Revenue

FY 2025

Increased full‐year 2025 expectations by $100 million " "

Expected to range between $27.4 billion and $27.9 billion "

no change

Adjusted EBITDA

FY 2025

Increased full‐year 2025 expectations by $10 million " "

Expected to range between $2.76 billion and $2.89 billion "

no change

Adjusted EPS

FY 2025

Increased full‐year 2025 expectations by $0.15 " "

Expected to range between $10.28 and $10.88 "

no change

Leverage Ratio

FY 2025

no prior guidance

Aims to maintain a leverage profile between 1.5x and 2x, below 2x by year-end "

no prior guidance

Transmission Growth

Q1 2025 emphasized robust expansion with record investments and the necessity of high‐voltage infrastructure (e.g., large 765 kV builds and Texas opportunities). " " " " " Q4 2024 stressed transmission’s critical role with discussions around permitting challenges and underestimated investment needs. " "

Q2 2025 highlights historic investment drivers, early stages of a large transmission build, record LNTPs, and specific projects like SunZia and Grain Belt Express, underpinned by increasing power demand from tech and domestic policies. " " " "

Continuity with enhanced optimism. The focus has moved from general robust growth to a more defined narrative of historic investment and early-stage pipeline expansion.

Long-Term Backlog Visibility

Q1 2025 reported a record backlog ($35.3B) with visibility beyond 2026 and early-stage large transmission projects. " " " Q4 2024 noted a record backlog ($34.5B) with long-term projects into 2026-2028 and assured replacement of major projects. " " "

Q2 2025 reported a record backlog of $35.8B, with multiyear commitments amplified by the Dynamic Systems acquisition and ongoing high-value contract discussions. " " "

Steady and slightly improving. The narrative remains robust with consistent record backlog levels and even a slight increase in nominal values enhanced by new acquisitions.

Strategic Acquisitions and M&A Integration Risks

Q1 2025 emphasized a disciplined acquisition strategy—including the Cupertino Electric acquisition—with a focus on scaling and integration, while Q4 2024 discussed acquisitions (including a civil solutions business and Australia expansion) to drive synergies. " " " " " " " "

Q2 2025 focused on the strategic acquisition of Dynamic Systems, highlighting its cultural fit and expected synergies, with an emphasis on integration and future capital deployment strategies. " " " "

Consistent commitment with refined focus. While the approach remains disciplined, Q2 reinforces integration synergies and future liquidity strategies.

Diversified Business Model and Operational Flexibility

Q4 2024 highlighted the portfolio approach, service line diversity, and self-perform capabilities that support flexible operations. " " Q1 2025 noted the resilience and profitable growth offered by their diversified model across challenging and favorable conditions. "

Q2 2025 reiterated a diversified, solutions-based strategy combined with strategic investments (e.g., Dynamic Systems) and refinancing alternatives to enhance operational flexibility and liquidity. " "

Steady with renewed emphasis on liquidity. The core model remains unchanged while the Q2 discussion underscores operational agility and strategic capital deployment.

Regulatory, Tariff, and Policy Uncertainty

Q4 2024 discussed concerns over PTCs, federal policy shifts (like solar panel import bans), and deregulation, yet maintained a long-term growth outlook. " " Q1 2025 addressed potential IRA delays and tariff impacts, noting that contractual protections and customer expertise help mitigate risks. " "

Q2 2025 emphasized working with experienced tier-one customers, safe harbor treasury guidance, and proactive U.S.-based supply chain measures to mitigate effects of regulatory, tariff, and policy changes. " "

Persistently cautious yet proactive. The sentiment remains measured with a proactive approach to counteract policy uncertainty, maintaining confidence despite potential external pressures.

Project Execution and Timing Challenges

Q4 2024 detailed execution confidence on projects like SunZia with reassurance on permitting and backlog replacement. " Q1 2025 mentioned execution certainty through craft labor and proactive supply chain management. " " "

Q2 2025 did not specifically mention project execution or timing challenges [N/A].

Discussion de-escalated. While earlier periods addressed specific execution concerns, these topics have faded from the current narrative, suggesting improved confidence or routine management.

Margin Pressure and Cost Increases

Q1 2025 noted potential margin pressures from training costs and trade tariffs but balanced them with expectations of stable operating margins. " " Q4 2024 discussed segment-specific margin performance in electric power and underground utilities. " "

Q2 2025 emphasized a focus on quality earnings and margin management, with leadership explicitly stating a commitment to avoid top‐line growth at the expense of margins. "

Sustained focus with strategic management. The company continues managing margin pressures through operational adjustments, with a slight shift toward prioritizing profitability and cash flow.

Free Cash Flow Timing and Collection Risk

Q4 2024 mentioned a back-half weighted free cash flow profile consistent with historical performance. " Q1 2025 reported healthy cash flow figures with no specific focus on collection risk. "

Q2 2025 provided a prudent free cash flow range and raised caution around the timing of a large Canadian receivable, highlighting collection risk considerations. "

Increased attention on cash flow timing. The current period adds nuance by spotlighting collection timing uncertainties, reflecting a more detailed focus on cash flow management.

Domestic Supply Chain Resilience

Q4 2024 underscored the importance of domestic supply chain resilience as a driver behind increasing power demand and U.S. manufacturing. " Q1 2025 detailed a strategic acquisition in transformer manufacturing and highlighted growing internal supply chain expertise. "

Q2 2025 reiterated a long-term, proactive U.S.-based supply chain strategy initiated years ago, emphasizing its role in long-term client discussions and project certainty. "

Consistent and reinforcing. The focus remains on reinforcing domestic supply chain capabilities, with Q2 restating a long-term strategic commitment already evident in previous periods.

Federal Policy Changes Impacting Project Timelines

Q4 2024 discussed potential federal policy impacts—including deregulation and import bans—and their mixed effects on project timelines, with guidance prudently adjusted. " Q1 2025 factored potential IRA-related delays into full-year guidance while remaining confident overall. "

Q2 2025 did not report direct impacts from federal policy changes; instead, leadership noted that any acceleration in project timelines would be beneficial, with minimal disruption noted. " "

Reduced negative emphasis. The current discussion is more positive and less focused on delays, suggesting that potential federal policy issues are being managed more effectively.

Expected Increase in Tax Rate Impacting Net Income

Q4 2024 provided an explanation for a step-up in the tax rate due to lower RSU vesting and tax planning changes, outlining its anticipated impact on net income. "

Q1 2025 and Q2 2025 did not mention any expected increase in the tax rate impacting net income [N/A].

Disappeared from current discussions. This topic was raised in Q4 2024 but is no longer mentioned in Q1 and Q2 2025, possibly indicating reduced concern or resolution of prior issues.

Underperformance in the Underground Utility Segment

Q4 2024 detailed underperformance in the underground utility segment due to factors like industrial downturns, storms, and Canadian market hiccups, while noting plans for recovery. " Q1 2025 focused on emerging opportunities (e.g., natural gas and LDC business) that could mitigate past underperformance. "

Q2 2025 noted a slight pullback in the underground utility segment, attributing this to timing issues rather than a systemic problem. "

Improving sentiment with minor concerns. While underperformance was significant in Q4, the current period frames issues as temporary timing challenges, reflecting a more positive outlook for recovery.