Form 8-K

8-K — QUANTA SERVICES, INC.

Accession: 0001193125-26-436949

Filed: 2026-10-29

Period: 2026-10-29

CIK: 0001050915

SIC: 1731 (ELECTRICAL WORK)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — d77812d8k.htm (Primary)

EX-99.1 (d77812dex991.htm)

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8-K

8-K (Primary)

Filename: d77812d8k.htm · Sequence: 1

8-K

false 0001050915 0001050915 2026-10-29 2026-10-29

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported):

October 29, 2026

Quanta Services, Inc.

(Exact name of registrant as specified in its charter)

Delaware

(State or other jurisdiction of incorporation)

001-13831

74-2851603

(Commission File No.)

(IRS Employer Identification No.)

2727 North Loop West

Houston, Texas 77008

(Address of principal executive offices, including ZIP code)

(713) 629-7600

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of exchange on

which registered

Common Stock, $0.00001 par value

PWR

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02

Results of Operations and Financial Condition.

On October 29, 2026, Quanta Services, Inc. (the “Company” or “Quanta”) issued a press release announcing its results for the fiscal quarter ended September 30, 2026. A copy of the press release is furnished herewith as Exhibit 99.1.

The information furnished in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, and shall not be incorporated by reference in any filing under the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such a filing.

Item 7.01

Regulation FD Disclosure.

Quanta’s Third Quarter 2026 Operational and Financial Commentary, dated October 29, 2026, prepared by the Company and relating to its results for the fiscal quarter ended September 30, 2026, as noted in the press release described in Item 2.02 above, will be posted to the Company’s website at www.quantaservices.com under the “Financial Info” area of the Investor Relations section. Investors should note that Quanta announces financial information in its documents filed with the Securities and Exchange Commission, its press releases, its public conference calls, as well as on its website. Quanta may use the Investor Relations and other sections of its website to communicate with investors and it is possible that the financial and other information posted there could be deemed to be material information.

The information furnished in Item 7.01 of this Current Report on Form 8-K, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, and shall not be incorporated by reference in any filing under the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such a filing.

Item 9.01

Financial Statements and Exhibits.

(d) Exhibits.

Exhibit

No.

Exhibit

99.1

Press Release of Quanta Services, Inc. dated October 29, 2026

104

Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: October 29, 2026

Quanta Services, Inc.

By:

/s/ Paul M. Nobel

Name:

Paul M. Nobel

Title:

Senior Vice President and Chief Accounting Officer

EX-99.1

Filename: d77812dex991.htm · Sequence: 2

EX-99.1

Exhibit 99.1

PRESS RELEASE

FOR IMMEDIATE RELEASE

26-19

Contacts:

Jayshree Desai, CFO

Kip Rupp, CFA, IRC -

Investors

Sean Eastman - Investors

Quanta Services, Inc.

(713) 629-7600

Media – Mili Gosar

FGS Global

(832) 640-7570

QUANTA SERVICES REPORTS THIRD QUARTER 2026 RESULTS

Third Quarter Consolidated Revenues of $12.0 Billion*

Third Quarter GAAP Diluted EPS of $4.55* and Adjusted Diluted EPS of $6.06*

Net Income Attributable to Common Stock of $694.9 Million*

Adjusted EBITDA of $1.4 Billion*

Cash Flow From Operations of $1.5 Billion* and Free Cash Flow of $1.2 Billion*

Remaining Performance Obligations (RPO) of $41.8 Billion* and Total Backlog of $63.7 Billion*

Strong Performance Drives Significant Increase In 2026 Financial Expectations Across All Metrics

* = Record quarterly or record third quarter result

HOUSTON – October 29, 2026 - Quanta Services, Inc. (NYSE: PWR) today announced results for the three months ended

September 30, 2026. Revenues in the third quarter of 2026 were $12.01 billion compared to revenues of $7.63 billion in the third quarter of 2025, and net income attributable to common stock was $694.9 million, or $4.55 per

diluted share, in the third quarter of 2026 compared to net income attributable to common stock of $339.4 million, or $2.24 per diluted share, in the third quarter of 2025. Adjusted diluted earnings per share attributable to common stock was

$6.06 for the third quarter of 2026 compared to $3.33 for the third quarter of 2025.

“Quanta delivered another exceptional quarter, with

third-quarter results that again exceeded expectations. Revenue, adjusted EBITDA and adjusted diluted earnings per share all achieved strong double-digit growth, cash flow was robust and total backlog reached a record $63.7 billion. These

results demonstrate the power of our solutions-based operating model, as well as the execution certainty our self-perform capabilities deliver for customers every day. Given this outperformance and the expected incremental strength in the fourth

quarter, we are again significantly increasing our full-year 2026 financial expectations across all metrics,” said Duke Austin, President and Chief Executive Officer of Quanta Services.

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“The breadth of our portfolio, combined with the fungibility of our skilled workforce across multiple

end markets, provides a significant competitive advantage. This flexibility allows us to strategically deploy resources where demand is strongest, mitigate exposure to individual market cycles and deliver more consistent, predictable outcomes for

our customers and stockholders. With demand for our services broadening across utility, power generation, industrial and technology customers, we are pacing ahead of the multi-year growth targets we outlined at our 2026 Investor Day, and our

conviction in Quanta’s ability to compound profitable growth over the long term continues to strengthen. We believe there is opportunity to deliver strong double-digit adjusted EPS growth in 2027, supported by continued backlog growth.”

Certain items that impacted Quanta’s results for the three and nine months ended September 30, 2026 and 2025 are reflected as adjustments in

the calculation of Quanta’s adjusted net income attributable to common stock, adjusted diluted earnings per share attributable to common stock and adjusted EBITDA (non-GAAP financial measures). These

items are described in the accompanying tables reconciling adjusted net income attributable to common stock, EBITDA and adjusted EBITDA to net income attributable to common stock and adjusted diluted earnings per share attributable to common stock

to diluted earnings per share attributable to common stock. Quanta completed five acquisitions in the first nine months of 2026 and eight acquisitions during the full year 2025, and the results of the acquired businesses are included in

Quanta’s consolidated results from the respective acquisition dates. For further information on the items that impacted comparability of 2026 and 2025, see the footnotes in the accompanying tables presenting Supplemental Segment Data and

reconciliations of EBITDA, adjusted EBITDA, adjusted net income attributable to common stock and adjusted diluted earnings per share attributable to common stock (non-GAAP financial measures) to their

comparable GAAP financial measures.

RECENT HIGHLIGHTS

•

Completed Two Acquisitions - In September and October 2026, Quanta completed two acquisitions that

strengthen its front-end, fabrication and supply chain capabilities. The first is a Houston, Texas-based energy services provider with approximately 320 employees that offers engineering and design,

fabrication, automation and controls, and engineering, procurement and construction services, and is included in the Underground and Infrastructure segment. The second is a Fort Worth, Texas-based vertically integrated manufacturer of steel

monopoles and lighting structures, primarily for utility transmission and distribution applications, with approximately 270 employees, which will primarily be included in the Electric segment. Aggregate consideration, net of cash acquired, was

approximately $245 million, consisting of approximately $96 million in cash paid or payable and approximately $149 million in Quanta common stock. The two newly announced acquisitions are not expected to contribute materially to

Quanta’s full-year 2026 financial results.

