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SEGMENT INFORMATION
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION:
Quanta’s 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 Quanta’s 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, Quanta’s 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 management’s 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. Quanta’s 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 and repair and maintenance services for electric power transmission and distribution infrastructure, both overhead and underground, and substation facilities, along with other engineering and technical services, including services that support the implementation of upgrades by utilities to modernize and harden the electric power grid in order to ensure its safety and
enhance reliability, to interconnect and transmit electricity from power generation and battery storage facilities and to accommodate increased residential and commercial use of electric vehicles. In addition, this segment provides engineering, procurement, new construction, repowering, and repair and maintenance services for power generation facilities, such as utility-scale wind, solar and hydropower generation facilities and battery storage facilities, as well as emergency restoration services, including the repair of infrastructure damaged by fire and inclement weather and the installation of “smart grid” technologies on electric power networks. This segment also provides comprehensive design and construction solutions to wireline and wireless communications companies; electrical systems for technology, advanced manufacturing and industrial facilities and other load centers; and cable multi-system operators and other customers within the communications industry, as well as other related services. Additionally, this segment manufactures power transformers and components for the electric utility, renewable energy, municipal power and industrial markets.
Underground and Infrastructure. Quanta’s Underground and Infrastructure segment provides comprehensive infrastructure solutions to customers involved in the transportation, distribution, storage, development and processing of natural gas, oil and other products. Services include, but are not limited to design, engineering, procurement, new construction, upgrade and repair and maintenance services for natural gas systems for gas utility customers; pipeline construction protection, integrity testing, rehabilitation and replacement services; and civil solutions. Additionally, Quanta serves the midstream and downstream industrial energy markets through catalyst replacement services, high-pressure and critical-path turnaround services, instrumentation and electrical services, piping, fabrication and storage tank services. In addition, this segment provides turnkey mechanical plumbing and process infrastructure solutions for large load facilities in the technology, semiconductor, healthcare and other industries.
Quanta’s segment results are derived from the types of services provided across its operating companies in each of its end user markets. Quanta’s entrepreneurial business model allows multiple operating companies to serve the same or similar customers and to provide a range of services across end user markets. Reportable segment information, including revenues and operating income by type of work, is gathered from each operating company. Classification of operating company revenues by type of work for segment reporting purposes can require judgment on the part of management.
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 Quanta’s 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 Quanta’s 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 Quanta’s fixed assets are used on an interchangeable basis across its reportable segments. As such, for reporting purposes, total depreciation expense is determined quarterly by allocating depreciation expense at each legal entity to Quanta’s reportable segments based on the ratio of each legal entity’s revenue contribution to each of Quanta’s segments.
Corporate and non-allocated costs include corporate facility costs; non-allocated corporate salaries, benefits and incentive compensation; acquisition and integration costs; non-cash stock-based compensation; amortization related to intangible assets; asset impairment related to goodwill and intangible assets; and change in fair value of contingent consideration liabilities.
The following tables show 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, 2025ElectricUnderground and InfrastructureTotal
Revenues$23,001,468 $5,478,229 $28,479,697 
Segment operating expense (excluding segment depreciation expense)20,411,709 4,973,887 25,385,596 
Segment depreciation expense285,132 106,066 391,198 
Segment operating expenses20,696,841 5,079,953 25,776,794 
Equity in earnings on integral unconsolidated affiliates55,635 — 55,635 
Segment operating income $2,360,262 $398,276 $2,758,538 
Segment operating margin10.3 %7.3 %
Corporate and non-allocated costs (1)
(1,147,029)
Total consolidated operating income$1,611,509 
Year Ended December 31, 2024
Electric (2)
Underground and Infrastructure (3)
Total
Revenues$19,012,379 $4,660,416 $23,672,795 
Segment operating expense (excluding segment depreciation expense)16,855,409 4,308,470 21,163,879 
Segment depreciation expense248,762 86,916 335,678 
Segment operating expenses17,104,171 4,395,386 21,499,557 
Equity in earnings on integral unconsolidated affiliates50,484 — 50,484 
Segment operating income$1,958,692 $265,030 $2,223,722 
Segment operating margin10.3 %5.7 %
Corporate and non-allocated costs (1)
(877,254)
Total consolidated operating income$1,346,468 
Year ended December 31, 2023ElectricUnderground and Infrastructure Total
Revenues$15,867,198 $5,015,008 $20,882,206 
Segment operating expense (excluding segment depreciation expense)14,195,394 4,559,507 18,754,901 
Segment depreciation expense222,855 77,524 300,379 
Segment operating expenses14,418,249 4,637,031 19,055,280 
Equity in earnings on integral unconsolidated affiliates41,609 — 41,609 
Segment operating income$1,490,558 $377,977 $1,868,535 
Segment operating margin9.4 %7.5 %
Corporate and non-allocated costs (1)
(740,559)
Total consolidated operating income$1,127,976 
(1)    Corporate and non-allocated costs included amortization expense of $498.8 million, $383.0 million and $289.0 million and non-cash stock-based compensation of $181.9 million, $150.5 million and $126.8 million for the years ended December 31, 2025, 2024 and 2023.
(2)    Included in the Electric 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. 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.
(3)    Included in operating expenses (excluding segment depreciation expense) for the Underground and Infrastructure segment during the year ended December 31, 2024 were losses of $11.9 million related to the disposition of a non-core business.