local income tax examinations by tax authorities for years ending prior to 2022.
Reconciliations of unrecognized tax benefits were as follows as of December 31:
202520242023
(In thousands)
Balance at beginning of year
$732 $656 $570 
Additions based on tax positions related to current year
170 145 145 
Additions for tax positions of prior years
118 78 279 
Reductions for tax positions of prior years
(55)— (60)
Reductions resulting from a lapse of the applicable statute of limitations periods
(136)(147)(278)
Balance at end of year
$829 $732 $656 
As of December 31, 2025, 2024 and 2023, there were $0.8 million, $0.7 million and $0.7 million of unrecognized tax benefits that if recognized would affect the annual effective tax rate.
The Company recognizes interest accrued related to unrecognized tax benefits in interest expense and penalties in Selling, general and administrative expenses. During the years ended December 31, 2025, 2024, and 2023, the Company recognized an immaterial amount of interest and penalties. The Company recognizes the liability for all unrecognized tax benefits in Taxes
payable and accrued interest and penalties in Other accrued liabilities on the consolidated balance sheets. The Company had an immaterial amount for payment of interest and penalties accrued as of both December 31, 2025 and 2024.
Income taxes paid, net of refunds, was as follows:
Year ended December 31,
202520242023
(In thousands)
Federal$56,836 $39,420 $40,105 
State20,983 10,787 12,217 
Total income taxes paid, net of refunds
$77,819 $50,207 $52,322 
Income taxes paid, net of refunds, exceeded 5% of total income taxes paid, net of refunds, in the following jurisdictions:
State
Oregon
$9,395 $4,362 $5,859 
v3.25.4
Business Segment Data
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Business Segment Data Business Segment Data
The Company’s reportable segments are those that are based on the Company’s method of internal reporting and management of the business. The Company provides a full spectrum of construction services across most of the United States through two reportable, operating segments:
E&M: Contracting services for the construction and maintenance of electrical and communication wiring and infrastructure, fire suppression systems, renewables infrastructure and mechanical piping and services to customers in both the public and private sectors.
T&D: Contracting services for the construction and maintenance of overhead and underground electrical, gas, communication infrastructure and transportation-related lighting, as well as the manufacture and distribution of overhead and underground transmission line construction equipment and tools.
The Company’s Chief Operating Decision Maker (“CODM”) is the Company’s chief executive officer (“CEO”). The Company’s CEO evaluates each reportable segments’ performance, allocates resources and makes decisions based on segment operating income, which is the segment measure of profitability. The CODM uses segment operating income to analyze the results of each reportable segment individually and by comparing the results of the segments with each other. This comparison between segments helps drive decision-making regarding resource allocation and compensation of employees. Segment operating income is also considered when creating the annual budget plan, as well as the forecasting process, including the allocation of capital for uses such as capital expenditures.
All intercompany balances and transactions between the businesses comprising the Company have been eliminated in the consolidated financial statements.
Reconciliations of reportable segment operating revenues, inclusive of the Company’s significant segment expenses of Cost of sales and Selling, general and administrative expenses, to consolidated Income before income taxes and income from equity method investments for the Company’s reportable segments and “Corporate and Other” category were as follows:
Year ended December 31, 2025
E&MT&D
Corporate and Other
Consolidated Total
(In thousands)
Segment operating revenues
$2,920,672 $848,521 $— $3,769,193 
Eliminations
(10,017)(12,789)— (22,806)
Total segment operating revenues
2,910,655 835,732 — 3,746,387 
Cost of sales
2,585,771 705,827 701 3,292,299 
Gross profit
324,884 129,905 (701)454,088 
Selling, general and administrative expenses106,566 40,199 42,573 189,338 
Operating income$218,318 $89,706 $(43,274)264,750 
Interest income
4,573 
Interest expense
21,451 
Other income, net
9,939 
Total consolidated income before income taxes and income from equity method investments
$257,811 
Year ended December 31, 2024
E&MT&D
Corporate and Other
Consolidated Total
(In thousands)
Segment operating revenues
$2,031,447 $837,146 $— $2,868,593 
Eliminations
(7,536)(11,372)— (18,908)
Total segment operating revenues
2,023,911 825,774 — 2,849,685 
Cost of sales
1,804,095 703,152 2,987 2,510,234 
Gross profit
219,816 122,622 (2,987)339,451 
Selling, general and administrative expenses82,845 37,567 29,132 149,544 
Operating income$136,971 $85,055 $(32,119)189,907 
Interest expense
14,023 
Other income, net
4,875 
Total consolidated income before income taxes and income from equity method investments
$180,759 
Year ended December 31, 2023
E&MT&D
Corporate and Other
Consolidated Total
(In thousands)
Segment operating revenues
$2,134,867 $734,577 $— $2,869,444 
Eliminations
(9,324)(5,730)— (15,054)
Total segment operating revenues
2,125,543 728,847 — 2,854,390 
Cost of sales
1,911,721 620,738 13 2,532,472 
Gross profit
213,822 108,109 (13)321,918 
Selling, general and administrative expenses79,445 34,499 17,431 131,375 
Operating income$134,377 $73,610 $(17,444)190,543 
Interest expense
16,954 
Other income, net
3,981 
Total consolidated income before income taxes and income from equity method investments
$177,570 
Additional financial information on the Company’s reportable segments is shown below, which follows the same accounting policies as those described in Note 2 – Basis of Presentation and Summary of Significant Accounting Policies:
Year ended December 31,
202520242023
E&MT&DE&MT&DE&MT&D
(In thousands)
Depreciation and amortization expense$5,763 $23,233 $6,358 $19,099 $6,200 $17,108 
Interest expense, net1
(7,263)3,433 (800)4,027 4,957 4,490 
Income taxes
63,218 22,172 38,609 20,989 33,143 17,399 
Capital expenditures2
$16,984 $49,608 $7,944 $40,355 $4,853 $30,736 
__________________
1.Amounts shown are included in Interest expense on the consolidated statements of income. Also, the amounts include intercompany transactions related to the Company’s cash management and financing program.
2.Capital expenditures for 2025, 2024 and 2023 include noncash transactions for capital expenditure-related accounts payable.
Reconciliations of reportable segment assets to consolidated assets were as follows as of December 31:
20252024
(In thousands)
E&M segment assets
$1,047,626 $764,470 
T&D segment assets
455,875 410,887 
Total reportable segment assets
1,503,501 1,175,357 
Other assets
267,577 161,016 
Eliminations
(42,347)(47,910)
Total consolidated assets
$1,728,731 $1,288,463 
For more information about the disaggregation of the Company’s revenues by contract type and customer type for each reportable segment, refer to Note 3 – Revenue from Contracts with Customers.
Revenues from a single customer accounted for approximately 16.5% of total operating revenues for the year ended December 31, 2025, which was included in the E&M segment. No single customer accounted for more than 10% of total operating revenues for the year ended December 31, 2024. However, revenues from a single customer accounted for approximately 16.8% of total operating revenues for the year ended December 31, 2023, which was included in the E&M segment.
At the segment level, revenues from two E&M customers individually accounted for approximately 21.1% and 10.4% of total E&M segment revenues for the year ended December 31, 2025, respectively. No single E&M customer accounted for more than 10% of total E&M segment revenues for the year ended December 31, 2024. However, revenues from a single customer accounted for approximately 22.5% of total E&M segment revenues for the year ended December 31, 2023.
As for T&D, revenues from a single T&D customer accounted for approximately 16.0% of total T&D segment revenues for the year ended December 31, 2025. Revenues from a single T&D customer accounted for approximately 17.2% of total T&D segment revenues for the year ended December 31, 2024. For the year ended December 31, 2023, revenues from two T&D customers individually accounted for approximately 17.5% and 13.7% of total T&D segment revenues, respectively.
Trade receivables from a single customer accounted for approximately 16.3% of total trade receivables as of December 31, 2025, which was included in the E&M segment. No single customer had trade receivables of 10% or more of total trade receivables as of December 31, 2024.
At a segment level, trade receivables from a single E&M customer accounted for approximately 19.9% of total E&M segment trade receivables as of December 31, 2025. Trade receivables from a single customer accounted for approximately 10.4% of total E&M segment trade receivables as of December 31, 2024.
No single T&D customer accounted for more than 10% of total T&D segment trade receivables as of December 31, 2025 and 2024.
v3.25.4
Employee Benefit Plans
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Employee Benefit Plans Employee Benefit Plans
Nonqualified Deferred Compensation Plans 
In 2012, MDU Resources established a nonqualified deferred compensation plan (“2012 MDU Resources DCP”) for certain key management employees, including certain employees of the Company. In 2020, the plan was frozen to new participants and no new Company contributions were made to the plan after December 31, 2020. Vesting for participants not fully vested was retained. To replace the 2012 MDU Resources DCP, a new nonqualified deferred compensation plan was adopted in 2020 by MDU Resources (“2020 MDU Resources DCP”), effective January 1, 2021.
In connection with the Separation, the Company adopted its own nonqualified deferred compensation plan (“Everus DCP”), effective October 31, 2024, in which eligible employees of the Company may participate. Previous Company employee liability balances related to the 2020 MDU Resources DCP were transferred to the Company. The original 2012 MDU Resources DCP associated liability balances were assumed by MDU Resources.
Net expenses incurred by the Company under these plans for the years ended December 31, 2025, 2024 and 2023 were $2.9 million, $1.3 million, and $1.6 million, respectively.
Defined Contribution Plans 
Prior to the Separation, MDU Resources sponsored a defined contribution plan (“MDU Resources 401(k) plan”) in which the Company participated. As a result of the Separation, the Company now sponsors its own defined contribution plan (“Everus 401(k) plan”), effective September 1, 2024, in which its employees participate and previous Company employee liability balances were transferred from the MDU Resources 401(k) plan to the Company. The costs incurred by the Company under these plans for eligible employees were $8.4 million, $6.2 million and $4.5 million for the years ended December 31, 2025, 2024 and 2023, respectively. 
Multiemployer Plans 
The Company also contributes to a number of multiemployer pension plans under the terms of collective bargaining agreements that cover its union-represented employees. The risks of participating in these multiemployer plans are different from single-employer plans in the following aspects:
•Assets contributed to the multiemployer plans by one employer may be used to provide benefits to employees of other participating employers. 
•If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers. 
•If the Company chooses to stop participating in some of its multiemployer plans, the Company may be required to pay those plans an amount based on the underfunded status of the plan, referred to as a withdrawal liability.
Amounts contributed to defined contribution multiemployer plans were $90.9 million, $67.3 million, and $73.3 million for the years ended December 31, 2025, 2024 and 2023, respectively.
Amounts contributed to defined benefit multiemployer plans were $103.9 million, $82.8 million, and $95.4 million for the years ended December 31, 2025, 2024 and 2023, respectively.
The Company also contributes to a number of multiemployer other postretirement plans under the terms of collective bargaining agreements that cover its union-represented employees. These plans provide benefits such as health insurance, disability insurance and life insurance to retired union employees. Many of the multiemployer other postretirement plans are combined with active multiemployer health and welfare plans. The Company’s total contributions to its multiemployer other postretirement plans, which includes contributions to active multiemployer health and welfare plans, were $114.1 million, $91.5 million, and $86.6 million for the years ended December 31, 2025, 2024 and 2023, respectively.
As of December 31, 2025 and 2024, approximately 85% and 83% of the Company’s total workforce was covered by collective bargaining agreements, respectively. As of December 31, 2025, approximately 21% of the collective bargaining agreements are set to expire within one year.
The Company’s participation in the defined benefit multiemployer plans is outlined in the following table. Unless otherwise noted, the most recent Pension Protection Act zone status available in 2025 and 2024 is for the plan’s year-end as of
December 31, 2025 and 2024. The zone status is based on information that the Company received from the plan and is certified by the plan’s actuary.
Among other factors, plans in the red zone generally are less than 65 percent funded, plans in the yellow zone are between 65 percent and 80 percent funded, and plans in the green zone are at least 80 percent funded.
Pension Fund 
EIN/ Pension 
Plan Number 
Pension Protection Act Zone Status FIP/RP Status Pending/ Implemented Contributions Surcharge Imposed Expiration Date of Collective Bargaining Agreement
2025
2024
2025
2024
2023
NEBF - National Electrical Benefit Fund
53-0181657-001
Green GreenNo $25,279 $18,233 $19,040 No 
8/25/2024-1/31/2029
Edison Pension Plan
93-6061681-001
Green GreenNo 17,440 23,310 16,957 No 12/31/2026
IBEW Local 683 Pension Fund Pension Plan
34-1442087-001
Green GreenNo 12,387 6,650 3,986 No 
5/30/2027
IBEW Local 357 Pension Plan A
88-6023284-001
Green GreenNo 8,919 4,376 18,936 No 
5/31/2027
Pension and Retirement Plan of Plumbers and Pipefitters Local 525
88-6003864-001
Green as of 6/30/2024
Green as of 6/30/2022No 5,561 3,788 8,020 No 
9/30/2024
IBEW Local 640 & AZ Chapter NECA Defined Benefit Pension Plan
86-0323980-001
GreenGreenNo 4,627 1,528 1,044 No 
6/30/2027
IBEW Local 124 Pension Trust Fund
43-0817626-001
GreenGreenNo 3,111 2,300 2,294 No 
8/25/2024
IBEW Local 82 Pension Plan
31-6127268-001
Green as of 6/30/2024
Green as of 6/30/2023No 2,919 2,518 2,149 No 12/6/2026
Eighth District Electrical Pension Fund
84-6100393-001
GreenGreenNo 2,772 2,397 2,078 No 
2/28/2015-12/31/2027
Electrical Workers Local No. 26 Pension Trust Fund
52-6117919-001
GreenGreenNo 2,729 2,316 1,994 No 
5/31/2027
Sheet Metal Workers Pension Plan of Southern CA, AZ, and NV
95-6052257-001
Green GreenNo 2,361 2,189 3,631 No 
6/30/2028
Other Funds 
15,809 13,181 15,229 No 
Total Contributions
$103,914 $82,786 $95,358 
The Company was listed in the plans’ Forms 5500 as providing more than 5 percent of the total contributions for the following plans and plan years:
Pension Fund 
Year Contributions to Plan Exceeded More Than 5 Percent of Total Contributions (as of December 31 of the Plan’s Year-End) 
DB Pension Plan of AGC-IUOE Local 701 Pension Trust Fund
2024 and 2023
Edison Pension Plan
2024 and 2023
Electrical Workers Local No. 26 Pension Fund
2024 and 2023
IBEW Local 82 Pension Plan
2025 and 2024
IBEW Local 124 Pension Trust Fund
2024 and 2023
IBEW Local 212 Pension Trust Fund
2025 and 2024
IBEW Local 357 Pension Plan A
2024 and 2023
IBEW Local 648 Pension Plan
2024 and 2023
IBEW Local 683 Pension Fund Pension Plan
2024 and 2023
National Electrical Benefit Fund
2024 and 2023
Pension and Retirement Plan of Plumbers and Pipefitters Local 525
2025 and 2024
Sheet Metal Workers Pension Plan of Southern, CA AZ and NV
2024 and 2023
Western States Insulators and Allied Workers’ Pension Plan
2024 and 2023
Certain contributions from 2025 were excluded from the table above, since those plans’ Forms 5500 were not available for the fiscal year 2025 at the time of filing the 2025 Annual Report.
v3.25.4
Commitments, Contingencies and Guarantees
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments, Contingencies and Guarantees Commitments, Contingencies and Guarantees
The Company is party to claims and lawsuits arising out of its business, including that of its consolidated subsidiaries, which may include, but are not limited to, matters involving property damage; personal injury; and environmental, contractual, statutory and regulatory obligations. The Company accrues a liability for loss contingencies when the incurrence of a loss is probable and the amount can be reasonably estimated. If a range of amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the minimum of the range is accrued. The Company does not accrue liabilities when the likelihood that the liability has been incurred is probable but the amount cannot be reasonably estimated, or when the liability is believed to be only reasonably possible or remote. For contingencies where an unfavorable outcome is probable or reasonably possible and which are material, the Company discloses the nature of the loss contingency and, in some circumstances, an estimate of the possible loss.