•

Enhanced Liquidity and Financial Flexibility - In August 2026, Quanta issued $2.00 billion aggregate

principal amount of senior notes. In July 2026, Quanta increased the aggregate revolving commitments under its senior credit facility from $2.80 billion to $2.98 billion and extended the maturity date for revolving loans from July 31,

2030 to July 31, 2031. Effective August 8, 2026, Quanta increased the maximum amount of its unsecured commercial paper program from $2.80 billion to $2.98 billion. On September 1, 2026, Quanta prepaid the full

$618.8 million outstanding balance of the term loan under its senior credit facility.

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•

Published 2025 Sustainability Report - In September 2026, Quanta published its 2025 Sustainability

Report, which provides transparency around Quanta’s sustainability strategy and the company’s continued progress in 2025. Titled “Craft + Culture,” the report highlights how Quanta’s craft-skilled workforce and the

investment in training, safety and leadership development behind it position the company to meet growing demand for reliable power, resilient infrastructure and modern energy systems.

•

Appointed Ellen Rubin to Board of Directors - In September 2026, Ellen Rubin joined Quanta’s Board

of Directors. Ms. Rubin currently serves as an Operating Partner at Glasswing Ventures LLC, a venture capital firm focused on AI and frontier technologies, and as a director of Allegion plc. She brings executive leadership and public company

board experience, as well as deep technology expertise, including AI and cloud computing innovation, technology strategy and cybersecurity risk management.

RESULTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2026

Revenues in the nine months ended September 30, 2026 were $29.45 billion compared to revenues of $20.64 billion in the nine months ended

September 30, 2025, and net income attributable to common stock was $1.37 billion, or $8.97 per diluted share, in the nine months ended September 30, 2026 compared to net income attributable to common stock of $712.9 million, or

$4.72 per diluted share, in the nine months ended September 30, 2025. Adjusted diluted earnings per share attributable to common stock was $12.98 for the nine months ended September 30, 2026 compared to $7.59 for the nine months ended

September 30, 2025.

FULL-YEAR 2026 OUTLOOK

Prior to the Company’s conference call, management will post a summary of Quanta’s updated 2026 guidance expectations with additional commentary in

the “News and Events” and “Financial Info” areas of the Investor Relations section of Quanta’s website at http://investors.quantaservices.com.

The long-term outlook for Quanta’s business is positive. However, weather, regulatory, permitting, supply chain challenges and other factors affecting

project timing and execution have impacted, and may impact in the future, Quanta’s financial results. Additionally, we continue to consider future uncertainty associated with overall challenges to the domestic and global economy, including

inflation, interest rates and potential recessionary economic conditions. Quanta’s financial outlook for revenues, margins and earnings reflects management’s effort to align these uncertainties with the backlog the Company is executing

on and the opportunities expected to materialize during the remainder of 2026.

The following forward-looking statements are based on current

expectations, and actual results may differ materially, as described below in Cautionary Statement About Forward-Looking Statements and Information. For the full year ending December 31, 2026, Quanta now expects revenues to range between

$41.3 billion and $41.6 billion and net income attributable to common stock to range between $1.92 billion and $1.98 billion. Quanta also now expects diluted earnings per share attributable to common stock to range between $12.57

and $12.97 and adjusted diluted earnings per share attributable to common stock to range between $17.90 and $18.30. Quanta now expects EBITDA to range between $3.99 billion and $4.09 billion and adjusted EBITDA to range between

$4.40 billion and $4.49 billion. Additionally, for the full year ending December 31, 2026, Quanta now expects net cash provided by operating activities to range between $3.45 billion and $4.00 billion and free cash flow (a non-GAAP financial measure) to range between $2.50 billion and $3.00 billion.

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NON-GAAP FINANCIAL MEASURES

The financial measures not prepared in conformity with generally accepted accounting principles in the United States (GAAP) that are utilized in this press

release are provided to enable investors, analysts and management to evaluate Quanta’s performance excluding the effects of certain items that management believes impact the comparability of operating results between reporting periods. In

addition, management believes these measures are useful in comparing Quanta’s operating results with those of its competitors. These measures should be used in addition to, and not in lieu of, financial measures prepared in conformity with

GAAP.

Please see the accompanying tables for reconciliations of the following non-GAAP financial measures for

Quanta’s current and historical results and full-year 2026 expectations (as applicable): adjusted diluted earnings per share attributable to common stock to diluted earnings per share attributable to common stock; adjusted net income

attributable to common stock, EBITDA and adjusted EBITDA to net income attributable to common stock; free cash flow to net cash provided by operating activities; and backlog to remaining performance obligations.

EARNINGS WEBCAST AND SUPPLEMENTAL MATERIALS INFORMATION

Quanta Services has scheduled a webcast and conference call for 9:00 a.m. Eastern Time today, October 29, 2026. This event will be facilitated through web-based audio using a Zoom Webinar. To register for and access the event, please log in to the webinar through the Investor Relations section of Quanta’s website (http://investors.quantaservices.com).

Once registered, if you prefer to access the call by phone, dial-in details will be provided on the event access page upon registration and when prompted, please enter the unique Participant ID provided to

join the call. Please allow at least 15 minutes to register and download and install any necessary audio software. For those who cannot participate live, shortly following the webcast a digital recording will be available on the Company’s

website.

Additionally, Quanta has posted its Third Quarter 2026 Operational and Financial Commentary, as well as all other supplemental earnings call

materials, in the Investor Relations section of the Quanta Services website. While management intends to make brief introductory remarks during the earnings call, the Operational and Financial Commentary is intended to largely replace

management’s prepared remarks, allowing additional time for questions from the institutional investment community. For more information, please contact Kip Rupp, Vice President - Investor Relations or Sean Eastman, Director - Investor

Relations at Quanta Services, at 713-629-7600 or investors@quantaservices.com.

-MORE-

FOLLOW QUANTA IR ON SOCIAL MEDIA

Investors and others should note that while Quanta announces material financial information and makes other public disclosures of information regarding Quanta

through U.S. Securities and Exchange Commission (SEC) filings, press releases and public conference calls, it also utilizes social media to communicate this information. It is possible that the information Quanta posts on social media could be

deemed material. Accordingly, Quanta encourages investors, the media and others interested in our company to follow Quanta, and review the information it posts, on the social media channels listed in the Investor Relations section of the

Quanta Services website.

