v3.26.1
Debt Obligations
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Debt Obligations
7. DEBT OBLIGATIONS:
Quanta’s long-term debt obligations consisted of the following (in thousands):
June 30, 2026December 31, 2025
4.75% Senior Notes due August 2027
$600,000 $600,000 
4.30% Senior Notes due August 2028
500,000 500,000 
2.90% Senior Notes due October 2030
1,000,000 1,000,000 
4.50% Senior Notes due January 2031
500,000 500,000 
2.35% Senior Notes due January 2032
500,000 500,000 
5.25% Senior Notes due August 2034
650,000 650,000 
5.10% Senior Notes due August 2035
500,000 500,000 
3.05% Senior Notes due October 2041
500,000 500,000 
Borrowings under senior credit facility (including Term Loan)666,380 675,000 
Borrowings under commercial paper program448,000 316,000 
Lease financing transactions227,608 198,847 
Other long-term debt2,083 2,761 
Finance leases38,873 93,055 
Unamortized discount and financing costs(36,770)(40,757)
Total long-term debt obligations6,096,174 5,994,906 
Less — Current maturities of long-term debt674,312 763,898 
Total long-term debt obligations, net of current maturities$5,421,862 $5,231,008 
Quanta’s current maturities of long-term debt and short-term debt consisted of the following (in thousands):
June 30, 2026December 31, 2025
Current maturities of long-term debt$674,312 $763,898 
Short-term debt8,710 — 
Current maturities of long-term debt and short-term debt$683,022 $763,898 
Senior Notes
The interest amounts due on Quanta’s senior notes on each payment date are set forth below (dollars in thousands):
Title of the NotesInterest AmountPayment DatesCommencement Date
4.75% Senior Notes due August 2027
$14,250 February 9 and August 9February 9, 2025
4.30% Senior Notes due August 2028
$10,750 February 9 and August 9February 9, 2026
2.90% Senior Notes due October 2030
$14,500 April 1 and October 1April 1, 2021
4.50% Senior Notes due January 2031
$11,250 January 15 and July 15January 15, 2026
2.35% Senior Notes due January 2032
$5,875 January 15 and July 15July 15, 2022
5.25% Senior Notes due August 2034
$17,063 February 9 and August 9February 9, 2025
5.10% Senior Notes due August 2035
$12,750 February 9 and August 9February 9, 2026
3.05% Senior Notes due October 2041
$7,625 April 1 and October 1April 1, 2022
The fair value of Quanta’s senior notes was $4.48 billion as of June 30, 2026, compared to a carrying value of $4.71 billion net of unamortized bond discount, underwriting discounts and deferred financing costs of $36.6 million. The fair value of the senior notes is based on the quoted market prices for the same issue, and the senior notes are categorized as Level 1 liabilities.
Senior Credit Facility
As of June 30, 2026, the credit agreement for Quanta’s senior credit facility provided for a term loan facility with a maturity date of October 8, 2026, and aggregate revolving commitments of $2.80 billion, with a maturity date of July 31, 2030. In July 2026, Quanta increased its aggregate revolving commitments under the credit agreement for its senior credit facility from $2.80 billion to $2.98 billion and extended the maturity date for revolving loans under the credit agreement for its senior credit facility from July 31, 2030 to July 31, 2031. Borrowings under the senior credit facility, including the term loan, and the applicable interest rates were as follows (dollars in thousands):
Three Months EndedSix Months Ended
June 30,June 30,
2026202520262025
Maximum amount outstanding$686,076 $761,550 $719,483 $761,550 
Average daily amount outstanding$664,003 $694,775 $667,615 $707,584 
Weighted-average interest rate4.91 %5.63 %4.94 %5.68 %
As of June 30, 2026, Quanta was in compliance with all of the financial covenants under the credit agreement.
Term Loan. As of June 30, 2026, Quanta had $637.5 million outstanding under its term loan facility. The carrying amount of the term loan under Quanta’s senior credit facility approximates fair value due to its variable interest rate.
Revolving Loans. As of June 30, 2026, Quanta had $28.9 million of outstanding revolving loans under the senior credit facility, all of which were denominated in Canadian dollars. Available commitments for revolving loans under Quanta’s senior credit facility must be maintained to provide credit support for notes issued under Quanta’s commercial paper program, and therefore such notes effectively reduce the available capacity under its senior credit facility.
Letters of Credit. As of June 30, 2026, Quanta had $63.4 million of letters of credit issued under the senior credit facility, which were primarily denominated in U.S. dollars.
As of June 30, 2026, $2.26 billion remained available under the senior credit facility for new revolving loans, letters of credit and support of the commercial paper program.
Commercial Paper Program
As of June 30, 2026, Quanta had $448.0 million of outstanding unsecured notes under its commercial paper program, with a weighted average interest rate of 4.00%. The carrying amounts of the notes issued under Quanta’s commercial paper program approximate fair value, and the notes currently have a weighted average maturity of one day.
Borrowings under the commercial paper program and the applicable interest rates were as follows (dollars in thousands):
Three Months EndedSix Months Ended
June 30,June 30,
2026202520262025
Maximum amount outstanding$1,000,000 $897,500 $1,000,000 $897,500 
Average daily amount outstanding $434,874 $591,190 $448,783 $383,818 
Weighted-average interest rate4.11 %4.90 %4.02 %4.82 %
Subsequent to June 30, 2026, Quanta increased the maximum aggregate amount of its existing unsecured commercial paper program from $2.80 billion to $2.98 billion of notes outstanding at any time. Such increase will be effective August 8, 2026.
Additional Letters of Credit
As of June 30, 2026, Quanta had $788.0 million of letters of credit issued outside of its senior credit facility, which were primarily denominated in U.S. dollars.