Financial Analysis

Commitments and Contingencies The Company and certain of its subsidiaries are involved in litigation and other legal proceedings and forms of dispute resolution in the ordinary course of business, including but not limited to disputes over contract payment and/or performance-related issues (such as disagreements regarding delay or a change in the scope of work of a project and/or the price associated with that change) and other matters incidental to the Companys business. In accordance with ASC 606, the Company makes assessments of these types of matters on a routine basis and, to the extent permitted by ASC 606, estimates and records recovery related to these matters as a form of variable consideration at the most likely amount the Company expects to receive, as discussed further in Note 1(d) and Note 4. In addition, the Company is contingently liable for litigation, performance guarantees and other commitments arising in the ordinary course of business, which are accounted for in accordance with ASC 450, Contingencies . Management reviews these matters regularly and updates or revises its estimates as warranted by subsequent information and developments. These assessments require judgments concerning matters that are inherently uncertain, such as litigation developments and outcomes, the anticipated outcome of negotiations and the estimated cost of resolving disputes. Consequently, these assessments are estimates, and actual amounts may vary from such estimates. In addition …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Financial Commitments Long-Term Debt Long-term debt as reported on the Consolidated Balance Sheets consisted of the following: As of December 31, (in thousands) 2025 2024 2024 Senior Notes $ 382,017 $ 378,023 Term Loan B 121,863 Revolver Equipment financing and mortgages 18,261 25,038 Other indebtedness 7,096 9,214 Total debt 407,374 534,138 Less: Current maturities 14,589 24,113 Long-term debt, net $ 392,785 $ 510,025 The following table reconciles the outstanding debt balances to the reported debt balances as of December 31, 2025 and 2024: As of December 31, 2025 As of December 31, 2024 (in thousands) Outstanding Debt Unamortized Discounts and Issuance Costs Debt, as reported Outstanding Debt Unamortized Discounts and Issuance Costs Debt, as reported 2024 Senior Notes $ 400,000 $ (17,983) $ 382,017 $ 400,000 $ (21,977) $ 378,023 Term Loan B 121,863 121,863 The unamortized issuance costs related to the Revolver were $0.9 million and $1.4 million, respectively, as of December 31, 2025 and 2024, and are included in other assets on the Consolidated Balance Sheets. 2024 Senior Notes On April 22, 2024, the Company issued $400.0 million in aggregate principal amount of 11.875% Senior Notes due April 30, 2029 (the 2024 Senior Notes) in a private placement offering. Interest on the 2024 Senior Notes is payable in arrears semi-annually in April and October of each year, beginning in October 2024. Proceeds from the 2024 Senior Notes were used to redeem the 2017 Senior Notes (as discus …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following tables disaggregate revenue by segment, end market, customer type and contract type, which the Company believes best depict how the nature, amount, timing and uncertainty of its revenue and cash flows are affected by economic factors for the years ended December 31, 2025, 2024 and 2023. Year Ended December 31, (in thousands) 2025 2024 2023 Civil segment revenue by end market: Mass transit (includes certain transportation and tunneling projects) (a) $ 1,690,025 $ 1,126,830 $ 1,079,629 Military facilities 382,509 436,511 348,133 Bridges (c) 378,499 170,069 204,029 Detention facilities 160,354 77,470 Power and energy 144,752 129,848 70,658 Commercial and industrial sites 82,520 133,797 118,880 Other (b) 8,171 44,428 62,536 Total Civil segment revenue $ 2,846,830 $ 2,118,953 $ 1,883,865 Year Ended December 31, (in thousands) 2025 2024 2023 Building segment revenue by end market: Healthcare facilities $ 943,909 $ 590,845 $ 294,667 Detention facilities 414,575 105,897 43,262 Government 191,523 302,034 380,868 Education facilities 122,324 285,207 226,335 Mass transit (includes transportation projects) 111,212 218,396 188,335 Other (d) 68,694 115,158 169,072 Total Building segment revenue $ 1,852,237 $ 1,617,537 $ 1,302,539 Year Ended December 31, (in thousands) 2025 2024 2023 Specialty Contractors segment revenue by end market: Mass transit (includes certain transportation and tunneling projects) $ 252,965 $ 167,287 $ 119,760 Commercial and industrial facilities 142,52 …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

