v3.25.4
ACQUISITIONS (Tables)
 12 Months Ended
Dec. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Aggregate Consideration Paid or Payable and Allocation of Net Assets The following table summarizes the estimated fair value of total consideration transferred or estimated to be transferred and the fair value of assets acquired, liabilities assumed and non-controlling interest recognized as of their respective acquisition dates as of December 31, 2025 for acquisitions completed in the year ended December 31, 2025 and 2024 (in thousands):
Year Ended December 31,
20252024
Dynamic SystemsAll OthersCEIAll Others
Consideration:
Cash paid or payable$1,264,009 $1,997,842 $1,654,967 $540,882 
Value of Quanta common stock issued218,756 284,478 216,264 74,797 
Contingent consideration190,561 188,737 163,999 24,266 
Fair value of total consideration transferred or estimated to be transferred$1,673,326 $2,471,057 $2,035,230 $639,945 
Cash and cash equivalents$66,696 $125,040 $414,705 $31,403 
Accounts receivable279,720 608,139 339,254 72,263 
Contract assets9,859 62,415 92,160 8,995 
Inventories1,955 3,479 — 46,345 
Prepaid expenses and other current assets1,303 23,054 23,233 12,455 
Property and equipment30,398 237,197 32,207 92,214 
Operating lease right-of-use assets19,281 21,987 28,906 25,429 
Other assets9,767 2,395 35,713 616 
Identifiable intangible assets532,400 1,010,069 669,000 211,042 
Current portion of operating lease liabilities(4,850)(4,605)(10,665)(4,908)
Accounts payable and accrued expenses(97,541)(275,879)(315,436)(72,885)
Contract liabilities(145,553)(140,618)(222,538)(28,434)
Operating lease liabilities, net of current portion(14,431)(17,385)(19,448)(20,524)
Deferred income taxes— (81,443)(15,936)(48,646)
Insurance and other non-current liabilities— (11,983)(11,011)(9,744)
Non-controlling interest
— (84,379)— — 
Total identifiable net assets689,004 1,477,483 1,040,144 315,621 
Goodwill984,322 993,574 995,086 324,324 
Fair value of net assets acquired$1,673,326 $2,471,057 $2,035,230 $639,945 
Estimated Fair Values of Identifiable Intangible Assets and Related Weighted Average Amortization The following table summarizes the estimated fair values of identifiable intangible assets for the acquisitions completed in 2025 and 2024 as of the acquisition dates and the related weighted average amortization periods by type (in thousands, except for weighted average amortization periods, which are in years).
Year Ended December 31, 2025
Dynamic SystemsAll Others
Estimated Fair ValueAmortization Period in YearsEstimated Fair ValueWeighted Average Amortization Period in Years
Customer relationships$355,000 8.0$758,389 7.1
Backlog58,200 2.0116,635 1.6
Trade names101,000 15.0123,366 15.0
Non-compete agreements18,200 5.011,679 5.0
Total identifiable intangible assets $532,400 8.6$1,010,069 7.4
Year Ended December 31, 2024
CEIAll Others
Estimated Fair ValueAmortization Period in YearsEstimated Fair ValueWeighted Average Amortization Period in Years
Customer relationships$404,000 8.0$163,355 7.1
Backlog90,000 3.021,425 2.8
Trade names175,000 15.020,542 14.9
Non-compete agreements— N/A3,444 5.0
Patented rights, developed technology, process certifications and other— N/A2,276 15.0
Total identifiable intangible assets $669,000 9.2$211,042 7.4
Significant Estimates Used by Management in Determining Fair Values of Intangible Assets The following table includes the discount rates and customer attrition rates used to determine the fair value of customer relationships for businesses acquired during the year ended December 31, 2025 and 2024 as of the respective acquisition dates:
Year Ended December 31,
 20252024
RangeWeighted AverageRangeWeighted Average
Discount rates
13% to 20%
16%
15% to 24%
15%
Customer attrition rates
5% to 30%
11%
10% to 25%
11%
Aggregate Fair Values of Outstanding and Unearned Contingent Consideration Liabilities The aggregate fair value of outstanding contingent consideration liabilities for acquisitions completed prior to December 31, 2025 and their classification in the accompanying consolidated balance sheets is as follows (in thousands):
 December 31, 2025December 31, 2024
Accounts payable and accrued expenses$7,333 $152,030 
Insurance and other non-current liabilities586,496 192,954 
Total contingent consideration liabilities$593,829 $344,984 
Unaudited Supplemental Pro Forma Results of Operations
The following unaudited supplemental pro forma results of operations for Quanta, which incorporate the acquisitions completed in 2025, 2024 and 2023, have been provided for illustrative purposes only and may not be indicative of the actual results that would have been achieved by the combined companies for the periods presented or that may be achieved by the combined companies in the future (in thousands).
Year Ended December 31,
 202520242023
Revenues$30,550,869 $28,221,667 $23,403,024 
Net income attributable to common stock (1)
$1,005,724 $582,499 $638,973 
(1)    The pro forma results of operations for the year ended December 31, 2025 include one-time acquisition-related expenses of $78.7 million ($58.2 million net of tax) for pre-acquisition transaction costs incurred by certain acquired businesses. The pro forma results of operations for the year ended December 31, 2024 include one-time acquisition-related expenses of $453.8 million ($335.8 million net of tax) for pre-acquisition transaction costs incurred by CEI, primarily related to the vesting and increase in value of stock appreciation rights as a result of the acquisition.
Included in Quanta’s consolidated results of operations were the following revenues and income before income taxes related to acquisitions completed in each respective year (in thousands). Also included in Quanta’s consolidated results of operations for the years ended December 31, 2025, 2024 and 2023 were acquisition costs of $48.8 million, $17.1 million and $31.8 million related to the acquisitions completed in 2025, 2024 and 2023, respectively.
 Year Ended December 31,
 202520242023
Revenues$1,114,577 $1,596,606 $475,223 
Income before income taxes
$83,113 $17,744 $15,871