v3.26.3
Debt Obligations
 9 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
Debt Obligations
7. DEBT OBLIGATIONS:
Quanta’s long-term debt obligations consisted of the following (in thousands):
September 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 
4.85% Senior Notes due August 2029
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 
5.30% Senior Notes due August 2033
750,000 — 
5.25% Senior Notes due August 2034
650,000 650,000 
5.10% Senior Notes due August 2035
500,000 500,000 
5.55% Senior Notes due August 2036
750,000 — 
3.05% Senior Notes due October 2041
500,000 500,000 
Borrowings under senior credit facility including Term Loan as of December 31, 202520,375 675,000 
Borrowings under commercial paper program— 316,000 
Lease financing transactions225,911 198,847 
Other long-term debt1,745 2,761 
Finance leases48,839 93,055 
Unamortized discount and financing costs(55,793)(40,757)
Total long-term debt obligations6,991,077 5,994,906 
Less — Current maturities of long-term debt639,343 763,898 
Total long-term debt obligations, net of current maturities$6,351,734 $5,231,008 
Senior Notes
In August 2026, Quanta issued $2.00 billion aggregate principal amount of senior notes consisting of $500.0 million aggregate principal amount of 4.85% senior notes due August 2029 (the 2029 notes), $750.0 million aggregate principal amount of 5.30% senior notes due August 2033 (the 2033 notes) and $750.0 million aggregate principal amount of 5.55% senior notes due August 2036 (the 2036 notes). The cumulative proceeds from the public offering of the 2029 notes, 2033 notes and 2036 notes were $1.98 billion, net of the original issue discount, underwriting discounts and deferred financing costs. The 2029 notes, 2033 notes and 2036 notes rank equally in right of payment with all of Quanta’s existing and future senior unsecured indebtedness. Quanta used a portion of the proceeds to repay certain outstanding borrowings and the remainder has been or will be utilized for general corporate purposes.
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
4.85% Senior Notes due August 2029
$12,125 February 9 and August 9February 9, 2027
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
5.30% Senior Notes due August 2033
$19,875 February 9 and August 9February 9, 2027
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
5.55% Senior Notes due August 2036
$20,813 February 9 and August 9February 9, 2027
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 $6.23 billion as of September 30, 2026, compared to a carrying value of $6.69 billion net of unamortized bond discount, underwriting discounts and deferred financing costs of $55.8 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 September 30, 2026, the credit agreement for Quanta’s senior credit facility provided for aggregate revolving commitments of $2.98 billion, with a maturity date of July 31, 2031. 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.
On September 1, 2026, Quanta repaid the full $618.8 million outstanding balance of the term loan under the senior credit facility.
Borrowings under the senior credit facility, including the term loan prior to its repayment, and the applicable interest rates were as follows (dollars in thousands):
Three Months EndedNine Months Ended
September 30,September 30,
2026202520262025
Maximum amount outstanding$670,936 $1,444,375 $719,483 $1,444,375 
Average daily amount outstanding$430,289 $735,573 $587,637 $717,016 
Weighted-average interest rate4.94 %5.77 %4.94 %5.71 %
As of September 30, 2026, Quanta was in compliance with all of the financial covenants under the credit agreement.
Revolving Loans. As of September 30, 2026, Quanta had $20.4 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 September 30, 2026, Quanta had $63.5 million of letters of credit issued under the senior credit facility, which were primarily denominated in U.S. dollars.
As of September 30, 2026, $2.90 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 September 30, 2026, Quanta had no outstanding unsecured notes under its commercial paper program.
Borrowings under the commercial paper program and the applicable interest rates were as follows (dollars in thousands):
Three Months EndedNine Months Ended
September 30,September 30,
2026202520262025
Maximum amount outstanding$880,000 $1,500,000 $1,000,000 $1,500,000 
Average daily amount outstanding $233,315 $657,000 $376,171 $475,880 
Weighted-average interest rate3.99 %4.64 %4.01 %4.75 %
Effective August 8, 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.
Additional Letters of Credit
As of September 30, 2026, Quanta had $847.9 million of letters of credit issued outside of its senior credit facility, which were primarily denominated in U.S. dollars.