Financial Analysis

5. Acquisitions On October 1, 2025, we acquired all of the issued and outstanding membership interests of Feyen-Zylstra Holdings, LLC (Feyen Zylstra), headquartered in Michigan, for a total preliminary purchase price of $109.8 million, which included $99.0 million of cash paid on the closing date, $4.3 million in notes payable to the former owners, an earn-out that will be paid if certain financial targets are met after the acquisition date and a working capital adjustment. Feyen Zylstra operates in the Midwest and Southern United States and provides electrical design, installation, and maintenance services primarily to the industrial, technology and healthcare sectors. As a result of the acquisition, Feyen Zylstra is a wholly owned subsidiary of the Company reported in our electrical segment. The goodwill recognized as a result of the Feyen Zylstra acquisition is deductible for tax purposes. On October 1, 2025, we acquired all of the issued and outstanding shares of capital stock of Meisner Electric, Inc. (Meisner), headquartered in Florida, for a total preliminary purchase price of $74.9 million, which included $64.5 million of cash paid on the closing date, $5.0 million in notes payable to the former owners and a working capital adjustment. Meisner operates in Florida and provides greenfield construction services and electrical design, installation, and renovation services primarily to the healthcare, commercial and government sectors . As a result of the acquisition, Meis …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

13. Commitments and Contingencies Claims and Lawsuits We are subject to certain legal and regulatory claims, including lawsuits arising in the normal course of business. We maintain various insurance coverages to minimize financial risk associated with these claims. We have estimated and provided accruals for probable losses and related legal fees associated with certain litigation in the accompanying consolidated financial statements. While we cannot predict the outcome of these proceedings, in managements opinion and based on reports of counsel, any liability arising from these matters individually and in the aggregate will not have a material effect on our operating results, cash flows or financial condition, after giving effect to provisions already recorded. In 2023, we recorded a pre-tax gain of $6.8 million from legal developments and settlements that primarily relate to disputes with customers regarding the outcome of completed projects as well as an obligation to perform subcontract work under two executed letters of intent for subsequent projects that we believed were not enforceable. The pre-tax gain of $6.8 million was recorded as an increase in gross profit of $6.6 million, a reduction in SG&A of $0.7 million, an increase in interest income of $1.3 million and an increase in the change in fair value of contingent earn-out obligations expense of $1.8 million in our Consolidated Statement of Operations. As of December 31, 2025, we recorded an accrual for unreso …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

12. Employee Benefit Plans We and certain of our subsidiaries sponsor various retirement plans for most full-time and some part-time employees. These plans primarily consist of defined contribution plans. The defined contribution plans generally provide for contributions up to 2.5% of covered employees salaries or wages, although a few of the plans employer contributions are discretionary in nature. These contributions totaled $40.1 million in 2025, $35.3 million in 2024 and $22.9 million in 2023. Certain of our subsidiaries also participate or have participated in various multi-employer pension plans for the benefit of employees who are union members. As of December 31, 2025 and 2024, we had 9 and 50 employees, respectively, who were union members. There were no contributions made to multi-employer pension plans in 2025, 2024 or 2023. The data available from administrators of other multi-employer pension plans is not sufficient to determine the accumulated benefit obligations, nor the net assets attributable to the multi-employer plans in which our employees participate or previously participated. As of December 31, 2025, we had life insurance policies covering certain employees, with a combined face value of $109.4 million. The policies are invested in several investment vehicles and are recorded at their cash surrender value. The cash surrender values associated with these policies were $10.5 million and $9.0 million as of December 31, 2025 and 2024, respectively, and are …

CompensationAndEmployeeBenefitPlansTextBlock · excerpt; the full note is in the filing

