Financial Analysis

ACQUISITIONS: On July 25, 2025, Quanta completed the acquisition of Dynamic Systems (DSI), LLC (Dynamic Systems), which provides turnkey mechanical, plumbing and process infrastructure solutions to a diversified customer base that includes technology, semiconductor, healthcare and other load center markets. Dynamic Systems is located in the United States, and its results have been primarily included in the Underground and Infrastructure segment. The consideration for the acquisition included approximately $1.26 billion in cash (subject to certain adjustments and including payment for cash held by Dynamic Systems as of the acquisition date) and 518,772 shares of Quanta common stock, which had a fair value of $218.8 million as of the acquisition date. Additionally, the former owner of Dynamic Systems is eligible for a potential contingent consideration payment of up to $216.0 million to the extent the acquired business achieves certain financial and other operating performance targets during a two-year post-acquisition period beginning in January 2026. To the extent payable, Quanta, at its sole discretion, can pay 15% of any such contingent consideration amount in Quanta common stock. The final amount of consideration for the acquisition remains subject to certain post-closing adjustments, including with respect to net working capital (inclusive of cash) and certain assumed liabilities. During the year ended December 31, 2025, Quanta also acquired seven additional businesses, i …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

COMMITMENTS AND CONTINGENCIES: Legal Proceedings Quanta is from time to time party to various lawsuits, claims and other legal proceedings that arise in the ordinary course of business. These actions typically seek, among other things, compensation for alleged personal injury, property damage, breach of contract, negligence or gross negligence, environmental liabilities, wage and hour and other employment-related damages, punitive damages, consequential damages, civil penalties or other losses, or injunctive or declaratory relief, as well as interest and attorneys fees associated with such claims. With respect to all such lawsuits, claims and proceedings, Quanta records a reserve when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. In addition, Quanta discloses matters for which management believes a material loss is at least reasonably possible. The assessment of whether a loss is probable or reasonably possible, and whether the loss or a range of loss is estimable, often involves a series of complex judgments about future events. In all instances, management has assessed the matter based on current information and made a judgment concerning its potential outcome, giving due consideration to the nature of the claim, the amount and nature of damages sought and the probability of success and taking into account, among other things, negotiations with claimants, discovery, settlements and payments, judicial rulings, arbitrati …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

DEBT OBLIGATIONS: Quantas long-term debt obligations consisted of the following (in thousands): December 31, 2025 2024 4.75% Senior Notes due August 2027 $ 600,000 $ 600,000 4.30% Senior Notes due August 2028 500,000 2.90% Senior Notes due October 2030 1,000,000 1,000,000 4.50% Senior Notes due January 2031 500,000 2.35% Senior Notes due January 2032 500,000 500,000 5.25% Senior Notes due August 2034 650,000 650,000 5.10% Senior Notes due August 2035 500,000 3.05% Senior Notes due October 2041 500,000 500,000 Borrowings under senior credit facility (including Term Loan) 675,000 735,445 Borrowings under commercial paper program 316,000 Lease financing transactions 198,847 155,549 Other long-term debt 2,761 4,939 Finance leases 93,055 47,993 Unamortized discount and financing costs (40,757) (31,490) Total long-term debt obligations 5,994,906 4,162,436 Less Current maturities of long-term debt 763,898 62,680 Total long-term debt obligations, net of current maturities $ 5,231,008 $ 4,099,756 As of December 31, 2025, principal payments required to be made during the next five years are set forth in the table below (in thousands). The payments required under finance leases are provided in Note 11. 2026 $ 689,829 2027 $ 615,086 2028 $ 511,556 2029 $ 9,026 2030 $ 1,321,920 Senior Notes In August 2025, Quanta issued $1.50 billion aggregate principal amount of senior notes consisting of $500.0 million aggregate principal amount of 4.30% senior notes due August 2028 (the 2028 notes), $5 …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following tables present Quantas revenue disaggregated by contract type and by geographic location, as determined by the job location (in thousands): Year Ended December 31, 2025 2024 2023 By contract type: Fixed price contracts $ 17,258,996 60.6 % $ 13,307,321 56.2 % $ 10,251,037 49.1 % Unit-price contracts 6,790,221 23.8 6,475,714 27.4 6,586,982 31.5 Cost-plus contracts 4,430,480 15.6 3,889,760 16.4 4,044,187 19.4 Total revenues $ 28,479,697 100.0 % $ 23,672,795 100.0 % $ 20,882,206 100.0 % Year Ended December 31, 2025 2024 2023 By primary geographic location: United States $ 26,482,963 93.0 % $ 21,606,807 91.3 % $ 17,910,892 85.8 % Canada 1,018,752 3.6 1,025,074 4.3 2,045,999 9.8 Australia 779,532 2.7 666,870 2.8 612,497 2.9 Others 198,450 0.7 374,044 1.6 312,818 1.5 Total revenues $ 28,479,697 100.0 % $ 23,672,795 100.0 % $ 20,882,206 100.0 % …

