XML 24 R11.htm IDEA: XBRL DOCUMENT v3.26.1
Segment Information
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Information
3. SEGMENT INFORMATION:
Quanta’s operations are managed by senior executives who report to its Chief Executive Officer, the chief operating decision maker. The Chief Executive Officer uses operating income for each of Quanta’s reportable segments and considers forecast to actual variances to assess performance and when making decisions about allocating capital, craft skill labor and other resources. Quanta’s two operating segments are also its two reportable segments: (1) Electric Infrastructure Solutions (Electric) and Underground Utility and Infrastructure Solutions (Underground and Infrastructure).
Segment operating expenses (excluding depreciation expense) primarily include cost of services, such as wages and benefits; subcontractor costs; materials; certain equipment rental and maintenance costs, and other direct and indirect project costs, as well as allocated segment selling, general and administrative expenses. Integrated operations and common administrative support for Quanta’s operating companies require that allocations be made to determine segment profitability, including allocations of certain corporate shared and indirect operating costs, as well as general and administrative costs.
Separate measures of Quanta’s assets and cash flows by reportable segment, including capital expenditures, are not produced or utilized by the Chief Executive Officer to evaluate segment performance since certain of Quanta’s fixed assets are used on an interchangeable basis across its reportable segments. As such, for reporting purposes, total depreciation expense is determined quarterly by allocating depreciation expense at each legal entity to Quanta’s reportable segments based on the ratio of each legal entity’s revenue contribution to each of Quanta’s segments.
Corporate and non-allocated costs include corporate facility costs; non-allocated corporate salaries, benefits and incentive compensation; acquisition and integration costs; non-cash stock-based compensation; amortization related to intangible assets; asset impairment related to goodwill and intangible assets; and change in fair value of contingent consideration liabilities.
The following tables show segment financial information in thousands of dollars for the periods presented. All revenues are from external customers. Segment operating margin is calculated by dividing operating income by revenues.
Three Months Ended March 31, 2026ElectricUnderground and InfrastructureTotal
Revenues
$6,468,657 $1,406,130 $7,874,787 
Segment operating expense (excluding segment depreciation expense)
5,839,272 1,275,016 7,114,288 
Segment depreciation expense
82,772 25,497 108,269 
Segment operating expenses
5,922,044 1,300,513 7,222,557 
Equity in earnings of integral unconsolidated affiliates14,469 — 14,469 
Segment operating income
$561,082 $105,617 $666,699 
Segment operating margin
8.7 %7.5 %
Corporate and non-allocated costs (1)
(327,920)
Total consolidated operating income
$338,779 
Three Months Ended March 31, 2025ElectricUnderground and InfrastructureTotal
Revenues
$4,944,391 $1,288,943 $6,233,334 
Segment operating expense (excluding segment depreciation expense)
4,482,845 1,186,007 5,668,852 
Segment depreciation expense
66,311 26,069 92,380 
Segment operating expenses
4,549,156 1,212,076 5,761,232 
Equity in earnings of integral unconsolidated affiliates12,929 — 12,929 
Segment operating income
$408,164 $76,867 $485,031 
Segment operating margin
8.3 %6.0 %
Corporate and non-allocated costs (1)
(245,950)
Total consolidated operating income
$239,081 
(1)    Corporate and non-allocated costs included amortization expense of $152.4 million and $109.6 million and non-cash stock-based compensation of $62.6 million and $38.2 million for the three months ended March 31, 2026 and 2025.