v3.26.1
Segment Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Information
3. 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. Quanta’s two operating segments are also its two reportable segments: (1) Electric Infrastructure Solutions (Electric) and Underground Utility and Infrastructure Solutions (Underground and Infrastructure).
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.
Three Months Ended June 30, 2026ElectricUnderground and InfrastructureTotal
Revenues
$7,837,805 $1,719,192 $9,556,997 
Segment operating expense (excluding segment depreciation expense)
6,864,432 1,538,774 8,403,206 
Segment depreciation expense
86,738 24,646 111,384 
Segment operating expenses
6,951,170 1,563,420 8,514,590 
Equity in earnings of integral unconsolidated affiliates11,590 — 11,590 
Segment operating income
$898,225 $155,772 $1,053,997 
Segment operating margin
11.5 %9.1 %
Corporate and non-allocated costs (1)
(359,163)
Total consolidated operating income
$694,834 
Three Months Ended June 30, 2025ElectricUnderground and InfrastructureTotal
Revenues
$5,458,074 $1,314,933 $6,773,007 
Segment operating expense (excluding segment depreciation expense)
4,851,168 1,198,929 6,050,097 
Segment depreciation expense
68,730 25,301 94,031 
Segment operating expenses
4,919,898 1,224,230 6,144,128 
Equity in earnings of integral unconsolidated affiliates14,444 — 14,444 
Segment operating income
$552,620 $90,703 $643,323 
Segment operating margin
10.1 %6.9 %
Corporate and non-allocated costs (1)
(273,041)
Total consolidated operating income
$370,282 
Six Months Ended June 30, 2026ElectricUnderground and InfrastructureTotal
Revenues$14,306,462 $3,125,322 $17,431,784 
Segment operating expense (excluding segment depreciation expense)12,703,704 2,813,790 15,517,494 
Segment depreciation expense169,510 50,143 219,653 
Segment operating expenses12,873,214 2,863,933 15,737,147 
Equity in earnings of integral unconsolidated affiliates26,059 — 26,059 
Segment operating income$1,459,307 $261,389 $1,720,696 
Segment operating margin10.2 %8.4 %
Corporate and non-allocated costs (1)
(687,083)
Total consolidated operating income$1,033,613 
Six Months Ended June 30, 2025ElectricUnderground and Infrastructure Total
Revenues$10,402,465 $2,603,876 $13,006,341 
Segment operating expense (excluding segment depreciation expense)9,334,013 2,384,936 11,718,949 
Segment depreciation expense135,041 51,370 186,411 
Segment operating expenses9,469,054 2,436,306 11,905,360 
Equity in earnings of integral unconsolidated affiliates27,373 — 27,373 
Segment operating income$960,784 $167,570 $1,128,354 
Segment operating margin9.2 %6.4 %
Corporate and non-allocated costs (1)
(518,991)
Total consolidated operating income$609,363 
(1)    Corporate and non-allocated costs included amortization expense of $157.0 million and $113.2 million and non-cash stock-based compensation of $63.4 million and $44.1 million for the three months ended June 30, 2026 and 2025. Corporate and non-allocated costs included amortization expense of $309.3 million and $222.7 million and non-cash stock-based compensation of $126.0 million and $82.2 million for the six months ended June 30, 2026 and 2025 .