9. Debt Obligations Debt obligations consist of the following (in thousands): December 31, 2025 2024 Revolving credit facility $ 100,000 $ Notes to former owners 44,575 67,593 Other debt 651 742 Total debt 145,226 68,335 Lesscurrent portion (6,163) (6,042) Total long-term portion of debt $ 139,063 $ 62,293 At December 31, 2025, future principal payments of debt are as follows (in thousands): Year ending December 31 2026 $ 6,163 2027 24,246 2028 14,272 2029 545 2030 100,000 $ 145,226 Interest expense included the following primary elements (in thousands): Year Ended December 31, 2025 2024 2023 Interest expense on notes to former owners $ 3,149 $ 3,616 $ 1,365 Interest expense on borrowings and unused commitment fees 3,832 1,434 7,507 Letter of credit fees 1,010 911 724 Amortization of debt financing costs 1,018 687 685 Total $ 9,009 $ 6,648 $ 10,281 Revolving Credit Facility On August 27, 2025, we amended our senior credit facility (as amended, the Facility) arranged by Wells Fargo Bank, National Association, as administrative agent, and provided by a syndicate of banks, which increases our borrowing capacity from $850.0 million to $1.10 billion. The Facility is composed of a revolving credit line guaranteed by certain of our subsidiaries, in the amount of $1.10 billion. The Facility also provides for an accordion or increase option not to exceed the greater of (a) $500 million and (b) 1.0x Credit Facility Adjusted EBITDA (as defined below), in the form of additional revolving …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

Our consolidated 2025 revenue was derived from contracts to provide service activities in the mechanical and electrical segments we serve. Refer to Note 16 Segment Information for additional information on our reportable segments. We disaggregate our revenue from contracts with customers by service provided, customer type and activity type, as we believe it best depicts how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors. See details in the following tables (dollars in thousands): Year Ended December 31, Revenue by Service Provided 2025 2024 2023 Mechanical Segment $ 6,673,745 73.3 % $ 5,527,604 78.7 % $ 3,946,022 75.8 % Electrical Segment 2,427,896 26.7 % 1,499,872 21.3 % 1,260,738 24.2 % Total $ 9,101,641 100.0 % $ 7,027,476 100.0 % $ 5,206,760 100.0 % Year Ended December 31, Revenue by Type of Customer 2025 2024 2023 Technology $ 4,098,854 45.0 % $ 2,331,362 33.2 % $ 1,114,382 21.4 % Manufacturing 2,011,607 22.1 % 1,919,403 27.3 % 1,751,684 33.6 % Healthcare 810,646 8.9 % 584,902 8.3 % 554,906 10.6 % Education 665,266 7.3 % 702,706 10.0 % 493,982 9.5 % Government 457,329 5.0 % 375,201 5.4 % 301,837 5.8 % Office Buildings 446,659 5.0 % 424,343 6.0 % 400,754 7.7 % Retail, Restaurants and Entertainment 337,590 3.7 % 377,302 5.4 % 310,381 6.0 % Multi-Family and Residential 130,578 1.4 % 142,133 2.0 % 181,780 3.5 % Other 143,112 1.6 % 170,124 2.4 % 97,054 1.9 % Total $ 9,101,641 100.0 % $ 7,027,476 100.0 % $ 5,206,760 10 …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

15. Stock-Based Compensation Grants of restricted stock and restricted stock units and performance share units have been determined and administered by the compensation committee of the Board of Directors. Total stock-based compensation expense was $21.8 million, $16.6 million and $12.9 million for the years ended December 31, 2025, 2024 and 2023, respectively. Stock-based compensation expense is recognized using the straight-line method over the vesting period and generally vests over a three-year vesting period. Certain awards provide for accelerated vesting when the sum of an employee's age and years of service is at least 75. We recognize forfeitures as they occur. Total income tax benefit recognized for stock-based compensation arrangements was $4.6 million, $3.5 million and $2.7 million for each of the years ended December 31, 2025, 2024 and 2023. We generally issue treasury shares for stock options and restricted stock, unless treasury shares are not available. Upon the vesting of restricted shares, we have allowed the holder to elect to surrender an amount of shares to meet their statutory tax withholding requirements. These shares are accounted for as treasury stock based upon the value of the stock on the date of vesting. Restricted Stock and Restricted Stock Units The following table summarizes activity under our restricted stock plans (shares in thousands): Year Ended December 31, 2025 Weighted- Average Grant Restricted Stock and Restricted Stock Units Shares Date …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

