Costs and estimated earnings compared to billings on uncompleted contracts at September 30, 2025, 2024, and 2023 consisted of the following (in thousands):


	September 30,
	2025		2024		2023
Costs on uncompleted contracts	$	2,899,250	$	2,224,511	$	1,831,106
Estimated earnings to date on uncompleted contracts	393,665		271,719		194,760
	3,292,915		2,496,230		2,025,866
Billings to date on uncompleted contracts	(3,376,875)		(2,590,329)		(2,077,475)
Net billings in excess of costs and estimated earnings on uncompleted contracts	$	(83,960)	$	(94,099)	$	(51,609)

Significant changes to balances of costs and estimated earnings in excess of billings (contract asset) and billings in excess of costs and estimated earnings (contract liability) on uncompleted contracts from September 30, 2023 to September 30, 2025 are presented below (in thousands):


	Costs and Estimated Earnings in Excess of Billings on Uncompleted Contracts		Billings in Excess of Costs and Estimated Earnings on Uncompleted Contracts		Net Billings in Excess of Costs and Estimated Earnings on Uncompleted Contracts
September 30, 2023	$	27,296	$	(78,905)	$	(51,609)
Changes in revenue billed, contract price or cost estimates	(1,330)		(41,160)		(42,490)
September 30, 2024	25,966		(120,065)		(94,099)
Changes in revenue billed, contract price or cost estimates	19,374		(9,235)		10,139
September 30, 2025	$	45,340	$	(129,300)	$	(83,960)