$PWR

QUANTA SERVICES INC

CIK:0001050915|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenues	$ 9,556,997	$ 6,773,007	$ 17,431,784	$ 13,006,341
Cost of services	8,011,819	5,765,433	14,779,277	11,164,730
Gross profit	1,545,178	1,007,574	2,652,507	1,841,611
Equity in earnings of integral unconsolidated affiliates	11,590	14,444	26,059	27,373
Selling, general and administrative expenses	(698,490)	(528,355)	(1,319,216)	(1,022,321)
Amortization of intangible assets	(156,957)	(113,178)	(309,338)	(222,740)
Increase in fair value of contingent consideration liabilities	(6,487)	(10,203)	(16,399)	(14,560)
Operating income	694,834	370,282	1,033,613	609,363
Interest and other financing expenses	(73,548)	(59,579)	(146,815)	(113,891)
Interest income	3,307	3,782	6,215	7,623
Other (expense) income, net	(7,430)	4,138	(19,494)	4,377
Income before income taxes	617,163	318,623	873,519	507,472
Provision for income taxes	157,584	85,100	182,509	124,980
Net income	459,579	233,523	691,010	382,492
Less: Net income attributable to non-controlling interests	8,198	4,273	19,004	8,984
Net income attributable to common stock	$ 451,381	$ 229,250	$ 672,006	$ 373,508
Earnings per share attributable to common stock:
Basic (in dollars per share)	$ 3.01	$ 1.54	$ 4.48	$ 2.52
Diluted (in dollars per share)	$ 2.96	$ 1.52	$ 4.41	$ 2.47
Shares used in computing earnings per share:
Weighted average basic shares outstanding (in shares)	150,208	148,448	149,995	148,361
Weighted average diluted shares outstanding (in shares)	152,439	150,923	152,289	150,937

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash Flows from Operating Activities:
Net income	$ 691,010	$ 382,492
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	230,432	196,839
Amortization of intangible assets	309,338	222,740
Non-cash stock-based compensation	126,013	82,222
Other non-cash adjustments, net	25,883	5,043
Changes in assets and liabilities, net of non-cash transactions:
Accounts, notes and retainage receivable	(1,127,141)	(69,462)
Contract assets	(290,185)	(102,935)
Inventories	(99,875)	(25,682)
Prepaid expenses and other current assets	82,561	(165,060)
Accounts payable and accrued expenses, insurance and other non-current liabilities	883,976	64,539
Contract liabilities	700,152	(32,856)
Other assets and liabilities, net	(44,976)	(18,971)
Net cash provided by operating activities	1,487,188	538,909
Cash Flows from Investing Activities:
Capital expenditures	(451,048)	(273,111)
Proceeds from sale of and insurance settlements related to property and equipment	34,248	22,390
Cash paid for acquisitions, net of cash, cash equivalents and restricted cash acquired	(930,311)	(586,102)
Investments in unconsolidated affiliates and other	(26,634)	(148,312)
Other, net	14,933	4,589
Net cash used in investing activities	(1,358,812)	(980,546)
Cash Flows from Financing Activities:
Borrowings under credit facility and commercial paper program	34,958,872	15,909,329
Payments under credit facility and commercial paper program	(34,834,564)	(15,351,514)
Borrowings of short-term debt	97,370	0
Payments of short-term debt	(88,660)	0
Payments of contingent consideration liabilities recorded at acquisition date	(7,246)	(102,558)
Payments related to tax withholding for stock-based compensation	(152,953)	(72,590)
Payments of dividends	(33,695)	(30,318)
Repurchase of common stock	0	(134,555)
Other, net	(4,075)	(31,047)
Net cash (used in) provided by financing activities	(64,951)	186,747
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash	5,816	21,633
Net increase (decrease) in cash, cash equivalents and restricted cash	69,241	(233,257)
Cash, cash equivalents and restricted cash, beginning of period	442,823	746,010
Cash, cash equivalents and restricted cash, end of period	$ 512,064	$ 512,753

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current Assets:
Cash and cash equivalents	$ 506,431	$ 439,508
Accounts receivable, net	8,532,311	6,847,091
Contract assets	1,534,265	1,522,186
Inventories	469,865	370,372
Prepaid expenses and other current assets	816,882	724,260
Total current assets	11,859,754	9,903,417
Property and equipment, net	3,697,411	3,455,204
Operating lease right-of-use assets	467,652	400,814
Other assets, net	1,182,033	944,050
Other intangible assets, net	3,216,084	2,906,188
Goodwill	7,868,886	7,317,228
Total assets	28,291,820	24,926,901
Current Liabilities:
Current maturities of long-term debt and short-term debt	683,022	763,898
Current portion of operating lease liabilities	125,376	114,377
Accounts payable and accrued expenses	5,748,126	4,579,458
Contract liabilities	4,241,933	3,258,465
Total current liabilities	10,798,457	8,716,198
Long-term debt, net of current maturities	5,421,862	5,231,008
Operating lease liabilities, net of current portion	372,875	309,671
Deferred income taxes	513,921	502,626
Insurance and other non-current liabilities	1,442,762	1,139,524
Total liabilities	18,549,877	15,899,027
Commitments and Contingencies
Equity:
Common stock, $0.00001 par value, 600,000,000 shares authorized, 180,502,506 and 179,534,355 shares issued, and 150,273,799 and 149,577,564 shares outstanding	2	2
Additional paid-in capital	4,527,538	4,278,741
Retained earnings	7,312,393	6,673,990
Accumulated other comprehensive loss	(341,150)	(307,211)
Treasury stock, 30,228,707 and 29,956,791 common shares	(1,860,841)	(1,707,273)
Total stockholders’ equity	9,637,942	8,938,249
Non-controlling interests	104,001	89,625
Total equity	9,741,943	9,027,874
Total liabilities and equity	$ 28,291,820	$ 24,926,901