4. Fair Value Measurements Interest Rate Risk Management and Derivative Instruments At times, we use derivative instruments to manage exposure to market risk, including interest rate risk. We currently do not have any derivatives that are accounted for as hedges under Accounting Standard Codification (ASC) 815. Fair Value Measurement We classify and disclose assets and liabilities carried at fair value in one of the following three categories: Level 1quoted prices in active markets for identical assets and liabilities; Level 2observable market-based inputs or unobservable inputs that are corroborated by market data; and Level 3significant unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The following table summarizes the fair values, and levels within the fair value hierarchy in which the fair value measurements are included, for assets and liabilities measured on a recurring basis as of December 31, 2025 and 2024 (in thousands): Fair Value Measurements at December 31, 2025 Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 981,898 $ $ $ 981,898 U.S. Treasury bills $ $ 34,357 $ $ 34,357 Contingent earn-out obligations $ $ $ 34,842 $ 34,842 Fair Value Measurements at December 31, 2024 Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 549,939 $ $ $ 549,939 Contingent earn-out obligations $ $ $ 140,156 $ 140,156 Cash and cash equivalents are held at a variety of well-known institutions and …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

6. Goodwill and Identifiable Intangible Assets, Net Goodwill The changes in the carrying amount of goodwill are as follows (in thousands): Mechanical Segment Electrical Segment Total Balance at December 31, 2023 $ 393,276 $ 273,558 $ 666,834 Acquisitions and purchase price adjustments (See Note 5) 208,236 200 208,436 Balance at December 31, 2024 601,512 273,758 875,270 Acquisitions and purchase price adjustments (See Note 5) 52,897 97,348 150,245 Balance at December 31, 2025 $ 654,409 $ 371,106 $ 1,025,515 The aggregate goodwill balance as of December 31, 2025 and 2024 includes $116.6 million of accumulated impairment charges, all of which relate to the mechanical segment. During our annual impairment testing on October 1, 2025, we performed a quantitative assessment where the fair value of each reporting unit was estimated using a discounted cash flow model combined with a market valuation approach. We assigned a weighting of 50% to the discounted cash flow analysis and 50% to the public company approach for the year ended December 31, 2025. Based on this assessment, we concluded that the fair value of each of the reporting units was greater than its carrying value. A 10% decline in the estimated fair value of each reporting unit due to a change in assumptions would not have resulted in us recording an impairment in 2025. For the years ended December 31, 2025, 2024 and 2023, no impairment of our goodwill or other intangible assets was recorded. There are significant inherent …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

11. Income Taxes Provision for Income Taxes Our provision for income taxes relating to continuing operations consists of the following (in thousands): December 31, 2025 2024 2023 Current tax provision (benefit) Federal $ 235,686 $ 170,844 $ (34,722) State 40,486 39,897 4,222 Total current 276,172 210,741 (30,500) Deferred tax provision (benefit) Federal (3,116) (54,119) 81,119 State (2,161) (12,494) 14,177 Total deferred (5,277) (66,613) 95,296 Provision for income taxes $ 270,895 $ 144,128 $ 64,796 Rate Reconciliation The provision for income taxes for the years ended December 31, 2025, 2024 and 2023 resulted in effective tax rates on continuing operations of 20.9%, 21.6% and 16.7%, respectively. The reasons for the differences between these effective tax rates and the federal statutory tax rates are as follows (in thousands, except percentages): December 31, 2025 2024 2023 Amount Percent Amount Percent Amount Percent Federal statutory tax rate $ 271,625 21.0 % $ 139,978 21.0 % $ 81,521 21.0 % State and local income taxes, net of federal effect (a) 30,277 2.3 % 21,648 3.2 % 14,537 3.7 % Tax credits R&D tax credit (30,509) (2.4) % (23,226) (3.5) % (35,033) (9.0) % Other (19) Nontaxable or nondeductible items 8,186 0.6 % 5,328 0.8 % 4,489 1.2 % Other adjustments (8,665) (0.6) % 400 0.1 % (718) (0.2) % Effective tax rate $ 270,895 20.9 % $ 144,128 21.6 % $ 64,796 16.7 % (a) State taxes in Virginia, North Carolina, Arizona, New York, Alabama, Tennessee and Utah made up the m …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

