Full-Year 2026 Guidance Reflects Double-Digit Growth in Revenues, Net Income and Adjusted EBITDA

Full-Year 2026 Guidance Range Reflects Opportunity to Deliver Over 20% EPS Growth

Expect to Achieve Record Backlog in 2026

Fourth Quarter 2025 Results Include:

Consolidated Revenues of $7.84 Billion*
GAAP Diluted EPS of $2.08* and Adjusted Diluted EPS of $3.16*
Net Income Attributable to Common Stock of $315.5 Million*
Adjusted EBITDA of $845.3 Million*
Cash Flow From Operations of $1.13 Billion* and Free Cash Flow of $946.4 Million*
Year-End Remaining Performance Obligations (RPO) of $23.76 Billion* and Total Backlog of $43.98 Billion*
Year-End Electric Infrastructure Solutions Segment RPO and Total Backlog Reach All-Time Highs*

Full-Year 2025 Results Include:

Consolidated Revenues of $28.48 Billion*
GAAP Diluted EPS of $6.80* and Adjusted Diluted EPS of $10.75*
Net Income Attributable to Common Stock of $1.03 Billion*
Adjusted EBITDA of $2.88 Billion*
Cash Flow From Operations of $2.23 Billion* and Free Cash Flow of $1.67 Billion*

* = Record quarterly or record fourth quarter or full-year result

HOUSTON, Feb. 19, 2026 /PRNewswire/ -- Quanta Services, Inc. (NYSE:PWR) today announced results for the three and twelve months ended December 31, 2025. Revenues in the fourth quarter of 2025 were $7.84 billion compared to revenues of $6.55 billion in the fourth quarter of 2024, and net income attributable to common stock was $315.5 million, or $2.08 per diluted share, in the fourth quarter of 2025 compared to net income attributable to common stock of $305.1 million, or $2.03 per diluted share, in the fourth quarter of 2024. Adjusted diluted earnings per share attributable to common stock was $3.16 for the fourth quarter of 2025 compared to $2.94 for the fourth quarter of 2024.

"Quanta closed 2025 with another strong quarter, delivering double-digit year-over-year growth in revenue and adjusted EBITDA, while achieving record fourth-quarter and full-year results across multiple key financial metrics. Backlog was exceptionally strong at a record $44.0 billion, reflecting accelerating demand in our Electric segment and sustained activity across our end markets, which positions us well heading into 2026. These results underscore the strength of our portfolio, our differentiated solutions, and the deep expertise of our craft-skilled workforce—enabling us to deliver speed, certainty, and world-class execution as our customers modernize and expand critical infrastructure," said Duke Austin, President and Chief Executive Officer of Quanta Services.

"During the quarter, we welcomed Tri-City, Wilson, and Billings to the Quanta family. Tri-City and Wilson are premier electrical infrastructure services providers with long track records of excellence, and together they broaden our craft-skilled platform to deliver critical-path solutions for load center facilities and electric utility programs across key regions of the country. These acquisitions reinforce our commitment to investing in talent and capabilities that advance our strategic priorities while capitalizing on growing customer demand.

"As we noted last quarter, we are well positioned to achieve record backlog and another year of double-digit earnings per share growth in 2026, and our full-year guidance reflects that confidence. The convergence of utility, power generation, and large-load industries continues to create significant opportunities, and our collaborative infrastructure solutions and proven execution capabilities position Quanta as a trusted partner for our customers' most critical programs. Our strategy remains focused on delivering certainty for customers, investing in our people and technology, and expanding our addressable markets through disciplined growth. I want to recognize the dedication of our Quanta family, whose commitment to safety, quality, and performance continues to drive our success and supports the strength and sustainability of our long-term outlook."

Certain items that impacted Quanta's results for the three and twelve months ended December 31, 2025 and 2024 are reflected as adjustments in the calculation of Quanta's Adjusted net income attributable to common stock, Adjusted diluted earnings per share attributable to common stock and Adjusted EBITDA (non-GAAP financial measures). These items are described in the accompanying tables reconciling Adjusted net income attributable to common stock to net income attributable to common stock and Adjusted diluted earnings per share attributable to common stock to diluted earnings per share attributable to common stock. Quanta completed eight acquisitions during 2025 and eight acquisitions during 2024, and the results of the acquired businesses are included in Quanta's consolidated results from the respective acquisition dates. For further information on the items that impacted comparability of 2025 and 2024, see the footnotes in the accompanying tables presenting Supplemental Segment Data and reconciliations of EBITDA, Adjusted EBITDA, Adjusted net income attributable to common stock and Adjusted diluted earnings per share attributable to common stock (non-GAAP financial measures) to their comparable GAAP financial measures.

ACQUIRED THREE COMPANIES DURING THE FOURTH QUARTER OF 2025

During the fourth quarter of 2025, Quanta completed the acquisition of Tri-City Group, Inc. (Tri-City) and Wilson Construction Company (Wilson), two premier electrical infrastructure services companies that expand Quanta's craft-skilled platform to deliver critical-path solutions for load center facilities and electric utility programs, respectively. Quanta also acquired Billings Flying Service, LLC (Billings).

Tri-City, headquartered in Davenport, Iowa, and founded in 1895, is a premier inside electrical services company, with strong custom fabrication capabilities and other complementary infrastructure services, which expands Quanta's craft-skilled platform to deliver critical-path solutions for the load center and other markets. Tri-City operates primarily in the Midwest and eastern portions of the United States, with approximately 2,200 employees.

Wilson is a highly regarded electric utility infrastructure services company, which bolsters Quanta's high-voltage transmission capabilities. Founded in 1947 and headquartered in Canby, Oregon, Wilson specializes in electric distribution and transmission services to investor-owned utilities throughout the western United States, with complementary substation and utility helicopter services. Wilson has approximately 850 employees.

Based in Billings, Montana and founded in 1983, Billings provides helicopter services that complement Quanta's current aviation capabilities, with a workforce of approximately 180 people.

The aggregate upfront consideration for these transactions was approximately $1.73 billion, consisting of approximately $1.54 billion in cash, subject to customary adjustments, and approximately $187 million in Quanta common stock. Additionally, the former owners of one of the businesses acquired during this period are eligible for a potential contingent consideration payment of up to $100 million, to the extent the acquired business achieves certain financial and other operating performance targets during a two-year measurement period. Quanta funded the cash portion of the transactions with drawings under its commercial paper program. One transaction closed in late November and two closed in early December. In 2026, we expect these acquisitions to contribute approximately $0.40-$0.50 of adjusted EPS. The financial contribution from these companies will be primarily included in the Electric segment.