Litigation
As of December 31, 2025 and 2024, the Company had $2.0 million and $4.5 million of litigation-related contingent liabilities, respectively, which had not been discounted and were included in either Other accrued liabilities or Other noncurrent liabilities on the consolidated balance sheets. For such cases where the Company determined that the outcome of the outstanding litigation cases will be covered by the Company’s insurance carrier, any amounts due related to the litigation will be paid directly by the Company’s insurance carrier. As a result, the Company’s litigation-related contingent liabilities were fully covered after insurance claim receivables as of December 31, 2025 and as such, the Company was not in a net loss position. The Company was in a net loss position of $3.5 million after insurance claim receivables as of December 31, 2024, reflecting the amount that the Company would be responsible for resulting from litigation.
The Company will continue to monitor each matter and adjust accruals as necessary based on new information and further developments. Management believes that the outcomes with respect to probable and reasonably possible losses in excess of the amounts accrued, net of insurance recoveries, while uncertain, either cannot be estimated or will not have a material effect upon the Company’s financial position, results of operations or cash flows. Unless otherwise required by GAAP, legal costs are expensed as they are incurred and are included in Selling, general and administrative expenses on the consolidated statements of income. 
Guarantees
In the normal course of business, the Company has surety bonds related to construction contracts of its subsidiaries. These bonds relate to certain public and private sector contracts to secure contractual performance, including completion of agreed upon contract terms, timing and price, payments to subcontractors and suppliers, and protection for customers from fraudulent practices. In the event a subsidiary of the Company does not fulfill a bonded obligation, the Company would be responsible to the surety bond company for completion of the bonded contract or obligation. A large portion of the surety bonds are expected to expire within the next 12 months; however, the Company likely will continue to enter into surety bonds for its subsidiaries in the future. As of December 31, 2025 and 2024, the maximum potential amount of payments the Company would be required to make under the outstanding surety bonds was approximately $767.7 million and $717.0 million, respectively, which were not reflected on the consolidated balance sheets.
As of December 31, 2025, the Company had $18.1 million of surety-backed standby letters of credit (“SBLOC”) that were issued during the fourth quarter of 2025 and included in the outstanding surety bonds balance. $15.4 million of the SBLOC balance was previously recognized as outstanding standby letters of credit under the Company’s Revolving Credit Facility, which is discussed below.
The Company has outstanding guarantees to third parties for the guarantees of job performance and/or leasing activity of certain subsidiaries of the Company. These job performance guarantees are related to contracts for contracting services. As of December 31, 2025 and 2024, the fixed maximum amounts guaranteed under these agreements aggregated to $641.1 million and $542.7 million, respectively. The scheduled expiration of the maximum amounts guaranteed as of December 31, 2025, aggregated to $537.4 million in 2026, $61.2 million in 2027, $20.3 million in 2028, $3.4 million in 2029 and $3.0 million in 2030 and $15.8 million thereafter. There were no amounts outstanding under the previously mentioned guarantees and the maximum amounts guaranteed were not reflected on the consolidated balance sheets. However, in the event of default under these guaranteed obligations, the Company would be required to make payments to satisfy its guarantees.
In addition to the above guarantees, there were $2.2 million and $15.6 million of outstanding standby letters of credit for certain guarantees to third parties under our Revolving Credit Facility as of December 31, 2025 and 2024, respectively. In the event of default under these letter-of-credit obligations, the Company would be obligated for reimbursement of payments made under the letters of credit. For more information on the letters of credit under our Revolving Credit Facility, refer to Note 7 – Debt.
v3.25.4
Related Party Transactions
 12 Months Ended
Dec. 31, 2025
Related Party Transactions [Abstract]  
Related Party Transactions Related-Party Transactions
Transition Services Agreement
On October 31, 2024, as part of the Separation, the Company and MDU Resources entered into a transition services agreement whereby the Company and MDU Resources provide certain transition services to each other. The transition services agreement outlines services that are provided between parties related to tax, legal, treasury, human resources, information technology, risk management and other general and administrative functions. For the years ended December 31, 2025 and 2024, the Company incurred $4.8 million and $0.7 million of transition services expenses related to services from MDU Resources, respectively, which were reflected in Selling, general and administrative expenses on the consolidated statements of income. During the second quarter of 2025, the Company deemed $0.5 million of expenses from the first quarter of 2025 to be recurring in nature and thus, not transition services expenses. For both of the years ended December 31, 2025 and 2024, the Company received an immaterial amount for its services to MDU Resources, which was reflected in Other income, net on the consolidated statements of income. Transition services are expected to be completed by March 31, 2026.
Allocation of Corporate Expenses
Prior to the Separation, Centennial and MDU Resources allocated expenses for corporate services provided to the Company, including costs related to senior management, legal, human resources, finance and accounting, treasury, information technology, internal audit, risk management and other shared services. The amounts allocated were $30.4 million and $27.1 million for the years ended December 31, 2024 and 2023, respectively.
These expenses were allocated to the Company on the basis of direct usage where identifiable, with the remainder allocated on the basis of percent of total capital invested, the percent of total average cash management program borrowings with MDU Resources, the percent of total average commercial paper borrowings with Centennial or other allocation methodologies that were considered to be a reasonable reflection of the utilization of the services provided to the benefits received. Some of the utilization factors considered included the following: number of employees paid and stated as cost per check; number of employees served; weighted factor of travel, managed units, national account spending, equipment and fleet acquisitions; purchase order dollars spent and purchase order line count; number of payments, vouchers or unclaimed property reports; labor hours; time tracked; and projected workload.
These cost allocations were a reasonable reflection of the utilization of services provided to, or the benefit derived by, the Company during the periods presented prior to the Separation. However, the allocations may not be indicative of the actual expenses that would have been incurred had the Company operated as a standalone company. Actual costs as a standalone company depend on a number of factors, including the chosen organizational structure, whether functions are outsourced or performed by Company employees, and strategic decisions made in areas such as selling and marketing, information technology and infrastructure. Refer to Note 2 – Basis of Presentation and Summary of Significant Accounting Policies for additional information.
Cash Management and Financing
Prior to the second quarter of 2023, Centennial had a commercial paper program and long-term borrowing arrangements in which the Company and certain of its subsidiaries participated. Centennial repaid all of its outstanding debt in the second quarter of 2023, and subsequently MDU Resources supported the Company’s borrowing needs through Centennial. The Company accounted for cash receipts and disbursements from MDU Resources and Centennial, through related-party receivables and payables. Until the Separation, the Company had related-party agreements in place with Centennial, via MDU Resources, for the financing of its capital needs. Following the Separation, the Company relies on its own credit and financing arrangements.
Related-Party Notes Payable
As part of the Separation, the Company repaid $230.0 million of outstanding cash management program borrowings to Centennial using a portion of the net proceeds of indebtedness incurred by the Company. The repayment amount represented the total related-party notes payable balance outstanding as of October 31, 2024, and thus, there were no amounts outstanding
as of December 31, 2024. Also, as a result of the Separation, a portion of the net proceeds of the indebtedness was used to pay a $60.0 million dividend to MDU Resources and was included in Net transfers from (to) CEHI, LLC and MDU Resources in the consolidated statements of equity for the year ended December 31, 2024. Refer to Note 7 – Debt for more information.
The Company repaid $27.0 million and $45.0 million of short- and long-term related-party notes payable, respectively, during the year ended December 31, 2023, in connection with the Knife River Corporation separation.
The Company was allocated interest based on borrowings from or lending to the cash management and financing program as well as the funding related to these agreements as described above. The related-party interest expense associated with the Company’s participation in the cash management and financing program prior to the Separation was $10.2 million and $17.0 million for the years ended December 31, 2024 and 2023, respectively.
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 implemented a cyber risk management program, informed by the National Institute of Standards and Technology Cybersecurity Framework (“NIST CSF”), to help ensure that our electronic information and information systems are protected from various threats. The cyber risk management program is maintained as part of our overall governance, enterprise risk management program and compliance program. Our information systems experience ongoing and often sophisticated cyberattacks by a variety of sources with the apparent aim to breach our cyber-defenses. We have faced, and may continue to face, increased cyber risk due to the increased use of employee-owned devices and work from home arrangements. We are continuously reevaluating the need to upgrade and/or replace systems and network infrastructure. These upgrades and/or replacements could adversely impact operations by imposing substantial capital expenditures, creating delays or outages, or experiencing difficulties transitioning to new systems. System disruptions, if not anticipated and appropriately mitigated, could adversely affect us. We continually assess risks from cybersecurity threats and adapt and enhance our controls accordingly.
Risks from Cybersecurity Threats
Any risks from previous cybersecurity threats, including as a result of any previous cybersecurity incidents, have not materially affected or are reasonably likely to materially affect our business, financial condition, or results of operations. We maintain a formal materiality determination policy that establishes criteria and processes for evaluating whether a cybersecurity incident is material, including assessment of potential financial, operational, reputational, and legal impacts. This policy is applied consistently to all cybersecurity incidents and is reviewed periodically to ensure alignment with evolving SEC disclosure requirements and industry practices. Such risks and incidents could have a material adverse effect in the future as cyberattacks continue to increase in frequency and sophistication. We also have cyber event-related insurance.
Artificial Intelligence and Emerging Technology Risks
The evolving threat landscape includes the increasing use of AI by threat actors to develop more sophisticated cyberattacks, including advanced phishing schemes, social engineering, and automated intrusion attempts. We monitor these developments and adapt our security controls and employee training programs to address AI-enhanced threats.
We are also evaluating the use of AI and machine learning tools to enhance our cybersecurity monitoring and threat detection capabilities, as well as for operational efficiency in other business functions. The use of AI technologies, whether by us or our third-party service providers, introduces additional risks, including the potential for algorithmic errors, data quality issues, and evolving regulatory requirements. We have implemented policies governing the appropriate use of generative AI tools by employees to help protect confidential and proprietary information.
The legal and regulatory landscape for AI continues to evolve at the federal, state, and international levels. We monitor these developments and assess their potential impact on our business operations and compliance obligations.
Employee Cybersecurity Training
We provide ongoing cybersecurity training and compliance programs to facilitate education for employees who may have access to our data and critical systems. Employee phishing tests are conducted on a monthly basis. Training programs are regularly updated to address emerging threats, including AI-powered social engineering and deepfake risks. Information technology and cybersecurity personnel receive additional specialized training on current threat vectors and defensive technologies.
Engage Third-Parties on Risk Management
External reviews are conducted by independent auditors, assessors, and consultants to assess and ensure compliance with our information security programs and practices. These include annual penetration testing, periodic security framework assessments, and tabletop exercises to test our incident response capabilities. Internal and external auditors assess our information technology general controls on an annual basis.
Oversee Third-Party Risk
We have implemented a third-party management risk program to help monitor and reduce risks associated with the Company's vendors, which includes processes such as completing due diligence on third party service providers before engaging with them for their services; assessing the third party’s cybersecurity posture by reviewing audit reports of the third party; completing cyber questionnaires; reviewing applicable certification, including cybersecurity contractual language in contracts to limit risk; and monitoring and reassessing third parties to ensure ongoing compliance with their cybersecurity obligations.
Other Risk Factors
See also “Item 1A. Risk Factors–Operations, Growth and Competitive Risks–Technology disruptions or cyberattacks could adversely impact our operations.”
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]
We have implemented a cyber risk management program, informed by the National Institute of Standards and Technology Cybersecurity Framework (“NIST CSF”), to help ensure that our electronic information and information systems are protected from various threats. The cyber risk management program is maintained as part of our overall governance, enterprise risk management program and compliance program. Our information systems experience ongoing and often sophisticated cyberattacks by a variety of sources with the apparent aim to breach our cyber-defenses. We have faced, and may continue to face, increased cyber risk due to the increased use of employee-owned devices and work from home arrangements. We are continuously reevaluating the need to upgrade and/or replace systems and network infrastructure. These upgrades and/or replacements could adversely impact operations by imposing substantial capital expenditures, creating delays or outages, or experiencing difficulties transitioning to new systems. System disruptions, if not anticipated and appropriately mitigated, could adversely affect us. We continually assess risks from cybersecurity threats and adapt and enhance our controls accordingly.
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]
Our board, as a whole and through its committees, has responsibility for oversight of risk management. In its risk oversight role, our board has the responsibility to satisfy itself that the risk management processes designed and implemented by management are adequate for identifying, assessing, and managing risk. The audit committee of our board (“audit committee”) is responsible for oversight of risks from cybersecurity threats.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]
Our board, as a whole and through its committees, has responsibility for oversight of risk management. In its risk oversight role, our board has the responsibility to satisfy itself that the risk management processes designed and implemented by management are adequate for identifying, assessing, and managing risk. The audit committee of our board (“audit committee”) is responsible for oversight of risks from cybersecurity threats.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] The Vice President of Technology (“VP of Tech”) plays a large role in informing the audit committee on cybersecurity risks.
Cybersecurity Risk Role of Management [Text Block]
The Vice President of Technology (“VP of Tech”) plays a large role in informing the audit committee on cybersecurity risks. The audit committee receives presentations and reports from the VP of Tech on cybersecurity related issues which include information security, technology risks and risk mitigation programs regularly at the quarterly board meetings. In addition to scheduled meetings, the VP of Tech and the audit committee maintain an ongoing dialogue regarding emerging or potential cybersecurity risks.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]
The VP of Tech, along with the Director of Cybersecurity and a designated security team of professionals, are responsible for assessing and managing risks as well as developing and implementing policies, procedures, and practices based on the range of threats faced by us. There are processes around access management, data security, encryption, asset management, secure system development, security operations, network and device security to provide safeguards from a cybersecurity incident along with continual monitoring of various threat intelligence feeds.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]
Our cybersecurity leadership includes the VP of Tech, the Director of Cybersecurity and the Director of IT Governance. The VP of Tech, who reports to the chief executive officer, holds a masters degree in Cybersecurity and oversees the information technology (“IT”) and cybersecurity portfolios for us with over 25 years of information technology experience in the construction services industry. The Director of Cybersecurity, who reports to the VP of Tech, holds a masters degree in
Applied Information Management, holds several IT security certifications, including the Certified Information Systems Security Professional (“CISSP”) and the Certified Information Systems Auditor (“CISA”), and has over 20 years of IT and information security experience. The Director of IT Governance, who also reports to the VP of Tech, holds a masters degree in Information Assurance and Computer Security, holds several IT security certifications, including the CISSP, and has 20 years of experience in IT.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]
We have an incident response plan to identify, protect, detect, respond to, and recover from cybersecurity threats and incidents that is also tested on an annual basis. The incident response plan is updated based on results of the test or as new cyber-related developments occur. The VP of Tech, executive leadership, which includes the chief executive officer, chief operating officer, chief financial officer, chief accounting officer, chief legal officer, SEC financial reporting department employees, and our board, are notified of any material cybersecurity incidents through a defined escalation process. The defined escalation process is a risk-based process that specifies who is to be contacted and when at each risk level.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.4
Basis of Presentation and Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation
Prior to the Separation, Everus Construction historically operated as a wholly owned subsidiary of Centennial and an indirect, wholly owned subsidiary of MDU Resources and not as a standalone company. For periods prior to the Separation, financial information included in the accompanying consolidated financial statements and related footnotes was prepared on a “carve-out” basis in connection with the Separation and was derived from the consolidated financial statements of MDU Resources as if the Company operated on a standalone basis during the periods presented. However, the pre-Separation financial information included in the consolidated financial statements and related footnotes does not necessarily reflect what the Company’s results of operations, financial position and cash flows would have been had it operated as a separate, publicly traded company for those periods presented and may not be indicative of its future performance.
