Everus Construction Group, Inc.ECG
Everus Construction Group, Inc. Segments Disclosure
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&M | T&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 expenses | 106,566 | 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&M | T&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 expenses | 82,845 | 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&M | T&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 expenses | 79,445 | 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, | 2025 | 2024 | 2023 | ||||||||||||||||||||||||||||||||
| E&M | T&D | E&M | T&D | E&M | T&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:
| 2025 | 2024 | ||||||||||
(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.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 25, 2026 | Showing above |
| 2024 | Feb 28, 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.