RESULTS FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024

Revenues in the year ended December 31, 2025 were $28.48 billion compared to revenues of $23.67 billion in the year ended December 31, 2024, and net income attributable to common stock was $1.03 billion, or $6.80 per diluted share, in the year ended December 31, 2025 compared to net income attributable to common stock of $904.8 million, or $6.03 per diluted share, in the year ended December 31, 2024. Adjusted diluted earnings per share attributable to common stock was $10.75 for the year ended December 31, 2025 compared to $8.97 for the year ended December 31, 2024.

FULL-YEAR 2026 OUTLOOK

Prior to the Company's conference call, management will post a summary of Quanta's 2026 guidance expectations with additional commentary in the "News and Events" and "Financial Info" areas of the Investor Relations section of Quanta's website at http://investors.quantaservices.com.

The long-term outlook for Quanta's business is positive. However, weather, regulatory, permitting, supply chain challenges and other factors affecting project timing and execution have impacted, and may impact in the future, Quanta's financial results. Additionally, we continue to consider future uncertainty associated with overall challenges to the domestic and global economy, including inflation, interest rates and potential recessionary economic conditions. Quanta's financial outlook for revenues, margins and earnings reflects management's effort to align these uncertainties with the backlog the Company is executing on and the opportunities expected to materialize during 2026.

The following forward-looking statements are based on current expectations, and actual results may differ materially, as described below in Cautionary Statement About Forward-Looking Statements and Information. For the full year ending December 31, 2026, Quanta expects revenues to range between $33.25 billion and $33.75 billion and net income attributable to common stock to range between $1.27 billion and $1.38 billion. Quanta also expects diluted earnings per share attributable to common stock to range between $8.36 and $9.06 and adjusted diluted earnings per share attributable to common stock to range between $12.65 and $13.35. Quanta expects EBITDA to range between $3.09 billion and $3.25 billion and adjusted EBITDA to range between $3.34 billion and $3.50 billion. Additionally, for the full year ending December 31, 2026, Quanta expects net cash provided by operating activities to range between $2.30 billion and $2.85 billion and free cash flow (a non-GAAP financial measure) to range between $1.55 billion and $2.05 billion.

SEGMENT PRESENTATION

Beginning with the three months ended March 31, 2025, Quanta reports its results under two reportable segments: (1) Electric Infrastructure Solutions (Electric) and (2) Underground Utility and Infrastructure Solutions (Underground and Infrastructure). In conjunction with this change, certain prior period amounts have been recast to conform to this new segment reporting structure.

NON-GAAP FINANCIAL MEASURES

The financial measures not prepared in conformity with generally accepted accounting principles in the United States (GAAP) that are utilized in this press release are provided to enable investors, analysts and management to evaluate Quanta's performance, excluding the effects of certain items that management believes impact the comparability of operating results between reporting periods. In addition, management believes these measures are useful in comparing Quanta's operating results with those of its competitors. These measures should be used in addition to, and not in lieu of, financial measures prepared in conformity with GAAP.

Please see the accompanying tables for reconciliations of the following non-GAAP financial measures for Quanta's current and historical results and full-year 2026 expectations (as applicable): adjusted diluted earnings per share attributable to common stock to diluted earnings per share attributable to common stock; adjusted net income attributable to common stock, EBITDA and adjusted EBITDA to net income attributable to common stock; free cash flow to net cash provided by operating activities; and backlog to remaining performance obligations.

EARNINGS WEBCAST AND SUPPLEMENTAL MATERIALS INFORMATION

Quanta Services has scheduled a webcast and conference call for 9:00 a.m. Eastern Time today, February 19, 2026. This event will be facilitated through web-based audio using a Zoom Webinar. To register for and access the event, please log in to the webinar through the Investor Relations section of Quanta's website (http://investors.quantaservices.com). Once registered, if you prefer to access the call by phone, dial-in details will be provided on the event access page upon registration and when prompted, please enter the unique Participant ID provided to join the call. Please allow at least 15 minutes to register and download and install any necessary audio software. For those who cannot participate live, shortly following the webcast a digital recording will be available on the Company's website.

Additionally, Quanta has posted its Fourth Quarter and Full-Year 2025 Operational and Financial Commentary, as well as all other supplemental earnings call materials, in the Investor Relations section of the Quanta Services website. While management intends to make brief introductory remarks during the earnings call, the Operational and Financial Commentary is intended to largely replace management's prepared remarks, allowing additional time for questions from the institutional investment community. For more information, please contact Kip Rupp, Vice President - Investor Relations or Sean Eastman, Director - Investor Relations at Quanta Services, at 713-629-7600 or investors@quantaservices.com.

FOLLOW QUANTA IR ON SOCIAL MEDIA

Investors and others should note that while Quanta announces material financial information and makes other public disclosures of information regarding Quanta through U.S. Securities and Exchange Commission (SEC) filings, press releases and public conference calls, it also utilizes social media to communicate this information. It is possible that the information Quanta posts on social media could be deemed material. Accordingly, Quanta encourages investors, the media and others interested in our company to follow Quanta, and review the information it posts, on the social media channels listed in the Investor Relations section of the Quanta Services website.

ABOUT QUANTA SERVICES

Quanta Services is an industry leader in providing specialized infrastructure solutions to the utility, power generation, load center, communications, pipeline, and energy industries. Quanta's comprehensive services include designing, installing, repairing and maintaining energy, load center and communications infrastructure. With operations throughout the United States, Canada, Australia and select other international markets, Quanta has the manpower, resources and expertise to safely complete projects that are local, regional, national or international in scope. For more information, visit www.quantaservices.com.

