Willdan Group, Inc. (WLDN)
SIC breadcrumb: Services > SIC Major Group 87 > SIC 8711 Services-Engineering Services
SEC company page: https://www.sec.gov/edgar/browse/?CIK=1370450. Latest filing source: 0001104659-26-020767.
Informational only. Descriptive public-record data — not a rating, forecast, or investment advice. See Disclaimer.
At a glance
- Revenue
- 681,552,000 USD verified
- Net income
- 52,557,000 USD verified
- Assets
- 544,211,000 USD verified
- Free cash flow
- 70,697,000 USD computed
- Net margin
- 7.71% computed
- Operating margin
- 6.48% computed
- Revenue YoY
- +20.46% computed
- ROE
- 17.24% computed
Peer & cluster context
Peer percentile fingerprint
Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC major-group 87 SIC Major Group 87, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.
Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
|---|---|---|---|---|
| Revenue | 681,552,000 | USD | 2025 | 2026-02-27 |
| Net income | 52,557,000 | USD | 2025 | 2026-02-27 |
| Assets | 544,211,000 | USD | 2025 | 2026-02-27 |
Financials
Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-27. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001370450.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 208,941,000 | 273,352,000 | 272,252,000 | 443,099,000 | 390,980,000 | 353,755,000 | 429,138,000 | 510,095,000 | 565,798,000 | 681,552,000 |
| Net income | -14,496,000 | -8,417,000 | -8,448,000 | 10,926,000 | 22,570,000 | 52,557,000 | ||||
| Operating income | 11,544,000 | 13,704,000 | 12,771,000 | 9,363,000 | -16,227,000 | -8,691,000 | -7,063,000 | 22,074,000 | 31,353,000 | 44,147,000 |
| Gross profit | 135,874,000 | 143,579,000 | 179,767,000 | 202,782,000 | 255,682,000 | |||||
| Diluted EPS | 0.97 | 1.32 | 1.03 | 0.41 | -1.23 | -0.68 | -0.65 | 0.80 | 1.58 | 3.49 |
| Operating cash flow | 21,600,000 | 11,069,000 | 7,568,000 | 11,621,000 | 47,025,000 | 9,804,000 | 9,433,000 | 39,214,000 | 72,073,000 | 80,084,000 |
| Capital expenditures | 1,662,000 | 2,178,000 | 2,105,000 | 6,637,000 | 5,076,000 | 8,500,000 | 9,602,000 | 9,925,000 | 8,413,000 | 9,387,000 |
| Assets | 108,347,000 | 138,172,000 | 300,911,000 | 439,913,000 | 403,024,000 | 394,422,000 | 409,674,000 | 415,588,000 | 464,863,000 | 544,211,000 |
| Liabilities | 58,429,000 | 67,520,000 | 156,622,000 | 272,635,000 | 233,860,000 | 215,201,000 | 228,172,000 | 215,743,000 | 230,520,000 | 239,360,000 |
| Stockholders' equity | 49,918,000 | 70,652,000 | 144,289,000 | 167,278,000 | 169,164,000 | 179,221,000 | 181,502,000 | 199,845,000 | 234,343,000 | 304,851,000 |
| Cash and cash equivalents | 22,668,000 | 14,424,000 | 15,259,000 | 5,452,000 | 28,405,000 | 11,221,000 | 8,806,000 | 23,397,000 | 74,158,000 | 65,919,000 |
| Free cash flow | 19,938,000 | 8,891,000 | 5,463,000 | 4,984,000 | 41,949,000 | 1,304,000 | -169,000 | 29,289,000 | 63,660,000 | 70,697,000 |
Ratios
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net margin | -3.71% | -2.38% | -1.97% | 2.14% | 3.99% | 7.71% | ||||
| Operating margin | 5.53% | 5.01% | 4.69% | 2.11% | -4.15% | -2.46% | -1.65% | 4.33% | 5.54% | 6.48% |
| Return on equity | -8.57% | -4.70% | -4.65% | 5.47% | 9.63% | 17.24% | ||||
| Return on assets | -3.60% | -2.13% | -2.06% | 2.63% | 4.86% | 9.66% | ||||
| Liabilities / equity | 1.17 | 0.96 | 1.09 | 1.63 | 1.38 | 1.20 | 1.26 | 1.08 | 0.98 | 0.79 |
| Current ratio | 1.47 | 1.48 | 1.49 | 1.33 | 1.34 | 1.27 | 1.37 | 1.67 | 1.71 | 1.56 |
Industry Peer Context
Net margin peer context
Operating margin peer context
ROE peer context
ROA peer context
Financial Bridges
Income statement bridge from reported figures