The accompanying consolidated financial statements were prepared in conformity with generally accepted accounting principles in the United States (“GAAP”). The consolidated financial statements include all adjustments that are, in the opinion of management, necessary for a fair presentation of the consolidated financial statements and are of a normal recurring nature.
All revenues and costs as well as assets and liabilities directly associated with the business activity of the Company are included in the consolidated financial statements. For periods prior to the Separation, the consolidated financial statements also included expense allocations for certain functions that were provided by MDU Resources and Centennial, including, but not limited to, certain general corporate expenses related to senior management, legal, human resources, finance and accounting, treasury, information technology, internal audit, risk management and other shared services. The amounts allocated were $30.4 million and $27.1 million for the years ended December 31, 2024 and 2023, respectively, and were included in Selling, general and administrative expenses on the consolidated statements of income. These expenses were allocated to the Company on the basis of direct usage where identifiable, with the remainder principally allocated on the basis of percentage of total capital invested or other allocation methodologies that were considered to be a reasonable reflection of the utilization of the services provided to the benefits received. The allocations may not, however, reflect the expenses the Company would have incurred as a standalone company for the periods presented. These costs also may not be indicative of the expenses that the Company will incur in the future or would have incurred if the Company had obtained these services from a third party. Refer to Note 15 – Related-Party Transactions for more information on the transition services agreement between the Company and MDU Resources.
Earnings per share (“EPS”) information was retrospectively adjusted for periods prior to the Separation on the consolidated statements of income to reflect the Distribution. Refer to Note 9 – Earnings Per Share for more information on the share counts used in the EPS calculations.
Prior to the Separation, the Company historically participated in MDU Resources’ centralized cash management program through Centennial, including its overall financing arrangements. The Company had related-party agreements in place with Centennial for the financing of its capital needs, which were reflected as related-party notes payable on the consolidated balance sheets for periods prior to the Separation. Interest expense in the consolidated statements of income for periods prior to the Separation reflected the allocation of interest on borrowing and funding associated with the related-party agreements. Following the Separation, the Company has implemented its own centralized cash management program and has access to third-party credit facilities to fund day-to-day operations. For additional information related to the Company’s current financing arrangements and related interest expense recognition, refer to Note 7 – Debt and Note 15 – Related-Party Transactions.
Cash-settled, related-party transactions between the Company, MDU Resources, Centennial or other MDU Resources subsidiaries for general operating activities; the Company's participation in MDU Resources’ centralized cash management program through Centennial; and intercompany debt, were included in the consolidated financial statements for periods prior to the Separation. These related-party transactions were reflected in the consolidated balance sheets prior to the Separation as Due from related-party, Due from related-party - noncurrent, Due to related-party or Related-party notes payable. The aggregate net effect of general related-party operating activities was reflected in the consolidated statements of cash flows within operating activities for periods prior to the Separation. The effects of the Company’s participation in MDU Resources’ centralized cash management program and intercompany debt arrangements were reflected in the consolidated statements of cash flows within investing and financing activities for periods prior to the Separation. Refer to Note 15 – Related-Party Transactions for additional information on related-party transactions.
Prior to the Separation, MDU Resources maintained various benefit and stock-based compensation plans at a corporate level and the Company’s employees participated in these programs. The costs associated with its employees were included in the Company’s consolidated financial statements for the periods prior to the Separation. Following the Separation, the Company has its own employee benefit and stock-based compensation plans at a corporate level that its employees participate in.
Principles of Consolidation
Principles of Consolidation
The consolidated financial statements were prepared in accordance with GAAP and include the accounts of the Company and its wholly owned subsidiaries, as well as entities that the Company controls through its ownership of a majority voting interest or pursuant to control of a variable interest entity (“VIE”), which is discussed in more detail below. All significant intercompany accounts and transactions between the businesses comprising the Company have been eliminated in the accompanying consolidated financial statements.
Subsequent Events
Subsequent Events
The Company has evaluated transactions for consideration as recognized subsequent events in these consolidated financial statements through February 25, 2026, the date of issuance of these consolidated financial statements, and determined that no additional events requiring disclosure occurred.
Use of Estimates
Use of Estimates
The preparation of consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities, at the date of the consolidated financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Estimates are used for items such as long-lived assets and goodwill; fair values of acquired assets and liabilities under the acquisition method of accounting; property depreciable lives; tax provisions; revenue recognized using the cost-to-cost measure of progress for contracts; costs on construction contracts; unbilled revenues; expected credit losses; loss contingencies; actuarially determined benefit costs; lease classification; present value of right-of-use assets and lease liabilities; and the valuation of stock-based compensation. As additional information becomes available, or actual amounts are determinable, the recorded estimates are revised. Consequently, operating results can be affected by revisions to prior accounting estimates.
Revenue Recognition
Revenue Recognition
Under the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) 606 - Revenue from Contracts with Customers (“ASC 606”), revenue is recognized when a performance obligation is satisfied by transferring control over a product or service to a customer. Revenue is measured based on consideration specified in a contract with a customer and excludes any sales incentives and amounts collected on behalf of third parties. The Company is considered an agent for certain taxes collected from customers. As such, the Company presents revenues net of these taxes at the time of sale to be remitted to governmental authorities, including sales and use taxes.
The Company generates most of its revenues from specialty contracting services. The Company provides specialty contracting services to a customer when a contract has been signed by both the customer and a representative of the Company obligating a service to be provided in exchange for the consideration identified in the contract. The nature of the services the Company provides generally includes multiple promised goods and services in a single project to create a distinct bundle of goods and services, which the Company has determined are single performance obligations. The transaction price includes the fixed consideration required pursuant to the original contract price together with any additional consideration, to which the Company expects to be entitled to, associated with executed change orders plus the estimate of variable consideration to which the Company expects to be entitled, subject to the following constraint.
The nature of the Company’s contracts gives rise to several types of variable consideration. Examples of variable consideration include: liquidated damages; performance bonuses or incentives and penalties; claims; unpriced change orders; and index pricing. The variable amounts usually arise upon achievement of certain performance metrics or change in project scope. The Company estimates the amount of revenue to be recognized on variable consideration using one of the two prescribed estimation methods, the expected value method or the most likely amount method, depending on which method best predicts the most likely amount of consideration the Company expects to be entitled to or expects to incur.
Assumptions as to the occurrence of future events and the likelihood and amount of variable consideration are made during the contract performance period. Estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on the assessment of anticipated performance and all information (historical, current, and forecasted) that is reasonably available to management. The Company only includes variable consideration in the estimated transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur or when the uncertainty associated with the variable consideration is resolved.
Changes in circumstances could impact management’s estimates made in determining the value of variable consideration recorded. When determining if the variable consideration is constrained, the Company considers if factors exist that could increase the likelihood or the magnitude of a potential reversal of revenue. The Company updates its estimate of the transaction price each reporting period and the effect of variable consideration on the transaction price is recognized as an adjustment to revenue on a cumulative catch-up basis.
Contract revenues related to specialty contracting services are recognized over time using the input method based on the measurement of progress on a project. This is the preferred method of measuring revenues because the costs incurred have been determined to represent the best indication of the overall progress toward the transfer of such goods or services promised to a customer. Under the cost-to-cost measure of progress, the costs incurred are compared with total estimated costs of a performance obligation. Revenues are recorded proportionately to the costs incurred.
The Company also sells construction equipment and other supplies to third parties and internal customers. The contract for these sales is the use of a sales order or invoice, which includes the pricing and payment terms. All such contracts include a
single performance obligation for the delivery of a single distinct product or a distinct separately identifiable bundle of products and services. Revenue is recognized at a point in time when the performance obligation has been satisfied with the delivery of the products or services. The warranties associated with the sales are those consistent with a standard warranty that the product meets certain specifications for quality or those required by law.
For most contracts, amounts billed to customers are due within 30 days of receipt. There are no material obligations for returns, refunds or other similar obligations.
In addition, the Company leases certain equipment to third parties. These leases are considered short-term operating leases with terms of less than 12 months, with the majority being month-to-month leases currently. The Company recognizes revenue from operating leases on a straight-line basis over the respective operating lease terms under ASC 842 - Leases.
The Company recognizes all other revenues when services are rendered or goods are delivered.
Under ASC 606, revenue is recognized when a performance obligation is satisfied by transferring control over a product or service to a customer. Revenue is measured based on consideration specified in a contract with a customer and excludes any sales incentives and amounts collected on behalf of third parties. The Company is considered an agent for certain taxes collected from customers. As such, the Company presents revenues net of these taxes at the time of sale to be remitted to governmental authorities, including sales and use taxes.
As part of the adoption of ASC 606, the Company elected the practical expedient to recognize the incremental costs of obtaining a contract as an expense when incurred if the amortization period of the asset that the Company otherwise would have recognized is 12 months or less.
Contract Estimates and Changes in Estimates
Changes in cost estimates on certain contracts can arise from, but not limited to, changes in productivity and performance expectations, availability of skilled labor in geographic locations of such projects, costs of labor and/or materials, changes in subcontractor productivity and performance, and extended overhead due to weather or other delays. These changes in estimates may result in the issuance of change orders, which can be approved or unapproved by the customer, or the assertion of contract claims. The Company recognizes amounts associated with change orders and claims as revenue if it is probable that the contract price will be adjusted and the amount of any such adjustment can be reasonably estimated. Change orders and claims are negotiated in the normal course of business and represent management's estimates of additional contract revenues that have been earned and are probable of collection.
Consolidation of Variable Interest Entities
Consolidation of Variable Interest Entities
The Company holds a minority economic interest in a captive insurance company, which has been determined to be a VIE due to its variable ownership interest in the captive insurance company. The captive insurance is structured with protected cell captives for each insured party (“Captive Cells”) in which participants’ assets and liabilities are held separately from each other and is not exposed to the insurance and investment risks that the Captive Cells are designed to create and distribute on behalf of the insured parties. The Company is the primary beneficiary of its individual Captive Cell and has the power to direct the activities that most significantly impact economic performance of its Captive Cell, as well as the obligation to absorb losses of, and receive benefits from the activities of its Captive Cell. Accordingly, the Company has prepared these consolidated financial statements in accordance with ASC 810, Consolidation. ASC 810 requires that if an entity is the primary beneficiary of a VIE, the assets, liabilities, and results of operations of the VIE should be included in the consolidated financial statements of such entity. As such, the consolidated financial statements include the consolidation of the Company’s Captive Cell.
Cash deposits held by the Captive Cell are considered restricted cash as they are to remain in the Captive Cell.
Joint Ventures
Joint Ventures
The Company accounts for unconsolidated joint ventures using either the equity method or proportionate consolidation. For the years ended December 31, 2025, 2024 and 2023, the Company held interests between 25% and 50% in joint ventures formed primarily for the purpose of pooling resources on construction contracts.
Proportionate consolidation is used for joint ventures that include unincorporated legal entities when we hold an undivided interest in each asset and are proportionately liable for the Company’s share of liabilities and the activities of the joint ventures that are construction related. For those joint ventures accounted for under proportionate consolidation, only the Company’s pro rata share of assets, liabilities, revenues and expenses are included in the Company’s consolidated financial statements.
For those joint ventures accounted for using proportionate consolidation, the Company recorded operating revenues of $0.6 million and $7.8 million and operating income of $0.2 million and $2.1 million for the years ended December 31, 2024 and 2023, respectively, in the consolidated statements of income. As of December 31, 2024, the Company did not have any remaining interest in assets from these joint ventures. There was no activity during the year ended December 31, 2025 related to joint ventures accounted for using proportionate consolidation.
For those joint ventures accounted for under the equity method, the Company’s investment balances for the joint ventures are included in Investments in the consolidated balance sheets and the Company’s pro rata share of net income is included in Income from equity method investments in the consolidated statements of income.
Income Taxes
Income Taxes
Prior to the Separation, the Company’s operations were historically included in the consolidated federal income tax returns and combined and separate state income tax returns filed by MDU Resources. Pursuant to the tax sharing agreement that existed between MDU Resources and its subsidiaries, federal income taxes paid by MDU Resources, as parent of the consolidated group, were allocated to the individual subsidiaries based on separate company computations of tax. MDU Resources made a similar allocation for state income taxes paid in connection with combined state filings.
Following the Separation, Everus and its subsidiaries file consolidated federal income tax returns and combined and separate state income tax returns. Pursuant to the tax sharing agreement that exists between Everus and its subsidiaries, federal income taxes paid by Everus, as parent of the consolidated group, are allocated to the individual subsidiaries based on separate company computations of tax. Everus makes a similar allocation for state income taxes paid in connection with combined state filings.
The Company recognizes deferred federal and state income taxes on all temporary differences between the book and tax basis of the Company’s assets and liabilities by using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized as income in the period that includes the enactment date.
The Company records uncertain tax positions in accordance with accounting guidance on accounting for income taxes on the basis of a two-step process in which (i) the Company determines whether it is more-likely-than-not that the tax position will be sustained on the basis of the technical merits of the position and (ii) for those tax positions that meet the more-likely-than-not recognition threshold, the Company recognizes the largest amount of the tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. Tax positions that do not meet the more-likely-than-not criteria are reflected as a tax liability. The Company recognizes interest and penalties accrued related to unrecognized tax benefits in income taxes in the consolidated statements of income.
Stock-Based Compensation
Stock-Based Compensation 
Prior to the Separation, eligible employees of the Company participated in MDU Resources’ stock-based compensation plans and the Company recorded compensation expense on awards granted by MDU Resources to those eligible employees.
At the time of Separation, all outstanding MDU Resources time-vesting restricted stock unit (“RSU”) awards held by Company employees were converted into Everus RSU awards. The converted awards will continue to vest over the original vesting period of three years from the respective grant dates. Refer to Note 10 – Stock-Based Compensation for additional information related to the conversion to Everus RSU awards.
Following the Separation, stock-based compensation awards are accounted for based on the estimated fair values at the grant date and compensation expense is recognized over the requisite service or vesting period/s.
The Company uses the graded vesting method to recognize compensation expense related to time-vesting RSU awards with graded vesting features that are subject only to a service condition. This method recognizes stock compensation expense over the requisite service period for each separately vesting tranche as though each tranche of the award is, in substance, a separate award, which results in an accelerated recognition of compensation expense.
However, the Company uses the straight-line vesting method to recognize compensation expense related to time-vesting RSU awards without graded vesting features that are subject only to a service condition. This method recognizes stock compensation expense on a straight-line basis over the requisite service period for the entire award.
The Company uses the graded vesting method to recognize compensation expense related to performance share awards (“PSAs”) with graded vesting features that are subject either to a performance or market condition, as well as a service condition.
The Company uses the straight-line vesting method to recognize compensation expense related to PSAs without graded vesting features that have a performance condition based on certain predetermined performance measures, as well as a service
condition, but recognizes a true up to expense on a cumulative catch-up basis based on the Company’s determination of the expected achievement of each performance measure relative to the performance target at each reporting date. The expected achievement may vary from 0% to 200% of the performance measure target.
The Company uses the straight-line amortization method to recognize compensation expense related to PSAs without graded vesting features that have a market condition based on certain predetermined performance measures, as well as a service condition. The expected achievement may vary from 0% to 200% of the performance measure target.