ABOUT QUANTA SERVICES

Quanta Services is an industry leader in providing specialized infrastructure solutions to the utility, power generation, load center, communications,

pipeline, and energy industries. Quanta’s comprehensive services include designing, installing, repairing and maintaining energy, load center and communications infrastructure. With operations throughout the United States, Canada, Australia

and select other international markets, Quanta has the manpower, resources and expertise to safely complete projects that are local, regional, national or international in scope. For more information, visit www.quantaservices.com.

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Cautionary Statement About Forward-Looking Statements and Information

This press release (and oral statements regarding the subject matter of this press release, including those made on the conference call and webcast announced

herein) contains forward-looking statements intended to qualify for the “safe harbor” from liability established by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to,

statements relating to projected revenues, net income, earnings per share, margins, cash flows, liquidity, weighted average shares outstanding, capital expenditures, interest rates and tax rates, as well as other projections of operating results and

GAAP and non-GAAP financial results, including EBITDA, adjusted EBITDA and backlog; expectations regarding Quanta’s business or financial outlook; expectations regarding opportunities, technological

developments, competitive positioning, future economic and regulatory conditions and other trends in particular markets or industries; expectations regarding Quanta’s plans and strategies, including with respect to supply chain solutions and

expanded or new services offerings; the business plans or financial condition of Quanta’s customers; the potential benefits from, and future financial and operational performance of, acquired businesses and investments; the expected value of

contracts or intended contracts with customers, as well as the expected timing, scope, services, term or results of any awarded or expected projects; possible recovery of pending or contemplated insurance claims, change orders and claims asserted

against customers or third parties, as well as the collectability of receivables; the development of and opportunities with respect to future projects, including projects involving renewable energy and other power generation, electrical grid

modernization, upgrade and hardening projects, data centers and other technology infrastructure, advanced manufacturing facilities and larger transmission and pipeline infrastructure; expectations regarding the future availability and price of

materials and equipment necessary for the performance of Quanta’s business; the expected impact of global and domestic economic or political conditions on Quanta’s business, financial condition, results of operations, cash flows,

liquidity and demand for Quanta’s services, including inflation, interest rates, tariffs and recessionary economic conditions and commodity prices and production volumes; the expected impact of changes or potential changes in climate and the

physical and transition risks associated with changes in climate; future capital allocation initiatives, including the amount and timing of, and strategies with respect to, any future acquisitions, investments, cash dividends, repurchases of

Quanta’s equity or debt securities or repayments of other outstanding debt; the expected impact of existing or potential legislation or regulation; potential opportunities that may be indicated by bidding activity or similar discussions with

customers; the future demand for, availability of and costs related to labor resources in the industries Quanta serves; the expected recognition and realization of Quanta’s remaining performance obligations and backlog; expectations regarding

the outcome of pending or threatened legal proceedings; expectations regarding the outcome of insurance claims; and expectations regarding Quanta’s ability to maintain its current credit ratings; as well as statements reflecting expectations,

intentions, assumptions or beliefs about future events, and other statements that do not relate strictly to historical or current facts. These forward-looking statements are not guarantees of future performance; rather they involve or rely on a

number of risks, uncertainties, and assumptions that are difficult to predict or are beyond our control, and reflect management’s beliefs and assumptions based on information available at the time the statements are made. We caution you that

actual outcomes and results may differ materially from what is expressed, implied or forecasted by our forward-looking statements and that any or all of our forward-looking statements may turn out to be inaccurate or incorrect. Forward-looking

statements can be affected by inaccurate assumptions and by known or unknown risks and uncertainties including, among others, market, industry, economic, financial or political conditions that are outside of the control of Quanta, including

economic, energy, infrastructure and environmental policies and plans that are adopted or proposed by the U.S. federal and state governments or other governments in territories or countries in which Quanta operates, inflation, interest rates,

recessionary economic conditions, deterioration of global or specific trade relationships and geopolitical conflicts and political unrest; quarterly variations in operating and financial results, liquidity, financial condition, cash flows, capital

requirements and reinvestment opportunities; trends and growth opportunities in relevant markets, including Quanta’s ability to obtain future project awards; delays, deferrals, reductions in scope or cancellations of anticipated, pending or

existing projects as a result of, among other things, supply chain or production disruptions and other logistical challenges, weather, regulatory or permitting issues, right of way acquisition, environmental processes, project performance issues,

claimed force majeure events, protests or other political activity, legal challenges, inflationary pressure, reductions or eliminations in governmental funding or customer capital constraints; the effect of commodity prices and production volumes,

which have been and may continue to be affected by inflationary pressure and geopolitical conditions, on Quanta’s operations and growth opportunities and on customers’ capital programs and demand for Quanta’s services; the

successful negotiation, execution, performance and completion of anticipated, pending and existing contracts; events arising from operational hazards, including, among others, wildfires and explosions, that can arise due to the nature of

Quanta’s services and certain of Quanta’s product solutions, as well as the conditions in which Quanta operates and can be due to the failure of infrastructure on which Quanta has performed services and result in significant liabilities

that may be exacerbated in certain geographies and locations; unexpected costs, liabilities, fines or penalties that may arise from legal claims and proceedings, indemnity obligations, reimbursement obligations associated with letters of credit or

bonds, multiemployer pension plans or other claims or actions asserted against Quanta, including amounts not covered by, or in excess of the coverage under, third-party insurance and amounts related to claims up to the applicable deductible of

Quanta’s third-party insurance; potential unavailability or cancellation of third-party insurance coverage, as well as the exclusion of coverage for certain losses, potential increases in premiums and deductibles for coverage deemed beneficial

to Quanta, increases in amounts or retention amounts or the unavailability of coverage deemed beneficial to Quanta at reasonable and competitive rates (e.g., coverage for wildfire events); damage to Quanta’s brand or reputation, as well as

potential costs, liabilities, fines and penalties, arising as a result of cybersecurity breaches, environmental and occupational health and safety matters, corporate scandal, failure to successfully perform or negative publicity regarding a

high-profile or large-scale infrastructure project, involvement in a catastrophic event (e.g., fire, explosion) or other negative incidents; disruptions in, or failure to adequately protect, Quanta’s information technology systems;