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STOCK-BASED COMPENSATION: Stock Incentive Plans The Omnibus Plan was approved by Quantas stockholders in May 2019 and provides for the award of non-qualified stock options, incentive (qualified) stock options, stock appreciation rights, restricted stock awards, RSUs, stock bonus awards, performance compensation awards (including cash bonus awards) or any combination of the foregoing. Current and prospective employees, directors, officers, advisors or consultants of Quanta or its affiliates are eligible to participate in the Omnibus Plan. In May 2022 and May 2025, Quantas stockholders approved amendments to the Omnibus Plan to increase the shares available for issuance. Subject to certain adjustments, the maximum number of shares available for issuance under the Omnibus Plan is 14.1 million. As of December 31, 2025, there were approximately 5.1 million shares available for issuance under the Omnibus Plan. All awards subsequent to stockholder approval of the Omnibus Plan have been and will be made pursuant to the Omnibus Plan and applicable award agreements. RSUs to be Settled in Common Stock A summary of the activity for RSUs to be settled in common stock for the years ended December 31, 2025, 2024 and 2023 is as follows (RSUs in thousands): 2025 2024 2023 RSUs Weighted Average Grant Date Fair Value (Per Unit) RSUs Weighted Average Grant Date Fair Value (Per Unit) RSUs Weighted Average Grant Date Fair Value (Per Unit) Unvested at January 1 2,024 $173.32 2,548 $104.76 3,263 $78 …

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GOODWILL AND OTHER INTANGIBLE ASSETS: Goodwill The changes in the carrying amount of goodwill of each of Quantas reportable segments were as follows (in thousands): Electric Segment Underground and Infrastructure Segment Total Balance at December 31, 2023 (1) $ 3,371,687 $ 674,218 $ 4,045,905 Goodwill related to acquisition completed in 2024 1,126,121 186,993 1,313,114 Purchase price allocation adjustments (10,996) (10,996) Goodwill written off due to sale of business (1) (6,147) (6,147) Foreign currency translation adjustments (13,725) (11,708) (25,433) Balance at December 31, 2024 (1) 4,473,087 843,356 5,316,443 Goodwill related to the acquisitions completed in 2025 645,725 1,332,171 1,977,896 Purchase price allocation adjustments 5,933 364 6,297 Foreign currency translation adjustments 8,951 7,641 16,592 Balance at December 31, 2025 (1) $ 5,133,696 $ 2,183,532 $ 7,317,228 (1) Included in the Underground and Infrastructure segment for the years ended December 31, 2025, 2024, and 2023 was accumulated impairment of $50.7 million, $49.9 million and $96.1 million. During the year ended December 31, 2024, $45.1 million of accumulated impairment was written off related to the Underground and Infrastructure segment due to the sale of a business. In connection with the 2025, 2024 and 2023 annual goodwill assessments, management performed a qualitative impairment assessment of Quantas reporting units, which indicated that it was more likely than not that the fair value of its report …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

INCOME TAXES: The components of income before income taxes were as follows (in thousands): Year Ended December 31, 2025 2024 2023 Income before income taxes: Domestic $ 1,238,190 $ 1,052,185 $ 823,691 Foreign 151,315 159,845 146,265 Total $ 1,389,505 $ 1,212,030 $ 969,956 The components of the provision for income taxes were as follows (in thousands): Year Ended December 31, 2025 2024 2023 Current: Federal $ 184,159 $ 185,357 $ 132,727 State 58,955 55,691 42,783 Foreign 66,871 52,024 39,941 Total current tax provision 309,985 293,072 215,451 Deferred: Federal 62,992 34,498 16,055 State 6,201 14,556 (556) Foreign (31,590) (57,379) (11,683) Total deferred tax provision (benefit) 37,603 (8,325) 3,816 Total provision for income taxes $ 347,588 $ 284,747 $ 219,267 There was no tax on foreign currency translation adjustment within other comprehensive income (loss) for the years ended December 31, 2025, 2024 and 2023. The actual income tax provision differed from the income tax provision computed by applying the U.S. federal statutory corporate rate to income before provision for income taxes as follows (in thousands, except percentages): Year Ended December 31, 2025 Amount Percentage of Pre-Tax Income U.S. federal statutory tax rate $ 291,796 21.0 % State and local income tax, net of federal (national) income tax effect (1) 53,215 3.8 Foreign tax effects (2,973) (0.2) Effect of cross-border tax laws 14,163 1.0 Tax credits (11,408) (0.8) Changes in valuation allowances 51 Nontaxable …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