The Company implemented a change in accounting policy pertaining to forfeitures and recognizes forfeitures when they occur and the related true up to expense on a cumulative catch-up basis at the time of the forfeitures. Prior to the Separation, the Company applied a forfeiture rate estimate, consistent with MDU Resources’ accounting policy. As a result, the Company adjusted compensation expense following the Separation to account for the change in accounting policy.
Cash, Cash Equivalents and Restricted Cash
Cash, Cash Equivalents and Restricted Cash
The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Restricted cash represents deposits held by the Company’s Captive Cell that are to be used solely for Captive Cell’s purposes.
Inventories
Inventories
Inventories are recorded at average cost, and the cost may decrease due to obsolescence, physical deterioration, damage, costs to repair, changes in price levels or other causes. Inventory valuation write-downs, as well as inventory allowances, are determined based on specific facts and circumstances.
Property, Plant and Equipment
Property, Plant and Equipment
Additions to property, plant and equipment are recorded at cost. Gains or losses resulting from the retirement or disposal of assets are recognized as a component of operating income. The Company capitalizes interest, when applicable, on certain property, plant and equipment. There was no interest capitalized in 2025 or 2024. Property, plant and equipment are depreciated on a straight-line basis over the average useful lives of the assets.
Goodwill
Goodwill
Goodwill represents the excess of the purchase price over the fair value of identifiable net tangible and intangible assets acquired in a business combination. Goodwill is required to be tested for impairment annually, which the Company completes in the fourth quarter, or more frequently if unforeseen events or changes in circumstances indicate that goodwill may be impaired.
The Company performed its annual goodwill impairment test in the fourth quarter of 2025. The Company determined that the reporting units for its goodwill impairment test were its operating segments, plus a component of an operating segment, that each constitute a business for which discrete financial information is available and for which management regularly reviews the
operating results. As such, the Company’s reporting units are E&M, T&D, and Wagner Smith Equipment (“WSE”). For more information on the Company’s reporting units, refer to Note 5 – Goodwill and Other Intangible Assets. Goodwill impairment, if any, is measured by comparing the fair value of each reporting unit to its carrying value. If the fair value exceeds carrying value, the goodwill of the reporting unit is not impaired. If the carrying value exceeds fair value, the Company must record a goodwill impairment loss for the amount that the carrying value of the reporting unit, including goodwill, exceeds the fair value of the reporting unit. For the years ended December 31, 2025, 2024 and 2023, there were no goodwill impairment losses recorded.
Determining the fair value of a reporting unit requires judgment and the use of significant estimates which include assumptions about the Company’s future revenue, profitability and cash flows, amount and timing of estimated capital expenditures, inflation rates, risk-adjusted cost of capital, operational plans, and current and future economic conditions, among others. Following the Separation as a standalone company, for 2025 and 2024, the fair value of each reporting unit was determined using an income approach. Prior to the Separation under MDU Resources, for 2023, the fair value of each reporting unit was determined using a weighted combination of income and market approaches. The Company believed that the estimates and assumptions used in its goodwill impairment assessments were reasonable and based on available market information.
Impairment of Long-Lived Assets, Excluding Goodwill
Impairment of Long-Lived Assets, Excluding Goodwill 
The Company reviews the carrying values of its long-lived assets, excluding goodwill, whenever events or changes in circumstances indicate that such carrying values may not be recoverable. The Company tests long-lived assets for impairment at a lower level than that of goodwill impairment testing. Long-lived assets or groups of assets are evaluated for impairment at the lowest level of independently identifiable cash flows for an individual operation or group of operations collectively serving a local market. The determination of whether a long-lived asset impairment has occurred is based on an estimate of undiscounted future cash flows attributable to the assets, compared to the carrying value of the assets. If impairment has occurred, the amount of the long-lived asset impairment recognized is determined by estimating the fair value of the assets and recording a loss if the carrying value is greater than the fair value.
Leases
Leases
The Company determines if an arrangement contains a lease at inception of a contract and accounts for all leases in accordance with ASC 842 - Leases. The recognition of leases requires the Company to make estimates and assumptions that affect the lease classification, and the assets and liabilities recorded. The accuracy of lease assets and liabilities reported on the consolidated balance sheets depends on, among other things, management’s estimates of interest rates used to discount the lease assets and liabilities to their present value, as well as the lease terms based on the unique facts and circumstances of each lease.
Lease liabilities and their corresponding right-of-use assets are recorded based on the present value of lease payments over the expected lease term. The Company recognizes leases with an original lease term of 12 months or less in net income on a straight-line basis over the term of the lease and does not recognize a corresponding right-of-use asset or lease liability. The Company’s lease agreements may contain variable lease payments based on inflation adjustments, property taxes and common area maintenance, all of which are expensed as incurred.
The Company determines the lease term based on the non-cancellable and cancellable periods in each contract. The non-cancellable period consists of the term of the contract that is legally enforceable and cannot be cancelled by either party without incurring a significant penalty. The cancellable period is determined by various factors that are based on who has the right to cancel a contract. If only the lessor has the right to cancel the contract, the Company will assume the contract will continue. If the lessee is the only party that has the right to cancel the contract, the Company looks to asset, entity and market-based factors. If both the lessor and the lessee have the right to cancel the contract, the Company assumes the contract will not continue.
The discount rate used to calculate the present value of the lease liabilities is based upon the implied rate within each contract. If the rate is unknown or cannot be determined, the Company uses an incremental borrowing rate, which is determined by the length of the contract, asset class and the Company’s borrowing rates, as of the commencement date of the contract.
Investments
Investments
As of December 31, 2025, the Company’s investments, excluding joint venture investments, primarily included corporate-owned life insurance (“COLI”) contracts. The Company measures its investments in COLI contracts at fair value with any unrealized gains and losses recorded on the consolidated statements of income. The Company’s valuation techniques used to measure fair value are designed to maximize the use of observable inputs and minimize the use of unobservable inputs.
Legal Costs
Legal Costs 
The Company expenses external legal fees as they are incurred.
Advertising
Advertising
The Company expenses advertising costs as they are incurred.
New Accounting Standards
New Accounting Standards
Changes to GAAP are typically established by the FASB in the form of an Accounting Standards Update (“ASU”) to the FASB’s ASC. The Company considers the applicability and impact of all ASUs.
Recently Adopted Accounting Standards Updates
In August 2023, the FASB issued ASU 2023-05, Business Combinations - Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement, which provided guidance on accounting for contributions made to a joint venture, upon formation, in a joint venture’s separate financial statement in order to provide decision useful information to investors and other allocators of capital (collectively investors) in a joint venture’s financial statements and reduce diversity in practice. The new basis of accounting will require that a joint venture, upon formation, will recognize and initially measure its assets and liabilities at fair value (with the exceptions to fair value measurement that are consistent with the business combinations guidance). The standard became effective prospectively for all joint venture formations with a formation date on or after January 1, 2025. However, a joint venture that was formed before January 1, 2025, may elect to apply the guidance retrospectively if it has sufficient information. The Company adopted the standard prospectively in the first quarter of 2025, but it did not have an impact on the consolidated financial statements.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which provided guidance to address investors’ requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income tax paid information and effectiveness of income tax disclosures. The standard became effective for fiscal years beginning after December 15, 2024. The Company adopted the standard retrospectively in the fourth quarter of fiscal year 2025. Refer to Note 11 – Income Taxes for the related disclosure-only impacts of adopting this standard.
New Accounting Standards Updates Not Yet Adopted
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, which provided guidance to address investors’ requests for more detailed information about the types of expenses including purchases of inventory, employee compensation, depreciation, amortization, and depletion in commonly presented expense captions, such as cost of sales, selling, general and administrative expenses, and research and development costs. The standard will be effective for fiscal year December 31, 2027, and interim periods beginning January 1, 2028. The Company is currently evaluating the impact the guidance will have on its disclosures for the year ending December 31, 2027, and future interim periods beginning in 2028.
In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provided guidance to address stakeholders feedback on the challenges of applying Topic 326 to current accounts receivable and current contract assets, specifically related to the costs and complexities of developing reasonable and supportable forecasts to support the estimation of expected credit losses. As a result, this update provides a practical expedient for all entities that allows an entity to assume that current conditions as of the balance sheet date do not change for the remaining life of the asset when developing such forecasts. The standard will be effective for fiscal year December 31, 2026, and interim periods beginning January 1, 2026. The Company adopted the standard in the first quarter of 2026 and it did not have a material impact on the consolidated financial statements.
In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which provided guidance to address stakeholders feedback for modernizing the accounting for internal-use software costs due to the different methods of software development. This update amended the accounting and disclosure of internal-use software costs and provided entities updated recognition requirements for capitalizing internal-use software development costs, as well as website development costs. The standard will be effective for fiscal year December 31, 2028, and interim periods beginning January 1, 2028. Early adoption is permitted as of the beginning of an annual reporting period. The Company is currently evaluating the impact the guidance will have on its consolidated financial statements as well as whether the Company will early-adopt the standard.
In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, which provided clarity on interim reporting disclosure requirements and which disclosures should be provided in interim reporting periods. The standard will be effective for fiscal year December 31, 2028, and interim periods beginning January 1, 2028. Early adoption is permitted as of the beginning of an annual reporting period. The Company is currently evaluating the disclosure impacts the guidance will have on its interim financial statements as well as whether the Company will early-adopt the standard.
Fair Value
The estimated fair value of the Company’s Level 2 COLI contracts was based on contractual cash surrender values that were determined primarily by investments in managed separate accounts of the insurer. These amounts approximated fair value. The managed separate accounts were valued based on other observable inputs or corroborated market data.
Though the Company believes the methods used to estimate fair value are consistent with those used by other market participants, the use of other methods or assumptions could result in a different estimate of fair value.
The estimated fair values of the Company’s Cash, cash equivalents and restricted cash, Receivables, Accounts payable and Other accrued liabilities approximated their carrying value due to the short-term maturities of these instruments.
The Company has a captive insurance arrangement in which a Captive Cell within a captive insurance company holds cash, classified as restricted cash, and certain other accrued liabilities and other noncurrent liabilities in order to manage and administer insurance claims on behalf of the Company. The fair values of the assets and liabilities held by the Captive Cell approximated their fair values as of both December 31, 2025 and 2024. Refer to Note 2 – Basis of Presentation and Summary of Significant Accounting Policies for additional information on the Company’s captive insurance arrangement.
Earnings Per Share
Basic EPS is calculated by dividing net income by the weighted average number of shares of common stock outstanding during the applicable period. The Company calculates diluted EPS using the treasury stock method. Diluted EPS is calculated by dividing net income by the total of the weighted average number of shares of common stock outstanding during the applicable period, plus the effect of any potentially dilutive securities, except in cases where the effect of such securities would be anti-dilutive.
v3.25.4
Basis of Presentation and Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Schedule of Variable Interest Entities After consolidation by the Company, the total carrying amounts of Cash, cash equivalents and restricted cash, Other accrued liabilities, and Other noncurrent liabilities on the consolidated balance sheet attributable to the Captive Cell were as follows as of December 31:
20252024
(In thousands)
Cash, cash equivalents and restricted cash
$17,828 $16,057 
Other accrued liabilities
2,381 1,816 
Other noncurrent liabilities
$6,326 $9,271 
Summary of Receivables, Net
Receivables consist primarily of trade receivables from the sale of goods and services, net of the allowance for expected credit losses. The Company’s trade receivables are all due in 12 months or less. Receivables, net was summarized as follows as of December 31: 
20252024
(In thousands)
Trade receivables:
Completed contracts$40,202 $42,462 
Contracts in progress728,808 546,543 
Other6,100 8,120 
Receivables, gross775,110 597,125 
Less: allowance for expected credit losses
(5,282)(7,097)
Receivables, net$769,828 $590,028 
Summary of Net Receivables Activity
The following table presents the opening and closing balances of Receivables, net, as of December 31:
20252024
(In thousands)
Balance at beginning of year
$590,028 $449,626 
Change during period179,800 140,402 
Balance at end of year
$769,828 $590,028 
Schedule of Company's Excepted Credit Losses
Details of the Company’s allowance for expected credit losses, disclosed within Receivables, net, for the respective periods presented below, were as follows:
202520242023
(In thousands)
Balance at beginning of year
$7,097 $7,967 $2,161 
Net credit loss expenses (reversals)
636 (56)6,202 
Less: write-offs charged against the allowance
(2,469)(870)(455)
Credit loss recoveries collected18 56 59 
Balance at end of year
$5,282 $7,097 $7,967 
Schedule of Inventory
Inventories were summarized as follows as of:
December 31, 2025
December 31, 2024
(In thousands)
Materials and supplies
$15,571 $6,771 
Work in process
3,230 — 
Finished goods
27,057 36,979 
Less: valuation allowance
(587)— 
Inventory
$45,271 $43,750 
v3.25.4
Revenue from Contracts with Customers (Tables)
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of the Disaggregation of Revenue
The following tables present revenue disaggregated by contract type:
Year ended December 31, 2025
E&M
T&D
Total
(In thousands)
Fixed-price
$1,534,357 $439,481 $1,973,838 
Cost reimbursable*
1,347,305 258,929 1,606,234 
Unit-price
39,010 150,111 189,121 
Total contract revenues
2,920,672 848,521 3,769,193 
Eliminations(10,017)(12,789)(22,806)
Total operating revenues
$2,910,655 $835,732 $3,746,387 
__________________
*Includes time and material, time and equipment, and cost reimbursable plus fee contracts.
Year ended December 31, 2024
E&M
T&D
Total

(In thousands)
Fixed-price
$1,299,059 $385,868 $1,684,927 
Cost reimbursable*
670,424 295,679 966,103 
Unit-price
61,964 155,599 217,563 
Total contract revenues
2,031,447 837,146 2,868,593 
Eliminations(7,536)(11,372)(18,908)
Total operating revenues
$2,023,911 $825,774 $2,849,685 
__________________
*Includes time and material, time and equipment, and cost reimbursable plus fee contracts.
Year ended December 31, 2023
E&M
T&D
Total

(In thousands)
Fixed-price
$1,049,626 $353,836 $1,403,462 
Cost reimbursable*
1,003,455 285,947 1,289,402 
Unit-price
81,786 94,794 176,580 
Total contract revenues
2,134,867 734,577 2,869,444 
Eliminations(9,324)(5,730)(15,054)
Total operating revenues
$2,125,543 $728,847 $2,854,390 
___________________
*Includes time and material, time and equipment, and cost reimbursable plus fee contracts.
