Centuri Holdings, Inc.CTRI
Centuri Holdings, Inc. Segments Disclosure
Segment Information
The Company’s reportable segments are: (i) U.S. Gas Utility Services (“U.S. Gas”); (ii) Canadian Utility Services (“Canadian Operations”); (iii) Union Electric Utility Services (“Union Electric”); and (iv) Non-Union Electric Utility Services (“Non-Union Electric”). Canadian Operations was previously known as Canadian Gas Utility Services or “Canadian Gas”. The segment was renamed to reflect the expanded scope of services offered by the segment following the Company’s acquisition of Connect, which is included in this segment. The addition of Connect was the only change in the composition of this segment.
The Company’s president and chief executive officer serves as the Company's chief operating decision maker (the "CODM"). The Company’s reportable segments are established in consideration of differences in services, geographic areas and workforce composition (union vs. non-union). The Company has not aggregated any operating segments into reportable segments. The CODM reviews short-term and long-term trends and budget-to-actual variances in gross profit to assess performance across the different segments in determining where to allocate resources.
U.S. Gas
U.S. Gas provides comprehensive services, including maintenance, replacement, repair, and installation for local natural gas distribution utilities (“LDCs”) focused on the modernization of customers’ infrastructure throughout the United States. The work performed within this segment includes solutions for all stages of utility work and is performed primarily within the distribution, utility-scale transmission and end-user infrastructure, rather than large-scale, project-based, cross-country transmission. In addition, U.S. Gas performs other underground services, including water and fiber, and has an in-house fabrication shop providing pipe and component assembly. The Company is able to cater to the needs of its gas utility services and energy customers by serving union and non-union markets.
Canadian Operations
Canadian Operations provides comprehensive services, including maintenance, replacement, repair, and installation for local gas and electric utilities and energy providers. A majority of the work performed in this segment is focused on distribution, urban transmission and end-user interface under MSAs for gas and electric utilities. This segment also provides storm response services and performs construction of electrical systems used in renewable energy projects.
Union Electric
Union Electric provides a comprehensive set of electric utility services encompassing maintenance, replacement, repair, upgrade, and expansion services for urban transmission and local distribution infrastructure within union markets. The work performed within this segment is focused primarily on recurring local distribution and urban transmission services under MSAs, as opposed to large-scale, project-based, cross-country transmission, and services are primarily focused on infrastructure between the substation and end-user meter. In addition to core electric utility infrastructure, this segment provides heavy industrial work, including civil, mechanical, electrical, and fabrication (component assembly) services.
Non-Union Electric
Non-Union Electric provides a comprehensive set of electric utility services encompassing maintenance, replacement, repair, upgrade and expansion services for urban transmission and local distribution infrastructure within non-union markets. The work performed within this segment is focused almost exclusively on recurring local distribution and urban transmission services under MSAs as opposed to large-scale, project-based, cross-country transmission, and services are primarily focused on infrastructure between the substation and end-user meter.
Other
Other consists of any corporate and non-allocated transactions.
Revenue and gross profit by segment are presented below (in thousands). Revenue amounts presented are revenues with external customers, and intersegment revenues were not material.
