
	2026		2025
	RSUs	Weighted Average Grant Date Fair Value (Per Unit)	RSUs	Weighted Average Grant Date Fair Value (Per Unit)
Unvested at January 1	1,754	$226.39	2,024	$173.32
Granted	380	$541.66	506	$274.46
Vested	(488)	$217.38	(516)	$163.89
Forfeited	(60)	$207.43	(61)	$187.76
Unvested at June 30	1,586	$305.21	1,953	$201.57

During the six months ended June 30, 2026 and 2025, Quanta recognized $97.3 million and $66.7 million of non-cash stock compensation expense related to RSUs to be settled in common stock. As of June 30, 2026, there was $331.8 million of total unrecognized compensation expense related to unvested RSUs to be settled in common stock granted to both employees and non-employees. This cost is expected to be recognized over a weighted average period of 2.39 years.


	2026		2025
	PSUs	Weighted Average Grant Date Fair Value (Per Unit)	PSUs	Weighted Average Grant Date Fair Value (Per Unit)
Unvested at January 1	348	$224.15	425	$177.69
Granted	193	$788.00	92	$259.17
Vested	(149)	$174.50	(165)	$123.88

Unvested at June 30	392	$520.57	352	$224.11

On April 10, 2026, the Compensation Committee of the Board of Directors approved incentive compensation awards to certain senior leadership employees in the form of PSUs to be settled in shares of Quanta’s common stock. The number of PSUs that may be earned will be determined at the conclusion of a five-year performance period ending on December 31, 2030 based on pre-established performance goals. Specifically, the amount of PSUs that may be earned can be up to 300% of the target amount based on achievement of a specified compound annual growth rate for adjusted earnings per share by the end of the performance period, with a potential multiplier of up to 200% of such amount based on a specified compound annual growth rate for total shareholder return as of the end of the performance period (for maximum earned PSUs of up to 600% of target).


	2026	2025
Valuation date price based on closing stock prices of Quanta common stock on February 26, 2026 and April 10, 2026 for 2026 and February 27, 2025 for 2025	$565.05 and $585.36	$259.26
Expected volatility (1)	35%	34%
Risk-free interest rate	3.45% - 3.85%	4.05%
Term in years	2.85 to 4.73	2.84

(1) The expected volatility inputs for Quanta are based on historical volatility, which is based on Quanta’s dividend-adjusted closing prices over a period equivalent to the performance period.

During the six months ended June 30, 2026 and 2025, Quanta recognized $28.7 million and $15.5 million of non-cash stock compensation expense related to PSUs to be settled in common stock.

As of June 30, 2026, there was an estimated $56.5 million of total unrecognized compensation expense related to unearned and unvested PSUs. This amount is based on forecasted attainment of performance metrics and estimated forfeitures of unearned and unvested PSUs. The compensation expense related to outstanding PSUs can vary from period to period based on changes in forecasted achievement of established performance goals and the total number of shares of common stock that Quanta anticipates will be issued upon vesting of such PSUs. This cost is expected to be recognized over a weighted average period of 1.94 years.

During each of the six months ended June 30, 2026 and 2025, 0.3 million shares of common stock were issued in connection with earned and vested PSUs. The approximate fair values of PSUs earned and vested during the six months ended June 30, 2026 and 2025 were $158.6 million and $83.9 million.