Cautionary Statement About Forward-Looking Statements and Information

This press release (and oral statements regarding the subject matter of this press release, including those made on the conference call and webcast announced herein) contains forward-looking statements intended to qualify for the "safe harbor" from liability established by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements relating to projected revenues, net income, earnings per share, margins, cash flows, liquidity, weighted average shares outstanding, capital expenditures, interest rates and tax rates, as well as other projections of operating results and GAAP and non-GAAP financial results, including EBITDA, Adjusted EBITDA and backlog; expectations regarding Quanta's business or financial outlook; expectations regarding opportunities, technological developments, competitive positioning, future economic and regulatory conditions and other trends in particular markets or industries; expectations regarding Quanta's plans and strategies, including with respect to supply chain solutions and expanded or new services offerings; the business plans or financial condition of Quanta's customers; the potential benefits from, and future financial and operational performance of, acquired businesses and investments; the expected value of contracts or intended contracts with customers, as well as the expected timing, scope, services, term or results of any awarded or expected projects; possible recovery of pending or contemplated insurance claims, change orders and claims asserted against customers or third parties, as well as the collectability of receivables; the development of and opportunities with respect to future projects, including projects involving renewable energy and other power generation, electrical grid modernization, upgrade and hardening projects, data centers and other technology infrastructure, advanced manufacturing facilities and larger transmission and pipeline infrastructure; expectations regarding the future availability and price of materials and equipment necessary for the performance of Quanta's business; the expected impact of global and domestic economic or political conditions on Quanta's business, financial condition, results of operations, cash flows, liquidity and demand for Quanta's services, including inflation, interest rates, tariffs and recessionary economic conditions and commodity prices and production volumes; the expected impact of changes or potential changes in climate and the physical and transition risks associated with changes in climate; future capital allocation initiatives, including the amount and timing of, and strategies with respect to, any future acquisitions, investments, cash dividends, repurchases of Quanta's equity or debt securities or repayments of other outstanding debt; the expected impact of existing or potential legislation or regulation; potential opportunities that may be indicated by bidding activity or similar discussions with customers; the future demand for, availability of and costs related to labor resources in the industries Quanta serves; the expected recognition and realization of Quanta's remaining performance obligations and backlog; expectations regarding the outcome of pending or threatened legal proceedings; and expectations regarding Quanta's ability to maintain its current credit ratings; as well as statements reflecting expectations, intentions, assumptions or beliefs about future events, and other statements that do not relate strictly to historical or current facts. These forward-looking statements are not guarantees of future performance; rather they involve or rely on a number of risks, uncertainties, and assumptions that are difficult to predict or are beyond our control, and reflect management's beliefs and assumptions based on information available at the time the statements are made. We caution you that actual outcomes and results may differ materially from what is expressed, implied or forecasted by our forward-looking statements and that any or all of our forward-looking statements may turn out to be inaccurate or incorrect. Forward-looking statements can be affected by inaccurate assumptions and by known or unknown risks and uncertainties including, among others, market, industry, economic, financial or political conditions that are outside of the control of Quanta, including economic, energy, infrastructure and environmental policies and plans that are adopted or proposed by the U.S. federal and state governments or other governments in territories or countries in which Quanta operates; inflation, interest rates, recessionary economic conditions, deterioration of global or specific trade relationships and geopolitical conflicts and political unrest; quarterly variations in operating and financial results, liquidity, financial condition, cash flows, capital requirements and reinvestment opportunities; trends and growth opportunities in relevant markets, including Quanta's ability to obtain future project awards; delays, deferrals, reductions in scope or cancellations of anticipated, pending or existing projects as a result of, among other things, supply chain or production disruptions and other logistical challenges, weather, regulatory or permitting issues, right of way acquisition, environmental processes, project performance issues, claimed force majeure events, protests or other political activity, legal challenges, inflationary pressure, reductions or eliminations in governmental funding or customer capital constraints; the effect of commodity prices and production volumes, which have been and may continue to be affected by inflationary pressure, on Quanta's operations and growth opportunities and on customers' capital programs and demand for Quanta's services; the successful negotiation, execution, performance and completion of anticipated, pending and existing contracts; events arising from operational hazards, including, among others, wildfires and explosions, that can arise due to the nature of Quanta's services and certain of Quanta's product solutions, as well as the conditions in which Quanta operates and can be due to the failure of infrastructure on which Quanta has performed services and result in significant liabilities that may be exacerbated in certain geographies and locations; unexpected costs, liabilities, fines or penalties that may arise from legal proceedings, indemnity obligations, reimbursement obligations associated with letters of credit or bonds, multiemployer pension plans or other claims or actions asserted against Quanta, including amounts not covered by, or in excess of the coverage under, third-party insurance; potential unavailability or cancellation of third-party insurance coverage, as well as the exclusion of coverage for certain losses, potential increases in premiums and deductibles for coverage deemed beneficial to Quanta, increases in amounts or retention amounts or the unavailability of coverage deemed beneficial to Quanta at reasonable and competitive rates (e.g., coverage for wildfire events); damage to Quanta's brand or reputation, as well as potential costs, liabilities, fines and penalties, arising as a result of cybersecurity breaches, environmental and occupational health and safety matters, corporate scandal, failure to successfully perform or negative publicity regarding a high-profile or large-scale infrastructure project, involvement in a catastrophic event (e.g., fire, explosion) or other negative incidents; disruptions in, or failure to adequately protect, Quanta's information technology systems; Quanta's dependence on suppliers, subcontractors, equipment manufacturers and other third-parties, and the impact of, among other things, inflationary pressure, regulatory, supply chain and logistical challenges on these third parties; estimates and assumptions relating to financial results, remaining performance obligations and backlog; Quanta's inability to attract, the potential shortage of and increased costs with respect to skilled employees, as well as Quanta's inability to retain or attract key personnel and qualified employees; Quanta's dependence on fixed price contracts and the potential to incur losses with respect to these contracts; cancellation provisions within contracts and the risk that contracts expire and are not renewed or are replaced on less favorable terms; Quanta's inability or failure to comply with the terms of its contracts, which may result in additional costs, unexcused delays, warranty claims, failure to meet performance guarantees, damages or contract terminations; adverse weather conditions, natural disasters and other emergencies, including wildfires, pandemics, hurricanes, tropical storms, floods, debris flows, earthquakes and other geological- and weather-related hazards; the impact of changes in climate; Quanta's ability to generate internal growth; competition in Quanta's business, including the ability to effectively compete for new projects and market share, as well as technological advancements and market developments that could reduce demand for Quanta's services; the failure of existing or potential legislative actions and initiatives to result in increased demand for Quanta's services or budgetary or other constraints that may reduce or eliminate tax incentives or government funding for projects, which may result in project delays or cancellations; unavailability of, or increased prices for, materials, equipment and consumables (such as fuel) used in Quanta's or its customers' businesses, including as a result of inflation, supply chain or production disruptions, governmental regulations on sourcing, the imposition of tariffs, duties, taxes or other assessments, and other changes in U.S. trade relationships with foreign countries; loss of or deterioration of relationships with customers with whom Quanta has long-standing or significant relationships; the potential that participation in joint ventures or similar structures exposes Quanta to liability or harm to its reputation as a result of acts or omissions by partners; the inability or refusal of customers or third-party contractors to pay for services, which could result in the inability to collect our outstanding receivables, failure to recover amounts billed to, or avoidance of certain payments received from, customers in bankruptcy or failure to recover on change orders or contract claims; risks associated with operating in international markets and U.S. territories, including instability of governments, significant currency exchange fluctuations, and compliance with unfamiliar legal and labor systems and cultural practices, the U.S. Foreign Corrupt Practices Act and other applicable anti-bribery and anti-corruption laws, and complex U.S. and foreign tax regulations and international treaties; inability to successfully identify, complete, integrate and realize synergies from acquisitions, including the inability to retain key personnel from acquired businesses; the potential adverse impact of acquisitions and investments, including the potential increase in risks already existing in Quanta's operations, poor performance or decline in value of acquired businesses or investments and unexpected costs or liabilities that may arise from acquisitions or investments; the adverse impact of impairments of goodwill, other intangible assets, receivables, long-lived assets or investments; the impact of the unionized portion of Quanta's workforce on its operations; inability to access sufficient funding to finance desired growth and operations, including the ability to access capital markets on favorable terms, as well as fluctuations in the price and trading volume of Quanta's common stock, debt covenant compliance, interest rate fluctuations, a downgrade in our credit ratings and other factors affecting financing and investing activities; the ability to obtain bonds, letters of credit and other project security; new or changed tax laws, treaties or regulations or the inability to realize deferred tax assets; and other risks and uncertainties detailed in Quanta's Annual Report on Form 10-K for the years ended December 31, 2024 and December 31, 2025 (when filed), Quanta's Quarterly Reports on Form 10-Q for the quarters ended March 31, 2025, June 30, 2025, and September 30, 2025 and any other documents that Quanta files with the SEC. For a discussion of these risks, uncertainties and assumptions, investors are urged to refer to Quanta's documents filed with the SEC that are available through Quanta's website at www.quantaservices.com or through the SEC's Electronic Data Gathering and Analysis Retrieval System (EDGAR) at www.sec.gov. Should one or more of these risks materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expressed or implied in any forward-looking statements. Investors are cautioned not to place undue reliance on these forward-looking statements, which are current only as of this date. Quanta does not undertake and expressly disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Quanta further expressly disclaims any written or oral statements made by any third party regarding the subject matter of this press release.