Figure provenance: SEC companyfacts FY 2025. Revenue: accession 0001104659-26-020767; concept RevenueFromContractWithCustomerExcludingAssessedTax; source concepts us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | Gross profit: accession 0001104659-26-020767; concept GrossProfit; source concepts us-gaap:GrossProfit | Operating income: accession 0001104659-26-020767; concept OperatingIncomeLoss; source concepts us-gaap:OperatingIncomeLoss | Net income: accession 0001104659-26-020767; concept NetIncomeLoss; source concepts us-gaap:NetIncomeLoss
Free cash flow = operating cash flow - capital expenditures
Figure provenance: SEC companyfacts FY 2025. Operating cash flow: accession 0001104659-26-020767; concept NetCashProvidedByUsedInOperatingActivities; source concepts us-gaap:NetCashProvidedByUsedInOperatingActivities | Capital expenditures: accession 0001104659-26-020767; concept PaymentsToAcquirePropertyPlantAndEquipment; source concepts us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | Free cash flow: accession 0001104659-26-020767; concept NetCashProvidedByUsedInOperatingActivities - PaymentsToAcquirePropertyPlantAndEquipment; source concepts us-gaap:NetCashProvidedByUsedInOperatingActivities; us-gaap:PaymentsToAcquirePropertyPlantAndEquipment
Financial Charts
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2026-01-02; accession 0001104659-26-020767; filed 2026-02-27. Concept: RevenueFromContractWithCustomerExcludingAssessedTax. Source concepts: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2026-01-02; accession 0001104659-26-020767; filed 2026-02-27. Concept: NetIncomeLoss. Source concepts: us-gaap:NetIncomeLoss.
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2026-01-02; accession 0001104659-26-020767; filed 2026-02-27. Concept: OperatingIncomeLoss. Source concepts: us-gaap:OperatingIncomeLoss.
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2026-01-02; accession 0001104659-26-020767; filed 2026-02-27. Concept: GrossProfit. Source concepts: us-gaap:GrossProfit.
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2026-01-02; accession 0001104659-26-020767; filed 2026-02-27. Concept: EarningsPerShareDiluted. Source concepts: us-gaap:EarningsPerShareDiluted.
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2026-01-02; accession 0001104659-26-020767; filed 2026-02-27. Concept: NetCashProvidedByUsedInOperatingActivities. Source concepts: us-gaap:NetCashProvidedByUsedInOperatingActivities.
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2026-01-02; accession 0001104659-26-020767; filed 2026-02-27. Concept: PaymentsToAcquirePropertyPlantAndEquipment. Source concepts: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment.
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2026-01-02; accession 0001104659-26-020767; filed 2026-02-27. Concept: Assets. Source concepts: us-gaap:Assets.
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2026-01-02; accession 0001104659-26-020767; filed 2026-02-27. Concept: Liabilities. Source concepts: us-gaap:Liabilities.
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2026-01-02; accession 0001104659-26-020767; filed 2026-02-27. Concept: StockholdersEquity. Source concepts: us-gaap:StockholdersEquity.
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2026-01-02; accession 0001104659-26-020767; filed 2026-02-27. Concept: CashAndCashEquivalentsAtCarryingValue. Source concepts: us-gaap:CashAndCashEquivalentsAtCarryingValue.
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2026-01-02; accession 0001104659-26-020767; filed 2026-02-27. Concept: NetCashProvidedByUsedInOperatingActivities - PaymentsToAcquirePropertyPlantAndEquipment. Source concepts: us-gaap:NetCashProvidedByUsedInOperatingActivities; us-gaap:PaymentsToAcquirePropertyPlantAndEquipment.