Quanta’s dependence on suppliers, subcontractors, equipment manufacturers and other third-parties, and the impact of, among other things, inflationary pressure, regulatory, supply chain and logistical challenges on these third parties;

estimates and assumptions relating to financial results, remaining performance obligations and backlog; Quanta’s inability to attract, the potential shortage of and increased costs with respect to skilled employees, as well as Quanta’s

inability to retain or attract key personnel and qualified employees; Quanta’s dependence on fixed price contracts and the potential to incur losses with respect to these contracts; cancellation provisions within contracts and the risk that

contracts expire and are not renewed or are replaced on less favorable terms; Quanta’s inability or failure to comply with the terms of its contracts, which may result in additional costs, unexcused delays, warranty claims, failure to meet

performance guarantees, damages or contract terminations; adverse weather conditions, natural disasters and other emergencies, including wildfires, pandemics, hurricanes, tropical storms, floods, debris flows, earthquakes and other geological- and

weather-related hazards; the impact of changes in climate; Quanta’s ability to generate internal growth; competition in Quanta’s business, including the ability to effectively compete for new projects and market share, as well as

technological advancements and market developments that could reduce demand for Quanta’s services; the failure of existing or potential legislative actions and initiatives to result in increased demand for Quanta’s services or budgetary

or other constraints that may reduce or eliminate tax incentives or government funding for projects, which may result in project delays or cancellations; unavailability of, or increased prices for, materials, equipment and consumables (such as fuel)

used in Quanta’s or its customers’ businesses, including as a result of inflationary pressure, supply chain or production disruptions, governmental regulations on sourcing, the imposition of tariffs, duties, taxes or other assessments,

and other changes in U.S. trade relationships with foreign countries; loss of or deterioration of relationships with customers with whom Quanta has long-standing or significant relationships; the potential that participation in joint ventures or

similar structures exposes Quanta to liability or harm to its reputation as a result of acts or omissions by partners; the inability or refusal of customers or third-party contractors to pay for services, which could result in the inability to

collect our outstanding receivables, failure to recover amounts billed to, or avoidance of certain payments received from, customers in bankruptcy or failure to recover on change orders or contract claims; risks associated with operating in

international markets and U.S. territories, including instability of governments, significant currency exchange fluctuations, and compliance with unfamiliar legal and labor systems and cultural practices, the U.S. Foreign Corrupt Practices Act and

other applicable anti-bribery and anti-corruption laws, and complex U.S. and foreign tax regulations and international treaties; inability to successfully identify, complete, integrate and realize synergies from acquisitions, including the inability

to retain key personnel from acquired businesses; the potential adverse impact of acquisitions and investments, including the potential increase in risks already existing in Quanta’s operations, poor performance or decline in value of acquired

businesses or investments and unexpected costs or liabilities that may arise from acquisitions or investments; the adverse impact of impairments of goodwill, other intangible assets, receivables, long-lived assets or investments; the impact of the

unionized portion of Quanta’s workforce on its operations; inability to access sufficient funding to finance desired growth and operations, including the ability to access capital markets on favorable terms, as well as fluctuations in the

price and trading volume of Quanta’s common stock, debt covenant compliance, interest rate fluctuations, a downgrade in our credit ratings and other factors affecting financing and investing activities; the ability to obtain bonds, letters of

credit and other project security; new or changed tax laws, treaties or regulations or the inability to realize deferred tax assets; and other risks and uncertainties detailed in Quanta’s Annual Report on Form

10-K for the year ended December 31, 2025, Quanta’s Quarterly Reports on Form 10-Q

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for the quarters ended March 31, 2026, June 30, 2026 and September 30, 2026 (when filed) and any other documents that Quanta files with the SEC. For a discussion of these risks,

uncertainties and assumptions, investors are urged to refer to Quanta’s documents filed with the SEC that are available through Quanta’s website at www.quantaservices.com or through the SEC’s Electronic Data Gathering and

Analysis Retrieval System (EDGAR) at www.sec.gov. Should one or more of these risks materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expressed or implied in any forward-looking

statements. Investors are cautioned not to place undue reliance on these forward-looking statements, which are current only as of this date. Quanta does not undertake and expressly disclaims any obligation to update or revise any forward-looking

statements, whether as a result of new information, future events or otherwise. Quanta further expressly disclaims any written or oral statements made by any third party regarding the subject matter of this press release.

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Quanta Services, Inc. and Subsidiaries

Condensed Consolidated Statements of Operations

For the Three and Nine Months Ended

September 30, 2026 and 2025

(In thousands, except per share information)

(Unaudited)

Three Months Ended

Nine Months Ended

September 30,

2026

2025

2026

2025

Revenues

12,014,877

7,631,408

29,446,661

20,637,749

Cost of services

10,006,595

6,414,974

24,785,872

17,579,704

Gross profit

2,008,282

1,216,434

4,660,789

3,058,045

Equity in earnings of integral unconsolidated affiliates

9,987

13,731

36,046

41,104

Selling, general and administrative expenses

(783,287

)

(572,950

)

(2,102,503

)

(1,595,271

)

Amortization of intangible assets

(188,632

)

(133,195

)

(497,970

)

(355,935

)

Increase in fair value of contingent consideration liabilities

(19,803

)

(6,803

)

(36,202

)

(21,363

)

Operating income

1,026,547

517,217

2,060,160

1,126,580

Interest and other financing expenses

(83,985

)

(71,806

)

(230,800

)

(185,697

)

Interest income

9,721

3,722

15,936

11,345

Other (expense) income, net

(7,717

)

13,311

(27,211

)

17,688

Income before income taxes

944,566

462,444

1,818,085

969,916

Provision for income taxes

237,655

119,605

420,164

244,585

Net income

706,911

342,839

1,397,921

725,331

Less: Net income attributable to non-controlling

interests

12,052

3,419

31,056

12,403

Net income attributable to common stock

694,859

339,420

1,366,865

712,928

Earnings per share attributable to common stock:

Basic

4.62

2.28

9.10

4.80

Diluted

4.55

2.24

8.97

4.72

Shares used in computing earnings per share:

Weighted average basic shares outstanding

150,533

149,039

150,176

148,590

Weighted average diluted shares outstanding

152,693

151,496

152,388

151,128

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Quanta Services, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(In thousands)

(Unaudited)

September 30,

December 31,

2026

2025

ASSETS

CURRENT ASSETS:

Cash and cash equivalents

2,315,271

439,508

Accounts receivable, net

10,144,064

6,847,091

Contract assets

1,713,217

1,522,186

Inventories

480,512

370,372

Prepaid expenses and other current assets

1,053,902

724,260

Total current assets

15,706,966

9,903,417

PROPERTY AND EQUIPMENT, net

3,893,823

3,455,204

OPERATING LEASE

RIGHT-OF-USE ASSETS

485,587

400,814

OTHER ASSETS, net

1,411,575

944,050

OTHER INTANGIBLE ASSETS, net

3,169,870

2,906,188

GOODWILL

8,081,610

7,317,228

Total assets

32,749,431

24,926,901

LIABILITIES AND EQUITY

CURRENT LIABILITIES:

Current maturities of long-term debt

639,343

763,898

Current portion of operating lease liabilities

129,783

114,377

Accounts payable and accrued expenses

7,189,693

4,579,458

Contract liabilities

5,535,809

3,258,465

Total current liabilities

13,494,628

8,716,198

LONG-TERM DEBT, net of current maturities

6,351,734

5,231,008

OPERATING LEASE LIABILITIES, net of current portion

391,035

309,671

DEFERRED INCOME TAXES

541,020

502,626

INSURANCE AND OTHER NON-CURRENT LIABILITIES

1,349,217

1,139,524

Total liabilities

22,127,634

15,899,027

TOTAL STOCKHOLDERS’ EQUITY

10,535,611

8,938,249

NON-CONTROLLING INTERESTS

86,186

89,625

TOTAL EQUITY

10,621,797

9,027,874

Total liabilities and equity

32,749,431

24,926,901

-MORE-

Quanta Services, Inc. and Subsidiaries

Supplemental Segment Data

For the Three and Nine Months Ended

September 30, 2026 and 2025

(In thousands, except percentages)

(Unaudited)

Segment Results

The

following table sets forth segment revenues, segment operating income and operating margins for the periods indicated. Operating margins are calculated by dividing operating income by revenues.