10. Leases We lease certain facilities, vehicles and equipment primarily under noncancelable operating leases. The most significant portion of these noncancelable operating leases is for the facilities occupied by our corporate office and our operating locations. Leases with an initial term of 12 months or less are not recorded in the Consolidated Balance Sheet. We do not separate lease components from their associated non-lease components pursuant to lease accounting guidance. We have certain leases with variable payments based on an index as well as short-term leases on equipment and facilities. Variable lease expense and short-term lease expense for the year ended December 31, 2025, 2024 and 2023 aggregated to $138.8 million, $94.3 million and $53.7 million, respectively. These expenses were primarily related to short-term equipment rentals. Lease right-of-use assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, we generally use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The weighted average discount rate for our operating leases as of December 31, 2025 and 2024 was 6.0% and 6.1%, respectively. We recognize operating lease expense, including escalating lease payments and lease incentives, on a straight-line basis over the lease term. Operating lease expe …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This standard requires entities to disclose more detailed information in the reconciliation of their statutory tax rate to their effective tax rate. The standard also requires entities to make additional disclosures on income taxes paid as well as on certain income statement-related disclosures. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024 . We adopted this standard beginning with our 2025 annual reporting and applied the requirements of the standard retrospectively to all periods presented. There was no impact of adoption on our consolidated financial position, results of operations or cash flows, but our disclosure in Note 11, Income Taxes, has been updated to conform with the requirements of ASU 2023-09. Recent Accounting Pronouncements 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. The standard requires entities to disclose, on an annual and interim basis, disaggregated information about certain income statement expense line items in the notes to the financial statements. ASU 2024-03 is effective for fiscal years beginning after …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

3. Revenue from Contracts with Customers Revenue is recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods or services. Sales-based taxes are excluded from revenue. We provide mechanical and electrical contracting services. Our mechanical segment principally includes HVAC, plumbing, piping and controls, as well as off-site construction, monitoring and fire protection. Our electrical segment includes installation and servicing of electrical systems. We build, install, maintain, repair and replace products and systems throughout the United States. All of our revenue is recognized over time as we deliver goods and services to our customers. Revenue can be earned based on an agreed-upon fixed price or based on actual costs incurred, marked up at an agreed-upon percentage. For fixed price agreements, we use the cost-to-cost input method of accounting under which contract revenue recognizable at any time during the life of a contract is determined by multiplying expected total contract revenue by the percentage of contract costs incurred at any time to total estimated contract costs. More specifically, as part of the negotiation and bidding process to obtain installation contracts, we estimate our contract costs, which include all direct materials, labor and subcontract costs and indirect costs related to contract performance, such as indire …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

16. Segment Information We have two reportable segments: (a) our mechanical segment, which includes HVAC, plumbing, piping, and controls, as well as off-site construction, monitoring and fire protection; and (b) our electrical segment, which includes installation and servicing of electrical systems. We consider these two lines of business to be separate segments because they require different skill sets, and the business models for providing services have some differences, as a mechanical system requires ongoing maintenance and monitoring and an electrical system generally does not. However, the business model for installation of new systems or retrofitting existing systems is very similar between the two segments. Segment information is prepared on the same basis that our Chief Operating Decision Maker (CODM) reviews financial information for operational decision-making purposes. Our CODM is the Chief Executive Officer. Our CODM allocates resources such as employees and capital resources primarily based on historical and potential future revenue, gross profit and operating income. Our CODM also uses segment gross profit and operating income when assessing pricing and performance by management teams in our operating segments. Our activities are within the mechanical services industry and the electrical services industry, which represent our two reportable segments. We aggregate our operating segments into two reportable segments, as the operating segments meet all of the aggr …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