The following table presents revenue disaggregated by customer type:
Year ended December 31,
202520242023
(In thousands)
Commercial
$2,074,578 $1,197,760 $1,204,016 
Institutional
352,671 364,611 262,344 
Industrial
316,581 322,661 473,339 
Service & other
114,207 109,440 139,766 
Renewables
62,635 36,975 55,402 
Total E&M
2,920,672 2,031,447 2,134,867 
Utility
749,500 753,725 677,434 
Transportation
99,021 83,421 57,143 
Total T&D
848,521 837,146 734,577 
Eliminations
(22,806)(18,908)(15,054)
Total operating revenues
$3,746,387 $2,849,685 $2,854,390 
Summary of Uncompleted Contracts and Contract Assets and Contract Liabilities
Costs, estimated earnings and billings on uncompleted contracts were summarized as follows as of December 31:
20252024
(In thousands)
Costs incurred on uncompleted contracts
$8,036,495 $7,034,838 
Estimated earnings
1,172,516 995,766 
Costs and estimated earnings on uncompleted contracts9,209,011 8,030,604 
Less: billings to date
(9,258,355)(8,070,859)
Net contract liabilities
$(49,344)$(40,255)
Contract assets and Contract liabilities, net consisted of the following as of December 31:
20252024
(In thousands)
Unbilled revenue
$187,902 $124,007 
Retainage
67,865 43,042 
Contract assets
$255,767 $167,049 
Deferred revenue
$417,415 $278,409 
Accrued loss provision1,965 1,021 
Less: retainage
(114,269)(72,126)
Contract liabilities, net
$305,111 $207,304 
The following table presents the opening and closing balances of net contract assets (liabilities):
20252024
Contract assets
Contract liabilities, net
Net contract assets (liabilities)
Contract assets
Contract liabilities, net
Net contract assets (liabilities)
(In thousands)
Balance at beginning of year
$167,049 $(207,304)$(40,255)$206,235 $(140,108)$66,127 
Change during year
88,718 (97,807)(9,089)(39,186)(67,196)(106,382)
Balance at end of year
$255,767 $(305,111)$(49,344)$167,049 $(207,304)$(40,255)
Summary of Remaining Performance Obligations and Expected Revenue Recognition The table below shows additional information regarding the Company’s remaining performance obligations as of December 31, 2025, including an estimate of when the Company expects to recognize its remaining performance obligations as revenues:
Within 12 Months
Greater than 12 Months
(In thousands)
E&M
$2,067,484 $382,647 
T&D
266,979 80,548 
Total $2,334,463 $463,195 
v3.25.4
Property, Plant, and Equipment, Net (Tables)
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Summary of Property, Plant and Equipment
Property, plant and equipment, net as of December 31 was as follows:
20252024
Estimated Useful Life
Weighted Average Estimated Useful Life
(In thousands)
(In years)
Land$10,187 $8,662 
—
— 
Buildings and improvements65,117 54,936 
0 to 40
22
Machinery and equipment100,258 86,689 
0 to 15
7
Vehicles158,265 133,437 
0 to 15
7
Other9,585 7,963 
0 to 10
3
Property, plant and equipment, gross
343,412 291,687 
Less: accumulated depreciation
(174,914)(157,278)
Property, plant and equipment, net
$168,498 $134,409 
The components of certain equipment leased to third parties under operating leases, which are included within Property, plant and equipment, net in the consolidated balance sheets, were as follows as of December 31;
20252024
(In thousands)
Machinery and equipment$69,152 $59,549 
Less: accumulated depreciation
(32,565)(29,687)
Property, plant and equipment, net $36,587 $29,862 
v3.25.4
Goodwill and Other Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Other Intangible Assets
Finite-lived intangible assets, which were classified in Other noncurrent assets, were as follows as of December 31:
2024
(In thousands)
Customer relationships$10,450 
Less: accumulated amortization
(10,334)
Net customer relationships
116 
Total $116 
v3.25.4
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Assets Measured on a Recurring Basis
The Company’s assets measured at fair value on a recurring basis were as follows:
Fair Value Measurements
as of December 31, 2025, Using
Quoted Prices in Active Markets for Identical Assets
(Level 1)
Significant Other Observable Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
Balance as of December 31, 2025
(In thousands)
Assets:
COLI contracts
$— $7,615 $— $7,615 
Total assets measured at fair value
$— $7,615 $— $7,615 
Fair Value Measurements
as of December 31, 2024, Using
Quoted Prices in Active Markets for Identical Assets
(Level 1)
Significant Other Observable Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
Balance as of December 31, 2024
(In thousands)
Assets:
COLI contracts
$— $4,766 $— $4,766 
Total assets measured at fair value
$— $4,766 $— $4,766 
Schedule of Assets and Liabilities Not Measured at Fair Value
The estimated fair values of the Company's Level 2 long-term debt, including current long-term debt, were as follows as of December 31:

2025
2024

(In thousands)
Carrying value
$285,000 $300,000 
Fair value
$282,115 $298,559 
v3.25.4
Debt (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt Instruments
Long-term debt outstanding was as follows:

Weighted Average Interest Rate as of December 31, 2025
December 31, 2025
December 31, 2024

(In percentage)
(In thousands)
Term loan due on October 31, 2029
5.67 %$285,000 $300,000 
Revolving credit facility
— — 
Less: unamortized debt issuance costs
(3,451)(4,352)
Total debt
281,549 295,648 
Less: current maturities
(15,000)(15,000)
Total long-term debt
$266,549 $280,648 
Schedule of Maturities of Long-Term Debt
The amounts of scheduled long-term debt maturities, excluding unamortized debt issuance costs, for the five years following December 31, 2025, aggregate as follows:
2026202720282029
Total
(In thousands)
Long-term debt maturities, including current portion
$15,000 $15,000 $15,000 $240,000 $285,000 
v3.25.4
Leases (Tables)
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Summary of Operating Leases, including Lease Terms, Discount Rates and Supplemental Cash Flow Information
The following table provides information on the Company’s lease costs for operating leases:
Year ended December 31,
202520242023
(In thousands)
Lease costs:
Operating lease cost
$38,805 $31,274 $26,386 
Variable lease cost
1,599 1,232 1,215 
Short-term lease cost
106,149 107,421 99,964 
Total lease costs
$146,553 $139,927 $127,565 
The following is summary information of lease terms and discount rates for operating leases as of December 31:
20252024
Weighted average remaining lease term (in years)
1.15 years1.38 years
Weighted average discount rate (in percentages)
5.43 %5.50 %
The following is a summary of other information and supplemental cash flow information related to operating leases:
Year ended December 31,
202520242023
(In thousands)
Cash paid for amounts included in the measurement of lease liabilities:



Operating cash flows used for operating lease liabilities
$37,490 $31,156 $26,810 
Right-of-use assets obtained in exchange for new operating lease liabilities$56,481 $44,214 $43,917 
Reconciliation of Future Undiscounted Cash Flows to Operating Lease Liabilities
The reconciliation of future undiscounted cash flows to operating lease liabilities, including current portion of operating lease liabilities, presented on the consolidated balance sheets, was as follows as of:
December 31, 2025
(In thousands)
2026$37,762 
202726,066 
202814,572 
20298,496 
20304,928 
Thereafter
8,152 
Total 99,976 
Less: discount
(9,437)
Total operating lease liabilities
$90,539 
Schedule of Operating Lease Income
The following table provides information on the Company's lease income for operating leases:
Year ended December 31,
202520242023
(In thousands)
Lease income:
Operating lease income
$48,539 $41,420 $45,338 
Total lease income
$48,539 $41,420 $45,338 
Schedule of Maturity of Lessor Undiscounted Cash Flows
The following table is a maturity analysis of undiscounted cash flows relating to lease payments expected to be received by the Company as a lessor of operating leases as of:
December 31, 2025
(In thousands)
2026
$11,300 
Total lease payments
$11,300 
v3.25.4
Earnings Per Share (Tables)
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
Basic and diluted EPS were calculated as follows, based on a reconciliation of the weighted average common shares outstanding on a basic and diluted basis:
Year ended December 31,
202520242023
(In thousands, except per share amounts)
Net income
$201,770 $143,421 $137,230 
Weighted average common shares outstanding - basic
51,04550,97350,972
Effect of dilutive securities - share-based awards
78990
Weighted average common shares outstanding - diluted
51,12351,07250,972
EPS - basic
$3.95 $2.81 $2.69 
EPS - diluted
$3.95 $2.81 $2.69 
v3.25.4
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Nonvested Restricted Stock Units Activity
A summary of time-vesting RSUs activity for the years ended December 31, 2025 and 2024, including the conversion to Everus RSUs in 2024, was as follows: 
RSUs
Number of Shares
Weighted-Average Grant-Date Fair Value Per Share2
Nonvested pre-Separation
243,327 $21.37 
Conversion to Everus RSUs1
(109,596)
Vested shares
(30,939)40.72 
Nonvested as of December 31, 2024
102,792 38.33 
Granted shares
67,369 52.38 
Vested shares
(45,419)38.82 
Nonvested as of December 31, 2025
124,742 $45.74 
__________________
1.Includes the conversion adjustments to preserve the intrinsic value of the awards.
2.Weighted-average grant-date fair value per share represented post-separations of Knife River and the Company from MDU Resources in 2023 and 2024, respectively, as applicable.
Schedule of Nonvested Performance-Based Units Activity
A summary of PSAs activity for the year ended December 31, 2025 was as follows: 
PSAs
Number of Shares
Weighted Average Grant-Date Fair Value Per Share
Nonvested as of December 31, 2024
— $— 
Granted shares
55,092 52.10 
Nonvested as of December 31, 2025
55,092 $52.10 
Schedule of Valuation Assumptions The weighted-average grant-date fair value per share and the assumptions used for grants applicable to PSAs with a market condition granted during the year ended December 31, 2025 were:
Annual Award
Off-Cycle Award
Weighted-average grant-date fair value per share
$55.82 $72.20 
Assumptions:
Performance period
January 1, 2025 to December 31, 2027
January 1, 2025 to December 31, 2027
Grant date closing stock price
$46.54 $57.39 
Blended volatility range
44.33% - 47.07%
46.31% - 52.10%
Risk-free interest rate range
4.37% - 4.46%
4.08% - 4.24%
Dividend yield
0.00 %0.00 %
v3.25.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense
Income tax expense on the consolidated statements of income was as follows:
Year ended December 31,
202520242023
(In thousands)
Current:
Federal$49,658 $36,964 $39,468 
State and local
16,312 10,933 8,923 
Total current
65,970 47,897 48,391 
Deferred:
Federal4,891 1,214 (2,629)
State and local
1,450 412 (476)
Total deferred
6,341 1,626 (3,105)
Total income tax expense
$72,311 $49,523 $45,286 
Schedule of Effective Income Tax Rate Reconciliation
Total income tax expense differs from the amount computed by applying the statutory federal income tax rate to income before taxes and income from equity method investments. The reasons for this difference were as follows:
Year ended December 31,
202520242023
Amount
%
Amount
%
Amount
%
(In thousands, except percentages)
U.S. federal statutory tax rate
$57,557 21.0 %$40,518 21.0 %$38,328 21.0 %
Increases (reductions) resulting from:
State and local income taxes, net of federal income tax effect*
14,664 5.4 8,939 4.6 6,535 3.6 
Nondeductible expenses
1,550 0.6 1,254 0.7 1,605 0.9 
Tax credits
(1,509)(0.6)(1,185)(0.6)(1,084)(0.6)
Changes in unrecognized tax benefits
49 — (3)— (98)(0.1)
Effective tax rate
$72,311 26.4 %$49,523 25.7 %$45,286 24.8 %
__________________
*State taxes in Oregon and California constitute the majority (greater than 50%) of the tax effects in this category.
Schedule of Deferred Tax Assets and Liabilities
Components of deferred tax assets and deferred tax liabilities as of December 31 were as follows:
20252024
(In thousands)
Deferred tax assets:
Operating lease liabilities
$22,643 $16,808 
Compensation-related18,927 13,573 
Employee benefit plans costs
2,181 1,614 
Workers’ compensation reserve
1,862 1,878 
Allowance for expected credit losses
1,121 1,437 
Capital investment overhead on contracts
347 535 
Research and development costs
— 5,596 
Other3,251 2,764 
Total deferred tax assets
$50,332 $44,205 
Deferred tax liabilities:
Operating lease right-of-use-assets
$(22,163)$(16,672)
Basis differences on property, plant and equipment
(21,278)(17,664)
Intangible assets
(11,897)(10,912)
Prepaid expenses
(7,802)(6,597)
Other(1,540)— 
Total deferred tax liabilities
(64,680)(51,845)
Valuation allowance
(521)(521)
Net deferred income tax liabilities
$(14,869)$(8,161)
Schedule of Unrecognized Tax Benefits
Reconciliations of unrecognized tax benefits were as follows as of December 31:
202520242023
(In thousands)
Balance at beginning of year
$732 $656 $570 
Additions based on tax positions related to current year
170 145 145 
Additions for tax positions of prior years
118 78 279 
Reductions for tax positions of prior years
(55)— (60)
Reductions resulting from a lapse of the applicable statute of limitations periods
(136)(147)(278)
Balance at end of year
$829 $732 $656 
Schedule of Income Taxes Paid, Net of Refunds
Income taxes paid, net of refunds, was as follows:
Year ended December 31,
202520242023
(In thousands)
Federal$56,836 $39,420 $40,105 
State20,983 10,787 12,217 
Total income taxes paid, net of refunds
$77,819 $50,207 $52,322 
Income taxes paid, net of refunds, exceeded 5% of total income taxes paid, net of refunds, in the following jurisdictions:
State
Oregon
$9,395 $4,362 $5,859 
v3.25.4
Business Segment Data (Tables)
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Reconciliation of Operating Profit (Loss) from Segments to Consolidated
Reconciliations of reportable segment operating revenues, inclusive of the Company’s significant segment expenses of Cost of sales and Selling, general and administrative expenses, to consolidated Income before income taxes and income from equity method investments for the Company’s reportable segments and “Corporate and Other” category were as follows:
Year ended December 31, 2025
E&MT&D
Corporate and Other
Consolidated Total
(In thousands)
Segment operating revenues
$2,920,672 $848,521 $— $3,769,193 
Eliminations
(10,017)(12,789)— (22,806)
Total segment operating revenues
2,910,655 835,732 — 3,746,387 
Cost of sales
2,585,771 705,827 701 3,292,299 
Gross profit
324,884 129,905 (701)454,088 
Selling, general and administrative expenses106,566 40,199 42,573 189,338 
Operating income$218,318 $89,706 $(43,274)264,750 
Interest income
4,573 
Interest expense
21,451 
Other income, net
9,939 
Total consolidated income before income taxes and income from equity method investments
$257,811 
Year ended December 31, 2024
E&MT&D
Corporate and Other
Consolidated Total
(In thousands)
Segment operating revenues
$2,031,447 $837,146 $— $2,868,593 
Eliminations
(7,536)(11,372)— (18,908)
Total segment operating revenues
2,023,911 825,774 — 2,849,685 
Cost of sales
1,804,095 703,152 2,987 2,510,234 
Gross profit
219,816 122,622 (2,987)339,451 
Selling, general and administrative expenses82,845 37,567 29,132 149,544 
Operating income$136,971 $85,055 $(32,119)189,907 
Interest expense
14,023 
Other income, net
4,875 
Total consolidated income before income taxes and income from equity method investments
$180,759 
Year ended December 31, 2023
E&MT&D
Corporate and Other
Consolidated Total
(In thousands)
Segment operating revenues
$2,134,867 $734,577 $— $2,869,444 
Eliminations
(9,324)(5,730)— (15,054)
Total segment operating revenues
2,125,543 728,847 — 2,854,390 
Cost of sales
1,911,721 620,738 13 2,532,472 
Gross profit
213,822 108,109 (13)321,918 
Selling, general and administrative expenses79,445 34,499 17,431 131,375 
Operating income$134,377 $73,610 $(17,444)190,543 
Interest expense
16,954 
Other income, net
3,981 
Total consolidated income before income taxes and income from equity method investments
$177,570 
Schedule of Segment Reporting Information by Segment
Additional financial information on the Company’s reportable segments is shown below, which follows the same accounting policies as those described in Note 2 – Basis of Presentation and Summary of Significant Accounting Policies:
Year ended December 31,
202520242023
E&MT&DE&MT&DE&MT&D
(In thousands)
Depreciation and amortization expense$5,763 $23,233 $6,358 $19,099 $6,200 $17,108 
Interest expense, net1
(7,263)3,433 (800)4,027 4,957 4,490 
Income taxes
63,218 22,172 38,609 20,989 33,143 17,399 
Capital expenditures2
$16,984 $49,608 $7,944 $40,355 $4,853 $30,736 
__________________
1.Amounts shown are included in Interest expense on the consolidated statements of income. Also, the amounts include intercompany transactions related to the Company’s cash management and financing program.