LEASES: Quanta primarily leases land, buildings, vehicles, construction equipment and office equipment. As of December 31, 2025, the majority of Quantas leases had remaining lease terms of less than 11 years. Certain leases include options to extend their terms in increments of up to ten years and/or options to terminate. The components of lease costs in the accompanying consolidated statements of operations are as follows (in thousands): Year Ended December 31, Lease and lease financing cost Classification 2025 2024 2023 Finance lease cost: Amortization of lease assets Depreciation (1) $ 12,321 $ 11,462 $ 4,944 Interest on lease liabilities Interest and other financing expenses 2,445 2,798 1,463 Lease financing transactions: (2) Depreciation Depreciation (1) 13,092 10,396 7,698 Interest Interest and other financing expenses 27,505 17,600 12,992 Operating lease cost Cost of services and Selling, general and administrative expenses 129,611 108,879 93,133 Short-term and variable lease cost (3) Cost of services and Selling, general and administrative expenses 1,483,281 1,245,011 1,106,454 Total lease and lease financing cost $ 1,668,255 $ 1,396,146 $ 1,226,684 (1) Depreciation is included within Cost of services and Selling, general and administrative expenses in the accompanying consolidated statements of operations. (2) Certain of Quantas equipment rental agreements contain purchase options pursuant to which the purchase price is offset by a portion of the rental payments. Whe …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

Recently Adopted Guidance In December 2023, the FASB issued an update that, among other things, expands disclosures for tax rate reconciliation tables, primarily by requiring disaggregation of income taxes paid by jurisdiction, as well as greater disaggregation within the rate reconciliation. This update is effective for fiscal years beginning after December 15, 2024 and interim periods within fiscal years beginning after December 15, 2025. Quanta adopted this update in its Form 10-K for the year ended December 31, 2025 using the prospective approach. New Accounting Pronouncements Not Yet Adopted In December 2025, the FASB issued an update that improves the navigability of the required interim disclosures and clarifies when that guidance is applicable. The amendments also provide additional guidance on what disclosures should be provided in interim reporting periods and add a principle that requires entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. For public business entities, this update is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption and a prospective or retrospective approach are permitted. Quanta is currently assessing the effect of this update. In September 2025, the FASB issued an update that clarifies the threshold entities apply to begin capitalizing costs related to software. The standard removes all references to the pr …

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EMPLOYEE BENEFIT PLANS: Unions Multiemployer Pension Plans Quanta contributes to a number of multiemployer defined benefit pension plans under the terms of collective bargaining agreements with various unions that represent certain of Quantas employees. Approximately 36% of Quantas employees as of December 31, 2025 were covered by collective bargaining agreements. Quantas multiemployer pension plan contribution rates generally are specified in the collective bargaining agreements (usually on a monthly or annual basis), and contributions are made to the plans on a pay-as-you-go basis based on its union employee payrolls. Quanta may also have additional liabilities imposed by law as a result of its participation in multiemployer defined benefit pension plans. The Employee Retirement Income Security Act of 1974, as amended by the Multiemployer Pension Plan Amendments Act of 1980, imposes certain liabilities upon an employer who is a contributor to a multiemployer pension plan if the employer withdraws or is deemed to have withdrawn from the plan or the plan is terminated or experiences a mass withdrawal. The Pension Protection Act of 2006 (PPA) also added special funding and operational rules generally applicable to plan years beginning after 2007 for multiemployer plans in the United States that are classified as endangered, seriously endangered or critical status based on multiple factors (including, for example, the plans funded percentage, cash flow position and whether a pr …