Contacts:	Jayshree Desai, CFO	Media – Noa Schwartz
	Kip Rupp, CFA, IRC - Investors	FGS Global
	Quanta Services, Inc.	(310) 405-4312
	(713) 629-7600

Quanta Services, Inc. and Subsidiaries Condensed Consolidated Statements of Operations For the Three and Twelve Months Ended December 31, 2025 and 2024 (In thousands, except per share information) (Unaudited)


	Three Months Ended		Twelve Months Ended
	December 31,		December 31,
	2025	2024	2025	2024
Revenues	$ 7,841,948	$ 6,553,422	$ 28,479,697	$ 23,672,795
Cost of services	6,624,912	5,490,056	24,204,616	20,162,034
Gross profit	1,217,036	1,063,366	4,275,081	3,510,761
Equity in earnings of integral unconsolidated affiliates	14,531	15,549	55,635	50,484
Selling, general and administrative expenses	(593,938)	(506,180)	(2,189,209)	(1,824,754)
Amortization of intangible assets	(142,860)	(115,812)	(498,795)	(382,959)
Increase in fair value of contingent consideration liabilities	(9,840)	(4,200)	(31,203)	(7,064)
Operating income	484,929	452,723	1,611,509	1,346,468
Interest and other financing expenses	(75,748)	(56,344)	(261,445)	(202,687)
Interest income	4,357	13,587	15,702	32,404
Other income, net	6,051	6,352	23,739	35,845
Income before income taxes	419,589	416,318	1,389,505	1,212,030
Provision for income taxes	103,003	106,031	347,588	284,747
Net income	316,586	310,287	1,041,917	927,283
Less: Net income attributable to non-controlling interests	1,136	5,167	13,539	22,459
Net income attributable to common stock	$ 315,450	$ 305,120	$ 1,028,378	$ 904,824

Earnings per share attributable to common stock:
Basic	$ 2.11	$ 2.06	$ 6.91	$ 6.16
Diluted	$ 2.08	$ 2.03	$ 6.80	$ 6.03

Shares used in computing earnings per share:
Weighted average basic shares outstanding	149,384	147,791	148,790	146,929
Weighted average diluted shares outstanding	151,736	150,618	151,291	150,056

Quanta Services, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (In thousands) (Unaudited)


	December 31,
	2025	2024
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$ 439,508	$ 741,960
Accounts receivable, net	6,847,091	5,170,935
Contract assets	1,522,186	1,208,619
Inventories	370,372	260,181
Prepaid expenses and other current assets	724,260	469,338
Total current assets	9,903,417	7,851,033
PROPERTY AND EQUIPMENT, net	3,455,204	2,700,277
OPERATING LEASE RIGHT-OF-USE ASSETS	400,814	299,895
OTHER ASSETS, net	944,050	655,709
OTHER INTANGIBLE ASSETS, net	2,906,188	1,860,537
GOODWILL	7,317,228	5,316,443
Total assets	$ 24,926,901	$ 18,683,894

LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Current maturities of long-term debt	$ 763,898	$ 62,680
Current portion of operating lease liabilities	114,377	94,162
Accounts payable and accrued expenses	4,579,458	3,722,343
Contract liabilities	3,258,465	2,149,328
Total current liabilities	8,716,198	6,028,513
LONG-TERM DEBT, net of current maturities	5,231,008	4,099,756
OPERATING LEASE LIABILITIES, net of current portion	309,671	222,359
DEFERRED INCOME TAXES	502,626	353,268
INSURANCE AND OTHER NON-CURRENT LIABILITIES	1,139,524	650,281
Total liabilities	15,899,027	11,354,177
TOTAL STOCKHOLDERS' EQUITY	8,938,249	7,317,731
NON-CONTROLLING INTERESTS	89,625	11,986
TOTAL EQUITY	9,027,874	7,329,717
Total liabilities and equity	$ 24,926,901	$ 18,683,894

Quanta Services, Inc. and Subsidiaries

Supplemental Segment Data

For the Three and Twelve Months Ended

December 31, 2025 and 2024

(In thousands, except percentages)

(Unaudited)

Segment Results

As described previously, during the three months ended March 31, 2025, Quanta began reporting its results under two reportable segments: (1) Electric and (2) Underground and Infrastructure. In conjunction with this change, certain prior period amounts have been recast to conform to this new segment reporting structure. The following table sets forth segment revenues, segment operating income and operating margins for the periods indicated. Operating margins are calculated by dividing operating income by revenues.

