The biggest changes in the 10-K filed 2026-02-26, this fiscal year against the last, and the sentences in the MD&A (Item 7) where management explains them, quoted word for word. Tickdelta picks sentences that name the line, a direction and a cause. It does not write explanations of its own.
Net income
+26.4% Big change FY to 2025-12-31 vs 2024-12-31The MD&A has no sentence that names a cause for this change. That can be worth a question: ask about the filing.
Revenue
+16.6% Big change FY to 2025-12-31 vs 2024-12-31“In addition to data centers, notable revenue growth was generated from: (a) the manufacturing and industrial market sector, primarily driven by certain food processing projects, (b) the hospitality and entertainment market sector, given increased project activity, and (c) the water and wastewater market sector as a result of greater opportunities in the Southeast region of the United States.”
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“Offsetting the strength of the mechanical services division were revenue declines within this segment’s commercial site-based and government site-based services divisions due to the loss of certain facilities maintenance contracts that were not renewed upon rebid in a prior period.”
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Operating margin
9.2% → 10.1% (+0.9 pts) FY to 2025-12-31 vs 2024-12-31“Excluding the impact of such gain, operating income increased by $223.7 million, predominantly as a result of greater contribution from our United States construction segments, as described in further detail below.”
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“Operating margin for the year ended December 31, 2025 was negatively impacted by: (a) lower profitability on certain projects in new geographies where we encountered reduced labor productivity or availability while investing in the development of a workforce and (b) the incremental intangible asset amortization expense resulting from the acquisition of Miller Electric, which reduced operating margin by approximately 80 basis points.”
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Cash from operations
-7.5% FY to 2025-12-31 vs 2024-12-31“The $105.8 million decrease in our operating cash flow was a result of an increase in working capital, primarily on our construction projects, given the progression on a number of contracts for which we were previously billed ahead.”
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Gross margin
19.0% → 19.3% (+0.3 pts) FY to 2025-12-31 vs 2024-12-31“Excluding the impact of acquisitions, the year-over-year increases in gross profit and gross profit margin were driven by both of our United States construction segments, as well as our United States building services segment, in each case due to improved revenue mix and excellent project execution.”
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“For example, a 50 basis point increase or decrease in the estimated gross profit margin on our uncompleted construction projects, in the aggregate, as a result of a revision in estimated costs to complete a performance obligation or a revision in estimated transaction price, would have resulted in an increase or decrease to operating income of approximately $175 million for the year ended December 31, 2025.”
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Changes are computed from the XBRL figures in the same 10-K. Hover a number to see the line item. Open the 10-K ↗
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