Three Months Ended September 30,

Nine Months Ended September 30,

2026

2025

2026

2025

Revenues:

Electric

9,799,838

81.6

6,172,019

80.9

24,106,300

81.9

16,574,484

80.3

Underground and Infrastructure

2,215,039

18.4

1,459,389

19.1

5,340,361

18.1

4,063,265

19.7

Consolidated revenues

12,014,877

100.0

7,631,408

100.0

29,446,661

100.0

20,637,749

100.0

Operating income (loss):

Electric (a)

1,238,137

12.6

703,839

11.4

2,697,444

11.2

1,664,623

10.0

Underground and Infrastructure

207,952

9.4

122,216

8.4

469,341

8.8

289,786

7.1

Corporate and Non-Allocated Costs (b)

(419,542

)

(3.5

(308,838

)

(4.0

(1,106,625

)

(3.8

(827,829

)

(4.0

Consolidated operating income

1,026,547

8.5

517,217

6.8

2,060,160

7.0

1,126,580

5.5

(a)

Included in operating income for the Electric segment was equity in earnings of integral unconsolidated

affiliates of $10.0 million and $13.7 million for the three months ended September 30, 2026 and 2025, and $36.0 million and $41.1 million for the nine months ended September 30, 2026 and 2025.

(b)

Included in corporate and non-allocated costs was, among other things,

amortization expense of $188.6 million and $133.2 million for the three months ended September 30, 2026 and 2025, and $498.0 million and $355.9 million for the nine months ended September 30, 2026 and 2025, as well as non-cash stock-based compensation of $67.9 million and $46.9 million for the three months ended September 30, 2026 and 2025 and $193.9 million and $129.1 million for the nine months ended

September 30, 2026 and 2025.

-MORE-

Quanta Services, Inc. and Subsidiaries

Supplemental Data

(In

thousands)

(Unaudited)

Remaining Performance Obligations and Backlog (a non-GAAP financial measure)

Quanta’s remaining performance obligations represent management’s estimate of consolidated revenues that are expected to be realized from

the remaining portion of firm orders under fixed price contracts not yet completed or for which work has not yet begun as of such dates and, to a lesser extent, from certain unit-priced contracts with more than an insignificant amount of partially

completed units. For purposes of calculating remaining performance obligations, Quanta includes all estimated revenues attributable to consolidated joint ventures and variable interest entities, revenues from funded and unfunded portions of

government contracts to the extent they are reasonably expected to be realized, and revenues from change orders and claims to the extent management believes additional contract revenues will be earned and are deemed probable of collection.

Quanta has also historically disclosed its backlog, a measure commonly used in its industry but not recognized under GAAP. Quanta believes this measure

enables management to more effectively forecast its future capital needs and results and better identify future operating trends that may not otherwise be apparent. Quanta believes this measure is also useful for investors in forecasting

Quanta’s future results and comparing Quanta to its competitors. Quanta’s remaining performance obligations, as described above, are a component of its backlog calculation, which also includes estimated orders under master service

agreements (MSAs), including estimated renewals, and certain non-fixed price contracts. Quanta’s methodology for determining backlog may not be comparable to the methodologies used by other companies.

Estimates of the timing of revenue recognition of remaining performance obligations are subject to change based on, among other things, project

accelerations; project cancellations or delays, including but not limited to those caused by commercial issues, permitting and regulatory requirements, natural disasters, emergencies and adverse weather conditions; and final acceptance of change

orders by customers. These factors can cause revenues to be realized in periods and at levels that are different than originally projected.

The following

table reconciles total remaining performance obligations to Quanta’s backlog (a non-GAAP financial measure) by reportable segment along with estimates of amounts expected to be realized within 12 months.

The following table shows dollars in thousands.

September 30, 2026

December 31, 2025

September 30, 2025

12 Month

Total

12 Month

Total

12 Month

Total

Electric

Remaining performance obligations

24,564,896

37,358,173

14,188,737

21,638,080

12,124,623

19,088,111

Estimated orders under MSAs and short-term, non-fixed

price contracts

6,550,070

14,526,940

7,755,355

14,528,626

6,722,325

13,555,822

Backlog

31,114,966

51,885,113

21,944,092

36,166,706

18,846,948

32,643,933

Underground and Infrastructure

Remaining performance obligations

3,398,120

4,394,823

1,518,060

2,124,934

1,325,214

1,884,648

Estimated orders under MSAs and short-term, non-fixed

price contracts

3,935,186

7,451,757

2,404,135

5,684,768

2,137,865

4,645,458

Backlog

7,333,306

11,846,580

3,922,195

7,809,702

3,463,079

6,530,106

Total

Remaining performance obligations

27,963,016

41,752,996

15,706,797

23,763,014

13,449,837

20,972,759

Estimated orders under MSAs and short-term, non-fixed

price contracts

10,485,256

21,978,697

10,159,490

20,213,394

8,860,190

18,201,280

Backlog

38,448,272

63,731,693

25,866,287

43,976,408

22,310,027

39,174,039

-MORE-

Quanta Services, Inc. and Subsidiaries

Reconciliation of Non-GAAP Financial Measures

Adjusted Net Income and Adjusted Diluted Earnings

Per Share Attributable to Common Stock

For the Three and Nine Months Ended

September 30, 2026 and 2025

(In thousands, except per share information)

(Unaudited)

The following table presents the reconciliations of the non-GAAP financial measures of

adjusted net income attributable to common stock to net income attributable to common stock and adjusted diluted earnings per share attributable to common stock to diluted earnings per share attributable to common stock for the three and nine months

ended September 30, 2026 and 2025. These reconciliations are intended to provide useful information to investors and analysts as they evaluate Quanta’s performance. Management believes that the exclusion of certain items from net income

attributable to common stock and diluted earnings per share attributable to common stock enables Quanta and its investors to more effectively evaluate Quanta’s operations period over period and better identify operating trends that may not

otherwise be apparent due to, among other reasons, the variable nature of these items period over period. In addition, management believes these measures may be useful for investors in comparing Quanta’s operating results with other companies

that may be viewed as our peers. However, these non-GAAP measures should not be considered as alternatives to net income attributable to common stock and diluted earnings per share attributable to common stock

or other measures of performance that are derived in accordance with GAAP.