Share-Based Compensation The Tutor Perini Corporation Omnibus Incentive Plan (the Plan) provides for the grant of non-qualified and incentive stock options, stock appreciation rights, deferred stock awards, RSUs, unrestricted stock awards, dividend equivalent rights, performance awards and cash-based awards to eligible full-time and part-time officers, employees, non-employee directors and other key persons (including qualifying consultants and prospective employees) of the Company and its subsidiaries. On May 15, 2025, the Companys shareholders approved an amendment and restatement of the Plan to (1) increase the total number of shares of the Companys common stock available for issuance under the Plan by 2,000,000 shares and (2) extend the term within which new awards may be granted under the Plan through April 10, 2030. As of December 31, 2025, there were 3,687,558 shares of common stock available for grant under the Plan and an aggregate of 1,216,380 RSUs and stock options from outstanding, historical awards that either had not vested or had vested but had not been exercised. Any awards that were granted under the Plan that are forfeited, cancelled or held back for net settlement will become available to be issued under the Plan. The terms of the Plan give the Company the right to settle the vesting of RSU grants in cash or shares. CPSU and CRSU grants must only be settled in cash. The following table summarizes RSU, stock option, CPSU and CRSU activity: Time-Based RSUs Pe …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

Fair Value Measurements The fair value hierarchy established by ASC 820 prioritizes the use of inputs used in valuation techniques into the following three levels: Level 1 inputs are observable quoted prices in active markets for identical assets or liabilities Level 2 inputs are observable, either directly or indirectly, but are not Level 1 inputs Level 3 inputs are unobservable The following fair value hierarchy table presents the Companys assets that are measured at fair value on a recurring basis as of December 31, 2025 and 2024: As of December 31, 2025 As of December 31, 2024 Fair Value Hierarchy Fair Value Hierarchy (in thousands) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cash and cash equivalents (a) $ 734,553 $ $ $ 734,553 $ 455,084 $ $ $ 455,084 Restricted cash (a) 35,641 35,641 9,104 9,104 Restricted investments (b) 228,959 228,959 139,986 139,986 Investments in lieu of retention (c) 27,849 159,142 186,991 38,359 106,765 145,124 Total $ 798,043 $ 388,101 $ $ 1,186,144 $ 502,547 $ 246,751 $ $ 749,298 _____________________________________________________________________________________________________________ (a) Includes money market funds and short-term investments with maturity dates of three months or less when acquired. (b) Restricted investments, as of December 31, 2025 and 2024, consist of AFS debt securities, which are valued based on pricing models determined from a compilation of primarily observable market information, broker quotes in non …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Goodwill and Intangible Assets Goodwill The following table presents the changes in the carrying amount of goodwill since its inception through December 31, 2025: (in thousands) Civil Building Specialty Contractors Total Gross goodwill as of December 31, 2023 $ 492,074 $ 424,724 $ 156,193 $ 1,072,991 Accumulated impairment as of December 31, 2023 (286,931) (424,724) (156,193) (867,848) Goodwill as of December 31, 2023 205,143 205,143 2024 activity Goodwill as of December 31, 2024 205,143 205,143 Current year activity Goodwill as of December 31, 2025 (a) $ 205,143 $ $ $ 205,143 _____________________________________________________________________________________________________________ (a) As of December 31, 2025, accumulated impairment was $867.8 million. The Company performed its annual impairment test in the fourth quarter of 2025 and concluded goodwill was not impaired. In addition, the Company determined that no triggering events occurred and no circumstances changed since the date of its annual impairment test that would more likely than not reduce the fair value of the Civil reporting unit below its carrying amount. The Company will continue to monitor events and circumstances for changes that indicate the Civil reporting unit goodwill would need to be reevaluated for impairment during future interim periods prior to the annual impairment test. These future events and circumstances include, but are not limited to, changes in the overall financial performance of the Civi …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