As-reported value updates
Quarterly
Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-07. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001370450.json.
| Quarter | End Date | Revenue | Net Income | Diluted EPS | Method |
|---|---|---|---|---|---|
| 2022-Q2 | 2022-07-01 | -0.33 | reported discrete quarter | ||
| 2022-Q3 | 2022-09-30 | 76,000 | 0.01 | reported discrete quarter | |
| 2022-Q4 | 2022-12-30 | -425,000 | derived Q4 = FY annual - nine-month YTD | ||
| 2023-Q1 | 2023-03-31 | 932,000 | 0.07 | reported discrete quarter | |
| 2023-Q2 | 2023-06-30 | 119,077,000 | 397,000 | 0.03 | reported discrete quarter |
| 2023-Q3 | 2023-09-29 | 132,738,000 | 1,566,000 | 0.11 | reported discrete quarter |
| 2023-Q4 | 2023-12-29 | 155,677,000 | 8,031,000 | derived Q4 = FY annual - nine-month YTD | |
| 2024-Q1 | 2024-03-29 | 122,489,000 | 2,942,000 | 0.21 | reported discrete quarter |
| 2024-Q2 | 2024-06-28 | 140,996,000 | 4,594,000 | 0.33 | reported discrete quarter |
| 2024-Q3 | 2024-09-27 | 158,252,000 | 7,346,000 | 0.51 | reported discrete quarter |
| 2024-Q4 | 2024-12-27 | 144,061,000 | 7,688,000 | derived Q4 = FY annual - nine-month YTD | |
| 2025-Q2 | 2025-07-04 | 173,473,000 | 1.03 | reported discrete quarter | |
| 2025-Q3 | 2025-10-03 | 182,006,000 | 0.90 | reported discrete quarter | |
| 2025-Q4 | 2026-01-02 | 173,687,000 | derived Q4 = FY annual - nine-month YTD | ||
| 2026-Q1 | 2026-04-03 | 155,114,000 | 8,530,000 | 0.55 | reported discrete quarter |
| 2026-Q2 | 2026-07-03 | 231,028,000 | 24,345,000 | 1.58 | reported discrete quarter |
Quarterly Charts
Figure provenance: SEC companyfacts. Latest point: FY 2026 ended 2026-07-03; accession 0001104659-26-092196; filed 2026-08-07. Concept: RevenueFromContractWithCustomerExcludingAssessedTax. Source concepts: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
Figure provenance: SEC companyfacts. Latest point: FY 2026 ended 2026-07-03; accession 0001104659-26-092196; filed 2026-08-07. Concept: NetIncomeLossAvailableToCommonStockholdersBasic. Source concepts: us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic.
Figure provenance: SEC companyfacts. Latest point: FY 2026 ended 2026-07-03; accession 0001104659-26-092196; filed 2026-08-07. Concept: EarningsPerShareDiluted. Source concepts: us-gaap:EarningsPerShareDiluted.
Business
Read WLDN's verbatim Item 1 Business section from its latest 10-K: Business.
Risk Factors
Read WLDN's verbatim Item 1A Risk Factors from its latest 10-K: Risk Factors.
Latest quarter (10-Q)
Latest 10-Q source: 0001104659-26-092196.
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Our Company
We are a technical services company focused on energy and infrastructure solutions. Our solutions include energy planning and analytics, consulting, software, public finance, engineering, and program implementation. We serve utilities, state and local governments, and commercial customers in the United States and Canada.
Our broad portfolio of services operates within two financial reporting segments: (1) Energy and (2) Engineering and Consulting. The interfaces and synergies between these segments are important elements of our strategy to design and deliver trusted, comprehensive, innovative, and proven solutions and services for our customers.
Our Energy segment addresses power grid resiliency, efficiency, and reliability. Services include in-depth energy planning studies, economic analysis, modeling and forecasting software, decarbonization, program design and implementation, energy efficiency, turnkey energy and infrastructure projects, grid modernization, and utility-scale electrical engineering and construction management. Clients in this segment are investor-owned and municipal utilities, commercial clients including retailers, pharmaceuticals, industrial concerns and hyperscalers, and state and local governments, school districts and government agencies.