| Fiscal Year Ended | |||||||||||||||||
| December 28, 2025 | December 29, 2024 | December 31, 2023 | |||||||||||||||
| Revenue: | |||||||||||||||||
| U.S. Gas | $ | 1,328,145 | $ | 1,260,579 | $ | 1,357,449 | |||||||||||
| Canadian Operations | 246,908 | 197,872 | 234,794 | ||||||||||||||
| Union Electric | 808,341 | 693,513 | 833,094 | ||||||||||||||
| Non-Union Electric | 599,387 | 485,265 | 473,939 | ||||||||||||||
| Consolidated revenue | $ | 2,982,781 | $ | 2,637,229 | $ | 2,899,276 | |||||||||||
| Gross profit: | |||||||||||||||||
| U.S. Gas | $ | 71,201 | $ | 69,511 | $ | 123,626 | |||||||||||
| Canadian Operations | 45,826 | 31,306 | 33,095 | ||||||||||||||
| Union Electric | 71,027 | 58,002 | 57,740 | ||||||||||||||
| Non-Union Electric | 58,512 | 61,853 | 58,231 | ||||||||||||||
| Other | — | — | 750 | ||||||||||||||
| Consolidated gross profit | $ | 246,566 | $ | 220,672 | $ | 273,442 | |||||||||||
Gross profit represents the difference between revenue and cost of revenue. Cost of revenue is a significant expense that is regularly reported to the CODM by segment. Cost of revenue by segment was as follows (in thousands):
| Fiscal Year Ended | |||||||||||||||||
| December 28, 2025 | December 29, 2024 | December 31, 2023 | |||||||||||||||
| U.S. Gas | $ | 1,256,944 | $ | 1,191,068 | $ | 1,233,823 | |||||||||||
| Canadian Operations | 201,082 | 166,566 | 201,699 | ||||||||||||||
| Union Electric | 737,314 | 635,511 | 775,354 | ||||||||||||||
| Non-Union Electric | 540,875 | 423,412 | 415,708 | ||||||||||||||
| Other | — | — | (750) | ||||||||||||||
| Consolidated cost of revenue | $ | 2,736,215 | $ | 2,416,557 | $ | 2,625,834 | |||||||||||
Depreciation expense, included in cost of revenue, by segment was as follows (in thousands):
| Fiscal Year Ended | |||||||||||||||||
| December 28, 2025 | December 29, 2024 | December 31, 2023 | |||||||||||||||
| U.S. Gas | $ | 42,802 | $ | 45,213 | $ | 45,895 | |||||||||||
| Canadian Operations | 5,792 | 6,206 | 5,954 | ||||||||||||||
| Union Electric | 29,839 | 27,880 | 35,108 | ||||||||||||||
| Non-Union Electric | 31,576 | 26,714 | 27,168 | ||||||||||||||
Consolidated depreciation expense (1) | $ | 110,009 | $ | 106,013 | $ | 114,125 | |||||||||||
(1)Depreciation expense within selling, general and administrative expense was excluded from the table above as it is not produced or utilized by management to evaluate segment performance.
Separate measures of the Company’s assets and cash flows, with the exception of capital expenditures, are not produced or utilized by the CODM to evaluate segment performance, as defined by ASC 280. The CODM does not use total assets by segment as a basis for decision making.
Capital expenditures by segment were as follows (in thousands):
| Fiscal Year Ended | |||||||||||||||||
| December 28, 2025 | December 29, 2024 | December 31, 2023 | |||||||||||||||
| U.S. Gas | $ | 32,441 | $ | 39,659 | $ | 53,916 | |||||||||||
| Canadian Operations | 1,567 | 5,375 | 9,290 | ||||||||||||||
| Union Electric | 16,964 | 29,706 | 27,765 | ||||||||||||||
| Non-Union Electric | 34,830 | 24,526 | 9,370 | ||||||||||||||
| Other | 523 | 67 | 6,309 | ||||||||||||||
| Consolidated capital expenditures | $ | 86,325 | $ | 99,333 | $ | 106,650 | |||||||||||
Foreign Operations
During fiscal years 2025, 2024 and 2023, the Company earned $246.9 million, $197.9 million and $234.8 million, respectively, in Canada, which comprised 8% of consolidated revenue for all fiscal years presented. The remainder of the Company’s revenue was earned within the United States. Revenue is attributed to countries based on the location of where services are performed. In addition, as of December 28, 2025 and December 29, 2024 the Company had $85.3 million and $56.2 million of current assets, $256.8 million and $181.6 million of long-lived assets and $139.5 million and $110.0 million of net assets, respectively, in Canada.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Feb 26, 2025 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.