Core Insights - The current market is characterized by a multidecade infrastructure transformation driven by the convergence of utility, power generation, and large load industries [1] - The company is focusing on self-perform capabilities and has grown its workforce to approximately 69,500 employees to position itself as a total solutions provider rather than a traditional contractor [1] Investment Strategy - A vertical supply chain strategy has been initiated with an investment of $500 million to $700 million in power transformer manufacturing to mitigate lead-time risks and ensure execution certainty [2] - The company is shifting from bidding on short-term projects to negotiating five-to-ten-year programmatic spend arrangements, enhancing long-term visibility and return on invested capital [2] Growth and Performance - The craft skill platform has been expanded through eight strategic acquisitions in 2025, targeting load-center facilities and turnkey mechanical infrastructure for technology and semiconductor markets [3] - Record results in 2025 are attributed to a diversified solution-based model that adapts to evolving load growth demands and utility modernization requirements [3] - The 2026 guidance assumes continued double-digit growth in revenue and adjusted EBITDA, supported by a record $44 billion backlog across broad-based end markets [3] - Data center-related work is expected to represent approximately 10% of the business moving forward, identified as the fastest-growing component of the current backlog [3] - Significant 765-kilovolt high-voltage transmission awards are anticipated to stack in the latter half of 2027 and beyond, which are not yet reflected in the 2026 backlog [3] - Projected free cash flow for 2026 is approximately $1.8 billion, accounting for the collection of remaining balances from a large Canadian renewable project [3] - Organic growth of approximately 6,000 employees is assumed for 2026, which may temporarily pressure margins due to onboarding and training cycles [3]