The following table shows segment financial information in thousands of dollars for the periods presented. All revenues are from external customers. Segment operating margin is calculated by dividing operating income by revenues.


Year Ended December 31, 2024	Electric Power (1)			Renewable Energy			Underground and Infrastructure (2)			Total
Revenues	$	11,166,495		$	7,845,884		$	4,660,416		$	23,672,795

Segment operating expenses (excluding depreciation expense)	9,757,100			7,098,309			4,308,470			21,163,879
Depreciation expense	168,299			80,463			86,916			335,678
Segment operating expenses	9,925,399			7,178,772			4,395,386			21,499,557
Equity in earnings on integral unconsolidated affiliates	50,484			—			—			50,484
Segment operating income	$	1,291,580		$	667,112		$	265,030		$	2,223,722
Segment operating margin	11.6		%	8.5		%	5.7		%
Corporate and non-allocated costs (3)										(877,254)
Total consolidated operating income										$	1,346,468


Year Ended December 31, 2023	Electric Power			Renewable Energy			Underground and Infrastructure			Total
Revenues	$	9,696,897		$	6,170,301		$	5,015,008		$	20,882,206

Segment operating expenses (excluding depreciation expense)	8,556,670			5,638,724			4,559,507			18,754,901
Depreciation expense	168,486			54,369			77,524			300,379
Segment operating expenses	8,725,156			5,693,093			4,637,031			19,055,280
Equity in earnings on integral unconsolidated affiliates	41,609			—			—			41,609
Segment operating income	$	1,013,350		$	477,208		$	377,977		$	1,868,535
Segment operating margin	10.5		%	7.7		%	7.5		%
Corporate and non-allocated costs (3)										(740,559)
Total consolidated operating income										$	1,127,976


Year ended December 31, 2022	Electric Power			Renewable Energy (4)			Underground and Infrastructure			Total
Revenues	$	8,940,276		$	3,778,560		$	4,355,067		$	17,073,903

Segment operating expenses (excluding depreciation expense)	7,884,793			3,433,717			3,954,407			15,272,917
Depreciation expense	149,151			40,535			83,117			272,803
Segment operating expenses	8,033,944			3,474,252			4,037,524			15,545,720
Equity in earnings on integral unconsolidated affiliates	52,466			—			—			52,466
Segment operating income	$	958,798		$	304,308		$	317,543		$	1,580,649
Segment operating margin	10.7		%	8.1		%	7.3		%
Corporate and non-allocated costs (3)										(708,591)
Total consolidated operating income										$	872,058

(1) Included in the Electric Power segment revenues during the year ended December 31, 2024 was $30.2 million recognized in connection with payments received pursuant to an arbitration award related to a large telecommunications project in Peru that was terminated during 2019 as described in Peru Project Dispute in Note 16. The segment operating income impact related to such payments was $20.7 million, including the reimbursement of certain cost of services and net of foreign currency translation losses in connection with Quanta’s substantial liquidation from Latin American operations.

(2) Included in operating expenses (excluding depreciation expense) for the Underground and Infrastructure segment during the year ended December 31, 2024 was a loss of $11.9 million related to the disposition of a non-core business.

(3) Corporate and non-allocated costs included amortization expense of $383.0 million, $289.0 million and $354.0 million and non-cash stock-based compensation of $150.5 million, $126.8 million and $105.6 million for the years ended December 31, 2024, 2023 and 2022.

(4) Included in operating expenses (excluding depreciation expense) for the Renewable Energy segment during the year ended December 31, 2022 was $11.7 million of asset impairment charges related to a software implementation project at an acquired company, which commenced prior to Quanta’s acquisition and was discontinued in the fourth quarter of 2022. The fair value of this software was zero at December 31, 2022.