Our Engineering & Consulting segment addresses sustainability and growth in civil infrastructure. We often serve as a municipality’s engineering department. Services include municipal and civil engineering, building and safety, code enforcement, fire plan and inspection, city engineering, construction management, design engineering, planning, and financial and municipal advisory services. Clients in this segment are state and local governments, school districts, and utility districts.
We were founded in 1964 and are headquartered in Anaheim, California.
38
Table of Contents
Results of Operations
Second Quarter Overview
The following table sets forth, for the periods indicated, certain information derived from our condensed consolidated statements of comprehensive income(1):
| | | | | | | | | | | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | Three Months Ended | | |||||||||||||||
| | | July 3, | | July 4, | | | | | | | ||||||||
| | | 2026 | | 2025 | | | $ Change | | % Change | | ||||||||
| | | (in thousands, except percentages) | | |||||||||||||||
| | | | | | | | | | | | | | | | | | | |
| Contract revenue | | $ | 231,028 | | 100.0 | % | | $ | 173,473 | | 100.0 | % | | $ | 57,555 | | 33.2 | % |
| Direct costs of contract revenue: | | | | | | | | | | | | | | | | | | |
| Salaries and wages | | | 29,788 | | 12.9 | | | | 26,643 | | 15.4 | | | | 3,145 | | 11.8 | |
| Subcontractor services and other direct costs | | | 113,786 | | 49.3 | | | | 78,505 | | 45.3 | | | | 35,281 | | 44.9 | |
| Total direct costs of contract revenue | | | 143,574 | | 62.1 | | | | 105,148 | | 60.6 | | | | 38,426 | | 36.5 | |
| | | | | | | | | | | | | | | | | | | |
| Gross profit | | | 87,454 | | 37.9 | | | | 68,325 | | 39.4 | | | | 19,129 | | 28.0 | |
| | | | | | | | | | | | | | | | | | | |
| General and administrative expenses: | | | | | | | | | | | | | | | | | | |
| Salaries and wages, payroll taxes and employee benefits | | | 40,467 | | 17.5 | | | | 32,576 | | 18.8 | | | | 7,891 | | 24.2 | |
| Facilities and facility related | | | 2,535 | | 1.1 | | | | 2,369 | | 1.4 | | | | 166 | | 7.0 | |
| Stock-based compensation | | | 4,811 | | 2.1 | | | | 3,182 | | 1.8 | | | | 1,629 | | 51.2 | |
| Depreciation and amortization | | | 6,971 | | 3.0 | | | | 5,504 | | 3.2 | | | | 1,467 | | 26.7 | |
| Other | | | 12,936 | | 5.6 | | | | 12,878 | | 7.4 | | | | 58 | | 0.5 | |
| Total general and administrative expenses | | | 67,720 | | 29.3 | | | | 56,509 | | 32.6 | | | | 11,211 | | 19.8 | |
| | | | | | | | | | | | | | | | | | | |
| Income (loss) from operations | | | 19,734 | | 8.5 | | | | 11,816 | | 6.8 | | | | 7,918 | | 67.0 | |
| | | | | | | | | | | | | | | | | | | |
| Other income (expense): | | | | | | | | | | | | | | | | | | |
| Interest expense, net | | | (1,086) | | (0.5) | | | | (2,186) | | (1.3) | | | | 1,100 | | (50.3) | |
| Other, net | | | 439 | | 0.2 | | | | 551 | | 0.3 | | | | (112) | | (20.3) | |
| Total other income (expense) | | | (647) | | (0.3) | | | | (1,635) | | (0.9) | | | | 988 | | (60.4) | |
| | | | | | | | | | | | | | | | | | | |
| Income (Loss) before income tax expense | | | 19,087 | | 8.3 | | | | 10,181 | | 5.9 | | | | 8,906 | | 87.5 | |
| Income tax expense (benefit) | | | (5,258) | | (2.3) | | | | (5,255) | | (3.0) | | | | (3) | | 0.1 | |
| Net income (loss) | | $ | 24,345 | | 10.5 | | | $ | 15,436 | | 8.9 | | | $ | 8,909 | | 57.7 | |
| | | | | | | | | | | | | | | | | | | |
| Column 1 | Column 2 |
|---|---|
| (1) | Percentages are expressed as a percentage of contract revenue and may not total due to rounding. |
39
Table of Contents
[Excerpt truncated for page length; source filing is linked above.]
