Acquisitions (Tables)

9 Months Ended

Sep. 30, 2026

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Business Combination, Recognized Asset Acquired and Liability Assumed

The following table summarizes the estimated fair value of total consideration transferred or estimated to be transferred and the fair value of assets acquired and liabilities assumed recognized as of their respective acquisition dates as of September 30, 2026 for acquisitions completed in the nine months ended September 30, 2026 (in thousands):


	September 30, 2026
Consideration:
Cash paid or payable	$	1,290,506
Value of Quanta common stock issued	299,555
Contingent consideration	209,605
Fair value of total consideration transferred or estimated to be transferred	$	1,799,666

Cash and cash equivalents	$	219,797
Accounts receivable	611,942
Contract assets	57,405
Inventories	815
Prepaid expenses and other current assets	22,278
Property and equipment	67,369
Operating lease right-of-use assets	38,316
Other assets	36,799
Identifiable intangible assets	772,233
Current portion of operating lease liabilities	(6,306)
Accounts payable and accrued expenses	(364,364)
Contract liabilities	(294,225)
Operating lease liabilities, net of current portion	(32,010)
Deferred income taxes	(25,401)
Insurance and other non-current liabilities	(192)
Total identifiable net assets	1,104,456
Goodwill	695,210
Fair value of net assets acquired	$	1,799,666

Business Combination, Intangible Asset, Acquired, Finite-Lived and Indefinite-Lived

The following table summarizes the estimated fair values of identifiable intangible assets for the acquisitions completed in the nine months ended September 30, 2026 as of the acquisition dates and the

related weighted average amortization periods by type (in thousands, except for weighted average amortization periods, which are in years).


	Nine Months Ended September 30, 2026
	Estimated Fair Value		Weighted Average Amortization Period in Years
Customer relationships	$	565,235	7.0
Trade names	109,044		15.0
Backlog	94,254		1.5
Non-compete agreements	3,700		5.0

Total identifiable intangible assets	$	772,233	7.5

Fair Value Measurement Inputs and Valuation Techniques

The following table includes the discount rates and customer attrition rates used to determine the fair value of customer relationships for businesses acquired during the nine months ended September 30, 2026 as of the respective acquisition dates:

Nine Months Ended

September 30, 2026

Range

Weighted Average

Discount rates

13% to 29%

19%

Customer attrition rates

10% to 20%

11%

Summary of Contingent Consideration Liabilities

The aggregate fair value of outstanding contingent consideration liabilities for acquisitions completed prior to September 30, 2026 and their classification in the accompanying condensed consolidated balance sheets is as follows (in thousands):


	September 30, 2026		December 31, 2025
Accounts payable and accrued expenses	$	161,915	$	7,333
Insurance and other non-current liabilities	675,465		586,496
Total contingent consideration liabilities	$	837,380	$	593,829

Unaudited Supplemental Pro Forma Results of Operations

The following unaudited supplemental pro forma results of operations for Quanta, which incorporate the acquisitions completed in the nine months ended September 30, 2026 and the year ended December 31, 2025, have been provided for

illustrative purposes only and may not be indicative of the actual results that would have been achieved by the combined companies for the periods presented or that may be achieved by the combined companies in the future (in thousands).


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2026		2025		2026		2025
Revenues	$	12,048,780	$	8,643,483	$	30,556,051	$	24,144,081
Net income attributable to common stock (1)	$	691,434	$	315,793	$	1,339,636	$	713,314

(1) The pro forma results of operations for the three and nine months ended September 30, 2026 include one-time acquisition-related expenses of $5.1 million ($3.8 million net of tax) and $40.6 million ($30.1 million net of tax) for pre-acquisition transaction costs incurred by certain acquired businesses. The pro forma results of operations for the three and nine months ended September 30, 2025 include one-time acquisition-related expenses of $34.0 million ($25.2 million net of tax) for pre-acquisition transaction costs incurred by Dynamic Systems.

Included in Quanta’s condensed consolidated results of operations were the following revenues and income before income taxes related to acquisitions completed in the respective period (in thousands). Also included in Quanta’s condensed consolidated results of operations for the three and nine months ended September 30, 2026 were acquisition costs of $14.3 million and $40.6 million related to the acquisitions completed in the nine months ended September 30, 2026. Also included in Quanta’s condensed consolidated results of operations for the three and nine months ended September 30, 2025 were acquisition costs of $19.5 million and $33.7 million related to the acquisitions completed in the nine months ended September 30, 2025.


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2026		2025		2026		2025
Revenues	$	898,627	$	335,700	$	985,686	$	548,200
Income before income taxes	$	90,203	$	22,100	$	95,757	$	24,400