2.Capital expenditures for 2025, 2024 and 2023 include noncash transactions for capital expenditure-related accounts payable.
Reconciliation of Assets from Segments to Consolidated
Reconciliations of reportable segment assets to consolidated assets were as follows as of December 31:
20252024
(In thousands)
E&M segment assets
$1,047,626 $764,470 
T&D segment assets
455,875 410,887 
Total reportable segment assets
1,503,501 1,175,357 
Other assets
267,577 161,016 
Eliminations
(42,347)(47,910)
Total consolidated assets
$1,728,731 $1,288,463 
v3.25.4
Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Summary of Multiemployer Plans
The Company’s participation in the defined benefit multiemployer plans is outlined in the following table. Unless otherwise noted, the most recent Pension Protection Act zone status available in 2025 and 2024 is for the plan’s year-end as of
December 31, 2025 and 2024. The zone status is based on information that the Company received from the plan and is certified by the plan’s actuary.
Among other factors, plans in the red zone generally are less than 65 percent funded, plans in the yellow zone are between 65 percent and 80 percent funded, and plans in the green zone are at least 80 percent funded.
Pension Fund 
EIN/ Pension 
Plan Number 
Pension Protection Act Zone Status FIP/RP Status Pending/ Implemented Contributions Surcharge Imposed Expiration Date of Collective Bargaining Agreement
2025
2024
2025
2024
2023
NEBF - National Electrical Benefit Fund
53-0181657-001
Green GreenNo $25,279 $18,233 $19,040 No 
8/25/2024-1/31/2029
Edison Pension Plan
93-6061681-001
Green GreenNo 17,440 23,310 16,957 No 12/31/2026
IBEW Local 683 Pension Fund Pension Plan
34-1442087-001
Green GreenNo 12,387 6,650 3,986 No 
5/30/2027
IBEW Local 357 Pension Plan A
88-6023284-001
Green GreenNo 8,919 4,376 18,936 No 
5/31/2027
Pension and Retirement Plan of Plumbers and Pipefitters Local 525
88-6003864-001
Green as of 6/30/2024
Green as of 6/30/2022No 5,561 3,788 8,020 No 
9/30/2024
IBEW Local 640 & AZ Chapter NECA Defined Benefit Pension Plan
86-0323980-001
GreenGreenNo 4,627 1,528 1,044 No 
6/30/2027
IBEW Local 124 Pension Trust Fund
43-0817626-001
GreenGreenNo 3,111 2,300 2,294 No 
8/25/2024
IBEW Local 82 Pension Plan
31-6127268-001
Green as of 6/30/2024
Green as of 6/30/2023No 2,919 2,518 2,149 No 12/6/2026
Eighth District Electrical Pension Fund
84-6100393-001
GreenGreenNo 2,772 2,397 2,078 No 
2/28/2015-12/31/2027
Electrical Workers Local No. 26 Pension Trust Fund
52-6117919-001
GreenGreenNo 2,729 2,316 1,994 No 
5/31/2027
Sheet Metal Workers Pension Plan of Southern CA, AZ, and NV
95-6052257-001
Green GreenNo 2,361 2,189 3,631 No 
6/30/2028
Other Funds 
15,809 13,181 15,229 No 
Total Contributions
$103,914 $82,786 $95,358 
The Company was listed in the plans’ Forms 5500 as providing more than 5 percent of the total contributions for the following plans and plan years:
Pension Fund 
Year Contributions to Plan Exceeded More Than 5 Percent of Total Contributions (as of December 31 of the Plan’s Year-End) 
DB Pension Plan of AGC-IUOE Local 701 Pension Trust Fund
2024 and 2023
Edison Pension Plan
2024 and 2023
Electrical Workers Local No. 26 Pension Fund
2024 and 2023
IBEW Local 82 Pension Plan
2025 and 2024
IBEW Local 124 Pension Trust Fund
2024 and 2023
IBEW Local 212 Pension Trust Fund
2025 and 2024
IBEW Local 357 Pension Plan A
2024 and 2023
IBEW Local 648 Pension Plan
2024 and 2023
IBEW Local 683 Pension Fund Pension Plan
2024 and 2023
National Electrical Benefit Fund
2024 and 2023
Pension and Retirement Plan of Plumbers and Pipefitters Local 525
2025 and 2024
Sheet Metal Workers Pension Plan of Southern, CA AZ and NV
2024 and 2023
Western States Insulators and Allied Workers’ Pension Plan
2024 and 2023
v3.25.4
Background and Nature of Operations (Details)
 12 Months Ended
Oct. 31, 2024
$ / shares
shares
Dec. 31, 2025
segment
$ / shares
shares
Dec. 31, 2024
shares
Oct. 30, 2024
shares
Product Information [Line Items]        
Number of operating segments | segment   2    
Number of reportable segments | segment   2    
Common stock, issued (in shares) | shares 50,972,059 51,006,719 50,980,924 1,000
Common stock, outstanding (in shares) | shares 50,972,059 51,006,719 50,980,924 1,000
Common stock, stated value (in dollars per share) | $ / shares $ 0.01 $ 0.01    
MDU Resources Shareholders        
Product Information [Line Items]        
Common stock distribution ratio 0.25      
v3.25.4
Basis of Presentation and Summary of Significant Accounting Policies - Narrative (Details) - USD ($)
 10 Months Ended 12 Months Ended
Oct. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Product Information [Line Items]          
Advertising expenses   $ 1,500,000 $ 1,100,000 $ 900,000  
Selling, general and administrative expenses   189,338,000 149,544,000 131,375,000  
Other income, net       3,981,000  
Operating revenue   3,746,387,000 2,849,685,000 2,854,390,000  
Income from equity method investments   16,270,000 12,185,000 4,946,000  
Interest in assets of joint venture   0      
Investment in equity method investments   19,500,000 14,300,000    
Income from equity method investments   16,300,000 12,200,000 5,000,000.0  
Cash, cash equivalents and restricted cash   170,500,000 86,012,000 1,567,000 $ 2,112,000
Restricted cash   17,800,000 16,100,000    
Impairment of intangible assets, excluding goodwill   $ 0 0 0  
Minimum          
Product Information [Line Items]          
Performance measure target (as a percent)   0.00%      
Minimum | Various Joint Ventures          
Product Information [Line Items]          
Investment in joint venture (as a percent)   25.00%      
Maximum          
Product Information [Line Items]          
Performance measure target (as a percent)   200.00%      
Maximum | Various Joint Ventures          
Product Information [Line Items]          
Investment in joint venture (as a percent)   50.00%      
RSUs          
Product Information [Line Items]          
Award vesting period   3 years      
MDU Resources | RSUs          
Product Information [Line Items]          
Award vesting period 3 years        
Related party          
Product Information [Line Items]          
Other income, net   $ 0 0    
Related party | Allocated corporate expenses          
Product Information [Line Items]          
General corporate expenses     30,400,000 27,100,000  
Joint ventures          
Product Information [Line Items]          
Operating revenue     600,000 7,800,000  
Income from equity method investments     $ 200,000 $ 2,100,000  
v3.25.4
Basis of Presentation and Summary of Significant Accounting Policies - Variable Interest Entity (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Variable Interest Entity [Line Items]        
Cash, cash equivalents and restricted cash $ 170,500 $ 86,012 $ 1,567 $ 2,112
Other accrued liabilities 15,278 13,037    
Other noncurrent liabilities 24,671 22,472    
VIE, primary beneficiary        
Variable Interest Entity [Line Items]        
Cash, cash equivalents and restricted cash 17,828 16,057    
Other accrued liabilities 2,381 1,816    
Other noncurrent liabilities $ 6,326 $ 9,271    
v3.25.4
Basis of Presentation and Summary of Significant Accounting Policies - Summary of Accounts Receivable (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Product Information [Line Items]      
Other $ 6,100 $ 8,120  
Receivables, gross 775,110 597,125  
Less: expected credit losses (5,282) (7,097)  
Completed contracts      
Product Information [Line Items]      
Trade receivables 40,202 42,462  
Contracts in progress      
Product Information [Line Items]      
Trade receivables 728,808 546,543  
Nonrelated party      
Product Information [Line Items]      
Receivables, net $ 769,828 $ 590,028 $ 449,626
v3.25.4
Basis of Presentation and Summary of Significant Accounting Policies - Net Receivables Activity (Details) - Nonrelated party - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Current Receivables, Net [Roll Forward]    
Balance at beginning of year $ 590,028 $ 449,626
Change during period 179,800 140,402
Balance at end of year $ 769,828 $ 590,028
v3.25.4
Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Receivables Current Expected Credit Losses (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]      
Balance at beginning of period $ 7,097 $ 7,967 $ 2,161
Net credit loss expenses (reversals) 636 (56) 6,202
Less: write-offs charged against the allowance (2,469) (870) (455)
Credit loss recoveries collected 18 56 59
Balance at end of period $ 5,282 $ 7,097 $ 7,967
v3.25.4
Basis of Presentation and Summary of Significant Accounting Policies - Inventory (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Accounting Policies [Abstract]    
Materials and supplies $ 15,571 $ 6,771
Work in process 3,230 0
Finished goods 27,057 36,979
Less: valuation allowance (587) 0
Inventory $ 45,271 $ 43,750
v3.25.4
Revenue from Contracts with Customers - Narrative (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]      
Unexecuted change orders $ 69,900 $ 56,200  
Loss provision 1,965 1,021  
Claim position 25,800 54,900  
Revenue recognized from settled claims 3,600    
Remaining outstanding billings on large project 31,300    
Net increase in revenues from performance obligations satisfied in prior periods 113,700 83,400 $ 45,700
Positive net impact on net income from previous performance obligations $ 83,700 $ 61,900 $ 34,400
Positive net impact on diluted earnings per share from previous performance obligations (in dollars per share) $ 1.64 $ 1.21 $ 0.67
Increase in gross profit $ 60,100 $ 28,600 $ 12,900
Increase in net income $ 44,200 $ 21,300 $ 9,700
Increase in diluted earnings per share (in dollars per share) $ 0.87 $ 0.42 $ 0.19
Operating revenue recognized $ 151,400 $ 117,500 $ 116,300
Remaining performance obligation $ 2,800,000 $ 2,460,000  
v3.25.4
Revenue from Contracts with Customers - Schedule of the Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Disaggregation of Revenue [Line Items]      
Operating revenue $ 3,746,387 $ 2,849,685 $ 2,854,390
Operating segments      
Disaggregation of Revenue [Line Items]      
Operating revenue 3,769,193 2,868,593 2,869,444
Eliminations      
Disaggregation of Revenue [Line Items]      
Operating revenue (22,806) (18,908) (15,054)
Fixed-price | Operating segments      
Disaggregation of Revenue [Line Items]      
Operating revenue 1,973,838 1,684,927 1,403,462
Unit-price | Operating segments      
Disaggregation of Revenue [Line Items]      
Operating revenue 189,121 217,563 176,580
Cost reimbursable | Operating segments      
Disaggregation of Revenue [Line Items]      
Operating revenue 1,606,234 966,103 1,289,402
Electrical & Mechanical      
Disaggregation of Revenue [Line Items]      
Operating revenue 2,910,655 2,023,911 2,125,543
Electrical & Mechanical | Operating segments      
Disaggregation of Revenue [Line Items]      
Operating revenue 2,920,672 2,031,447 2,134,867
Electrical & Mechanical | Eliminations      
Disaggregation of Revenue [Line Items]      
Operating revenue (10,017) (7,536) (9,324)
Electrical & Mechanical | Commercial | Operating segments      
Disaggregation of Revenue [Line Items]      
Operating revenue 2,074,578 1,197,760 1,204,016
Electrical & Mechanical | Industrial | Operating segments      
Disaggregation of Revenue [Line Items]      
Operating revenue 316,581 322,661 473,339
Electrical & Mechanical | Institutional | Operating segments      
Disaggregation of Revenue [Line Items]      
Operating revenue 352,671 364,611 262,344
Electrical & Mechanical | Renewables | Operating segments      
Disaggregation of Revenue [Line Items]      
Operating revenue 62,635 36,975 55,402
Electrical & Mechanical | Service & other | Operating segments      
Disaggregation of Revenue [Line Items]      
Operating revenue 114,207 109,440 139,766
Electrical & Mechanical | Fixed-price | Operating segments      
Disaggregation of Revenue [Line Items]      
Operating revenue 1,534,357 1,299,059 1,049,626
Electrical & Mechanical | Unit-price | Operating segments      
Disaggregation of Revenue [Line Items]      
Operating revenue 39,010 61,964 81,786
Electrical & Mechanical | Cost reimbursable | Operating segments      
Disaggregation of Revenue [Line Items]      
Operating revenue 1,347,305 670,424 1,003,455
Transmission & Distribution      
Disaggregation of Revenue [Line Items]      
Operating revenue 835,732 825,774 728,847
Transmission & Distribution | Operating segments      
Disaggregation of Revenue [Line Items]      
Operating revenue 848,521 837,146 734,577
Transmission & Distribution | Eliminations      
Disaggregation of Revenue [Line Items]      
Operating revenue (12,789) (11,372) (5,730)
Transmission & Distribution | Utility | Operating segments      
Disaggregation of Revenue [Line Items]      
Operating revenue 749,500 753,725 677,434
Transmission & Distribution | Transportation | Operating segments      
Disaggregation of Revenue [Line Items]      
Operating revenue 99,021 83,421 57,143
Transmission & Distribution | Fixed-price | Operating segments      
Disaggregation of Revenue [Line Items]      
Operating revenue 439,481 385,868 353,836
Transmission & Distribution | Unit-price | Operating segments      
Disaggregation of Revenue [Line Items]      
Operating revenue 150,111 155,599 94,794
Transmission & Distribution | Cost reimbursable | Operating segments      
Disaggregation of Revenue [Line Items]      
Operating revenue $ 258,929 $ 295,679 $ 285,947
v3.25.4
Revenue from Contracts with Customers - Summary of Uncompleted Contracts and Contract Assets and Contract Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]      
Costs incurred on uncompleted contracts $ 8,036,495 $ 7,034,838  
Estimated earnings 1,172,516 995,766  
Costs and estimated earnings on uncompleted contracts 9,209,011 8,030,604  
Less: billings to date (9,258,355) (8,070,859)  
Net contract assets (liabilities) $ (49,344) $ (40,255) $ 66,127
v3.25.4
Revenue from Contracts with Customers - Summary of Contract Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Contract assets      
Unbilled revenue $ 187,902 $ 124,007  
Retainage 67,865 43,042  
Contract assets 255,767 167,049 $ 206,235
Contract liabilities      
Deferred revenue 417,415 278,409  
Accrued loss provision 1,965 1,021  
Less: retainage (114,269) (72,126)  
Contract liabilities, net $ 305,111 $ 207,304 $ 140,108
v3.25.4
Revenue from Contracts with Customers - Contract Assets and Liabilities Rollforward (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Contract assets      
Balance at beginning of period $ 167,049 $ 206,235  
Change during period 88,718 (39,186) $ (16,863)
Balance at end of period 255,767 167,049 206,235
Contract liabilities, net      
Balance at beginning of period (207,304) (140,108)  
Change during period (97,807) (67,196) (15,713)
Balance at end of period (305,111) (207,304) (140,108)
Net contract assets (liabilities)      
Balance at beginning of period (40,255) 66,127  
Change during period (9,089) (106,382)  
Balance at end of period $ (49,344) $ (40,255) $ 66,127
v3.25.4
Revenue from Contracts with Customers - Summary of Remaining Performance Obligations and Expected Revenue Recognition (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Remaining performance obligation $ 2,800,000 $ 2,460,000
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Remaining performance obligation $ 2,334,463  
Performance obligation satisfaction period 12 months  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | E&M    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Remaining performance obligation $ 2,067,484  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | T&D    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Remaining performance obligation 266,979  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Remaining performance obligation $ 463,195  
Performance obligation satisfaction period  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | E&M    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Remaining performance obligation $ 382,647  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | T&D    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Remaining performance obligation $ 80,548  
v3.25.4
Property, Plant, and Equipment, Net - By Type (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross $ 343,412 $ 291,687
Less: accumulated depreciation (174,914) (157,278)
Property, plant and equipment, net 168,498 134,409
Land    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 10,187 8,662
Building and improvements    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross $ 65,117 54,936
