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, 2025	Electric			Underground and Infrastructure			Total
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 expense	285,132			106,066			391,198
Segment operating expenses	20,696,841			5,079,953			25,776,794
Equity in earnings on integral unconsolidated affiliates	55,635			—			55,635
Segment operating income	$	2,360,262		$	398,276		$	2,758,538
Segment operating margin	10.3		%	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 expense	248,762			86,916			335,678
Segment operating expenses	17,104,171			4,395,386			21,499,557
Equity in earnings on integral unconsolidated affiliates	50,484			—			50,484
Segment operating income	$	1,958,692		$	265,030		$	2,223,722
Segment operating margin	10.3		%	5.7		%
Corporate and non-allocated costs (1)							(877,254)
Total consolidated operating income							$	1,346,468


Year ended December 31, 2023	Electric			Underground 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 expense	222,855			77,524			300,379
Segment operating expenses	14,418,249			4,637,031			19,055,280
Equity in earnings on integral unconsolidated affiliates	41,609			—			41,609
Segment operating income	$	1,490,558		$	377,977		$	1,868,535
Segment operating margin	9.4		%	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.