Property and equipment consisted of the following (in thousands):
 Estimated UsefulDecember 31,
 Lives in Years20252024
LandN/A$158,270 $134,590 
Buildings and leasehold improvements
5-30
619,808 514,888 
Operating machinery and equipment
1-25
2,474,357 2,160,333 
Vehicles and aviation
2-25
1,488,986 1,187,538 
Office equipment, furniture and fixtures and information technology systems
3-10
336,153 298,878 
Construction work in progressN/A287,433 125,676 
Finance lease assets and lease financing transactions
5-20
337,964 239,806 
Property and equipment, gross5,702,971 4,661,709 
Less — Accumulated depreciation and amortization (2,247,767)(1,961,432)
Property and equipment, net of accumulated depreciation $3,455,204 $2,700,277 
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About PP&E Disclosures

The PP&E disclosure details a company's physical asset base — land, buildings, machinery, and equipment — along with the depreciation methods and useful life assumptions that determine how these costs flow through the income statement. Capitalization policy thresholds reveal management's judgment on the boundary between expense and asset, directly affecting both reported earnings and asset values.

Key signals: changes in estimated useful lives or depreciation methods can materially shift reported earnings without any operational change. Compare capital expenditures against depreciation expense — when capex consistently trails depreciation, the asset base may be aging and underinvested. Watch for large asset impairments or write-downs that signal overvalued carrying amounts. Asset retirement obligations reveal future environmental or decommissioning costs that are often underappreciated. Compare PP&E intensity (PP&E-to-revenue) against industry peers to assess capital efficiency and competitive positioning.