Building and improvements | Minimum    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, useful life 0 years  
Building and improvements | Maximum    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, useful life 40 years  
Building and improvements | Weighted Average    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, useful life 22 years  
Machinery and equipment    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross $ 100,258 86,689
Machinery and equipment | Minimum    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, useful life 0 years  
Machinery and equipment | Maximum    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, useful life 15 years  
Machinery and equipment | Weighted Average    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, useful life 7 years  
Vehicles    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross $ 158,265 133,437
Vehicles | Minimum    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, useful life 0 years  
Vehicles | Maximum    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, useful life 15 years  
Vehicles | Weighted Average    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, useful life 7 years  
Other    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross $ 9,585 $ 7,963
Other | Minimum    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, useful life 0 years  
Other | Maximum    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, useful life 10 years  
Other | Weighted Average    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, useful life 3 years  
v3.25.4
Property, Plant, and Equipment, Net - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Abstract]      
Depreciation $ 28,684 $ 23,384 $ 21,051
v3.25.4
Property, Plant, and Equipment - Lessor (Details) - Machinery and equipment - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Property, Plant and Equipment [Line Items]    
Property, plant and equipment $ 69,152 $ 59,549
Less: accumulated depreciation (32,565) (29,687)
Property, plant and equipment, net $ 36,587 $ 29,862
v3.25.4
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Goodwill [Line Items]      
Goodwill $ 143,224,000 $ 143,224,000  
Goodwill impairment 0 0 $ 0
Amortization expense for finite-lived intangible assets 116,000 1,888,000 2,097,000
Future amortization expense 0    
Impairments of finite-lived intangible assets 0 0 $ 0
E&M      
Goodwill [Line Items]      
Goodwill 115,900,000 115,900,000  
T&D      
Goodwill [Line Items]      
Goodwill $ 27,300,000 $ 27,300,000  
v3.25.4
Goodwill and Other Intangible Assets - Schedule of Other Intangible Assets (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Finite-Lived Intangible Assets [Line Items]  
Total $ 116
Customer relationships  
Finite-Lived Intangible Assets [Line Items]  
Intangible assets, gross 10,450
Less: accumulated amortization (10,334)
Intangible assets, net $ 116
v3.25.4
Fair Value Measurements - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Unrealized gain (loss) on investments $ 771 $ 585 $ 0
Corporate owned life insurance contracts      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Investments, fair value $ 7,615 $ 4,766  
v3.25.4
Fair Value Measurements - Schedule of Assets Measured on a Recurring Basis (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets measured at fair value $ 7,615 $ 4,766
Corporate owned life insurance contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments, fair value 7,615 4,766
Quoted Prices in Active Markets for Identical Assets (Level 1)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets measured at fair value 0 0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporate owned life insurance contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments, fair value 0 0
Significant Other Observable Inputs (Level 2)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets measured at fair value 7,615 4,766
Significant Other Observable Inputs (Level 2) | Corporate owned life insurance contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments, fair value 7,615 4,766
Significant Unobservable Inputs (Level 3)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets measured at fair value 0 0
Significant Unobservable Inputs (Level 3) | Corporate owned life insurance contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments, fair value $ 0 $ 0
v3.25.4
Fair Value Measurements - Assets and Liabilities Not Measured at Fair Value (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Carrying value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt $ 285,000 $ 300,000
Fair value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt $ 282,115 $ 298,559
v3.25.4
Debt - Narrative (Details) - USD ($)
 12 Months Ended
Nov. 29, 2024
Oct. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]          
Long-term debt     $ 281,549,000 $ 295,648,000  
Payment of debt issuance costs     0 7,879,000 $ 0
Amortization of debt issuance costs     1,576,000 263,000 0
Credit Agreement          
Debt Instrument [Line Items]          
Debt instrument, term   5 years      
Interest expense     21,400,000 4,100,000 $ 0
Interest expense on outstanding borrowings     18,900,000 3,700,000  
Amortization of debt issuance costs     1,600,000 300,000  
Commitment fee     900,000 100,000  
Credit Agreement | Line of credit          
Debt Instrument [Line Items]          
Interest coverage ratio, maximum   3.00      
Interest coverage ratio, minimum   3.00      
Net leverage ratio   3.50      
Credit Agreement | Line of credit | Overnight bank funding rate          
Debt Instrument [Line Items]          
Basis spread on variable rate   0.50%      
Credit Agreement | Line of credit | SOFR          
Debt Instrument [Line Items]          
Basis spread on variable rate   1.00%      
Credit Agreement | Line of credit | Minimum | SOFR          
Debt Instrument [Line Items]          
Basis spread on variable rate   2.00%      
Credit Agreement | Line of credit | Minimum | Base rate          
Debt Instrument [Line Items]          
Basis spread on variable rate   1.00%      
Credit Agreement | Line of credit | Maximum | SOFR          
Debt Instrument [Line Items]          
Basis spread on variable rate   2.75%      
Credit Agreement | Line of credit | Maximum | Base rate          
Debt Instrument [Line Items]          
Basis spread on variable rate   1.75%      
Credit Agreement | Line of credit | Term loan          
Debt Instrument [Line Items]          
Face amount   $ 300,000,000.0      
Payment of debt issuance costs   $ 4,400,000      
Quarterly amortization payment (as a percent)   5.00%      
Quarterly payments     15,000,000.0    
Quarterly interest payments     18,900,000    
Credit Agreement | Line of credit | Revolving credit facility          
Debt Instrument [Line Items]          
Maximum borrowing capacity   $ 225,000,000.0 222,800,000 209,400,000  
Long-term debt     0 0  
Outstanding letters of credit     $ 2,200,000 $ 15,600,000  
Proceeds from line of credit   40,000,000.0      
Repayments of long-term lines of credit $ 40,000,000.0        
Payment of debt issuance costs   $ 3,500,000      
Credit Agreement | Line of credit | Revolving credit facility | Minimum          
Debt Instrument [Line Items]          
Commitment fee percentage   0.30%      
Credit Agreement | Line of credit | Revolving credit facility | Maximum          
Debt Instrument [Line Items]          
Commitment fee percentage   0.45%      
Credit Agreement | Line of credit | Letter of credit          
Debt Instrument [Line Items]          
Maximum borrowing capacity   $ 50,000,000.0      
v3.25.4
Debt - Long-Term Debt (Details) - USD ($)
Dec. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Weighted-average interest rate 5.67%  
Long-term debt, gross $ 285,000,000 $ 300,000,000
Less: unamortized debt issuance costs (3,451,000) (4,352,000)
Total debt 281,549,000 295,648,000
Less: current maturities (15,000,000) (15,000,000)
Total long-term debt 266,549,000 280,648,000
Revolving credit facility | Credit Agreement | Line of credit    
Debt Instrument [Line Items]    
Long-term debt, gross 0 0
Total debt $ 0 $ 0
v3.25.4
Debt - Schedule of Long-Term Debt Maturities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Debt Disclosure [Abstract]    
2026 $ 15,000  
2027 15,000  
2028 15,000  
2029 240,000  
Total debt $ 285,000 $ 300,000
v3.25.4
Leases - Narrative (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
Lessee, Lease, Description [Line Items]  
Operating lease not yet commenced $ 22.7
Term of operating lease not yet commenced 10 years 4 months
Minimum  
Lessee, Lease, Description [Line Items]  
Renewal term 1 year
Maximum  
Lessee, Lease, Description [Line Items]  
Renewal term 5 years
Vehicles | Minimum  
Lessee, Lease, Description [Line Items]  
Operating lease term 1 year
Vehicles | Maximum  
Lessee, Lease, Description [Line Items]  
Operating lease term 5 years
Equipment | Minimum  
Lessee, Lease, Description [Line Items]  
Operating lease term 1 year
Equipment | Maximum  
Lessee, Lease, Description [Line Items]  
Operating lease term 5 years
Building | Maximum  
Lessee, Lease, Description [Line Items]  
Operating lease term 10 years
v3.25.4
Leases - Summary of Operating Lease Costs (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]      
Operating lease cost $ 38,805 $ 31,274 $ 26,386
Variable lease cost 1,599 1,232 1,215
Short-term lease cost 106,149 107,421 99,964
Total lease costs $ 146,553 $ 139,927 $ 127,565
v3.25.4
Leases - Lease Term, Discount Rate and Supplemental Cash Flow Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]      
Weighted average remaining lease term (in years) 1 year 1 month 24 days 1 year 4 months 17 days  
Weighted average discount rate (in percentages) 5.43% 5.50%  
Cash paid for amounts included in the measurement of lease liabilities:      
Operating cash flows used for operating lease liabilities $ 37,490 $ 31,156 $ 26,810
Right-of-use assets obtained in exchange for new operating lease liabilities $ 56,481 $ 44,214 $ 43,917
v3.25.4
Leases - Reconciliation of Future Undiscounted Cash Flows to Operating Lease Liabilities (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Leases [Abstract]  
2026 $ 37,762
2027 26,066
2028 14,572
2029 8,496
2030 4,928
Thereafter 8,152
Total 99,976
Less: discount (9,437)
Total operating lease liabilities $ 90,539
v3.25.4
Leases - Lease Income (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]      
Operating lease income $ 48,539 $ 41,420 $ 45,338
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration] Operating revenue    
Total lease income $ 48,539 $ 41,420 $ 45,338
v3.25.4
Leases - Maturity of Lessor Undiscounted Cash Flows (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Leases [Abstract]  
2026 $ 11,300
Total lease payments $ 11,300
v3.25.4
Earnings Per Share - Narrative (Details) - shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Oct. 31, 2024
Oct. 30, 2024
Earnings Per Share [Abstract]          
Common stock, issued (in shares) 51,006,719 50,980,924   50,972,059 1,000
Common stock, outstanding (in shares) 51,006,719 50,980,924   50,972,059 1,000
Shares excluded from the calculation of diluted earnings per share due to their dilutive effect (in shares) 0 0 0    
Stock-based awards outstanding (in shares)     0    
v3.25.4
Earnings Per Share - Basic and Diluted (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Earnings Per Share [Abstract]      
Net income $ 201,770 $ 143,421 $ 137,230
Weighted average common shares outstanding - basic (in shares) 51,045 50,973 50,972
Effect of dilutive securities - share based awards (in shares) 78 99 0
Weighted average common shares outstanding - diluted (in shares) 51,123 51,072 50,972
Earnings per share - basic (in dollars per share) $ 3.95 $ 2.81 $ 2.69
Earnings per share - diluted (in dollars per share) $ 3.95 $ 2.81 $ 2.69
v3.25.4
Stock-Based Compensation - Narrative (Details) - USD ($)
 12 Months Ended
May 22, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Oct. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]          
Number of shares authorized to grant (in shares)   2,500,000      
Number of shares available for issuance (in shares)   2,400,000      
Number of shares outstanding (in shares)   200,000      
Stock-based compensation expense   $ 6,300,000 $ 1,600,000 $ 800,000  
Unrecognized compensation expense   $ 4,200,000      
Weighted-average recognition period   1 year 4 months 24 days      
Issued, gross (in shares)   30,939      
Forfeited (in shares)   12,635      
Volatility rate       50.00%  
Implied volatility       50.00%  
Common Stock          
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]          
Issued, net of settlement (in shares)     18,304    
Common Stock | Director          
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]          
Granted (in shares) 6,778        
Granted, fair value $ 400,000        
RSUs          
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]          
Incremental compensation expenses   $ 0      
Award vesting period   3 years      
Unrecognized compensation expense   $ 1,900,000      
Weighted-average recognition period   1 year 14 days      
Granted (in shares)   67,369      
Granted (in dollars per share)   $ 52.38      
Fair value of vested awards   $ 3,900,000      
Number of shares (in shares)   124,742 102,792   243,327
Fair value of settled awards   $ 1,400,000      
RSUs | Share-based payment arrangement, employee          
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]          
Award vesting period   3 years      
Granted (in shares)   47,705      
Granted (in dollars per share)   $ 49.60      
RSUs | Share-based payment arrangement, nonemployee          
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]          
Award vesting period   1 year      
Granted (in shares)   19,664      
Granted (in dollars per share)   $ 59.13      
Share-based payment arrangement          
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]          
Number of shares available for grant (in shares)   2,200,000      
Performance shares          
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]          
Award vesting period   3 years      
Unrecognized compensation expense   $ 2,300,000      
Weighted-average recognition period   1 year 8 months 12 days      
Granted (in shares)   55,092      
Granted (in dollars per share)   $ 52.10      
Number of shares (in shares)   55,092 0    
Performance Shares Subject To Performance Conditions          
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]          
Granted (in dollars per share)   $ 47.27      
Performance Shares Subject To Performance Conditions | Minimum          
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]          
Performance condition target allocation (as a percentage)   0.00%      
Performance Shares Subject To Performance Conditions | Maximum          
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]          
Performance condition target allocation (as a percentage)   200.00%      
Performance Shares Subject To Market Conditions          
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]          
Granted (in dollars per share)   $ 56.93      
Performance Shares Subject To Market Conditions | Minimum          
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]          
Market condition target allocation (as a percentage)   0.00%      
Performance Shares Subject To Market Conditions | Maximum          
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]          
Market condition target allocation (as a percentage)   200.00%      
Other Stock Awards | Director          
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]          
Granted (in shares)   713      
v3.25.4
Stock-Based Compensation - Rollforward of Nonvested Restricted Stock Units (Details) - RSUs - $ / shares
 2 Months Ended 12 Months Ended
Dec. 31, 2024
Dec. 31, 2025
Number of Shares    
Nonvested, beginning balance (in shares) 243,327 102,792
Conversion to Everus RSUs (in shares) (109,596)  
Granted (in shares)   67,369
Vested shares (in shares) (30,939) (45,419)
Nonvested, ending balance (in shares) 102,792 124,742
Weighted-Average Grant-Date Fair Value Per Share2    
Beginning balance (in dollars per share) $ 21.37 $ 38.33
Granted (in dollars per share)   52.38
Vested shares (in dollars per share) 40.72 38.82
Ending balance (in dollars per share) $ 38.33 $ 45.74
v3.25.4
Stock-Based Compensation - Rollforward of Nonvested Performance Stock Units (Details) - Performance shares
 12 Months Ended
Dec. 31, 2025