As to certain of the items in the table:

(i) non-cash stock-based compensation expense varies from period to period due to acquisition activity, changes in the estimated fair value of performance-based awards, forfeiture rates, accelerated

vesting and amounts granted; (ii) amortization of intangible assets and amortization included in equity in earnings are impacted by Quanta’s acquisition activities and investments in integral unconsolidated affiliates, and therefore can

vary from period to period; (iii) acquisition and integration costs vary from period to period depending on the level and complexity of Quanta’s acquisition activity; (iv) change in fair value of contingent consideration liabilities

varies from period to period depending on, among other things, the performance in post-acquisition periods of certain acquired businesses and the effect of present value accretion on fair value calculations; (v) equity in losses and earnings of

non-integral unconsolidated affiliates varies from period to period depending on the activity and financial performance of such affiliates, the operations of which are not operationally integral to Quanta;

(vi) gain on sale and change in fair value of non-marketable equity securities, net varies from period to period based on various factors, including disposition activity, and changes in qualifying

observable prices on investments; and (vii) income tax contingency releases vary period to period and depend on the level of reserves for uncertain tax positions and the expiration dates under various federal and state statute of limitations

periods.

Because adjusted net income attributable to common stock and adjusted diluted earnings per share attributable to common stock, as defined,

exclude some, but not all, items that affect net income attributable to common stock and diluted earnings per share attributable to common stock, they may not be comparable to similarly titled measures of other companies. The most comparable GAAP

financial measures, net income attributable to common stock and diluted earnings per share attributable to common stock, and information reconciling the GAAP and non-GAAP financial measures, are included in

the table to follow.

-MORE-

Quanta Services, Inc. and Subsidiaries

Reconciliation of Non-GAAP Financial Measures

Adjusted Net Income and Adjusted Diluted Earnings

Per Share Attributable to Common Stock

For the Three and Nine Months Ended

September 30, 2026 and 2025

(In thousands, except per share information)

(Unaudited)

Three Months Ended

Nine Months Ended

September 30,

2026

2025

2026

2025

Reconciliation of adjusted net income attributable to common stock:

Net income attributable to common stock (GAAP as reported)

694,859

339,420

1,366,865

712,928

Acquisition and integration costs (a)

34,792

31,903

74,544

70,277

Increase in fair value of contingent consideration liabilities

19,803

6,803

36,202

21,363

Equity in losses of non-integral unconsolidated

affiliates

1,420

10,097

497

Gain on sale and change in fair value of non-marketable

equity security investments, net

—

(205

)

10,380

(205

)

Income tax impact of adjustments (b)

(13,140

)

(9,340

)

(30,776

)

(21,311

)

Impact of income tax contingency releases (c)

(4,480

)

(207

)

(6,548

)

(207

)

Adjusted net income attributable to common stock before certain

non-cash adjustments

733,254

368,454

1,460,764

783,342

Non-cash stock-based compensation

67,926

46,899

193,939

129,121

Amortization of intangible assets

188,632

133,195

497,970

355,935

Amortization included in equity in earnings of integral unconsolidated affiliates

2,537

3,668

7,849

5,991

Income tax impact of non-cash adjustments (b)

(67,436

)

(47,806

)

(182,060

)

(127,754

)

Adjusted net income attributable to common stock

924,913

504,410

1,978,462

1,146,635

Reconciliation of adjusted diluted earnings per share:

Diluted earnings per share attributable to common stock (GAAP as reported)

4.55

2.24

8.97

4.72

Acquisition and integration costs (a)

0.23

0.21

0.49

0.47

Increase in fair value of contingent consideration liabilities

0.13

0.04

0.24

0.14

Equity in losses of non-integral unconsolidated

affiliates

0.01

—

0.07

—

Gain on sale and change in fair value of non-marketable

equity security investments, net

—

0.07

—

Income tax impact of adjustments (b)

(0.09

)

(0.06

)

(0.21

)

(0.15

)

Impact of income tax contingency releases (c)

(0.03

)

—

(0.04

)

—

Adjusted diluted earnings per share before certain

non-cash adjustments

4.80

2.43

9.59

5.18

Non-cash stock-based compensation

0.44

0.31

1.27

0.85

Amortization of intangible assets

1.24

0.88

3.27

2.36

Amortization included in equity in earnings of integral unconsolidated affiliates

0.02

0.05

0.04

Income tax impact of non-cash adjustments (b)

(0.44

)

(0.31

)

(1.20

)

(0.84

)

Adjusted diluted earnings per share

6.06

3.33

12.98

7.59

Weighted average shares outstanding for diluted and adjusted diluted earnings per share

152,693

151,496

152,388

151,128

See notes to follow.

-MORE-

(a)

The amounts include $1.9 million and $6.7 million for the three months ended September 30, 2026

and 2025 and $6.1 million and $15.2 million for the nine months ended September 30, 2026 and 2025 that, pursuant to acquisition purchase agreements, were or will be withheld from the sellers’ proceeds, and have or will be paid

to certain employees upon satisfaction of post-closing service obligations.

(b)

The income tax impact of adjustments that are subject to tax is determined using the incremental statutory tax

rates of the jurisdictions to which each adjustment relates for the respective periods.

(c)

The amounts for the three and nine months ended September 30, 2026 and 2025 are releases of tax

contingencies upon expiration of certain statutes of limitation periods.

-MORE-

Quanta Services, Inc. and Subsidiaries

Reconciliation of Non-GAAP Financial Measures

EBITDA and Adjusted EBITDA

For the Three and Nine Months Ended

September 30, 2026 and 2025

(In thousands)

(Unaudited)

The following table presents reconciliations of the non-GAAP financial measures of

EBITDA and adjusted EBITDA to net income attributable to common stock for the three and nine months ended September 30, 2026 and 2025. These reconciliations are intended to provide useful information to investors and analysts as they evaluate

Quanta’s performance. EBITDA is defined as earnings before interest and other financing expenses, taxes, depreciation and amortization, and adjusted EBITDA is defined as EBITDA adjusted for certain other items as described below. These

measures should not be considered as an alternative to net income attributable to common stock or other financial measures of performance that are derived in accordance with GAAP. Management believes that the exclusion of these items from net income

attributable to common stock enables Quanta and its investors to more effectively evaluate Quanta’s operations period over period and to identify operating trends that might not be apparent due to, among other reasons, the variable nature of

these items period over period. In addition, management believes these measures may be useful for investors in comparing Quanta’s operating results with other companies that may be viewed as its peers.

As to certain of the items below: (i) non-cash stock-based compensation expense varies from period to period due

to acquisition activity, changes in the estimated fair value of performance-based awards, forfeiture rates, accelerated vesting and amounts granted; (ii) acquisition and integration costs vary from period to period depending on the level and

complexity of Quanta’s acquisition activity; (iii) equity in losses and earnings of non-integral unconsolidated affiliates varies from period to period depending on the activity and financial

performance of such affiliates, the operations of which are not operationally integral to Quanta; (iv) change in fair value of contingent consideration liabilities varies from period to period depending on, among other things, the performance

in post-acquisition periods of certain acquired businesses and the effect of present value accretion on fair value calculations; and (v) gain on sale and change in fair value of non-marketable equity

securities, net varies from period to period based on various factors, including disposition activity, and changes in qualifying observable prices on investments. Because EBITDA and adjusted EBITDA, as defined, exclude some, but not all, items that

affect net income attributable to common stock, such measures may not be comparable to similarly titled measures of other companies. The most comparable GAAP financial measure, net income attributable to common stock, and information reconciling the

GAAP and non-GAAP financial measures, are included below.

