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Stock-Based Compensation | 3 Months Ended
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Mar. 31, 2026
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | 10. STOCK-BASED COMPENSATION: Restricted Stock Units (RSUs) to be Settled in Common Stock A summary of the activity for RSUs to be settled in common stock for the three months ended March 31, 2026 and 2025 is as follows (RSUs in thousands):
| 2026 |  | 2025
| RSUs |  | Weighted Average Grant Date Fair Value (Per Unit) |  | RSUs |  | Weighted Average Grant Date Fair Value (Per Unit)
Unvested at January 1 | 1,754 |  |  | $226.39 |  | 2,024 |  |  | $173.32
Granted | 373 |  |  | $538.97 |  | 403 |  |  | $260.80
Vested | (455) |  |  | $209.15 |  | (502) |  |  | $163.20
Forfeited | (43) |  |  | $155.15 |  | (29) |  |  | $142.64
Unvested at March 31 | 1,629 |  |  | $304.56 |  | 1,896 |  |  | $195.02
The approximate fair value of RSUs that vested during the three months ended March 31, 2026 and 2025 was $251.0 million and $126.5 million. During the three months ended March 31, 2026 and 2025, Quanta recognized $45.4 million and $32.0 million of non-cash stock compensation expense related to RSUs to be settled in common stock. As of March 31, 2026, there was $372.7 million of total unrecognized compensation expense related to unvested RSUs to be settled in common stock granted to both employees and non-employees. This cost is expected to be recognized over a weighted average period of 2.58 years. Performance Stock Units (PSUs) to be Settled in Common Stock A summary of the activity for PSUs to be settled in common stock for the three months ended March 31, 2026 and 2025 is as follows (PSUs in thousands):
| 2026 |  | 2025
| PSUs |  | Weighted Average Grant Date Fair Value (Per Unit) |  | PSUs |  | Weighted Average Grant Date Fair Value (Per Unit)
Unvested at January 1 | 348 |  |  | $224.15 |  | 425 |  |  | $177.69
Granted | 53 |  |  | $565.56 |  | 92 |  |  | $259.17
Vested | (149) |  |  | $174.50 |  | (165) |  |  | $123.88
Unvested at March 31 | 252 |  |  | $325.69 |  | 352 |  |  | $224.11
The Monte Carlo simulation valuation methodology applied the following key inputs:
|  | 2026 |  | 2025
Valuation date price based on February 26, 2026 and February 27, 2025 closing stock prices of Quanta common stock |  | $565.05 |  | $259.26
Expected volatility (1) |  | 35 | % |  | 34 | %
Risk-free interest rate |  | 3.45 | % |  | 4.05 | %
Term in years |  | 2.85 |  | 2.84
(1) The expected volatility inputs for Quanta are based on historical volatility, which is based on Quanta’s dividend-adjusted closing prices over a period equivalent to the performance period. During the three months ended March 31, 2026 and 2025, Quanta recognized $17.2 million and $6.2 million of non-cash stock compensation expense related to PSUs to be settled in common stock. As of March 31, 2026, there was an estimated $66.3 million of total unrecognized compensation expense related to unearned and unvested PSUs. This amount is based on forecasted attainment of performance metrics and estimated forfeitures of unearned and unvested PSUs. The compensation expense related to outstanding PSUs can vary from period to period based on changes in forecasted achievement of established performance goals and the total number of shares of common stock that Quanta anticipates will be issued upon vesting of such PSUs. This cost is expected to be recognized over a weighted average period of 2.12 years. During each of the three months ended March 31, 2026 and 2025, 0.3 million shares of common stock were issued in connection with earned and vested PSUs. The approximate fair values of PSUs earned and vested during the three months ended March 31, 2026 and 2025 were $158.6 million and $83.9 million.

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