	Three Months Ended December 31,				Twelve Months Ended December 31,
	2025		2024		2025		2024
Revenues:
Electric (a)	$ 6,426,984	82.0 %	$ 5,380,488	82.1 %	$ 23,001,468	80.8 %	$ 19,012,379	80.3 %
Underground and Infrastructure	1,414,964	18.0	1,172,934	17.9	5,478,229	19.2	4,660,416	19.7
Consolidated revenues	$ 7,841,948	100.0 %	$ 6,553,422	100.0 %	$ 28,479,697	100.0 %	$ 23,672,795	100.0 %

Operating income (loss):
Electric (a) (b)	$ 695,639	10.8 %	$ 653,226	12.1 %	$ 2,360,262	10.3 %	$ 1,958,692	10.3 %
Underground and Infrastructure (c)	108,490	7.7 %	42,593	3.6 %	398,276	7.3 %	265,030	5.7 %
Corporate and Non-Allocated Costs (d)	(319,200)	(4.1) %	(243,096)	(3.7) %	(1,147,029)	(4.0) %	(877,254)	(3.7) %
Consolidated operating income	$ 484,929	6.2 %	$ 452,723	6.9 %	$ 1,611,509	5.7 %	$ 1,346,468	5.7 %

(a) During the three and twelve months ended December 31, 2024, revenue of $30.2 million was recognized in the Electric segment in connection with payments received pursuant to an arbitration award related to a large telecommunications project in Peru that was terminated during 2019. The segment operating income impact related to such payments was $20.7 million, including the reimbursement of certain cost of services and net of $18.5 million of foreign currency translation losses in connection with Quanta's substantial liquidation from Latin American operations.

(b) Included in operating income for the Electric segment was equity in earnings of integral unconsolidated affiliates of $14.5 million and $15.5 million for the three months ended December 31, 2025 and 2024 and $55.6 million and $50.5 million for the twelve months ended December 31, 2025 and 2024.

(c) Included in operating income for the Underground and Infrastructure segment was a loss of $11.9 million on the disposition of a non-core business during the twelve months ended December 31, 2024, which impacted operating income by approximately 25 basis points.

(d) Included in corporate and non-allocated costs was, among other things, amortization expense of $142.9 million and $115.8 million for the three months ended December 31, 2025 and 2024 and $498.8 million and $383.0 million for the twelve months ended December 31, 2025 and 2024 and acquisition and integration costs of $19.4 million and $4.5 million for the three months ended December 31, 2025 and 2024 and $74.5 million and $30.0 million for the twelve months ended December 31, 2025 and 2024.

Quanta Services, Inc. and Subsidiaries

Supplemental Data

(In thousands)

(Unaudited)

Remaining Performance Obligations and Backlog (a non-GAAP financial measure)

Quanta's remaining performance obligations represent management's estimate of consolidated revenues that are expected to be realized from the remaining portion of firm orders under fixed price contracts not yet completed or for which work has not yet begun, which includes estimated revenues attributable to consolidated joint ventures and variable interest entities, revenues from funded and unfunded portions of government contracts to the extent they are reasonably expected to be realized, and revenues from change orders and claims to the extent management believes they will be earned and are probable of collection.

Quanta has also historically disclosed its backlog, a measure commonly used in its industry but not recognized under GAAP. Quanta believes this measure enables management to more effectively forecast its future capital needs and results and better identify future operating trends that may not otherwise be apparent. Quanta believes this measure is also useful for investors in forecasting Quanta's future results and comparing Quanta to its competitors. Quanta's remaining performance obligations, as described above, are a component of its backlog calculation, which also includes estimated orders under master service agreements (MSAs), including estimated renewals, and certain non-fixed price contracts. Quanta's methodology for determining backlog may not be comparable to the methodologies used by other companies.

The following table reconciles Quanta's total remaining performance obligations to total backlog by reportable segment, along with estimates of amounts expected to be realized within 12 months. As described previously, during the three months ended March 31, 2025, Quanta began reporting its results under two reportable segments: (1) Electric and (2) Underground and Infrastructure. In conjunction with this change, certain prior period amounts have been recast to conform to this new segment reporting structure. The following table shows dollars in thousands.

	December 31, 2025		September 30, 2025		December 31, 2024
	12 Month	Total	12 Month	Total	12 Month	Total
Electric
Remaining performance obligations	$ 14,188,737	$ 21,638,080	$ 12,124,623	$ 19,088,111	$ 10,297,410	$ 15,654,028
Estimated orders under MSAs and short-term, non-fixed price contracts	7,755,355	14,528,626	6,722,325	13,555,822	6,198,603	12,973,779
Backlog	$ 21,944,092	$ 36,166,706	$ 18,846,948	$ 32,643,933	$ 16,496,013	$ 28,627,807

Underground and Infrastructure
Remaining performance obligations	$ 1,518,060	$ 2,124,934	$ 1,325,214	$ 1,884,648	$ 953,983	$ 1,104,609
Estimated orders under MSAs and short-term, non-fixed price contracts	2,404,135	5,684,768	2,137,865	4,645,458	2,321,941	4,806,408
Backlog	$ 3,922,195	$ 7,809,702	$ 3,463,079	$ 6,530,106	$ 3,275,924	$ 5,911,017

Total
Remaining performance obligations	$ 15,706,797	$ 23,763,014	$ 13,449,837	$ 20,972,759	$ 11,251,393	$ 16,758,637
Estimated orders under MSAs and short-term, non-fixed price contracts	10,159,490	20,213,394	8,860,190	18,201,280	8,520,544	17,780,187
Backlog	$ 25,866,287	$ 43,976,408	$ 22,310,027	$ 39,174,039	$ 19,771,937	$ 34,538,824

Quanta Services, Inc. and Subsidiaries

Reconciliation of Non-GAAP Financial Measures

Adjusted Net Income and Adjusted Diluted Earnings Per Share Attributable to Common Stock

For the Three and Twelve Months Ended

December 31, 2025 and 2024

(In thousands, except per share information)

(Unaudited)

The following table presents the reconciliations of the non-GAAP financial measures of Adjusted net income attributable to common stock to net income attributable to common stock and Adjusted diluted earnings per share attributable to common stock to diluted earnings per share attributable to common stock for the three and twelve months ended December 31, 2025 and 2024. These reconciliations are intended to provide useful information to investors and analysts as they evaluate Quanta's performance. Management believes that the exclusion of certain items from net income attributable to common stock and diluted earnings per share attributable to common stock enables Quanta and its investors to more effectively evaluate Quanta's operations period over period and better identify operating trends that may not otherwise be apparent due to, among other reasons, the variable nature of these items period over period. In addition, management believes these measures may be useful for investors in comparing Quanta's operating results with other companies that may be viewed as our peers. However, these non-GAAP measures should not be considered as alternatives to net income attributable to common stock and diluted earnings per share attributable to common stock or other measures of performance that are derived in accordance with GAAP.

As to certain of the items in the table: (i) non-cash stock-based compensation expense varies from period to period due to acquisition activity, changes in the estimated fair value of performance-based awards, forfeiture rates, accelerated vesting and amounts granted; (ii) amortization of intangible assets and amortization included in equity in earnings are impacted by Quanta's acquisition activities and investments in integral unconsolidated affiliates, and therefore can vary from period to period; (iii) acquisition and integration costs vary from period to period depending on the level and complexity of Quanta's acquisition activity; (iv) change in fair value of contingent consideration liabilities varies from period to period depending on, among other things, the performance in post-acquisition periods of certain acquired businesses and the effect of present value accretion on fair value calculations; (v) equity in earnings and losses of non-integral unconsolidated affiliates varies from period to period depending on the activity and financial performance of such affiliates, the operations of which are not operationally integral to Quanta; (vi) gains and losses on the sales of investments and businesses, and foreign currency translation losses recognized from substantial liquidation of certain foreign operations vary from period to period depending on activity; and (vii) income tax contingency releases vary period to period and depend on the level of reserves for uncertain tax positions and the expiration dates under various federal and state statute of limitations periods.

Because Adjusted net income attributable to common stock and Adjusted diluted earnings per share attributable to common stock, as defined, exclude some, but not all, items that affect net income attributable to common stock and diluted earnings per share attributable to common stock, they may not be comparable to similarly titled measures of other companies. The most comparable GAAP financial measures, net income attributable to common stock and diluted earnings per share attributable to common stock, and information reconciling the GAAP and non-GAAP financial measures, are included in the table to follow.

Quanta Services, Inc. and Subsidiaries Reconciliation of Non-GAAP Financial Measures Adjusted Net Income and Adjusted Diluted Earnings Per Share Attributable to Common Stock For the Three and Twelve Months Ended December 31, 2025 and 2024 (In thousands, except per share information) (Unaudited)


	Three Months Ended		Twelve Months Ended
	December 31,		December 31,
	2025	2024	2025	2024
Reconciliation of Adjusted net income attributable to common stock:
Net income attributable to common stock (GAAP as reported) (a)	$ 315,450	$ 305,120	$ 1,028,378	$ 904,824
Acquisition and integration costs	23,832	4,533	94,109	29,994
Increase in fair value of contingent consideration liabilities	9,840	4,200	31,203	7,064
Equity in losses (earnings) of non-integral unconsolidated affiliates	8,675	(1,236)	9,172	(2,649)
(Gain) loss on sale of investments and business (b)	—	—	(205)	4,370
Foreign currency translation losses (c)	—	18,531	—	18,531
Income tax impact of adjustments (d)	(10,429)	(1,271)	(31,740)	(7,180)
Impact of income tax contingency releases (e)	(13,791)	(3,278)	(13,998)	(6,343)
Adjusted net income attributable to common stock before certain non-cash adjustments	333,577	326,599	1,116,919	948,611
Non-cash stock-based compensation	52,826	39,711	181,947	150,526
Amortization of intangible assets	142,860	115,812	498,795	382,959
Amortization included in equity in earnings of integral unconsolidated affiliates	1,949	668	7,940	4,270
Income tax impact of non-cash adjustments (d)	(51,411)	(40,634)	(179,165)	(139,924)
Adjusted net income attributable to common stock	$ 479,801	$ 442,156	$ 1,626,436	$ 1,346,442

Reconciliation of Adjusted diluted earnings per share:
Diluted earnings per share attributable to common stock (GAAP as reported) (a)	$ 2.08	$ 2.03	$ 6.80	$ 6.03
Acquisition and integration costs	0.16	0.03	0.62	0.20
Increase in fair value of contingent consideration liabilities	0.06	0.03	0.21	0.05
Equity in losses (earnings) of non-integral unconsolidated affiliates	0.06	(0.01)	0.06	(0.02)
(Gain) loss on sale of investments and business (b)	—	—	—	0.03
Foreign currency translation losses (c)	—	0.12	—	0.12
Income tax impact of adjustments (d)	(0.07)	(0.01)	(0.22)	(0.05)
Impact of income tax contingency releases (e)	(0.09)	(0.02)	(0.09)	(0.04)
Adjusted diluted earnings per share before certain non-cash adjustments	2.20	2.17	7.38	6.32
Non-cash stock-based compensation	0.35	0.26	1.20	1.00
Amortization of intangible assets	0.94	0.77	3.30	2.55
Amortization included in equity in earnings of integral unconsolidated affiliates	0.01	—	0.05	0.03
Income tax impact of non-cash adjustments (d)	(0.34)	(0.26)	(1.18)	(0.93)
Adjusted diluted earnings per share	$ 3.16	$ 2.94	$ 10.75	$ 8.97

Weighted average shares outstanding for diluted and Adjusted diluted earnings per share	151,736	150,618	151,291	150,056

See notes to follow.

(a) The net income attributable to common stock for the three and twelve months ended December 31, 2024 includes a $15.4 million benefit, net of taxes, in connection with payments received pursuant to an arbitration award related to a large telecommunications project in Peru that was terminated during 2019 and net of recognized foreign currency translation losses (see (c) below).

(b) The amount for the twelve months ended December 31, 2024 represents a loss of $11.9 million on the disposition of a non-core business, partially offset by a gain of $7.5 million as a result of the sale of a non-integral equity method investment.

(c) The amounts for the three and twelve months ended December 31, 2024 include foreign currency translation losses in connection with Quanta's substantial liquidation from Latin American operations.

(d) The income tax impact of adjustments that are subject to tax is determined using the incremental statutory tax rates of the jurisdictions to which each adjustment relates for the respective periods.

(e) The amounts for the three and twelve months ended December 31, 2025 and 2024 are releases of tax contingencies upon expiration of certain statute of limitations periods.

Quanta Services, Inc. and Subsidiaries

Reconciliation of Non-GAAP Financial Measures

EBITDA and Adjusted EBITDA

For the Three and Twelve Months Ended

December 31, 2025 and 2024

(In thousands)

(Unaudited)

The following table presents reconciliations of the non-GAAP financial measures of EBITDA and Adjusted EBITDA to net income attributable to common stock for the three and twelve months ended December 31, 2025 and 2024. These reconciliations are intended to provide useful information to investors and analysts as they evaluate Quanta's performance. EBITDA is defined as earnings before interest and other financing expenses, taxes, depreciation and amortization, and Adjusted EBITDA is defined as EBITDA adjusted for certain other items as described below. These measures should not be considered as an alternative to net income attributable to common stock or other financial measures of performance that are derived in accordance with GAAP. Management believes that the exclusion of these items from net income attributable to common stock enables Quanta and its investors to more effectively evaluate Quanta's operations period over period and to identify operating trends that might not be apparent due to, among other reasons, the variable nature of these items period over period. In addition, management believes these measures may be useful for investors in comparing Quanta's operating results with other companies that may be viewed as its peers.

As to certain of the items below: (i) non-cash stock-based compensation expense varies from period to period due to acquisition activity, changes in the estimated fair value of performance-based awards, forfeiture rates, accelerated vesting and amounts granted; (ii) acquisition and integration costs vary from period to period depending on the level and complexity of Quanta's acquisition activity; (iii) equity in earnings and losses of non-integral unconsolidated affiliates varies from period to period depending on the activity and financial performance of such affiliates, the operations of which are not operationally integral to Quanta; (iv) gains and losses on the sales of investments and businesses, and foreign currency translation losses recognized from substantial liquidation of certain foreign operations vary from period to period depending on activity; and (v) change in fair value of contingent consideration liabilities varies from period to period depending on, among other things, the performance in post-acquisition periods of certain acquired businesses and the effect of present value accretion on fair value calculations. Because EBITDA and Adjusted EBITDA, as defined, exclude some, but not all, items that affect net income attributable to common stock, such measures may not be comparable to similarly titled measures of other companies. The most comparable GAAP financial measure, net income attributable to common stock, and information reconciling the GAAP and non-GAAP financial measures, are included below.

Quanta Services, Inc. and Subsidiaries Reconciliation of Non-GAAP Financial Measures EBITDA and Adjusted EBITDA For the Three and Twelve Months Ended December 31, 2025 and 2024 (In thousands) (Unaudited)


	Three Months Ended		Twelve Months Ended
	December 31,		December 31,
	2025	2024	2025	2024
Net income attributable to common stock (GAAP as reported) (a)	$ 315,450	$ 305,120	$ 1,028,378	$ 904,824
Interest and other financing expenses	75,748	56,344	261,445	202,687
Interest income	(4,357)	(13,587)	(15,702)	(32,404)
Provision for income taxes	103,003	106,031	347,588	284,747
Depreciation expense	110,824	96,838	411,538	359,363
Amortization of intangible assets	142,860	115,812	498,795	382,959
Interest, income taxes, depreciation and amortization included in equity in earnings of integral unconsolidated affiliates	6,606	5,506	28,014	21,114
EBITDA	750,134	672,064	2,560,056	2,123,290
Non-cash stock-based compensation	52,826	39,711	181,947	150,526
Acquisition and integration costs (b)	23,832	4,533	94,109	29,994
Equity in losses (earnings) of non-integral unconsolidated affiliates	8,675	(1,236)	9,172	(2,649)
(Gain) loss on sale of investments and business (c)	—	—	(205)	4,370
Foreign currency translation losses (d)	—	18,531	—	18,531
Increase in fair value of contingent consideration liabilities	9,840	4,200	31,203	7,064
Adjusted EBITDA	$ 845,307	$ 737,803	$ 2,876,282	$ 2,331,126

(b) The amounts for the three and twelve months ended December 31, 2025 include $4.4 million and $19.6 million that, pursuant to an acquisition purchase agreement, were or will be withheld from the sellers' proceeds, to be paid to certain employees upon satisfaction of post-closing service obligations.

(c) The amount for the twelve months ended December 31, 2024 is a loss of $11.9 million on the disposition of a non-core business, partially offset by a gain of $7.5 million as a result of the sale of a non-integral equity method investment.

(d) The amount for the three and twelve months ended December 31, 2024 includes foreign currency translation losses in connection with our substantial liquidation from Latin American operations.

Quanta Services, Inc. and Subsidiaries

Reconciliation of Non-GAAP Financial Measures

Free Cash Flow

and Other Non-GAAP Definitions

For the Three and Twelve Months Ended

December 31, 2025 and 2024

(In thousands)

(Unaudited)

Reconciliation of Free Cash Flow:

The following table presents a reconciliation of the non-GAAP financial measure of free cash flow to net cash provided by operating activities for the three and twelve months ended December 31, 2025 and 2024. This reconciliation is intended to provide useful information to investors and analysts as they evaluate Quanta's ability to generate the cash required to maintain and potentially expand its business. Free cash flow is defined as net cash provided by operating activities less net capital expenditures. Net capital expenditures is defined as capital expenditures less proceeds from the sale of property and equipment and from insurance settlements related to property and equipment. Management believes that free cash flow provides useful information to Quanta's investors because free cash flow is viewed by management as an important indicator of how much cash is provided or used by routine business operations, including the impact of net capital expenditures. Management uses this measure for capital allocation purposes as it is viewed as a measure of cash available to fund debt payments, acquire businesses, repurchase common stock and debt securities, declare and pay dividends and transact other investing and financing activities. However, this measure should not be considered as an alternative to net cash provided by operating activities or other measures of performance that are derived in accordance with GAAP. The most comparable GAAP financial measure, net cash provided by operating activities, and information reconciling the GAAP and non-GAAP financial measures, are included below. The following table shows dollars in thousands.

	Three Months Ended		Twelve Months Ended
	December 31,		December 31,
	2025	2024	2025	2024
Net cash provided by operating activities	$ 1,127,565	$ 712,015	$ 2,229,970	$ 2,081,196
Less: Net capital expenditures:
Capital expenditures	(193,594)	(146,985)	(609,154)	(604,078)
Cash proceeds from sale of property and equipment and related insurance settlements	12,477	10,413	51,916	77,643
Net capital expenditures	(181,117)	(136,572)	(557,238)	(526,435)
Free Cash Flow	$ 946,448	$ 575,443	$ 1,672,732	$ 1,554,761

Quanta Services, Inc. and Subsidiaries

Reconciliation of Non-GAAP Financial Measures

Estimated Adjusted Net Income and Adjusted Diluted Earnings Per Share Attributable to Common Stock

For the Full Year 2026

(In thousands, except per share information)

(Unaudited)

The following table presents reconciliations of the non-GAAP financial measures of estimated Adjusted net income attributable to common stock to estimated net income attributable to common stock and estimated Adjusted diluted earnings per share attributable to common stock to estimated diluted earnings per share attributable to common stock for the full year ending December 31, 2026. These reconciliations are intended to provide useful information to investors and analysts as they evaluate Quanta's expected future performance. Management believes that the exclusion of certain items from net income attributable to common stock and diluted earnings per share attributable to common stock enables Quanta and its investors to more effectively evaluate Quanta's operations period over period and better identify operating trends that may not otherwise be apparent due to, among other reasons, the variable nature of these items period over period. In addition, management believes these measures may be useful for investors in comparing Quanta's operating results with other companies that may be viewed as its peers. However, these non-GAAP measures should not be considered as alternatives to net income attributable to common stock and diluted earnings per share attributable to common stock or other measures of performance that are derived in accordance with GAAP. As to certain of the items below, (i) non-cash stock-based compensation expense may vary from period to period due to acquisition activity, changes in the estimated fair value of performance-based awards, forfeiture rates, accelerated vesting and amounts granted; (ii) amortization of intangible assets and amortization included in equity in earnings are impacted by Quanta's acquisition activities and investments in integral unconsolidated affiliates, and therefore can vary from period to period; and (iii) acquisition and integration costs vary from period to period depending on the level and complexity of Quanta's acquisition activity.

	Estimated Range
	Full-Year Ending
	December 31, 2026
Reconciliation of estimated Adjusted net income attributable to common stock:
Net income attributable to common stock (as defined by GAAP)	$ 1,271,400	$ 1,378,300
Acquisition and integration costs (a)	10,100	10,100
Equity in losses of non-integral unconsolidated affiliates	2,600	2,600
Non-cash stock-based compensation	234,600	234,600
Amortization of intangible assets	623,200	623,200
Amortization included in equity in earnings of integral unconsolidated affiliates	9,800	9,800
Income tax impact of adjustments (b)	(228,200)	(228,200)
Adjusted net income attributable to common stock	$ 1,923,500	$ 2,030,400

Reconciliation of Adjusted diluted earnings per share:
Diluted earnings per share attributable to common stock ( as defined by GAAP)	$ 8.36	$ 9.06
Acquisition and integration costs (a)	0.07	0.07
Equity in losses of non-integral unconsolidated affiliates	0.02	0.02
Non-cash stock-based compensation	1.54	1.54
Amortization of intangible assets	4.10	4.10
Amortization included in equity in earnings of integral unconsolidated affiliates	0.06	0.06
Income tax impact of adjustments (b)	(1.50)	(1.50)
Adjusted diluted earnings per share	$ 12.65	$ 13.35

Weighted average shares outstanding for diluted and Adjusted diluted earnings per share attributable to common stock	152,100	152,100

(a) This amount relates primarily to amounts that, pursuant to certain acquisition purchase agreements, were or will be withheld from the sellers' proceeds, to be paid to certain employees upon satisfaction of post-closing service obligations.

(b) The income tax impact of adjustments that are subject to tax is determined using the incremental statutory tax rates of the jurisdictions to which each adjustment relates for the respective periods.

Quanta Services, Inc. and Subsidiaries

Reconciliation of Non-GAAP Financial Measures

Estimated EBITDA and Adjusted EBITDA

For the Full Year 2026

(In thousands)

(Unaudited)

The following table presents the reconciliations of the non-GAAP financial measures of estimated EBITDA and estimated Adjusted EBITDA to estimated net income attributable to common stock for the full year ending December 31, 2026. These reconciliations are intended to provide useful information to investors and analysts as they evaluate Quanta's expected future performance. EBITDA is defined as earnings before interest and other financing expenses, taxes, depreciation and amortization, and Adjusted EBITDA is defined as EBITDA adjusted for certain other items as described below. These measures should not be considered as an alternative to net income attributable to common stock or other financial measures of performance that are derived in accordance with GAAP. Management believes that the exclusion of these items from net income attributable to common stock enables Quanta and its investors to more effectively evaluate Quanta's operations period over period and to identify operating trends that might not be apparent due to, among other reasons, the variable nature of these items period over period. In addition, management believes these measures may be useful for investors in comparing Quanta's operating results with other companies that may be viewed as its peers.

Because EBITDA and Adjusted EBITDA, as defined, exclude some, but not all, items that affect net income attributable to common stock, such measures may not be comparable to similarly titled measures of other companies. The most comparable GAAP financial measure, net income attributable to common stock, and information reconciling the GAAP and non-GAAP financial measures, are included in the table to follow.

	Estimated Range
	Full Year Ending
	December 31, 2026
Net income attributable to common stock (as defined by GAAP)	$ 1,271,400	$ 1,378,300
Interest and other financing expenses, net	258,000	264,000
Provision for income taxes	433,800	483,700
Depreciation expense	471,400	471,400
Amortization of intangible assets	623,200	623,200
Interest, income taxes, depreciation and amortization included in equity in earnings of integral unconsolidated affiliates	33,000	33,000
EBITDA	3,090,800	3,253,600
Non-cash stock-based compensation	234,600	234,600
Acquisition and integration costs (a)	10,100	10,100
Equity in losses of non-integral unconsolidated affiliates	2,600	2,600
Adjusted EBITDA	$ 3,338,100	$ 3,500,900

Quanta Services, Inc. and Subsidiaries

Reconciliation of Non-GAAP Financial Measures

Estimated Free Cash Flow

For the Full Year 2026

(In thousands)

(Unaudited)

The following table presents a reconciliation of the non-GAAP financial measure of estimated free cash flow to estimated net cash provided by operating activities for the full year ending December 31, 2026. This reconciliation is intended to provide useful information to investors and analysts as they evaluate Quanta's expectations regarding its ability to generate the cash required to maintain and potentially expand its business. Free cash flow is defined as net cash provided by operating activities less net capital expenditures. Net capital expenditures is defined as capital expenditures less proceeds from the sale of property and equipment and from insurance settlements related to property and equipment. Management believes that free cash flow provides useful information to Quanta's investors because free cash flow is viewed by management as an important indicator of how much cash is provided or used by routine business operations, including the impact of net capital expenditures. Management uses this measure for capital allocation purposes as it is viewed as a measure of cash available to fund debt payments, acquire businesses, repurchase common stock and debt securities, declare and pay dividends and transact other investing and financing activities. However, this measure should not be considered as an alternative to net cash provided by operating activities or other measures of performance that are derived in accordance with GAAP. The most comparable GAAP financial measure, net cash provided by operating activities, and information reconciling the GAAP and non-GAAP financial measures, are included below.

	Estimated Range
	Full Year Ending
	December 31, 2026
Net cash provided by operating activities	$ 2,300,000	$ 2,850,000
Less: Net capital expenditures	(750,000)	(800,000)
Free Cash Flow	$ 1,550,000	$ 2,050,000

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SOURCE Quanta Services, Inc.