Income Taxes Income (loss) before income taxes is summarized as follows: Year Ended December 31, (in thousands) 2025 2024 2023 United States operations $ 164,017 $ (261,147) $ (232,512) Foreign and U.S. territory operations 40,491 88,139 49,958 Total $ 204,508 $ (173,008) $ (182,554) The income tax expense (benefit) is as follows: Year Ended December 31, (in thousands) 2025 2024 2023 Current expense (benefit): Federal $ (3,661) $ 8,832 $ (178) State 9,856 3,997 1,888 Foreign and U.S. territories 8,371 14,510 8,153 Total current expense: 14,566 27,339 9,863 Deferred expense (benefit): Federal 44,735 (51,758) (48,634) State 4,648 (24,862) (17,612) Foreign and U.S. territories (2,522) (1,388) 1,426 Total deferred expense (benefit): 46,861 (78,008) (64,820) Total expense (benefit): $ 61,427 $ (50,669) $ (54,957) The Company adopted ASU 2023-09 on a prospective basis beginning December 31, 2025. The following table presents the required disclosure pursuant to ASU 2023-09 and is a reconciliation of the Company's income tax expense at the statutory federal tax rate to the Company's effective tax rate for the year ended December 31, 2025: Year Ended December 31, 2025 (dollars in thousands) Amount Rate Federal income tax benefit at statutory tax rate $ 42,947 21.0 % State income taxes, net of federal tax benefit (a) 11,563 5.7 Foreign tax effects: Canada: Statutory tax rate differential (1,547) (0.8) Noncontrolling interests 3,780 1.8 Other (1,244) (0.6) Commonwealth of the Northern M …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Leases The Company leases certain office space, construction and office equipment, vehicles and temporary housing generally under non-cancelable operating leases. Leases with an initial term of one year or less are not recorded on the balance sheet, and the Company generally recognizes lease expense for these leases on a straight-line basis over the lease term. As of December 31, 2025, the Companys operating leases have remaining lease terms ranging from less than one year to 13 years, some of which include options to renew the leases. The exercise of lease renewal options is generally at the Companys sole discretion. The Companys leases do not contain any material residual value guarantees or material restrictive covenants. The Company determines if an arrangement is a lease at inception. Operating lease right-of-use (ROU) assets are included in other assets, while current and long-term operating lease liabilities are included in accrued expenses and other current liabilities, and other long-term liabilities, respectively, on the Consolidated Balance Sheets. ROU assets represent the Companys right to use an underlying asset for the lease term and lease liabilities represent the Companys obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. The present value of future lease payments are discounted using either the implicit rate in the …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

(s) Recent Accounting Pronouncements In December 2023, the FASB issued Accounting Standards Update (ASU) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09), which requires public entities to disclose specific categories in its annual effective tax rate reconciliation and disaggregated information about significant reconciling items by jurisdiction and by nature. ASU 2023-09 also requires entities to disclose their income tax payments (net of refunds) to international, federal, and state and local jurisdic tions. The Company adopted this ASU for the year ended December 31, 2025 on a prospective basis. The adoption of ASU 202 3-09 resulted in additional income tax disclosures, but did not have an impact on the consolidated financial position, results of operations or cash flows. Refer to Note 5 , Income Taxes , for additional details. In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (ASU 2024-03), which requires public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. This guidance is effective for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitt ed. The Company is currently eval …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Employee Benefit Plans Defined Benefit Pension Plan The Company has a defined benefit pension plan that covers certain of its executive, professional, administrative and clerical employees, subject to certain specified service requirements. The pension plan is noncontributory and benefits are based on an employees years of service and final average earnings, as defined by the pension plan. The pension plan provides reduced benefits for early retirement and takes into account offsets for social security benefits. The Company also has an unfunded supplemental retirement plan (Benefit Equalization Plan) for certain employees whose benefits under the defined benefit pension plan were reduced because of compensation limitations under federal tax laws. Effective June 1, 2004, all benefit accruals under the Companys pension plan and Benefit Equalization Plan were frozen; however, the current vested benefit was preserved. Pension disclosure as presented below includes aggregated amounts for both of the Companys plans, except where otherwise indicated. In November 2025, the Companys Board of Directors voted to terminate the Companys pension plan, with an anticipated effective date of March 31, 2026. All obligations due under this plan are expected to be satisfied during 2026. The Company historically has used the date of its year-end as its measurement date to determine the funded status of the pension plan. The long-term investment goals of the Companys pension plan are to manage the …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