$ / shares
shares
Number of Shares  
Nonvested, beginning balance (in shares) | shares 0
Granted (in shares) | shares 55,092
Nonvested, ending balance (in shares) | shares 55,092
Weighted-Average Grant-Date Fair Value Per Share2  
Beginning balance (in dollars per share) | $ / shares $ 0
Granted (in dollars per share) | $ / shares 52.10
Ending balance (in dollars per share) | $ / shares $ 52.10
v3.25.4
Stock-Based Compensation - Performance Share Awards (Details)
 12 Months Ended
Dec. 31, 2025
$ / shares
PSUs  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Weighted-average grant-date fair value (in dollars per share) $ 52.10
Performance shares - market condition  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Weighted-average grant-date fair value (in dollars per share) 72.20
Grant date closing stock price (in dollars per share) $ 57.39
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Maximum 52.10%
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Minimum 46.31%
Risk-free interest rate, low 4.08%
Risk-free interest rate range, high 4.24%
Dividend yield 0.00%
Performance Shares - Market Condition - Annual Award  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Weighted-average grant-date fair value (in dollars per share) $ 55.82
Grant date closing stock price (in dollars per share) $ 46.54
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Maximum 47.07%
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Minimum 44.33%
Risk-free interest rate, low 4.37%
Risk-free interest rate range, high 4.46%
Dividend yield 0.00%
v3.25.4
Income Taxes - Schedule of Components of Income Tax Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Current:      
Federal $ 49,658 $ 36,964 $ 39,468
State and local 16,312 10,933 8,923
Total current 65,970 47,897 48,391
Deferred:      
Federal 4,891 1,214 (2,629)
State and local 1,450 412 (476)
Total deferred 6,341 1,626 (3,105)
Effective tax rate $ 72,311 $ 49,523 $ 45,286
v3.25.4
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]      
U.S. federal statutory tax rate $ 57,557 $ 40,518 $ 38,328
State and local income taxes, net of federal income tax effect* 14,664 8,939 6,535
Nondeductible expenses 1,550 1,254 1,605
Tax credits (1,509) (1,185) (1,084)
Changes in unrecognized tax benefits 49 (3) (98)
Effective tax rate $ 72,311 $ 49,523 $ 45,286
Percent      
U.S. federal statutory tax rate 21.00% 21.00% 21.00%
State and local income taxes, net of federal income tax effect* 5.40% 4.60% 3.60%
Nondeductible expenses 0.60% 0.70% 0.90%
Tax credits (0.60%) (0.60%) (0.60%)
Changes in unrecognized tax benefits 0.00% 0.00% (0.10%)
Effective tax rate 26.40% 25.70% 24.80%
v3.25.4
Income Taxes - Components of Deferred Tax Assets and Deferred Tax Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Deferred tax assets:    
Operating lease liabilities $ 22,643 $ 16,808
Compensation-related 18,927 13,573
Employee benefit plans costs 2,181 1,614
Workers’ compensation reserve 1,862 1,878
Allowance for expected credit losses 1,121 1,437
Capital investment overhead on contracts 347 535
Research and development costs 0 5,596
Other 3,251 2,764
Total deferred tax assets 50,332 44,205
Deferred tax liabilities:    
Operating lease right-of-use-assets (22,163) (16,672)
Basis differences on property, plant and equipment (21,278) (17,664)
Intangible assets (11,897) (10,912)
Prepaid expenses (7,802) (6,597)
Other (1,540) 0
Total deferred tax liabilities (64,680) (51,845)
Valuation allowance (521) (521)
Net deferred income tax liabilities $ (14,869) $ (8,161)
v3.25.4
Income Taxes - Narrative (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Valuation Allowance [Line Items]      
Operating loss carryforward, state and local $ 16,500 $ 16,500  
Valuation allowance 521 521  
Unrecognized tax benefits that would impact effective tax rate 800 700 $ 700
Valuation allowance, operating loss carryforward      
Valuation Allowance [Line Items]      
Valuation allowance $ 500 $ 500  
v3.25.4
Income Taxes - Schedule of Unrecognized Benefits (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Unrecognized Tax Benefits [Roll Forward]      
Balance at beginning of year $ 732 $ 656 $ 570
Additions based on tax positions related to current year 170 145 145
Additions for tax positions of prior years 118 78 279
Reductions for tax positions of prior years (55) 0 (60)
Reductions resulting from a lapse of the applicable statute of limitations periods (136) (147) (278)
Balance at end of year $ 829 $ 732 $ 656
v3.25.4
Income Taxes - Income Taxes Paid, Net of Refunds (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Effective Income Tax Rate Reconciliation [Line Items]      
Federal $ 56,836 $ 39,420 $ 40,105
State 20,983 10,787 12,217
Total income taxes paid, net of refunds 77,819 50,207 52,322
Oregon      
Effective Income Tax Rate Reconciliation [Line Items]      
State $ 9,395 $ 4,362 $ 5,859
v3.25.4
Business Segment Data - Narrative (Details) - segment
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]      
Number of operating segments 2    
Number of reportable segments 2    
Single customer | Customer concentration risk | Operating revenue      
Segment Reporting Information [Line Items]      
Concentration risk (as a percentage)     16.80%
Single customer | Customer concentration risk | Operating revenue | Operating segments | E&M      
Segment Reporting Information [Line Items]      
Concentration risk (as a percentage)     22.50%
Single customer | Customer concentration risk | Operating revenue | Operating segments | T&D      
Segment Reporting Information [Line Items]      
Concentration risk (as a percentage)   17.20%  
Single customer | Customer concentration risk | Trade receivables      
Segment Reporting Information [Line Items]      
Concentration risk (as a percentage) 16.30%    
Single customer | Customer concentration risk | Trade receivables | E&M      
Segment Reporting Information [Line Items]      
Concentration risk (as a percentage)   10.40%  
Single customer | Customer concentration risk | Segment      
Segment Reporting Information [Line Items]      
Concentration risk (as a percentage) 16.50%    
Customer one | Customer concentration risk | Operating revenue | Operating segments | T&D      
Segment Reporting Information [Line Items]      
Concentration risk (as a percentage)     17.50%
Customer one | Customer concentration risk | Trade receivables | E&M      
Segment Reporting Information [Line Items]      
Concentration risk (as a percentage) 19.90%    
Customer one | Customer concentration risk | Segment | E&M      
Segment Reporting Information [Line Items]      
Concentration risk (as a percentage) 21.10%    
Customer one | Customer concentration risk | Segment | T&D      
Segment Reporting Information [Line Items]      
Concentration risk (as a percentage) 16.00%    
Customer two | Customer concentration risk | Operating revenue | Operating segments | T&D      
Segment Reporting Information [Line Items]      
Concentration risk (as a percentage)     13.70%
Customer two | Customer concentration risk | Segment | E&M      
Segment Reporting Information [Line Items]      
Concentration risk (as a percentage) 10.40%    
v3.25.4
Business Segment Data - Summary of Operating Income (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]      
Operating revenue $ 3,746,387 $ 2,849,685 $ 2,854,390
Cost of sales 3,292,299 2,510,234 2,532,472
Gross profit 454,088 339,451 321,918
Selling, general and administrative expenses 189,338 149,544 131,375
Operating income 264,750 189,907 190,543
Interest income 4,573 0 0
Interest expense 21,451 14,023 16,954
Other income, net 9,939 4,875  
Income before income taxes and income from equity method investments 257,811 180,759 177,570
Operating segments      
Segment Reporting Information [Line Items]      
Operating revenue 3,769,193 2,868,593 2,869,444
Corporate and Other      
Segment Reporting Information [Line Items]      
Cost of sales 701 2,987 13
Gross profit (701) (2,987) (13)
Selling, general and administrative expenses 42,573 29,132 17,431
Operating income (43,274) (32,119) (17,444)
Eliminations      
Segment Reporting Information [Line Items]      
Operating revenue (22,806) (18,908) (15,054)
E&M      
Segment Reporting Information [Line Items]      
Operating revenue 2,910,655 2,023,911 2,125,543
E&M | Operating segments      
Segment Reporting Information [Line Items]      
Operating revenue 2,920,672 2,031,447 2,134,867
Cost of sales 2,585,771 1,804,095 1,911,721
Gross profit 324,884 219,816 213,822
Selling, general and administrative expenses 106,566 82,845 79,445
Operating income 218,318 136,971 134,377
Interest expense (7,263) (800) 4,957
E&M | Eliminations      
Segment Reporting Information [Line Items]      
Operating revenue (10,017) (7,536) (9,324)
T&D      
Segment Reporting Information [Line Items]      
Operating revenue 835,732 825,774 728,847
T&D | Operating segments      
Segment Reporting Information [Line Items]      
Operating revenue 848,521 837,146 734,577
Cost of sales 705,827 703,152 620,738
Gross profit 129,905 122,622 108,109
Selling, general and administrative expenses 40,199 37,567 34,499
Operating income 89,706 85,055 73,610
Interest expense 3,433 4,027 4,490
T&D | Eliminations      
Segment Reporting Information [Line Items]      
Operating revenue $ (12,789) $ (11,372) $ (5,730)
v3.25.4
Business Segment Data - Summary of Segment Reporting Information by Segment (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]      
Interest expense, net $ 21,451 $ 14,023 $ 16,954
Income taxes expense 72,311 49,523 45,286
E&M | Operating segments      
Segment Reporting Information [Line Items]      
Depreciation and amortization expense 5,763 6,358 6,200
Interest expense, net (7,263) (800) 4,957
Income taxes expense 63,218 38,609 33,143
Capital expenditures 16,984 7,944 4,853
T&D | Operating segments      
Segment Reporting Information [Line Items]      
Depreciation and amortization expense 23,233 19,099 17,108
Interest expense, net 3,433 4,027 4,490
Income taxes expense 22,172 20,989 17,399
Capital expenditures $ 49,608 $ 40,355 $ 30,736
v3.25.4
Business Segment Data - Summary of Segment Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Segment Reporting Information [Line Items]    
Total assets $ 1,728,731 $ 1,288,463
Operating segments    
Segment Reporting Information [Line Items]    
Total assets 1,503,501 1,175,357
Operating segments | E&M    
Segment Reporting Information [Line Items]    
Total assets 1,047,626 764,470
Operating segments | T&D    
Segment Reporting Information [Line Items]    
Total assets 455,875 410,887
Corporate and Other    
Segment Reporting Information [Line Items]    
Total assets 267,577 161,016
Eliminations    
Segment Reporting Information [Line Items]    
Total assets $ (42,347) $ (47,910)
v3.25.4
Employee Benefit Plans - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]          
Deferred compensation expense     $ 2.9 $ 1.3 $ 1.6
Costs incurred for defined contribution plans     8.4 6.2 4.5
Percentage of total workforce covered by collective bargaining agreement 85.00% 83.00%      
Percentage of total workforce covered by collective bargaining agreement expiring within one year 21.00%        
Pension plan          
Defined Benefit Plan Disclosure [Line Items]          
Amounts contributed to defined contribution multiemployer plans     90.9 67.3 73.3
Defined multiemployer plans          
Defined Benefit Plan Disclosure [Line Items]          
Amounts contributed to defined contribution multiemployer plans     103.9 82.8 95.4
Other postretirement benefits plan          
Defined Benefit Plan Disclosure [Line Items]          
Amounts contributed to defined contribution multiemployer plans     $ 114.1 $ 91.5 $ 86.6
v3.25.4
Employee Benefit Plans - Summary of Plan Participation (Details) - Defined multiemployer plans - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]      
Contributions  $ 103,914 $ 82,786 $ 95,358
NEBF - National Electrical Benefit Fund      
Defined Benefit Plan Disclosure [Line Items]      
Contributions  25,279 18,233 19,040
Edison Pension Plan      
Defined Benefit Plan Disclosure [Line Items]      
Contributions  17,440 23,310 16,957
IBEW Local 683 Pension Fund Pension Plan      
Defined Benefit Plan Disclosure [Line Items]      
Contributions  12,387 6,650 3,986
IBEW Local 357 Pension Plan A      
Defined Benefit Plan Disclosure [Line Items]      
Contributions  8,919 4,376 18,936
Pension and Retirement Plan of Plumbers and Pipefitters Local 525      
Defined Benefit Plan Disclosure [Line Items]      
Contributions  5,561 3,788 8,020
IBEW Local 640 & AZ Chapter NECA Defined Benefit Pension Plan      
Defined Benefit Plan Disclosure [Line Items]      
Contributions  4,627 1,528 1,044
IBEW Local 124 Pension Trust Fund      
Defined Benefit Plan Disclosure [Line Items]      
Contributions  3,111 2,300 2,294
IBEW Local 82 Pension Plan      
Defined Benefit Plan Disclosure [Line Items]      
Contributions  2,919 2,518 2,149
Eighth District Electrical Pension Fund      
Defined Benefit Plan Disclosure [Line Items]      
Contributions  2,772 2,397 2,078
Electrical Workers Local No. 26 Pension Trust Fund      
Defined Benefit Plan Disclosure [Line Items]      
Contributions  2,729 2,316 1,994
Sheet Metal Workers Pension Plan of Southern CA, AZ, and NV      
Defined Benefit Plan Disclosure [Line Items]      
Contributions  2,361 2,189 3,631
Other Funds       
Defined Benefit Plan Disclosure [Line Items]      
Contributions  $ 15,809 $ 13,181 $ 15,229
v3.25.4
Commitments, Contingencies and Guarantees - Narrative (Details) - USD ($)
Dec. 31, 2025
Dec. 31, 2024
Oct. 31, 2024
Loss Contingencies [Line Items]      
Loss contingency accrual $ 2,000,000.0 $ 4,500,000  
Loss contingency, after insurance claim receivables 0 3,500,000  
Surety Bond      
Loss Contingencies [Line Items]      
Guarantor obligations, maximum exposure, undiscounted 767,700,000 717,000,000.0  
Performance Guarantee      
Loss Contingencies [Line Items]      
Guarantor obligations, maximum exposure, undiscounted 641,100,000 542,700,000  
Fixed maximum amounts guaranteed by year 2026 537,400,000    
Fixed maximum amounts guaranteed by year 2027 61,200,000    
Fixed maximum amounts guaranteed by year 2028 20,300,000    
Fixed maximum amounts guaranteed by year 2029 3,400,000    
Fixed maximum amounts guaranteed by year 2030 3,000,000.0    
Fixed maximum amounts guaranteed thereafter 15,800,000    
Guarantor obligations outstanding 0 0  
Letter of credit | Credit Agreement | Line of credit      
Loss Contingencies [Line Items]      
Maximum borrowing capacity     $ 50,000,000.0
Letter of credit | Surety Bond | Line of credit      
Loss Contingencies [Line Items]      
Maximum borrowing capacity 18,100,000    
Outstanding letters of credit 15,400,000    
Revolving credit facility | Credit Agreement | Line of credit      
Loss Contingencies [Line Items]      
Maximum borrowing capacity 222,800,000 209,400,000 $ 225,000,000.0
Outstanding letters of credit 2,200,000 15,600,000  
Revolving credit facility | Standby Letters of Credit | Credit Agreement | Line of credit      
Loss Contingencies [Line Items]      
Outstanding letters of credit $ 2,200,000 $ 15,600,000  
v3.25.4
Related Party Transactions (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Oct. 31, 2024
Jun. 30, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Related Party Transaction [Line Items]          
Other income, net         $ 3,981
Total long-term debt     $ 266,549 $ 280,648  
Related party          
Related Party Transaction [Line Items]          
Other income, net     0 0  
Repayments of long-term debt     0 0 45,000
Repayments of short-term debt     0 0 27,000
Allocated corporate expenses | Related party          
Related Party Transaction [Line Items]          
General corporate expenses       30,400 27,100
Transition services agreement | Related party          
Related Party Transaction [Line Items]          
General corporate expenses     4,800 700  
Recurring expenses   $ 500      
Cash management and financing program | Related party          
Related Party Transaction [Line Items]          
Payment of dividend     60,000    
Interest expense       $ 10,200 17,000
Cash management and financing program | Related party | Notes payable          
Related Party Transaction [Line Items]          
Repayments of long-term debt $ 230,000        
Total long-term debt     $ 0    
Notes payable | Related party | Notes payable          
Related Party Transaction [Line Items]          
Repayments of long-term debt         45,000
Repayments of short-term debt         $ 27,000