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REVENUE RECOGNITION AND RELATED BALANCE SHEET ACCOUNTS: Contracts Quantas services include the design, new construction, upgrade and repair and maintenance of infrastructure primarily in the electric and gas utility, renewable energy, technology, communications, pipeline and energy industries. These services are generally provided pursuant to master service agreements (MSAs), repair and maintenance contracts, and fixed price and non-fixed price construction contracts. Contracts are combined if they are entered into at or near the same time as one another and negotiated as a group, in contemplation of one another, for a related commercial purpose. When applicable, the transaction price is allocated to performance obligations on the basis of relative standalone selling prices that is generally determined using an expected profit margin on anticipated costs related to the performance obligation. Quantas contracts are classified into three categories based on the methods by which transaction prices are determined and revenue is recognized: unit-price contracts, cost-plus contracts and fixed price contracts. Transaction prices for unit-price contracts are determined on a per unit basis, transaction prices for cost-plus contracts are determined by applying a profit margin to costs incurred on the contracts and transaction prices for fixed price contracts are determined on a lump-sum basis. All of Quantas revenues are recognized from contracts with its customers. In addition to the …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

SEGMENT INFORMATION: Quantas operations are managed by senior executives who report to its Chief Executive Officer, the chief operating decision maker. The Chief Executive Officer uses operating income for each of Quantas reportable segments and considers forecast to actual variances to assess performance and when making decisions about allocating capital, craft skill labor and other resources. During the three months ended March 31, 2025, Quantas Chief Executive Officer reevaluated how performance of the business is assessed and how resources are allocated, which resulted in a change in the reporting of managements internal financial information. As a result, beginning with the three months ended March 31, 2025, Quanta began reporting the results of its two operating segments, which are also its two reportable segments: (1) Electric Infrastructure Solutions (Electric) and (2) Underground Utility and Infrastructure Solutions (Underground and Infrastructure). The Electric segment consists of the historical Electric Power Infrastructure Solutions and the Renewable Energy Infrastructure Solutions segments. In conjunction with this change, certain prior period amounts have been recast to conform to this new segment reporting structure. Electric . Quantas Electric segment provides comprehensive services for the electric power, power generation, large load center and communications markets. Services include, but are not limited to, the design, procurement, new construction, upgrade …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

BASIS OF PRESENTATION AND ACCOUNTING POLICIES: Principles of Consolidation The consolidated financial statements of Quanta include the accounts of Quanta Services, Inc. and its wholly-owned subsidiaries, which are also referred to as its operating companies. The consolidated financial statements also include the accounts of certain of Quantas investments in joint ventures, which are either consolidated or proportionately consolidated, as discussed in the following summary of accounting policies. Unless the context requires otherwise, references to Quanta include Quanta Services, Inc. and its consolidated subsidiaries. Quanta holds interests in various joint ventures and other partially owned entities entered into in the normal course of business. Certain of these interests are investments in variable interest entities (VIE). If an entity is identified as a VIE, management determines whether Quanta is the entitys primary beneficiary and must consolidate the VIE. The primary beneficiary of a VIE is the entity with both (i) the power to direct the activities that most significantly affect the VIEs economic performance and (ii) the obligation to absorb losses or right to receive benefits that could potentially be significant to the VIE. When Quanta is deemed to be the primary beneficiary, the VIE is consolidated and equity interests held by third parties are accounted for as non-controlling interests. See Investments in Affiliates and Other below and Note 16 for additional inform …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

EQUITY: Treasury Stock General Treasury stock is recorded at cost. Under Delaware law, treasury stock is not counted for quorum purposes or entitled to vote. Shares withheld for tax withholding obligations The tax withholding obligations of employees with respect to RSUs and PSUs that are settled in common stock are typically satisfied by Quanta making tax payments and withholding the number of shares of common stock having a value equal to the tax withholding obligation that is due on the date of vesting or settlement (as applicable). With respect to these liabilities, Quanta withheld 0.4 million shares of Quanta common stock during the year ended December 31, 2025, which had a market value of $112.3 million, 0.6 million shares of Quanta common stock during the year ended December 31, 2024, which had a market value of $155.5 million, and 0.7 million shares of Quanta common stock during the year ended December 31, 2023, which had a market value of $119.1 million. These shares and the related costs to acquire them were accounted for as adjustments to the balance of treasury stock. Stock repurchases On May 23, 2023, Quantas Board of Directors approved a stock repurchase program that authorizes Quanta to purchase, from time to time through June 30, 2026, up to $500 million of its outstanding common stock. As of December 31, 2025, $365.1 million remained available under this repurchase program. Quanta repurchased the following shares of common stock in the open market under its s …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