Related Party Transactions The Company leases, at market rates, certain facilities from an entity owned by Ronald N. Tutor, the Companys Executive Chairman as of December 31, 2025. Under these leases, the Company paid $1.7 million in 2025, $4.0 million in 2024 and $3.9 million in 2023, and recognized expense of $1.9 million in 2025, $2.4 million in 2024 and $4.1 million in 2023. Raymond R. Oneglia, Vice Chairman of the Board of Directors of O&G, is a director of the Company. The Company occasionally forms construction project joint ventures with O&G. During the three years ended December 31, 2025, the Company had active joint ventures with O&G including a transportation project in Newark, New Jersey for the Newark AirTrain Replacement, a detention facility project in New York for the Manhattan Jail, and two mass-transit projects in Los Angeles, California to construct the Purple Line Extension Section 2 (Tunnels and Stations) and Section 3 (Stations), where the Companys and O&Gs joint venture interests are 75% and 25%, respectively, in each of these joint ventures. During the three years ended December 31, 2025, the Company also had active joint ventures for two completed infrastructure projects in the northeastern United States. O&G may provide equipment and services to these joint ventures on customary trade terms. There were no material payments made by these joint ventures to O&G for equipment or services during the years ended December 31, 2025, 2 …

RelatedPartyTransactionsDisclosureTextBlock · excerpt; the full note is in the filing

Revenue Disaggregation of Revenue The following tables disaggregate revenue by segment, end market, customer type and contract type, which the Company believes best depict how the nature, amount, timing and uncertainty of its revenue and cash flows are affected by economic factors for the years ended December 31, 2025, 2024 and 2023. Year Ended December 31, (in thousands) 2025 2024 2023 Civil segment revenue by end market: Mass transit (includes certain transportation and tunneling projects) (a) $ 1,690,025 $ 1,126,830 $ 1,079,629 Military facilities 382,509 436,511 348,133 Bridges (c) 378,499 170,069 204,029 Detention facilities 160,354 77,470 Power and energy 144,752 129,848 70,658 Commercial and industrial sites 82,520 133,797 118,880 Other (b) 8,171 44,428 62,536 Total Civil segment revenue $ 2,846,830 $ 2,118,953 $ 1,883,865 Year Ended December 31, (in thousands) 2025 2024 2023 Building segment revenue by end market: Healthcare facilities $ 943,909 $ 590,845 $ 294,667 Detention facilities 414,575 105,897 43,262 Government 191,523 302,034 380,868 Education facilities 122,324 285,207 226,335 Mass transit (includes transportation projects) 111,212 218,396 188,335 Other (d) 68,694 115,158 169,072 Total Building segment revenue $ 1,852,237 $ 1,617,537 $ 1,302,539 Year Ended December 31, (in thousands) 2025 2024 2023 Specialty Contractors segment revenue by end market: Mass transit (includes certain transportation and tunneling projects) $ 252,965 $ 167,287 $ 119,760 Commercia …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

Business Segments The Company offers general contracting, pre-construction planning and comprehensive project management services, including planning and scheduling of manpower, equipment, materials and subcontractors required for the timely completion of a project in accordance with the terms and specifications contained in a construction contract. The Company also offers self-performed construction services: site work, concrete forming and placement, steel erection, electrical, mechanical, plumbing, and HVAC (heating, ventilation and air conditioning). As described below, the Companys business is conducted through three segments: Civil, Building and Specialty Contractors. These segments are determined based on how management aggregates its business units for making operating decisions and assessing performance, which takes into account certain qualitative and quantitative factors. The Companys Chief Executive Officer and President, who is the Companys chief operating decision maker (CODM), reviews information for each segment to evaluate performance and allocate resources. The CODM evaluates segment performance by comparing each segments historical, actual and forecasted revenue and operating income on a regular basis. The Civil segment specializes in public works construction and the replacement and reconstruction of infrastructure. The contracting services provided by the Civil segment include construction and rehabilitation of highways, bridges, tunnels, mass-transit sys …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Summary of Significant Accounting Policies (a) Basis of Presentation The accompanying consolidated financial statements have been prepared in compliance with generally accepted accounting principles in the United States (GAAP) as codified in the Financial Accounting Standards Boards (FASB) Accounting Standards Codification (ASC). Certain amounts in the consolidated financial statements and notes thereto of prior years have been reclassified to conform to the current year presentation. (b) Principles of Consolidation The consolidated financial statements include the accounts of Tutor Perini Corporation and its wholly owned subsidiaries (the Company). The Company occasionally forms joint ventures with outside parties for the execution of single contracts or projects. The Company assesses its joint ventures to determine if they meet the qualifications of a variable interest entity (VIE) in accordance with ASC 810, Consolidation (ASC 810). If a joint venture is a VIE and the Company is the primary beneficiary, the joint venture is fully consolidated (see Note 13). If a joint venture is not a VIE, it may be consolidated under the voting interest method if the Company holds a controlling financial interest in the joint venture. The Company is considered to hold a controlling financial interest when it is able to exercise control over the joint ventures operating and financial decisions. For construction joint ventures that do not need to be consolidated but qualify for the equity m …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

