QUANTA SERVICES, INC. Goodwill & Intangibles Disclosure
| Electric Segment | Underground and Infrastructure Segment | Total | ||||||||||||||||||
Balance at December 31, 2023 (1) | $ | 3,371,687 | $ | 674,218 | $ | 4,045,905 | ||||||||||||||
| Goodwill related to acquisition completed in 2024 | 1,126,121 | 186,993 | 1,313,114 | |||||||||||||||||
| Purchase price allocation adjustments | (10,996) | — | (10,996) | |||||||||||||||||
Goodwill written off due to sale of business (1) | — | (6,147) | (6,147) | |||||||||||||||||
| Foreign currency translation adjustments | (13,725) | (11,708) | (25,433) | |||||||||||||||||
Balance at December 31, 2024 (1) | 4,473,087 | 843,356 | 5,316,443 | |||||||||||||||||
| Goodwill related to the acquisitions completed in 2025 | 645,725 | 1,332,171 | 1,977,896 | |||||||||||||||||
| Purchase price allocation adjustments | 5,933 | 364 | 6,297 | |||||||||||||||||
| Foreign currency translation adjustments | 8,951 | 7,641 | 16,592 | |||||||||||||||||
Balance at December 31, 2025 (1) | $ | 5,133,696 | $ | 2,183,532 | $ | 7,317,228 | ||||||||||||||
| As of December 31, 2025 | As of December 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||
| Remaining Weighted Average Amortization Period in Years | Intangible Assets | Accumulated Amortization | Intangible Assets, Net | Intangible Assets | Accumulated Amortization | Intangible Assets, Net | ||||||||||||||||||||||||||||||||||||||
| Customer relationships | 5.7 | $ | 3,523,939 | $ | (1,464,107) | $ | 2,059,832 | $ | 2,405,606 | $ | (1,105,099) | $ | 1,300,507 | |||||||||||||||||||||||||||||||
| Backlog | 1.6 | 618,911 | (454,847) | 164,064 | 442,459 | (358,596) | 83,863 | |||||||||||||||||||||||||||||||||||||
| Trade names | 12.9 | 794,379 | (156,085) | 638,294 | 569,307 | (113,970) | 455,337 | |||||||||||||||||||||||||||||||||||||
| Non-compete agreements | 4.5 | 91,781 | (57,513) | 34,268 | 61,589 | (51,453) | 10,136 | |||||||||||||||||||||||||||||||||||||
| Patented rights, developed technology, process certifications and other | 12.5 | 35,413 | (33,140) | 2,273 | 35,317 | (32,763) | 2,554 | |||||||||||||||||||||||||||||||||||||
| Curriculum | 3.2 | 16,691 | (12,234) | 4,457 | 15,618 | (10,478) | 5,140 | |||||||||||||||||||||||||||||||||||||
| Total intangible assets subject to amortization | 7.1 | 5,081,114 | (2,177,926) | 2,903,188 | 3,529,896 | (1,672,359) | 1,857,537 | |||||||||||||||||||||||||||||||||||||
| Engineering license | 3,000 | — | 3,000 | 3,000 | — | 3,000 | ||||||||||||||||||||||||||||||||||||||
| Other intangible assets, net | $ | 5,084,114 | $ | (2,177,926) | $ | 2,906,188 | $ | 3,532,896 | $ | (1,672,359) | $ | 1,860,537 | ||||||||||||||||||||||||||||||||
| Year Ending December 31: | ||||||||
| 2026 | $ | 623,128 | ||||||
| 2027 | 541,168 | |||||||
| 2028 | 429,002 | |||||||
| 2029 | 274,067 | |||||||
| 2030 | 260,335 | |||||||
| Thereafter | 775,488 | |||||||
| Total | $ | 2,903,188 | ||||||
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 19, 2026 | Showing above |
| 2024 | Feb 20, 2025 | |
| 2023 | Feb 22, 2024 | |
| 2022 | Feb 23, 2023 | |
| 2021 | Feb 25, 2022 | |
| 2020 | Mar 1, 2021 | |
| 2019 | Feb 28, 2020 | |
| 2018 | Feb 28, 2019 | |
| 2017 | Feb 28, 2018 | |
| 2016 | Mar 1, 2017 | |
| 2015 | Feb 29, 2016 | |
About Goodwill & Intangibles Disclosures
Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.
Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.