Three Months Ended

Nine Months Ended

September 30,

2026

2025

2026

2025

Net income attributable to common stock (GAAP as reported)

694,859

339,420

1,366,865

712,928

Interest and other financing expenses

83,985

71,806

230,800

185,697

Interest income

(9,721

)

(3,722

)

(15,936

)

(11,345

)

Provision for income taxes

237,655

119,605

420,164

244,585

Depreciation expense

120,387

103,875

350,819

300,714

Amortization of intangible assets

188,632

133,195

497,970

355,935

Interest, income taxes, depreciation and amortization included in equity in earnings of integral

unconsolidated affiliates

9,172

8,668

26,030

21,408

EBITDA

1,324,969

772,847

2,876,712

1,809,922

Non-cash stock-based compensation

67,926

46,899

193,939

129,121

Acquisition and integration costs (a)

34,792

31,903

74,544

70,277

Equity in losses of non-integral unconsolidated

affiliates

1,420

10,097

497

Gain on sale and change in fair value of non-marketable

equity security investments, net

—

(205

)

10,380

(205

)

Increase in fair value of contingent consideration liabilities

19,803

6,803

36,202

21,363

Adjusted EBITDA

1,448,910

858,327

3,201,874

2,030,975

See note to follow.

-MORE-

Quanta Services, Inc. and Subsidiaries

Reconciliation of Non-GAAP Financial Measures

EBITDA and Adjusted EBITDA

For the Three and Nine Months Ended

September 30, 2026 and 2025

(In thousands)

(Unaudited)

(a)

The amounts include $1.9 million and $6.7 million for the three months ended September 30, 2026

to certain employees upon satisfaction of post-closing service obligations.

-MORE-

Quanta Services, Inc. and Subsidiaries

Reconciliation of Non-GAAP Financial Measures

Free Cash Flow

For the

Three and Nine Months Ended

September 30, 2026 and 2025

(In thousands)

(Unaudited)

Reconciliation of Free Cash Flow:

The following table presents a reconciliation of the non-GAAP financial measure of free cash flow to net cash provided

by operating activities for the three and nine months ended September 30, 2026 and 2025. This reconciliation is intended to provide useful information to investors and analysts as they evaluate Quanta’s ability to generate the cash

required to maintain and potentially expand its business. Free cash flow is defined as net cash provided by operating activities less net capital expenditures. Net capital expenditures is defined as capital expenditures less proceeds from the sale

of property and equipment and from insurance settlements related to property and equipment. Management believes that free cash flow provides useful information to Quanta’s investors because free cash flow is viewed by management as an

important indicator of how much cash is provided or used by routine business operations, including the impact of net capital expenditures. Management uses this measure for capital allocation purposes as it is viewed as a measure of cash available to

fund debt payments, acquire businesses, repurchase common stock and debt securities, declare and pay dividends and transact other investing and financing activities. However, this measure should not be considered as an alternative to net cash

provided by operating activities or other measures of performance that are derived in accordance with GAAP. The most comparable GAAP financial measure, net cash provided by operating activities, and information reconciling the GAAP and non-GAAP financial measures, are included below. The following table shows dollars in thousands.

Three Months Ended

Nine Months Ended

September 30,

2026

2025

2026

2025

Net cash provided by operating activities

1,453,741

563,496

2,940,929

1,102,405

Less: Net capital expenditures:

Capital expenditures

(267,957

)

(142,449

)

(719,005

)

(415,560

)

Cash proceeds from sale of property and equipment and related insurance settlements

13,584

17,049

47,832

39,439

Net capital expenditures

(254,373

)

(125,400

)

(671,173

)

(376,121

)

Free Cash Flow

1,199,368

438,096

2,269,756

726,284

-MORE-

Quanta Services, Inc. and Subsidiaries

Reconciliation of Non-GAAP Financial Measures

Estimated Adjusted Net Income and

Adjusted Diluted Earnings Per Share

Attributable to Common Stock

For the Full Year 2026

(In

thousands, except per share information)

(Unaudited)

The following table presents reconciliations of the non-GAAP financial measures of

estimated adjusted net income attributable to common stock to estimated net income attributable to common stock and estimated adjusted diluted earnings per share attributable to common stock to estimated diluted earnings per share attributable to

common stock for the full year ending December 31, 2026. These reconciliations are intended to provide useful information to investors and analysts as they evaluate Quanta’s expected future performance. Management believes that the

exclusion of certain items from net income attributable to common stock and diluted earnings per share attributable to common stock enables Quanta and its investors to more effectively evaluate Quanta’s operations period over period and better

identify operating trends that may not otherwise be apparent due to, among other reasons, the variable nature of these items period over period. In addition, management believes these measures may be useful for investors in comparing Quanta’s

operating results with other companies that may be viewed as its peers. However, these non-GAAP measures should not be considered as alternatives to net income attributable to common stock and diluted earnings

per share attributable to common stock or other measures of performance that are derived in accordance with GAAP.

As to certain of the items below: (i) non-cash stock-based compensation expense may vary from period to period due to acquisition activity, changes in the estimated fair value of performance-based awards, forfeiture rates, accelerated vesting

and amounts granted; (ii) amortization of intangible assets and amortization included in equity in earnings are impacted by Quanta’s acquisition activities and investments in integral unconsolidated affiliates, and therefore can vary from

period to period; (iii) acquisition and integration costs vary from period to period depending on the level and complexity of Quanta’s acquisition activity; (iv) change in fair value of contingent consideration liabilities varies

from period to period depending on, among other things, the performance in post-acquisition periods of certain acquired businesses and the effect of present value accretion on fair value calculations; (v) equity in losses and earnings of non-integral unconsolidated affiliates varies from period to period depending on the activity and financial performance of such affiliates, the operations of which are not operationally integral to Quanta;

(vi) change in fair value of non-marketable equity securities varies from period to period based on various factors, including changes in qualifying observable prices on investments and (vii) income

tax contingency releases vary period to period and depend on the level of reserves for uncertain tax positions and the expiration dates under various federal and state statute of limitations periods.

Because adjusted net income attributable to common stock and adjusted diluted earnings per share attributable to common stock, as defined, exclude some, but

not all, items that affect net income attributable to common stock and diluted earnings per share attributable to common stock, they may not be comparable to similarly titled measures of other companies. The most comparable GAAP financial measures,

net income attributable to common stock and diluted earnings per share attributable to common stock, and information reconciling the GAAP and non-GAAP financial measures, are included in the table to follow.