Commitments and Contingencies The Company and certain of its subsidiaries are involved in litigation and other legal proceedings and forms of dispute resolution in the ordinary course of business, including but not limited to disputes over contract payment and/or performance-related issues (such as disagreements regarding delay or a change in the scope of work of a project and/or the price associated with that change) and other matters incidental to the Companys business. In accordance with ASC 606, the Company makes assessments of these types of matters on a routine basis and, to the extent permitted by ASC 606, estimates and records recovery related to these matters as a form of variable consideration at the most likely amount the Company expects to receive, as discussed further in Note 4, Contract Assets and Liabilities . In addition, the Company is contingently liable for litigation, performance guarantees and other commitments arising in the ordinary course of business, which are accounted for in accordance with ASC 450, Contingencies . Management reviews these matters regularly and updates or revises its estimates as warranted by subsequent information and developments. These assessments require judgments concerning matters that are inherently uncertain, such as litigation developments and outcomes, the anticipated outcome of negotiations and the estimated cost of resolving disputes. Consequently, these assessments are estimates, and actual amounts may vary from such es …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Financial Commitments Long-Term Debt Long-term debt as reported on the Condensed Consolidated Balance Sheets consisted of the following: (in thousands) As of September 30, 2025 As of December 31, 2024 2024 Senior Notes $ 380,968 $ 378,023 Term Loan B 121,863 Revolver Equipment financing and mortgages 21,096 25,038 Other indebtedness 11,019 9,214 Total debt 413,083 534,138 Less: Current maturities 20,068 24,113 Long-term debt, net $ 393,015 $ 510,025 The following table reconciles the outstanding debt balances to the reported debt balances as of September 30, 2025 and December 31, 2024: As of September 30, 2025 As of December 31, 2024 (in thousands) Outstanding Debt Unamortized Discounts and Issuance Costs Debt, as reported Outstanding Debt Unamortized Discounts and Issuance Costs Debt, as reported 2024 Senior Notes $ 400,000 $ (19,032) $ 380,968 $ 400,000 $ (21,977) $ 378,023 Term Loan B 121,863 121,863 The unamortized issuance costs related to the Revolver were $1.0 million an d $1.4 million as of September 30, 2025 and December 31, 2024, respectively, and are included in other assets on the Condensed Conso lidated Balance Sheets. 2024 Senior Notes On April 22, 2024, the Company issued $400.0 million in aggregate principal amount of 11.875% Senior Notes due April 30, 2029 (the 2024 Senior Notes) in a private placement offering. Interest on the 2024 Senior Notes is payable in arrears semi-annually in April and October of each year, beginning in October 2024. The proceeds from …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following tables disaggregate revenue by segment, end market, customer type and contract type, which the Company believes best depict how the nature, amount, timing and uncertainty of its revenue and cash flows are affected by economic factors for the three and nine months ended September 30, 2025 and 2024. Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2025 2024 2025 2024 Civil segment revenue by end market: Mass transit (includes certain transportation and tunneling projects) $ 466,226 $ 341,827 $ 1,240,094 $ 883,930 Military facilities 86,696 110,214 289,383 333,137 Bridges (a) 122,081 1,539 278,015 91,519 Detention facilities 31,818 22,216 116,531 29,088 Power and energy 40,288 34,456 108,956 96,382 Commercial and industrial sites 19,745 31,463 67,053 107,583 Other 3,380 4,180 14,430 22,909 Total Civil segment revenue $ 770,234 $ 545,895 $ 2,114,462 $ 1,564,548 Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2025 2024 2025 2024 Building segment revenue by end market: Healthcare facilities $ 224,392 $ 160,904 $ 672,366 $ 408,845 Detention facilities 99,129 49,762 263,044 108,302 Government 28,864 61,278 151,985 247,467 Education facilities 25,578 74,624 110,329 226,973 Mass transit (includes transportation projects) 25,615 64,861 90,843 183,359 Other 15,086 24,286 51,963 90,577 Total Building segment revenue $ 418,664 $ 435,715 $ 1,340,530 $ 1,265,523 Three Months Ended September 30, Nine Months Ended Sep …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