5. Acquisitions On May 1, 2026 we acquired all of the issued and outstanding membership interests of R.C. Hunt Electric, LLC (Hunt), headquartered in Utah, for a total preliminary purchase price of $206.0 million, which included $167.2 million of cash paid on the closing date, $15.0 million in notes payable to the former owners, an earn-out that will be paid if certain financial targets are met after the acquisition date, and a working capital adjustment. Hunt operates in the Western United States and provides electrical design and construction services primarily to the industrial, technology, commercial, and infrastructure sectors. As a result of the acquisition, Hunt is a wholly owned subsidiary of the Company reported in our electrical segment. The goodwill recognized as a result of the Hunt acquisition is deductible for tax purposes. On October 1, 2025, we acquired all of the issued and outstanding membership interests of Feyen-Zylstra Holdings, LLC (Feyen Zylstra), headquartered in Michigan, for a total preliminary purchase price of $109.8 million, which included $99.0 million of cash paid on the closing date, $4.3 million in notes payable to the former owners, an earn-out that will be paid if certain financial targets are met after the acquisition date, and a working capital adjustment. Feyen Zylstra operates in the Midwest and Southern United States and provides electrical design, installation, and maintenance services primarily to the industrial, technology, and healt …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

9. Commitments and Contingencies Claims and Lawsuits We are subject to certain legal and regulatory claims, including lawsuits arising in the normal course of business. We maintain various insurance coverages to minimize financial risk associated with these claims. We have estimated and provided accruals for probable losses and related legal fees associated with certain litigation in the accompanying consolidated financial statements. While we cannot predict the outcome of these proceedings, in managements opinion and based on reports of counsel, any liability arising from these matters individually and in the aggregate will not have a material effect on our operating results, cash flows, or financial condition, after giving effect to provisions already recorded. As of June 30, 2026, we recorded an accrual for unresolved matters, which is not material to our financial statements, based on our analysis of likely outcomes related to the respective matters; however, it is possible that the ultimate outcome and associated costs will deviate from our estimates and that, in the event of an unexpectedly adverse outcome, we may experience additional costs and expenses in future periods. Surety Many customers, particularly in connection with new construction, require us to post performance and payment bonds issued by a financial institution known as a surety. If we fail to perform under the terms of a contract or to pay subcontractors and vendors who provided goods or services under a …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

7. Debt Obligations Debt obligations consist of the following (in thousands): June 30, 2026 December 31, 2025 Revolving credit facility $ $ 100,000 Notes to former owners 53,450 44,575 Other debt 614 651 Total debt 54,064 145,226 Lesscurrent portion (215) (6,163) Total long-term portion of debt $ 53,849 $ 139,063 Revolving Credit Facility On August 27, 2025, we amended our senior credit facility (as amended, the Facility) arranged by Wells Fargo Bank, National Association, as administrative agent, and provided by a syndicate of banks, which increases our borrowing capacity from $850.0 million to $1.10 billion. The Facility is composed of a revolving credit line guaranteed by certain of our subsidiaries, in the amount of $1.10 billion. The Facility also provides for an accordion or increase option not to exceed the greater of (a) $500.0 million and (b) 1.0x Credit Facility Adjusted EBITDA (as defined in the Facility), in the form of additional revolving commitments or incremental term loans. The line of credit includes a sublimit for up to $200.0 million of letters of credit and a sublimit for up to $75.0 million of swingline loans. The Facility expires on October 1, 2030 and is secured by a first lien on substantially all of our personal property, except for assets related to projects subject to surety bonds and the equity of and assets held by certain unrestricted subsidiaries and our wholly owned captive insurance company and a second lien on our assets related to projects …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