4. ACQUISITIONS: Subsequent to June 30, 2026, Quanta completed the acquisition of a business located in the United States that is a multi-craft, heavy industrial contractor (which will primarily be included in the Underground and Infrastructure segment). The amount of consideration for the acquisition remains subject to certain post-closing adjustments, including with respect to net working capital (inclusive of cash) and certain assumed liabilities. During the six months ended June 30, 2026, Quanta acquired three businesses, including a business located in the United States that provides utility construction, electrical contracting, industrial and energy infrastructure, and facilities services (which is included in the Electric segment); a business located in the United States that provides a full suite of front-end services, including land services (title and right-of-way), surveying and geospatial services, and engineering design work (which is included in both the Underground Infrastructure and Electric segments); and a business located in Australia that provides turnkey engineering, fabrication and manufacturing, including transportable substation buildings and switchgear, and construction services (which is included in the Electric segment). The consideration for the transactions consisted of approximately $1.09 billion in cash, including payment for cash and cash equivalents and restricted cash of $188.4 million held by the businesses as of the acquisition dates, and 1 …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

12. COMMITMENTS AND CONTINGENCIES: Legal Proceedings Quanta is from time to time party to various lawsuits, claims and other legal proceedings that arise in the ordinary course of business. These actions typically seek, among other things, compensation for alleged personal injury, property damage, breach of contract, negligence or gross negligence, environmental liabilities, wage and hour and other employment-related damages, punitive damages, consequential damages, civil penalties or other losses, or injunctive or declaratory relief, as well as interest and attorneys fees associated with such claims. With respect to all such lawsuits, claims and proceedings, Quanta records a reserve when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. In addition, Quanta discloses matters for which management believes a material loss is at least reasonably possible. The assessment of whether a loss is probable or reasonably possible, and whether the loss or a range of loss is estimable, often involves a series of complex judgments about future events. In all instances, management has assessed the matter based on current information and made a judgment concerning its potential outcome, giving due consideration to the nature of the claim, the amount and nature of damages sought and the probability of success and taking into account, among other things, negotiations with claimants, discovery, settlements and payments, judicial rulings, arbit …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

11. EMPLOYEE BENEFIT PLANS: Deferred Compensation Plans Quanta maintains non-qualified deferred compensation plans under which eligible directors and key employees may defer their receipt of certain cash compensation and/or the settlement of certain stock-based awards. As of June 30, 2026 and December 31, 2025, the liability related to deferred cash compensation under these plans, including amounts contributed by Quanta, was $139.3 million and $126.1 million, the majority of which was included in Insurance and other non-current liabilities in the accompanying condensed consolidated balance sheets. Additionally, as of June 30, 2026 and December 31, 2025, the settlement and issuance of 108,930 and 119,208 shares of common stock underlying certain stock-based awards had been deferred under these plans, and such issuances are scheduled to occur in future periods. To provide for future obligations related to deferred cash compensation under these plans, Quanta has invested in corporate-owned life insurance (COLI) policies covering certain participants in the deferred compensation plans, the underlying investments of which are intended to be aligned with the investment alternatives elected by plan participants. The COLI assets are recorded at their cash surrender value, which is considered their fair market value, and as of June 30, 2026 and December 31, 2025, the fair market values were $132.8 million and $122.8 million and were included in Other assets, net in the accompanying co …

