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Detail of Certain Accounts | 3 Months Ended
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Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Detail of Certain Accounts | 13. DETAIL OF CERTAIN ACCOUNTS: Cash and Cash Equivalents As of March 31, 2026 and December 31, 2025, cash equivalents were $189.2 million and $227.6 million and consisted primarily of money market investments, money market mutual funds and short-term deposits. Cash and cash equivalents held by joint ventures, which are either consolidated or proportionately consolidated, are available to support joint venture operations, but Quanta cannot utilize those assets to support its other operations. Quanta generally has no right to cash and cash equivalents held by a joint venture other than participating in distributions, to the extent made, and in the event of dissolution. Cash and cash equivalents held by Quanta’s wholly-owned captive insurance company are generally not available for use in support of its other operations. Amounts related to cash and cash equivalents held by consolidated or proportionately consolidated joint ventures and the captive insurance company, which are included in Quanta’s total cash and cash equivalents balances, were as follows (in thousands):
|  | March 31, 2026 |  | December 31, 2025
Cash and cash equivalents held by domestic joint ventures |  | $ | 73,356 |  |  | $ | 63,620 |
Cash and cash equivalents held by foreign joint ventures |  | 13,454 |  |  | 10,639 |
Total cash and cash equivalents held by joint ventures |  | 86,810 |  |  | 74,259 |
Cash and cash equivalents held by captive insurance company |  | 16,521 |  |  | 19,595 |
Cash and cash equivalents not held by joint ventures or captive insurance company |  | 261,430 |  |  | 345,654 |
Total cash and cash equivalents |  | $ | 364,761 |  |  | $ | 439,508 |
Inventories Inventories consisted of the following (in thousands):
|  | March 31, 2026 |  | December 31, 2025
Construction materials and aviation spare parts |  | $ | 147,527 |  |  | $ | 143,994 |
Raw materials |  | 73,565 |  |  | 64,758 |
Work-in-process |  | 12,226 |  |  | 4,427 |
Finished goods and merchandise purchased for resale |  | 213,573 |  |  | 157,193 |
Total Inventories, net |  | $ | 446,891 |  |  | $ | 370,372 |
Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following (in thousands):
|  | March 31, 2026 |  | December 31, 2025
Prepaid expenses |  | $ | 465,512 |  |  | $ | 488,488 |
Other current assets |  | 167,721 |  |  | 235,772 |
Prepaid expenses and other current assets |  | $ | 633,233 |  |  | $ | 724,260 |
As of March 31, 2026 and December 31, 2025, prepaid expenses primarily include prepaid job costs, prepaid insurance expense and prepaid software expense. Other Intangible Assets Quanta’s identifiable intangible assets were as follows (in thousands):
|  | March 31, 2026 |  | December 31, 2025
Customer relationships |  | $ | 3,535,422 |  |  | $ | 3,523,939 |
Backlog |  | 577,249 |  |  | 618,911 |
Trade names |  | 794,379 |  |  | 794,379 |
Non-compete agreements |  | 91,423 |  |  | 91,781 |
Patented rights, developed technology, process certifications and other |  | 35,440 |  |  | 35,413 |
Curriculum |  | 16,715 |  |  | 16,691 |
Other intangible assets subject to amortization |  | 5,050,628 |  |  | 5,081,114 |
Accumulated amortization |  | (2,329,405) |  |  | (2,177,926) |
Other intangible assets subject to amortization, net |  | 2,721,223 |  |  | 2,903,188 |
Engineering license |  | 3,000 |  |  | 3,000 |
Other intangible assets, net |  | $ | 2,724,223 |  |  | $ | 2,906,188 |
Property and Equipment Accumulated depreciation related to property and equipment was $2.32 billion and $2.25 billion as of March 31, 2026 and December 31, 2025. In addition, Quanta held property and equipment, net of $216.3 million and $211.9 million in foreign countries, primarily Canada, as of March 31, 2026 and December 31, 2025. Accounts Payable and Accrued Expenses Accounts payable and accrued expenses consisted of the following (in thousands):
|  | March 31, 2026 |  | December 31, 2025
Accounts payable, trade |  | $ | 2,915,840 |  |  | $ | 2,832,600 |
Accrued compensation and related expenses |  | 728,556 |  |  | 781,610 |
Other accrued expenses |  | 1,093,845 |  |  | 965,248 |
Accounts payable and accrued expenses |  | $ | 4,738,241 |  |  | $ | 4,579,458 |
As of March 31, 2026 and December 31, 2025, other accrued expenses primarily include the current portion of accrued insurance liabilities as further described in Note 12, unearned revenues and income and franchise taxes payable.

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