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Operating Income by Segment
Shows how much profit each business segment generates, highlighting which areas are most profitable and where there may be opportunities or challenges in managing costs.Electric Power has become the primary profit driver — a sharp, sustained uplift since 2024 that underpins the upgraded 2026 guidance and record backlog — while Renewable and Underground Utility operating income disappears in 2025 as a new Underground & Infrastructure line emerges, implying a segment recast (not demand loss). Corporate & Non‑Allocated overhead is widening and will pressure near‑term margins, and management’s sizeable transformer/capacity investments help explain why free cash‑flow guidance wasn’t raised despite stronger EBITDA.
Date | Electric Power | Pipeline and Industrial | Renewable Energy | Underground Utility | Corporate and Non-Allocated | Underground and Infrastructure |
|---|---|---|---|---|---|---|
Jun 30, 2026 | $898.23M | $0.00 | $0.00 | $0.00 | -$359.16M | $155.77M |
Mar 31, 2026 | $561.08M | $0.00 | $0.00 | $0.00 | -$327.92M | $105.62M |
Dec 31, 2025 | $695.64M | $0.00 | $0.00 | $0.00 | -$319.20M | $108.49M |
Sep 30, 2025 | $703.84M | $0.00 | $0.00 | $0.00 | -$308.84M | $122.22M |
Jun 30, 2025 | $552.62M | $0.00 | $0.00 | $0.00 | -$273.04M | $90.70M |
Mar 31, 2025 | $408.16M | $0.00 | $0.00 | $0.00 | -$245.95M | $76.87M |
Dec 31, 2024 | $445.19M | $0.00 | $208.04M | $42.59M | -$243.10M | $0.00 |
Sep 30, 2024 | $354.50M | $0.00 | $221.51M | $93.96M | -$238.81M | $0.00 |
Jun 30, 2024 | $263.86M | $0.00 | $162.72M | $81.59M | -$200.94M | $0.00 |
Mar 31, 2024 | $228.03M | $0.00 | $74.85M | $46.89M | -$194.41M | $0.00 |