-MORE-

Quanta Services, Inc. and Subsidiaries

Reconciliation of Non-GAAP Financial Measures

Estimated Adjusted Net Income and

Adjusted Diluted Earnings Per Share

Attributable to Common Stock

For the Full Year 2026

(In

thousands, except per share information)

(Unaudited)

Estimated Range

Full Year Ending

December 31, 2026

Reconciliation of estimated adjusted net income attributable to common stock:

Net income attributable to common stock (as defined by GAAP)

1,917,000

1,978,300

Acquisition and integration costs (a)

81,400

Increase in fair value of contingent consideration liabilities

36,200

Equity in losses of non-integral unconsolidated

affiliates

12,700

Change in fair value of non-marketable equity security

investments

10,400

Non-cash stock-based compensation

265,400

Amortization of intangible assets

687,200

Amortization included in equity in earnings of integral unconsolidated affiliates

9,900

Income tax impact of adjustments (b)

(283,600

)

(283,600

)

Impact of income tax contingency releases (c)

(6,500

)

(6,500

)

Adjusted net income attributable to common stock

2,730,100

2,791,400

Reconciliation of adjusted diluted earnings per share:

Diluted earnings per share attributable to common stock (as defined by GAAP)

12.57

12.97

Acquisition and integration costs (a)

0.53

Increase in fair value of contingent consideration liabilities

0.24

Equity in losses of non-integral unconsolidated

affiliates

0.08

Change in fair value of non-marketable equity security

investments

0.07

Non-cash stock-based compensation

1.74

Amortization of intangible assets

4.51

Amortization included in equity in earnings of integral unconsolidated affiliates

0.06

Income tax impact of adjustments (b)

(1.86

)

(1.86

)

Impact of income tax contingency releases (c)

(0.04

)

(0.04

)

Adjusted diluted earnings per share

17.90

18.30

Weighted average shares outstanding for diluted and adjusted diluted earnings per share

attributable to common stock

152,500

(a)

Includes $8.0 million that, pursuant to acquisition purchase agreements, was or will be withheld from the

sellers’ proceeds and will be paid to certain employees upon satisfaction of post-closing service obligations.

(b)

The income tax impact of adjustments that are subject to tax is determined using the incremental statutory tax

rates of the jurisdictions to which each adjustment relates for the respective periods.

(c)

The amount is releases of tax contingencies upon expiration of certain statute of limitations periods.

-MORE-

Quanta Services, Inc. and Subsidiaries

Reconciliation of Non-GAAP Financial Measures

Estimated EBITDA and Adjusted EBITDA

For the Full Year 2026

(In

thousands)

(Unaudited)

The following table presents the reconciliations of the non-GAAP financial measures of

estimated EBITDA and estimated adjusted EBITDA to estimated net income attributable to common stock for the full year ending December 31, 2026. These reconciliations are intended to provide useful information to investors and analysts as they

evaluate Quanta’s expected future performance. EBITDA is defined as earnings before interest and other financing expenses, taxes, depreciation and amortization, and adjusted EBITDA is defined as EBITDA adjusted for certain other items as

described below. These measures should not be considered as an alternative to net income attributable to common stock or other financial measures of performance that are derived in accordance with GAAP. Management believes that the exclusion of

these items from net income attributable to common stock enables Quanta and its investors to more effectively evaluate Quanta’s operations period over period and to identify operating trends that might not be apparent due to, among other

reasons, the variable nature of these items period over period. In addition, management believes these measures may be useful for investors in comparing Quanta’s operating results with other companies that may be viewed as its peers.

As to certain of the items below: (i) non-cash stock-based compensation expense varies from period to period due

complexity of Quanta’s acquisition activity; (iii) change in fair value of contingent consideration liabilities varies from period to period depending on, among other things, the performance in post-acquisition periods of certain acquired

businesses and the effect of present value accretion on fair value calculations; (iv) equity in losses and earnings of non-integral unconsolidated affiliates varies from period to period depending on the

activity and financial performance of such affiliates, the operations of which are not operationally integral to Quanta; and (v) change in fair value of non-marketable equity securities varies from period

to period based on various factors, including changes in qualifying observable prices on investments.

Because EBITDA and adjusted EBITDA, as defined,

exclude some, but not all, items that affect net income attributable to common stock, such measures may not be comparable to similarly titled measures of other companies. The most comparable GAAP financial measure, net income attributable to common

stock, and information reconciling the GAAP and non-GAAP financial measures, are included in the table to follow.

Estimated Range

Full Year Ending

December 31, 2026

Net income attributable to common stock (as defined by GAAP)

1,917,000

1,978,300

Interest and other financing expenses, net

279,000

284,000

Provision for income taxes

599,900

626,900

Depreciation expense

475,100

Amortization of intangible assets

687,200

Interest, income taxes, depreciation and amortization included in equity in earnings of integral

unconsolidated affiliates

34,200

EBITDA

3,992,400

4,085,700

Non-cash stock-based compensation

265,400

Acquisition and integration costs (a)

81,400

Change in fair value of non-marketable equity security

investments

10,400

Increase in fair value of contingent consideration liabilities

36,200

Equity in losses of non-integral unconsolidated

affiliates

12,700

Adjusted EBITDA

4,398,500

4,491,800

(a)

Includes $8.0 million that, pursuant to acquisition purchase agreements, was or will be withheld from the

sellers’ proceeds and will be paid to certain employees upon satisfaction of post-closing service obligations.

-MORE-

Quanta Services, Inc. and Subsidiaries

Reconciliation of Non-GAAP Financial Measures

Estimated Free Cash Flow

For the Full Year 2026

(In

thousands)

(Unaudited)

The following table presents a reconciliation of the non-GAAP financial measure of

estimated free cash flow to estimated net cash provided by operating activities for the full year ending December 31, 2026. This reconciliation is intended to provide useful information to investors and analysts as they evaluate Quanta’s

expectations regarding its ability to generate the cash required to maintain and potentially expand its business. Free cash flow is defined as net cash provided by operating activities less net capital expenditures. Net capital expenditures is

defined as capital expenditures less proceeds from the sale of property and equipment and from insurance settlements related to property and equipment. Management believes that free cash flow provides useful information to Quanta’s investors

because free cash flow is viewed by management as an important indicator of how much cash is provided or used by routine business operations, including the impact of net capital expenditures. Management uses this measure for capital allocation

purposes as it is viewed as a measure of cash available to fund debt payments, acquire businesses, repurchase common stock and debt securities, declare and pay dividends and transact other investing and financing activities. However, this measure

should not be considered as an alternative to net cash provided by operating activities or other measures of performance that are derived in accordance with GAAP. The most comparable GAAP financial measure, net cash provided by operating activities,

and information reconciling the GAAP and non-GAAP financial measures, are included below.

Estimated Range

Full Year Ending

December 31, 2026

Net cash provided by operating activities

3,450,000

4,000,000

Less: Net capital expenditures

(950,000

)

(1,000,000

)

Free Cash Flow

2,500,000

3,000,000

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