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7. DEBT OBLIGATIONS: Quantas long-term debt obligations consisted of the following (in thousands): June 30, 2026 December 31, 2025 4.75% Senior Notes due August 2027 $ 600,000 $ 600,000 4.30% Senior Notes due August 2028 500,000 500,000 2.90% Senior Notes due October 2030 1,000,000 1,000,000 4.50% Senior Notes due January 2031 500,000 500,000 2.35% Senior Notes due January 2032 500,000 500,000 5.25% Senior Notes due August 2034 650,000 650,000 5.10% Senior Notes due August 2035 500,000 500,000 3.05% Senior Notes due October 2041 500,000 500,000 Borrowings under senior credit facility (including Term Loan) 666,380 675,000 Borrowings under commercial paper program 448,000 316,000 Lease financing transactions 227,608 198,847 Other long-term debt 2,083 2,761 Finance leases 38,873 93,055 Unamortized discount and financing costs (36,770) (40,757) Total long-term debt obligations 6,096,174 5,994,906 Less Current maturities of long-term debt 674,312 763,898 Total long-term debt obligations, net of current maturities $ 5,421,862 $ 5,231,008 Quantas current maturities of long-term debt and short-term debt consisted of the following (in thousands): June 30, 2026 December 31, 2025 Current maturities of long-term debt $ 674,312 $ 763,898 Short-term debt 8,710 Current maturities of long-term debt and short-term debt $ 683,022 $ 763,898 Senior Notes The interest amounts due on Quantas senior notes on each payment date are set forth below (dollars in thousands): Title of the Notes Interest A …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following tables present Quantas revenue disaggregated by contract type and by geographic location, as determined by the job location (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 By contract type: Fixed price contracts $ 6,083,463 63.7 % $ 3,948,454 58.3 % $ 10,857,267 62.3 % $ 7,703,780 59.2 % Unit-price contracts 1,770,593 18.5 1,734,144 25.6 3,492,799 20.0 3,189,630 24.5 Cost-plus contracts 1,702,941 17.8 1,090,409 16.1 3,081,718 17.7 2,112,931 16.3 Total revenues $ 9,556,997 100.0 % $ 6,773,007 100.0 % $ 17,431,784 100.0 % $ 13,006,341 100.0 % Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 By primary geographic location: United States $ 9,103,463 95.2 % $ 6,279,010 92.8 % $ 16,465,073 94.5 % $ 12,067,063 92.9 % Canada 215,750 2.3 238,406 3.5 491,774 2.8 448,652 3.4 Australia 206,610 2.2 198,104 2.9 407,854 2.3 369,191 2.8 Others 31,174 0.3 57,487 0.8 67,083 0.4 121,435 0.9 Total revenues $ 9,556,997 100.0 % $ 6,773,007 100.0 % $ 17,431,784 100.0 % $ 13,006,341 100.0 % …

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10. STOCK-BASED COMPENSATION: Restricted Stock Units (RSUs) to be Settled in Common Stock A summary of the activity for RSUs to be settled in common stock for the six months ended June 30, 2026 and 2025 is as follows (RSUs in thousands): 2026 2025 RSUs Weighted Average Grant Date Fair Value (Per Unit) RSUs Weighted Average Grant Date Fair Value (Per Unit) Unvested at January 1 1,754 $226.39 2,024 $173.32 Granted 380 $541.66 506 $274.46 Vested (488) $217.38 (516) $163.89 Forfeited (60) $207.43 (61) $187.76 Unvested at June 30 1,586 $305.21 1,953 $201.57 The approximate fair value of RSUs that vested during the six months ended June 30, 2026 and 2025 was $274.2 million and $130.8 million. During the six months ended June 30, 2026 and 2025, Quanta recognized $97.3 million and $66.7 million of non-cash stock compensation expense related to RSUs to be settled in common stock. As of June 30, 2026, there was $331.8 million of total unrecognized compensation expense related to unvested RSUs to be settled in common stock granted to both employees and non-employees. This cost is expected to be recognized over a weighted average period of 2.39 years. Performance Stock Units (PSUs) to be Settled in Common Stock A summary of the activity for PSUs to be settled in common stock for the six months ended June 30, 2026 and 2025 is as follows (PSUs in thousands): 2026 2025 PSUs Weighted Average Grant Date Fair Value (Per Unit) PSUs Weighted Average Grant Date Fair Value (Per Unit) Unvested at J …

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8. INCOME TAXES: Quantas effective tax rates for the three months ended June 30, 2026 and 2025 were 25.5% and 26.7%. The lower effective tax rate for the three months ended June 30, 2026 was primarily due to changes in the mix of earnings across the jurisdictions in which Quanta operates. Quantas effective tax rates for the six months ended June 30, 2026 and 2025 were 20.9% and 24.6%. The lower effective tax rate for the six months ended June 30, 2026 was primarily due to a $35.9 million increase in tax benefit from vested equity incentive awards. As of June 30, 2026, the total amount of unrecognized tax benefits relating to uncertain tax positions was $82.4 million, a net increase of $8.0 million from December 31, 2025, which primarily resulted from current year positions. Quantas consolidated federal income tax return for tax year 2024 is currently under examination by the Internal Revenue Service (IRS), and the consolidated federal income tax returns for tax years 2022 to 2023 remain open to examination by the IRS, as the applicable statute of limitations periods have not yet expired. Additionally, various state and foreign tax returns filed by Quanta and certain subsidiaries for multiple periods remain under examination by various U.S. state and foreign tax authorities. Quanta does not consider any U.S. state in which it does business to be a major tax jurisdiction. …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Recently Issued Accounting Standards There have been no developments to recently issued accounting standards, including the expected dates of adoption and estimated effects on Quantas consolidated financial statements and footnote disclosures, from those disclosed in Quantas Annual Report on Form 10-K for the year ended December 31, 2025. …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