Latest 10-K MD&A (excerpt)
Latest 10-K Item 7 source: 0001104659-26-020767. The complete FY 2026 MD&A is published at /company/WLDN/mda/fy2026/.
ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Our Company
We are a provider of professional, technical and consulting services to utilities, private industry, and public agencies at all levels of government. As resource and infrastructure needs undergo continuous change, we help organizations and their communities evolve and thrive by providing a wide range of technical services for energy solutions, greenhouse gas reduction, and government infrastructure. Through engineering, program management, policy advisory, and software and data analytics, we plan, design and deliver comprehensive, innovative, cost-effective, and proven solutions to improve efficiency, resiliency, and sustainability in energy and infrastructure to our clients.
Our broad portfolio of services operates within two financial reporting segments: (1) Energy and (2) Engineering and Consulting. The interfaces and synergies between these segments are important elements of our strategy to design and deliver trusted, comprehensive, innovative, and proven solutions and services for our customers.
Our Energy segment provides specialized, innovative, comprehensive energy solutions to businesses, utilities, state agencies, municipalities, and non-profit organizations. Our experienced engineers, consultants, and staff help our clients realize cost and energy savings by tailoring efficient and cost-effective solutions to assist in optimizing energy spend. Our energy services include comprehensive audit and surveys, program design, master planning, demand reduction, grid optimization, benchmarking analyses, design engineering, AI data center power solutions, construction management, performance contracting, installation, alternative financing, measurement and verification services, and advances in software and data analytics for long-term planning.
Our Engineering and Consulting segment provides civil engineering and construction management, building and safety services, city engineering and planning support, civil design, geotechnical services, and material testing. Our capabilities span traffic, bridges, rail, port, water systems, and other major infrastructure projects. In addition to technical expertise, we provide economic and financial consulting that helps agencies plan, fund, and maintain both daily operations and long-term capital programs. We also support the mandated reporting and other requirements associated with these financings. We provide financial advisory services for municipal securities but do not provide underwriting services.
37
Table of Contents
Results of Operations
Summary comparison of fiscal years 2025, 2024, and 2023
The following table sets forth, for the periods indicated, certain information derived from our consolidated statements of comprehensive income(1):
| | | | | | | | | | | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | Fiscal Year | ||||||||||||||||
| | | 2025 | | 2024 | | 2023 | ||||||||||||
| | | (in thousands, except percentages) | ||||||||||||||||
| Contract revenue | | $ | 681,552 | | 100.0 | % | | $ | 565,798 | | 100.0 | % | | $ | 510,095 | | 100.0 | % |
| Direct costs of contract revenue: | | | | | | | | | | | | | | | | | | |
| Salaries and wages | | | 109,098 | | 16.0 | | | | 93,543 | | 16.5 | | | | 89,915 | | 17.6 | |
| Subcontractor services and other direct costs | | | 316,772 | | 46.5 | | | | 269,473 | | 47.6 | | | | 240,413 | | 47.1 | |
| Total direct costs of contract revenue | | | 425,870 | | 62.5 | | | | 363,016 | | 64.2 | | | | 330,328 | | 64.8 | |
| | | | | | | | | | | | | | | | | | | |
| Gross profit | | | 255,682 | | 37.5 | | | | 202,782 | | 35.8 | | | | 179,767 | | 35.2 | |
