v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash Flows from Operating Activities:      
Net income $ 1,041,917 $ 927,283 $ 750,689
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 411,538 359,363 324,786
Amortization of intangible assets 498,795 382,959 289,014
Non-cash stock-based compensation 181,947 150,526 126,762
Other non-cash adjustments, net 79,795 14,899 22,084
Changes in assets and liabilities, net of non-cash transactions:      
Accounts, notes and retainage receivable (853,835) (428,127) (615,668)
Contract assets (217,627) 255,744 (303,064)
Inventories (121,743) (39,517) 2,818
Prepaid expenses and other current assets (240,515) 40,356 (90,329)
Accounts payable and accrued expenses, insurance and other non-current liabilities 654,961 52,421 771,854
Contract liabilities 824,454 373,622 293,106
Other assets and liabilities, net (29,717) (8,333) 3,900
Net cash provided by operating activities 2,229,970 2,081,196 1,575,952
Cash Flows from Investing Activities:      
Capital expenditures (609,154) (604,078) (434,803)
Proceeds from sale of and insurance settlements related to property and equipment 51,916 77,643 69,347
Cash paid for asset acquisitions (103,370) 0 0
Cash paid for acquisitions, net of cash, cash equivalents and restricted cash acquired (3,052,116) (1,745,735) (651,623)
Investments in unconsolidated affiliates and other (148,900) (81,871) (7,537)
Proceeds from the sale or settlement of certain investments 17,012 29,239 42,277
Other, net 13,638 30,483 (7,311)
Net cash used in investing activities (3,830,974) (2,294,319) (989,650)
Cash Flows from Financing Activities:      
Borrowings under credit facility and commercial paper program 53,033,943 19,884,184 18,178,910
Payments under credit facility and commercial paper program (52,778,666) (20,714,993) (17,770,246)
Net proceeds from notes offering 1,488,995 1,238,741 0
Payments related to senior notes 0 (500,000) 0
Payments of contingent consideration liabilities recorded at acquisition date (102,558) 0 (4,754)
Payments related to tax withholding for stock-based compensation (112,299) (155,550) (119,793)
Payments of dividends (60,416) (54,196) (47,752)
Repurchase of common stock (134,555) 0 (350)
Other, net (59,460) (3,822) 32,485
Net cash provided by (used in) financing activities 1,274,984 (305,636) 268,500
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash 22,833 (30,272) 7,025
Net (decrease) increase in cash, cash equivalents and restricted cash (303,187) (549,031) 861,827
Cash, cash equivalents and restricted cash, beginning of year 746,010 1,295,041 433,214
Cash, cash equivalents and restricted cash, end of year $ 442,823 $ 746,010 $ 1,295,041