Share-Based Compensation As of September 30, 2025, there were 3,639,951 shares of common stock available for grant under the Tutor Perini Corporation Omnibus Incentive Plan. During the nine months ended September 30, 2025 and 2024, the Company granted the following shares of common stock and share-based instruments: (1) service-based RSUs totaling 444,405 and 30,000, respectively, with weighted-average grant date fair values per unit of $36.45 and $12.68, respectively; (2) cash-settled restricted stock units (CRSUs) with service-based vesting conditions and payouts indexed to shares of the Companys common stock totaling 381,410 and 673,855, respectively, with weighted-average grant date fair values per unit of $27.59 and $12.75, respectively; and (3) shares of unrestricted common stock issued to its directors as part of their annual retainer totaling 40,710 and 73,716, respectively, with weighted-average grant date fair values per unit of $36.35 and $20.89 , respectively. During the nine months ended September 30, 2025, the Company granted 151,623 performance-based RSUs with a weighted-average grant date fair value per unit of $47.76. During the nine months ended September 30, 2024 , the Company also granted 645,180 cash-settled performance stock units (CPSUs) with a weighted-average grant date fair value per unit of $19.17. The number of performance-based RSUs and CPSUs granted are shown at target-level performance. As of September 30, 2025 and December 31, 2024, the Company …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

Fair Value Measurements The fair value hierarchy established by ASC 820, Fair Value Measurement , prioritizes the use of inputs used in valuation techniques into the following three levels: Level 1 inputs are observable quoted prices in active markets for identical assets or liabilities Level 2 inputs are observable, either directly or indirectly, but are not Level 1 inputs Level 3 inputs are unobservable The following fair value hierarchy table presents the Companys assets that are measured at fair value on a recurring basis as of September 30, 2025 and December 31, 2024: As of September 30, 2025 As of December 31, 2024 Fair Value Hierarchy Fair Value Hierarchy (in thousands) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cash and cash equivalents (a) $ 695,732 $ $ $ 695,732 $ 455,084 $ $ $ 455,084 Restricted cash (a) 62,352 62,352 9,104 9,104 Restricted investments (b) 173,435 173,435 139,986 139,986 Investments in lieu of retention (c) 35,153 140,332 175,485 38,359 106,765 145,124 Total $ 793,237 $ 313,767 $ $ 1,107,004 $ 502,547 $ 246,751 $ $ 749,298 ____________________________________________________________________________________________________ (a) Includes money market funds and short-term investments with maturity dates of three months or less when acquired. (b) Restricted investments, as of September 30, 2025 and December 31, 2024, consist of available-for-sale (AFS) debt securities, which are valued based on pricing models determined from a compilati …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Goodwill and Intangible Assets Goodwill The following table presents the changes in the carrying amount of goodwill since its inception through September 30, 2025: (in thousands) Civil Building Specialty Contractors Total Gross goodwill as of December 31, 2024 $ 492,074 $ 424,724 $ 156,193 $ 1,072,991 Accumulated impairment as of December 31, 2024 (286,931) (424,724) (156,193) (867,848) Goodwill as of December 31, 2024 205,143 205,143 Current year activity Goodwill as of September 30, 2025 $ 205,143 $ $ $ 205,143 The Company performed its annual impairment test in the fourth quarter of 2024 and concluded goodwill was not impaired. In addition, the Company determined that no triggering events occurred and no circumstances changed since the date of its annual impairment test that would more likely than not reduce the fair value of the Civil reporting unit below its carrying amount. The Company will continue to monitor events and circumstances for changes that indicate the Civil reporting unit goodwill would need to be reevaluated for impairment during future interim periods prior to the annual impairment test. These future events and circumstances include, but are not limited to, changes in the overall financial performance of the Civil reporting unit, as well as other quantitative and qualitative factors which could indicate potential triggering events for possible impairment. Intangible Assets Intangible assets consist of the following: As of September 30, 2025 Weighted-Avera …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

