DETAIL OF CERTAIN ACCOUNTS

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

DETAIL OF CERTAIN ACCOUNTS:

Cash and Cash Equivalents

As of December 31, 2025 and 2024, cash equivalents were $227.6 million and $347.5 million and consisted primarily of money market investments, money market mutual funds and short-term deposits.

Cash and cash equivalents held by joint ventures, which are either consolidated or proportionately consolidated, are available to support joint venture operations, but Quanta cannot utilize those assets to support its other operations. Quanta generally has no right to cash and cash equivalents held by a joint venture other than participating in distributions, to the extent made, and in the event of dissolution. Cash and cash equivalents held by Quanta’s wholly-owned captive insurance company are generally not available for use in support of its other operations. Amounts related to cash and cash equivalents held by

consolidated or proportionately consolidated joint ventures and the captive insurance company, which are included in Quanta’s total cash and cash equivalents balances, were as follows (in thousands):


	December 31,
	2025		2024
Cash and cash equivalents held by domestic joint ventures	$	63,620	$	71,646
Cash and cash equivalents held by foreign joint ventures	10,639		10,088
Total cash and cash equivalents held by joint ventures	74,259		81,734
Cash and cash equivalents held by captive insurance company	19,595		19,445
Cash and cash equivalents not held by joint ventures or captive insurance company	345,654		640,781
Total cash and cash equivalents	$	439,508	$	741,960

Inventories

Inventories consisted of the following (in thousands):


	December 31,
	2025		2024
Construction materials and aviation spare parts	$	143,994	$	114,458
Raw materials	64,758		39,930
Work-in-process	4,427		4,607
Finished goods and merchandise purchased for resale	157,193		101,186
Total Inventories, net	$	370,372	$	260,181

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following (in thousands):


	December 31,
	2025		2024
Prepaid expenses	$	488,488	$	268,093
Other current assets	235,772		201,245
Prepaid expenses and other current assets	$	724,260	$	469,338

As of December 31, 2025 and 2024, prepaid expenses primarily include prepaid job costs, prepaid insurance expense and prepaid software expense.

Property and Equipment

Property and equipment consisted of the following (in thousands):


	Estimated Useful	December 31,
	Lives in Years	2025		2024
Land	N/A	$	158,270	$	134,590
Buildings and leasehold improvements	5-30	619,808		514,888
Operating machinery and equipment	1-25	2,474,357		2,160,333
Vehicles and aviation	2-25	1,488,986		1,187,538
Office equipment, furniture and fixtures and information technology systems	3-10	336,153		298,878
Construction work in progress	N/A	287,433		125,676
Finance lease assets and lease financing transactions	5-20	337,964		239,806
Property and equipment, gross		5,702,971		4,661,709
Less — Accumulated depreciation and amortization		(2,247,767)		(1,961,432)
Property and equipment, net of accumulated depreciation		$	3,455,204	$	2,700,277

Depreciation expense related to property and equipment is recognized on a straight-line basis over the estimated useful lives of the assets and was $411.5 million, $359.4 million and $324.8 million for the years ended December 31, 2025, 2024 and 2023. In addition, Quanta held property and equipment, net of $211.9 million and $177.9 million in foreign countries, primarily Canada, as of December 31, 2025 and 2024.

Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses consisted of the following (in thousands):


	December 31,
	2025		2024
Accounts payable, trade	$	2,832,600	$	2,096,125
Accrued compensation and related expenses	781,610		651,893
Other accrued expenses	965,248		974,325
Accounts payable and accrued expenses	$	4,579,458	$	3,722,343

As of December 31, 2025, other accrued expenses primarily include the current portion of accrued insurance liabilities as further described in Note 16, unearned revenues and income and franchise taxes payable. As of December 31, 2024, other accrued expenses primarily include these same items, as well as the current portion of contingent consideration liabilities as further described in Note 6.