See details in the following tables (dollars in thousands): Three Months Ended June 30, Six Months Ended June 30, Revenue by Service Provided 2026 2025 2026 2025 Mechanical Segment $ 2,296,667 70.3 % $ 1,638,672 75.4 % $ 4,357,289 71.1 % $ 3,040,887 75.9 % Electrical Segment 968,989 29.7 % 534,647 24.6 % 1,773,699 28.9 % 963,718 24.1 % Total $ 3,265,656 100.0 % $ 2,173,319 100.0 % $ 6,130,988 100.0 % $ 4,004,605 100.0 % Three Months Ended June 30, Six Months Ended June 30, Revenue by Type of Customer 2026 2025 2026 2025 Technology $ 1,917,354 58.7 % $ 934,199 43.0 % $ 3,533,869 57.6 % $ 1,611,752 40.2 % Manufacturing 535,357 16.4 % 473,040 21.8 % 1,071,799 17.5 % 925,826 23.1 % Healthcare 230,783 7.1 % 200,341 9.2 % 451,317 7.4 % 382,883 9.6 % Education 168,252 5.1 % 194,845 8.9 % 301,669 4.9 % 356,087 8.9 % Government 145,507 4.4 % 107,753 5.0 % 275,820 4.5 % 204,034 5.1 % Office Buildings 92,468 2.8 % 110,461 5.1 % 172,808 2.8 % 232,987 5.9 % Retail, Restaurants, and Entertainment 89,893 2.8 % 85,107 3.9 % 171,179 2.8 % 162,116 4.0 % Multi-Family and Residential 44,678 1.4 % 33,214 1.5 % 79,713 1.3 % 61,567 1.5 % Other 41,364 1.3 % 34,359 1.6 % 72,814 1.2 % 67,353 1.7 % Total $ 3,265,656 100.0 % $ 2,173,319 100.0 % $ 6,130,988 100.0 % $ 4,004,605 100.0 % Three Months Ended June 30, Six Months Ended June 30, Revenue by Activity Type 2026 2025 2026 2025 New Construction $ 2,454,064 75.1 % $ 1,256,866 57.9 % $ 4,587,558 74.8 % $ 2,321,950 58.0 % Existing Building Construction …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

4. Fair Value Measurements Interest Rate Risk Management and Derivative Instruments At times, we use derivative instruments to manage exposure to market risk, including interest rate risk. We currently do not have any derivatives that are accounted for as hedges under Accounting Standards Codification (ASC) 815. Fair Value Measurement We classify and disclose assets and liabilities carried at fair value in one of the following three categories: Level 1quoted prices in active markets for identical assets and liabilities; Level 2observable market-based inputs or unobservable inputs that are corroborated by market data; and Level 3significant unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The following table summarizes the fair values, and levels within the fair value hierarchy in which the fair value measurements are included, for assets and liabilities measured on a recurring basis as of June 30, 2026 and December 31, 2025 (in thousands): Fair Value Measurements at June 30, 2026 Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 1,854,794 $ $ $ 1,854,794 U.S. Treasury bills $ $ 51,604 $ $ 51,604 Contingent earn-out obligations $ $ $ 44,727 $ 44,727 Fair Value Measurements at December 31, 2025 Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 981,898 $ $ $ 981,898 U.S. Treasury bills $ $ 34,357 $ $ 34,357 Contingent earn-out obligations $ $ $ 34,842 $ 34,842 Cash and cash equivalents are …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

6. Goodwill and Identifiable Intangible Assets, Net Goodwill The changes in the carrying amount of goodwill are as follows (in thousands): Mechanical Segment Electrical Segment Total Balance at December 31, 2024 $ 601,512 $ 273,758 $ 875,270 Acquisitions and purchase price adjustments (See Note 5) 52,897 97,348 150,245 Balance at December 31, 2025 654,409 371,106 1,025,515 Acquisitions and purchase price adjustments (See Note 5) 75,960 75,960 Balance at June 30, 2026 $ 654,409 $ 447,066 $ 1,101,475 Identifiable Intangible Assets, Net At June 30, 2026, future amortization expense of identifiable intangible assets is as follows (in thousands): Year ending December 31 2026 (remainder of the year) $ 47,332 2027 81,587 2028 70,629 2029 64,362 2030 51,827 Thereafter 218,843 Total $ 534,580 …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

8. Leases We lease certain facilities, vehicles and equipment primarily under noncancelable operating leases. The most significant portion of these noncancelable operating leases is for the facilities occupied by our corporate office and our operating locations. Leases with an initial term of 12 months or less are not recorded in the Consolidated Balance Sheets. We do not separate lease components from their associated non-lease components pursuant to lease accounting guidance. We have certain leases with variable payments based on an index as well as short-term leases on equipment and facilities. Variable lease expense and short-term lease expense aggregated to $62.1 million and $27.3 million for the three months ended June 30, 2026 and 2025, respectively. Variable lease expense and short-term lease expense aggregated to $110.2 million and $53.1 million in the first six months of 2026 and 2025, respectively. These expenses were primarily related to short-term equipment rentals. Lease right-of-use assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, we generally use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The weighted-average discount rate for our operating leases as of June 30, 2026 and December 31, 2025 was 5.8% and 6.0%, respectively. We recognize ope …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