Income Taxes The Company recognized income tax expense of $15.2 million and $50.0 million for the three and nine months ended September 30, 2025, respectively. The effective income tax rate was 44.6% and 31.5% for the three and nine months ended September 30, 2025, respectively. The effective income tax rate for both the three and nine months ended September 30, 2025 was higher than the 21.0% federal statutory income tax rate primarily due to non-deductible expenses and state income taxes (net of federal tax benefit), partially offset by earnings attributable to noncontrolling interests (for which income taxes are not the responsibility of the Company) and federal income tax credits. The Company recognized an income tax benefit of $33.9 million and $19.4 million for the three and nine months ended September 30, 2024, respectively. The effective income tax rate was 27.5% and 29.6% for the three and nine months ended September 30, 2024, respectively. The effective income tax rate for both the three and nine months ended September 30, 2024 was higher than the 21.0% federal statutory income tax rate primarily due to earnings attributable to noncontrolling interests (for which income taxes are not the responsibility of the Company) and state income taxes (net of the federal tax benefit), partially offset by non-deductible expenses. On July 4, 2025, H.R.1, commonly known as the One Big Beautiful Bill Act, was enacted, which includes a broad range of tax reform provisions. The legis …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Leases The Company leases certain office space, construction and office equipment, vehicles and temporary housing generally under non-cancelable operating leases. Leases with an initial term of one year or less are not recorded on the balance sheet, and the Company generally recognizes lease expense for these leases on a straight-line basis over the lease term. As of September 30, 2025, the Companys operating leases have remaining lease terms ranging from less than one year to 13 years, some of which include options to renew the leases. The exercise of lease renewal options is generally at the Companys sole discretion. The Companys leases do not contain any material residual value guarantees or material restrictive covenants. The following table presents components of lease expense for the three and nine months ended September 30, 2025 and 2024: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2025 2024 2025 2024 Operating lease expense $ 3,290 $ 3,471 $ 10,011 $ 9,993 Short-term lease expense (a) 15,047 16,682 43,109 42,550 18,337 20,153 53,120 52,543 Less: Sublease income 296 202 887 604 Total lease expense $ 18,041 $ 19,951 $ 52,233 $ 51,939 ____________________________________________________________________________________________________ (a) Short-term lease expense includes all leases with lease terms of up to one year. Short-term leases include, among other things, construction equipment rented on an as-needed basis as well as temporary …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

Recent Accounting Pronouncements In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09), which requires public entities to disclose specific categories in its annual effective tax rate reconciliation and disaggregated information about significant reconciling items by jurisdiction and by nature. ASU 2023-09 also requires entities to disclose their income tax payments (net of refunds) to international, federal, and state and local jurisdictions. This guidance is effective for annual reporting periods beginning after December 15, 2024, and requires prospective application with the option to apply it retrospectively. Early adoption is permitted. Adoption of this new guidance will result in increased disclosures in the Income Taxes footnote of the Companys Notes to Consolidated Financial Statements, but will not have an impact on the consolidated financial position, results of operations or cash flows. In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (ASU 2024-03), which requires public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. This guidance is effective for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting p …

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Employee Pension Plans The Company has a defined benefit pension plan and an unfunded supplemental retirement plan. Effective June 1, 2004, all benefit accruals under these plans were frozen; however, the current vested benefit was preserved. The pension disclosure presented below includes aggregated amounts for both of the Companys plans. The following table sets forth a summary of the net periodic benefit cost for the three and nine months ended September 30, 2025 and 2024: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2025 2024 2025 2024 Interest cost $ 933 $ 911 $ 2,799 $ 2,732 Service cost 170 231 510 694 Expected return on plan assets (902) (943) (2,707) (2,831) Recognized net actuarial losses 414 437 1,242 1,312 Net periodic benefit cost $ 615 $ 636 $ 1,844 $ 1,907 The Company contributed $1.8 million to its defined benefit pension plan during both the nine months ended September 30, 2025 and 2024, and expects to contribute an additional $0.6 million in cash by the end of 2025. …