2. REVENUE RECOGNITION AND RELATED BALANCE SHEET ACCOUNTS: Contracts Quantas services are generally provided pursuant to master service agreements (MSAs), repair and maintenance contracts, and fixed price and non-fixed price construction contracts. Contracts are combined if they are entered into at or near the same time as one another and negotiated as a group, in contemplation of one another, for a related commercial purpose. When applicable, the transaction price is allocated to performance obligations on the basis of relative standalone selling prices that is generally determined using an expected profit margin on anticipated costs related to the performance obligation. Quantas contracts are classified into three categories based on the methods by which transaction prices are determined and revenue is recognized: unit-price contracts, cost-plus contracts and fixed price contracts. The following tables present Quantas revenue disaggregated by contract type and by geographic location, as determined by the job location (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 By contract type: Fixed price contracts $ 6,083,463 63.7 % $ 3,948,454 58.3 % $ 10,857,267 62.3 % $ 7,703,780 59.2 % Unit-price contracts 1,770,593 18.5 1,734,144 25.6 3,492,799 20.0 3,189,630 24.5 Cost-plus contracts 1,702,941 17.8 1,090,409 16.1 3,081,718 17.7 2,112,931 16.3 Total revenues $ 9,556,997 100.0 % $ 6,773,007 100.0 % $ 17,431,784 100.0 % $ 13,006,341 100.0 % …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

3. SEGMENT INFORMATION: Quantas operations are managed by senior executives who report to its Chief Executive Officer, the chief operating decision maker. The Chief Executive Officer uses operating income for each of Quantas reportable segments and considers forecast to actual variances to assess performance and when making decisions about allocating capital, craft skill labor and other resources. Quantas two operating segments are also its two reportable segments: (1) Electric Infrastructure Solutions (Electric) and Underground Utility and Infrastructure Solutions (Underground and Infrastructure). Segment operating expenses (excluding depreciation expense) primarily include cost of services, such as wages and benefits; subcontractor costs; materials; certain equipment rental and maintenance costs, and other direct and indirect project costs, as well as allocated segment selling, general and administrative expenses. Integrated operations and common administrative support for Quantas operating companies require that allocations be made to determine segment profitability, including allocations of certain corporate shared and indirect operating costs, as well as general and administrative costs. Separate measures of Quantas assets and cash flows by reportable segment, including capital expenditures, are not produced or utilized by the Chief Executive Officer to evaluate segment performance since certain of Quantas fixed assets are used on an interchangeable basis across its repo …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

9. EQUITY: Stock Repurchases Quantas Board of Directors approved a new stock repurchase program, effective as of May 21, 2026, that authorizes Quanta to purchase, from time to time, up to $1.00 billion of its outstanding common stock, and as of June 30, 2026, $1.00 billion remained available under this repurchase program. Quantas prior stock repurchase program expired on June 30, 2026. During the six months ended June 30, 2026, Quanta did not repurchase any shares of its common stock in the open market under its stock repurchase programs. During the three months ended June 30, 2025, Quanta repurchased 67,172 shares of its common stock in the open market under its stock repurchase program for $16.0 million. During the six months ended June 30, 2025, Quanta repurchased 538,559 shares of its common stock in the open market under its stock repurchase program for $134.6 million. Repurchases may be implemented through open market repurchases or privately negotiated transactions, at managements discretion, based on market and business conditions, applicable contractual and legal requirements and other factors. Quanta is not obligated to acquire any specific amount of common stock, and the repurchase program may be modified or terminated by Quantas Board of Directors at any time at its sole discretion and without notice. Dividends Quanta declared and paid the following cash dividends and cash dividend equivalents during 2025 and the first six months of 2026 (in thousands, except per …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing