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Acquisitions (Tables)
 9 Months Ended
Sep. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Aggregate Consideration Paid or Payable and Allocation Net Assets
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 as of their respective acquisition dates as of September 30, 2025 for acquisitions completed in the nine months ended September 30, 2025 (in thousands):
September 30, 2025
Dynamic SystemsAll Others
Consideration:
Cash$1,259,262 $605,642 
Value of Quanta common stock issued218,756 161,554 
Contingent consideration190,561 98,856 
Fair value of total consideration transferred or estimated to be transferred$1,668,579 $866,052 
Cash and cash equivalents$66,696 $32,874 
Accounts receivable285,268 138,601 
Contract assets9,219 8,322 
Prepaid expenses and other current assets2,895 7,954 
Property and equipment34,770 96,317 
Other assets23,048 7,282 
Identifiable intangible assets532,400 285,969 
Accounts payable and accrued expenses
(101,984)(65,507)
Contract liabilities(147,913)(27,034)
Other non-current liabilities
(15,770)(3,942)
Deferred income taxes— (1,162)
Total identifiable net assets688,629 479,674 
Goodwill 979,950 386,378 
Fair value of net assets acquired$1,668,579 $866,052 
Estimated Fair Values of Identifiable Intangible Assets and Related Weighted Average Amortization The following table summarizes the estimated fair values of identifiable intangible assets for the acquisitions completed in the nine months ended September 30, 2025 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, 2025
Dynamic SystemsAll Others
Estimated Fair ValueWeighted Average Amortization Period in YearsEstimated Fair ValueWeighted Average Amortization Period in Years
Customer relationships$355,000 8.0$225,889 6.3
Backlog58,200 2.032,635 2.1
Trade names101,000 15.026,366 15.0
Non-compete agreements18,200 5.01,079 5.0
Total identifiable intangible assets$532,400 8.6$285,969 6.6
Discount Rates and Customer Attrition Rates 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, 2025 as of the respective acquisition dates:
Nine Months Ended
 September 30, 2025
RangeWeighted Average
Discount rates
13% to 20%
16%
Customer attrition rates
10% to 30%
12%
Summary of Contingent Consideration Liabilities The aggregate fair value of outstanding contingent consideration liabilities for acquisitions completed prior to September 30, 2025 and their classification in the accompanying condensed consolidated balance sheets is as follows (in thousands):
 September 30, 2025December 31, 2024
Accounts payable and accrued expenses$7,311 $152,030 
Insurance and other non-current liabilities486,675 192,954 
Total contingent consideration liabilities$493,986 $344,984 
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, 2025 and the year ended December 31, 2024, 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 EndedNine Months Ended
September 30,September 30,
2025202420252024
Revenues$7,701,010 $7,074,838 $21,316,195 $19,745,162 
Net income (loss) attributable to common stock (1)
$318,370 $(15,386)$724,158 $314,015 
(1) The pro forma results of operations for the three and nine months ended September 30, 2024 include one-time acquisition-related expenses of $453.8 million ($335.8 million net of tax) for pre-acquisition transaction costs incurred by CEI, primarily related to the vesting and increase in value of stock appreciation rights as a result of the acquisition.