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Revenue Disaggregation of Revenue The following tables disaggregate revenue by segment, end market, customer type and contract type, which the Company believes best depict how the nature, amount, timing and uncertainty of its revenue and cash flows are affected by economic factors for the three and nine months ended September 30, 2025 and 2024. Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2025 2024 2025 2024 Civil segment revenue by end market: Mass transit (includes certain transportation and tunneling projects) $ 466,226 $ 341,827 $ 1,240,094 $ 883,930 Military facilities 86,696 110,214 289,383 333,137 Bridges (a) 122,081 1,539 278,015 91,519 Detention facilities 31,818 22,216 116,531 29,088 Power and energy 40,288 34,456 108,956 96,382 Commercial and industrial sites 19,745 31,463 67,053 107,583 Other 3,380 4,180 14,430 22,909 Total Civil segment revenue $ 770,234 $ 545,895 $ 2,114,462 $ 1,564,548 Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2025 2024 2025 2024 Building segment revenue by end market: Healthcare facilities $ 224,392 $ 160,904 $ 672,366 $ 408,845 Detention facilities 99,129 49,762 263,044 108,302 Government 28,864 61,278 151,985 247,467 Education facilities 25,578 74,624 110,329 226,973 Mass transit (includes transportation projects) 25,615 64,861 90,843 183,359 Other 15,086 24,286 51,963 90,577 Total Building segment revenue $ 418,664 $ 435,715 $ 1,340,530 $ 1,265,523 Three Months Ended S …

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Business Segments The Company offers general contracting, pre-construction planning and comprehensive project management services, including planning and scheduling of manpower, equipment, materials and subcontractors required for the timely completion of a project in accordance with the terms and specifications contained in a construction contract. The Company also offers self-performed construction services: site work, concrete forming and placement, steel erection, electrical, mechanical, plumbing, and HVAC (heating, ventilation and air conditioning). As described below, the Companys business is conducted through three segments: Civil, Building and Specialty Contractors. These segments are determined based on how management aggregates its business units for making operating decisions and assessing performance, which takes into account certain qualitative and quantitative factors. The Companys Chief Executive Officer and President, who is the Companys chief operating decision maker (CODM), reviews information for each segment to evaluate performance and allocate resources. The CODM evaluates segment performance by comparing each segments historical, actual and forecasted revenue and operating income on a regular basis. The Civil segment specializes in public works construction and the replacement and reconstruction of infrastructure. The contracting services provided by the Civil segment include construction and rehabilitation of highways, bridges, tunnels, mass-transit sys …

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Changes in Equity A reconciliation of the changes in equity for the three and nine months ended September 30, 2025 and 2024 is provided below: Three Months Ended September 30, 2025 (in thousands) Common Stock Additional Paid-in Capital Retained Earnings Accumulated Other Comprehensive Loss Noncontrolling Interests Total Equity Balance - June 30, 2025 $ 52,743 $ 1,145,283 $ 17,397 $ (30,244) $ 54,640 $ 1,239,819 Net income 3,631 15,217 18,848 Other comprehensive income (loss) 306 (574) (268) Share-based compensation 2,514 2,514 Distributions to noncontrolling interests (7,500) (7,500) Balance - September 30, 2025 $ 52,743 $ 1,147,797 $ 21,028 $ (29,938) $ 61,783 $ 1,253,413 Nine Months Ended September 30, 2025 (in thousands) Common Stock Additional Paid-in Capital Retained Earnings (Deficit) Accumulated Other Comprehensive Loss Noncontrolling Interests Total Equity Balance - December 31, 2024 $ 52,486 $ 1,146,800 $ (30,575) $ (33,988) $ 23,883 $ 1,158,606 Net income 51,603 57,080 108,683 Other comprehensive income 4,050 1,220 5,270 Share-based compensation 6,365 6,365 Issuance of common stock, net 257 (5,368) (5,111) Contributions from noncontrolling interests 7,500 7,500 Distributions to noncontrolling interests (27,900) (27,900) Balance - September 30, 2025 $ 52,743 $ 1,147,797 $ 21,028 $ (29,938) $ 61,783 $ 1,253,413 Three Months Ended September 30, 2024 (in thousands) Common Stock Additional Paid-in Capital Retained Earnings Accumulated Other Comprehensive Loss Noncontroll …

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