Recent Accounting Pronouncements The Company has not identified any material developments related to recent accounting pronouncements since those disclosed in its Annual Report on Form 10-K for the year ended December 31, 2025. …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

3. Revenue from Contracts with Customers Revenue is recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods or services. Sales-based taxes are excluded from revenue. We provide mechanical and electrical contracting services. Our mechanical segment principally includes HVAC, plumbing, piping, and controls, as well as off-site construction, monitoring, and fire protection. Our electrical segment includes installation and servicing of electrical systems. We build, install, maintain, repair, and replace products and systems throughout the United States. All of our revenue is recognized over time as we deliver goods and services to our customers. Revenue can be earned based on an agreed-upon fixed price or based on actual costs incurred, marked up at an agreed-upon percentage. We account for a contract when: (i) it has approval and commitment from both parties, (ii) the rights of the parties are identified, (iii) payment terms are identified, (iv) the contract has commercial substance, and (v) collectability of consideration is probable. We consider the start of a project to be when the above criteria have been met and we have either written authorization from the customer to proceed or an executed contract. We generally do not incur significant incremental costs related to obtaining or fulfilling a contract prior to the start of a project. …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

11. Segment Information Our activities are within the mechanical services industry and the electrical services industry, which represent our two reportable segments. We aggregate our operating segments into two reportable segments, as the operating segments meet all of the aggregation criteria. The following tables present information about our reportable segments (in thousands): Mechanical Segment Electrical Segment Corporate Consolidated Total assets at June 30, 2026 $ 4,391,510 $ 2,254,819 $ 1,841,477 $ 8,487,806 Total assets at December 31, 2025 $ 3,683,678 $ 1,765,570 $ 991,921 $ 6,441,169 Three Months Ended June 30, 2026 Mechanical Segment Electrical Segment Corporate Consolidated Revenue $ 2,296,667 $ 968,989 $ $ 3,265,656 Cost of services 1,708,157 713,271 2,421,428 Gross profit 588,510 255,718 844,228 Selling, general and administrative expenses 162,398 101,825 22,824 287,047 Gain on sale of assets (626) (159) (785) Operating income (loss) $ 426,738 $ 154,052 $ (22,824) $ 557,966 Reconciliation to income before income taxes: Other income (expense) 8,277 Income before income taxes $ 566,243 Amortization of identifiable intangible assets $ 10,429 $ 12,845 $ $ 23,274 Depreciation expense $ 16,408 $ 3,243 $ 385 $ 20,036 Capital expenditures $ 131,818 $ 9,185 $ 361 $ 141,364 Three Months Ended June 30, 2025 Mechanical Segment Electrical Segment Corporate Consolidated Revenue $ 1,638,672 $ 534,647 $ $ 2,173,319 Cost of services 1,264,066 399,356 1,663,422 Gross profit 374, …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

10. Stockholders Equity Earnings Per Share Basic earnings per share (EPS) is computed by dividing net income by the weighted-average number of shares of common stock outstanding during the year. Diluted EPS is computed considering the dilutive effect of stock options, restricted stock, restricted stock units, and performance stock units. The vesting of contingently issuable performance stock units is based on the achievement of certain EPS targets and total shareholder return. These shares are considered contingently issuable shares for purposes of calculating diluted EPS. These shares are not included in the diluted EPS denominator until the performance criteria are met, if it is assumed that the end of the reporting period was the end of the contingency period. Unvested restricted stock, restricted stock units and performance stock units are included in diluted EPS weighted outstanding until the shares and units vest. Upon vesting, the vested restricted stock, restricted stock units and performance stock units are included in basic EPS weighted outstanding from the vesting date. The number of anti-dilutive stock-based awards excluded from the calculation of diluted EPS was less than 0.1 million for the three and six months ended June 30, 2026 and 2025. The following table reconciles the number of shares outstanding with the number of shares used in computing basic and diluted EPS for each of the periods presented (in thousands): Three Months Ended Six Months Ended June 30, …

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