v3.26.3
Segment Information
 9 Months Ended
Sep. 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: 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 September 30, 2026ElectricUnderground and InfrastructureTotal
Revenues
$9,799,838 $2,215,039 $12,014,877 
Segment operating expense (excluding segment depreciation expense)
8,481,235 1,982,711 10,463,946 
Segment depreciation expense
90,453 24,376 114,829 
Segment operating expenses
8,571,688 2,007,087 10,578,775 
Equity in earnings of integral unconsolidated affiliates9,987 — 9,987 
Segment operating income
$1,238,137 $207,952 $1,446,089 
Segment operating margin
12.6 %9.4 %
Corporate and non-allocated costs (1)
(419,542)
Total consolidated operating income
$1,026,547 
Three Months Ended September 30, 2025ElectricUnderground and InfrastructureTotal
Revenues
$6,172,019 $1,459,389 $7,631,408 
Segment operating expense (excluding segment depreciation expense)
5,409,552 1,310,598 6,720,150 
Segment depreciation expense
72,359 26,575 98,934 
Segment operating expenses
5,481,911 1,337,173 6,819,084 
Equity in earnings of integral unconsolidated affiliates13,731 — 13,731 
Segment operating income
$703,839 $122,216 $826,055 
Segment operating margin
11.4 %8.4 %
Corporate and non-allocated costs (1)
(308,838)
Total consolidated operating income
$517,217 
Nine Months Ended September 30, 2026ElectricUnderground and InfrastructureTotal
Revenues$24,106,300 $5,340,361 $29,446,661 
Segment operating expense (excluding segment depreciation expense)21,184,939 4,796,501 25,981,440 
Segment depreciation expense259,963 74,519 334,482 
Segment operating expenses21,444,902 4,871,020 26,315,922 
Equity in earnings of integral unconsolidated affiliates36,046 — 36,046 
Segment operating income$2,697,444 $469,341 $3,166,785 
Segment operating margin11.2 %8.8 %
Corporate and non-allocated costs (1)
(1,106,625)
Total consolidated operating income$2,060,160 
Nine Months Ended September 30, 2025ElectricUnderground and Infrastructure Total
Revenues$16,574,484 $4,063,265 $20,637,749 
Segment operating expense (excluding segment depreciation expense)14,743,565 3,695,534 18,439,099 
Segment depreciation expense207,400 77,945 285,345 
Segment operating expenses14,950,965 3,773,479 18,724,444 
Equity in earnings of integral unconsolidated affiliates41,104 — 41,104 
Segment operating income$1,664,623 $289,786 $1,954,409 
Segment operating margin10.0 %7.1 %
Corporate and non-allocated costs (1)
(827,829)
Total consolidated operating income$1,126,580 
(1)    Corporate and non-allocated costs included amortization expense of $188.6 million and $133.2 million and non-cash stock-based compensation of $67.9 million and $46.9 million for the three months ended September 30, 2026 and 2025. Corporate and non-allocated costs included amortization expense of $498.0 million and $355.9 million and non-cash stock-based compensation of $193.9 million and $129.1 million for the nine months ended September 30, 2026 and 2025.