
	December 31, 2025		December 31, 2024
Equity method investments - integral unconsolidated affiliates	$	265,094	$	101,460
Equity method investments - non-integral unconsolidated affiliates	76,134		77,617
Non-marketable equity securities	70,453		62,539
Total equity investments	$	411,681	$	241,616

harvesting, treating and manufacturing wood utility poles and laminated wood products for utility and telecommunication companies. Quanta’s investment is accounted for as an equity method investment and the investee is considered to be an integral unconsolidated affiliate.

During the year ended December 31, 2024, Quanta sold a non-integral equity method investment and recognized a $12.6 million gain, $5.0 million of which was attributable to non-controlling interests. Also during the year ended December 31, 2024, Quanta received $35.4 million in cash related to the sale of this investment, $5.0 million of which was distributed to non-controlling interests.

During the three months ended December 31, 2022, Quanta entered into an agreement to sell a non-integral equity method investment. The transaction was subject to certain customary closing conditions that were satisfied in early 2023. As a result, a $25.9 million gain was recognized in the fourth quarter of 2022, $10.4 million of which was attributable to non-controlling interests. During the year ended December 31, 2023, Quanta received $58.5 million in cash related to the sale of this investment, $9.8 million of which was distributed to non-controlling interests.

As of December 31, 2025 and 2024, Quanta had receivables of $165.0 million and $133.3 million from its unconsolidated affiliates and payables of $20.3 million and $15.4 million to its unconsolidated affiliates. Quanta recognized revenues of $163.2 million, $226.2 million and $215.0 million during the years ended December 31, 2025, 2024 and 2023 from services provided to its unconsolidated affiliates. The receivables balances and revenues recognized are primarily related to services provided to LUMA Energy, LLC (LUMA), Quanta’s joint venture that operates and maintains the electric transmission and distribution system in Puerto Rico, at cost. During the years ended December 31, 2025, 2024 and 2023, Quanta recognized costs of services of $527.8 million, $411.4 million and $201.3 million for services provided to Quanta by unconsolidated affiliates other than LUMA.

Total equity in earnings from integral unconsolidated affiliates was $55.6 million, $50.5 million, and $41.6 million for the years ended December 31, 2025, 2024 and 2023. Total equity in (losses) earnings from non-integral unconsolidated affiliates was $(9.2) million, $2.6 million and $1.3 million for the years ended December 31, 2025, 2024 and 2023. Equity in losses and earnings from non-integral unconsolidated affiliates are included in “Other income, net” in the accompanying consolidated statements of operations. As of December 31, 2025, Quanta had $62.4 million of undistributed earnings from unconsolidated affiliates.

Any difference between Quanta’s carrying value and the underlying equity in the net assets of its equity investments is assigned to the assets and liabilities of the investment and gives rise to a basis difference, which was $168.0 million and $44.5 million as of December 31, 2025 and 2024. The amortization of the basis difference is primarily included in “Equity in earnings of integral unconsolidated affiliates” in the accompanying consolidated statements of operations for the years ended December 31, 2025, 2024 and 2023, was $7.3 million, $4.3 million and $6.2 million.