| | | | | | | | | | | | | | | | | | | |
| General and administrative expenses: | | | | | | | | | | | | | | | | | | |
| Salaries and wages, payroll taxes and employee benefits | | | 125,736 | | 18.4 | | | | 105,373 | | 18.6 | | | | 95,556 | | 18.7 | |
| Facilities and facilities related | | | 9,717 | | 1.4 | | | | 9,718 | | 1.7 | | | | 9,565 | | 1.9 | |
| Stock-based compensation | | | 11,825 | | 1.7 | | | | 7,388 | | 1.3 | | | | 5,323 | | 1.0 | |
| Depreciation and amortization | | | 18,686 | | 2.7 | | | | 14,745 | | 2.6 | | | | 16,431 | | 3.2 | |
| Other | | | 45,571 | | 6.7 | | | | 34,205 | | 6.0 | | | | 30,818 | | 6.0 | |
| Total general and administrative expenses | | | 211,535 | | 31.0 | | | | 171,429 | | 30.3 | | | | 157,693 | | 30.9 | |
| | | | | | | | | | | | | | | | | | | |
| Income (loss) from operations | | | 44,147 | | 6.5 | | | | 31,353 | | 5.5 | | | | 22,074 | | 4.3 | |
| | | | | | | | | | | | | | | | | | | |
| Other income (expense): | | | | | | | | | | | | | | | | | | |
| Interest expense | | | (5,748) | | (0.8) | | | | (7,801) | | (1.4) | | | | (9,413) | | (1.8) | |
| Other, net | | | 1,595 | | 0.2 | | | | 3,127 | | 0.6 | | | | 1,930 | | 0.4 | |
| Total other income (expense) | | | (4,153) | | (0.6) | | | | (4,674) | | (0.8) | | | | (7,483) | | (1.5) | |
| | | | | | | | | | | | | | | | | | | |
| Income (Loss) before income tax expense | | | 39,994 | | 5.9 | | | | 26,679 | | 4.7 | | | | 14,591 | | 2.9 | |
| Income tax expense (benefit) | | | (12,563) | | (1.8) | | | | 4,109 | | 0.7 | | | | 3,665 | | 0.7 | |
| Net income (loss) | | $ | 52,557 | | 7.7 | | | $ | 22,570 | | 4.0 | | | $ | 10,926 | | 2.1 | |
| Column 1 | Column 2 | Column 3 |
|---|---|---|
| (1) | Percentages are expressed as a percentage of contract revenue and may not total due to rounding. |
38
Table of Contents
The following tables provides information about disaggregated revenue of our two segments, Energy and Engineering and Consulting by contract type, client type, and geographical region:
| | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|
| | | 2025 | |||||||
| | | Energy | | Engineering and Consulting | | Total | |||
| | | (in thousands) | |||||||
| Contract Type | | | | | | | | | |
| Time-and-materials | | $ | 49,898 | | $ | 72,100 | | $ | 121,998 |
| Unit-based | | | 215,499 | | | 26,235 | | | 241,734 |
| Fixed price | | | 310,654 | | | 7,166 | | | 317,820 |
| Total (1) | | $ | 576,051 | | $ | 105,501 | | $ | 681,552 |
| | | | | | | | | | |
| Client Type | | | | | | | | | |
| Commercial | | $ | 70,871 | | $ | 7,029 | | $ | 77,900 |
| Government | | | 227,497 | | | 98,233 | | | 325,730 |
| Utilities (2) | | | 277,683 | | | 239 | | | 277,922 |
| Total (1) | | $ | 576,051 | | $ | 105,501 | | $ | 681,552 |
| | | | | | | | | | |
| Geography (3) | | | | | | | | | |
| Domestic | | $ | 576,051 | | $ | 105,501 | | $ | 681,552 |
| | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|
| | | 2024 | |||||||
| | | Energy | | Engineering and Consulting | | Total | |||
| | | (in thousands) | |||||||
| Contract Type | | | | | | | | | |
| Time-and-materials | | $ | 34,381 | | $ | 67,931 | | $ | 102,312 |
| Unit-based | | | 205,117 | | | 19,676 | | | 224,793 |
| Fixed price | | | 233,811 | | | 4,882 | | | 238,693 |
| Total (1) | | $ | 473,309 | | $ | 92,489 | | $ | 565,798 |
| | | | | | | | | | |
| Client Type | | | | | | | | | |
| Commercial | | $ | 34,072 | | $ | 7,548 | | $ | 41,620 |
| Government | | | 182,079 | | | 84,695 | | | 266,774 |
| Utilities (2) | | | 257,158 | | | 246 | | | 257,404 |
| Total (1) | | $ | 473,309 | | $ | 92,489 | | $ | 565,798 |
| | | | | | | | | | |
| Geography (3) | | | | | | | | | |
| Domestic | | $ | 473,309 | | $ | 92,489 | | $ | 565,798 |
[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]
MD&A history
Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.