QUANTA SERVICES, INC.PWR
QUANTA SERVICES, INC. Segments Disclosure
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.
During the three months ended March 31, 2025, Quanta’s Chief Executive Officer reevaluated how performance of the business is assessed and how resources are allocated, which resulted in a change in the reporting of management’s internal financial information. As a result, beginning with the three months ended March 31, 2025, Quanta began reporting the results of its two operating segments, which are also its two reportable segments: (1) Electric Infrastructure Solutions (Electric) and (2) Underground Utility and Infrastructure Solutions (Underground and Infrastructure). The Electric segment consists of the historical Electric Power Infrastructure Solutions and the Renewable Energy Infrastructure Solutions segments. In conjunction with this change, certain prior period amounts have been recast to conform to this new segment reporting structure.
Electric. Quanta’s Electric segment provides comprehensive services for the electric power, power generation, large load center and communications markets. Services include, but are not limited to, the design, procurement, new construction, upgrade and repair and maintenance services for electric power transmission and distribution infrastructure, both overhead and underground, and substation facilities, along with other engineering and technical services, including services that support the implementation of upgrades by utilities to modernize and harden the electric power grid in order to ensure its safety and
enhance reliability, to interconnect and transmit electricity from power generation and battery storage facilities and to accommodate increased residential and commercial use of electric vehicles. In addition, this segment provides engineering, procurement, new construction, repowering, and repair and maintenance services for power generation facilities, such as utility-scale wind, solar and hydropower generation facilities and battery storage facilities, as well as emergency restoration services, including the repair of infrastructure damaged by fire and inclement weather and the installation of “smart grid” technologies on electric power networks. This segment also provides comprehensive design and construction solutions to wireline and wireless communications companies; electrical systems for technology, advanced manufacturing and industrial facilities and other load centers; and cable multi-system operators and other customers within the communications industry, as well as other related services. Additionally, this segment manufactures power transformers and components for the electric utility, renewable energy, municipal power and industrial markets.
Underground and Infrastructure. Quanta’s Underground and Infrastructure segment provides comprehensive infrastructure solutions to customers involved in the transportation, distribution, storage, development and processing of natural gas, oil and other products. Services include, but are not limited to design, engineering, procurement, new construction, upgrade and repair and maintenance services for natural gas systems for gas utility customers; pipeline construction protection, integrity testing, rehabilitation and replacement services; and civil solutions. Additionally, Quanta serves the midstream and downstream industrial energy markets through catalyst replacement services, high-pressure and critical-path turnaround services, instrumentation and electrical services, piping, fabrication and storage tank services. In addition, this segment provides turnkey mechanical plumbing and process infrastructure solutions for large load facilities in the technology, semiconductor, healthcare and other industries.
Quanta’s segment results are derived from the types of services provided across its operating companies in each of its end user markets. Quanta’s entrepreneurial business model allows multiple operating companies to serve the same or similar customers and to provide a range of services across end user markets. Reportable segment information, including revenues and operating income by type of work, is gathered from each operating company. Classification of operating company revenues by type of work for segment reporting purposes can require judgment on the part of management.
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.
| Year Ended December 31, 2025 | Electric | Underground and Infrastructure | Total | |||||||||||||||||
| Revenues | $ | 23,001,468 | $ | 5,478,229 | $ | 28,479,697 | ||||||||||||||
| Segment operating expense (excluding segment depreciation expense) | 20,411,709 | 4,973,887 | 25,385,596 | |||||||||||||||||
| Segment depreciation expense | 285,132 | 106,066 | 391,198 | |||||||||||||||||
| Segment operating expenses | 20,696,841 | 5,079,953 | 25,776,794 | |||||||||||||||||
| Equity in earnings on integral unconsolidated affiliates | 55,635 | — | 55,635 | |||||||||||||||||
| Segment operating income | $ | 2,360,262 | $ | 398,276 | $ | 2,758,538 | ||||||||||||||
| Segment operating margin | 10.3 | % | 7.3 | % | ||||||||||||||||
Corporate and non-allocated costs (1) | (1,147,029) | |||||||||||||||||||
| Total consolidated operating income | $ | 1,611,509 | ||||||||||||||||||
Year Ended December 31, 2024 | Electric (2) | Underground and Infrastructure (3) | Total | |||||||||||||||||
| Revenues | $ | 19,012,379 | $ | 4,660,416 | $ | 23,672,795 | ||||||||||||||
| Segment operating expense (excluding segment depreciation expense) | 16,855,409 | 4,308,470 | 21,163,879 | |||||||||||||||||
| Segment depreciation expense | 248,762 | 86,916 | 335,678 | |||||||||||||||||
| Segment operating expenses | 17,104,171 | 4,395,386 | 21,499,557 | |||||||||||||||||
| Equity in earnings on integral unconsolidated affiliates | 50,484 | — | 50,484 | |||||||||||||||||
| Segment operating income | $ | 1,958,692 | $ | 265,030 | $ | 2,223,722 | ||||||||||||||
| Segment operating margin | 10.3 | % | 5.7 | % | ||||||||||||||||
Corporate and non-allocated costs (1) | (877,254) | |||||||||||||||||||
| Total consolidated operating income | $ | 1,346,468 | ||||||||||||||||||
| Year ended December 31, 2023 | Electric | Underground and Infrastructure | Total | |||||||||||||||||
| Revenues | $ | 15,867,198 | $ | 5,015,008 | $ | 20,882,206 | ||||||||||||||
| Segment operating expense (excluding segment depreciation expense) | 14,195,394 | 4,559,507 | 18,754,901 | |||||||||||||||||
| Segment depreciation expense | 222,855 | 77,524 | 300,379 | |||||||||||||||||
| Segment operating expenses | 14,418,249 | 4,637,031 | 19,055,280 | |||||||||||||||||
| Equity in earnings on integral unconsolidated affiliates | 41,609 | — | 41,609 | |||||||||||||||||
| Segment operating income | $ | 1,490,558 | $ | 377,977 | $ | 1,868,535 | ||||||||||||||
| Segment operating margin | 9.4 | % | 7.5 | % | ||||||||||||||||
Corporate and non-allocated costs (1) | (740,559) | |||||||||||||||||||
| Total consolidated operating income | $ | 1,127,976 | ||||||||||||||||||
(1) Corporate and non-allocated costs included amortization expense of $498.8 million, $383.0 million and $289.0 million and non-cash stock-based compensation of $181.9 million, $150.5 million and $126.8 million for the years ended December 31, 2025, 2024 and 2023.
(2) Included in the Electric segment revenues during the year ended December 31, 2024 was $30.2 million recognized in connection with payments received pursuant to an arbitration award related to a large telecommunications project in Peru that was terminated during 2019. The segment operating income impact related to such payments was $20.7 million, including the reimbursement of certain cost of services and net of foreign currency translation losses in connection with Quanta’s substantial liquidation from Latin American operations.
(3) Included in operating expenses (excluding segment depreciation expense) for the Underground and Infrastructure segment during the year ended December 31, 2024 were losses of $11.9 million related to the disposition of a non-core business.Free Sentinel
Track for freeWant the next QUANTA SERVICES, INC. segments disclosure the moment it drops?
Set a Sentinel and we'll alert you the moment QUANTA SERVICES, INC.'s next filing hits EDGAR. No credit card, your email never gets sold.
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 Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.