QUANTA SERVICES REPORTS THIRD QUARTER 2025 RESULTS

Third Quarter Consolidated Revenues of $7.6 Billion* Third Quarter GAAP Diluted EPS of $2.24* and Adjusted Diluted EPS of $3.33* Net Income Attributable to Common Stock of $339.4 Million* and Adjusted EBITDA of $858.3 Million* Year-to-Date Cash Flow From Operations of $1.1 Billion and Free Cash Flow of $726.3 Million Remaining Performance Obligations (RPO) of $21.0 Billion* and Total Backlog of $39.2 Billion* Increasing 2025 Revenue Expectations Driven By Electric Segment Acceleration Selected By NiSource to Provide Power Generation and Grid Infrastructure Solutions for a Large Load Customer * = Record quarterly or record third quarter result , /PRNewswire/ -- Quanta Services, Inc. (NYSE: PWR) today announced results for the three and nine months ended September 30, 2025. Revenues in the third quarter of 2025 were $7.63 billion compared to revenues of $6.49 billion in the third quarter of 2024, and net income attributable to common stock was $339.4 million, or $2.24 per diluted share, in the third quarter of 2025 compared to net income attributable to common stock of $293.2 million, or $1.95 per diluted share, in the third quarter of 2024. Adjusted diluted earnings per share attributable to common stock was $3.33 for the third quarter of 2025 compared to $2.72 for the third quarter of 2024. "Quanta delivered another quarter of strong results, achieving double-digit growth in revenue, adjusted EBITDA and adjusted EPS compared to the prior year, alongside record backlog of $39.2 billion, which reflects accelerating demand in our Electric segment, robust activity across our end markets and momentum for 2026. These results demonstrate the power of our portfolio, the strength of our craft-skilled workforce and our ability to provide certainty through world-class execution for our customers as they modernize and expand critical infrastructure," said Duke Austin, President and Chief Executive Officer of Quanta Services. "We believe we are well positioned to achieve record backlog and another year of double-digit earnings per share growth in 2026. Our strategy remains focused on delivering certainty to customers, investing in talent and technology, and expanding our addressable markets through disciplined growth. The convergence of utility, power generation and technology industries continues to create significant opportunities, and our collaborative infrastructure solutions and proven execution capabilities position Quanta as a trusted partner, reflecting the strength and sustainability of our long-term outlook. "To that end, today we announce the expansion of our total solutions platform, which leverages Quanta's world-class capabilities to address growing power generation and infrastructure needs from rapidly increasing demand for electricity driven by data centers, manufacturing and reshoring, industrialization, electrification and power grid expansion. This expanded platform is focused on providing a fully integrated power generation and related infrastructure solution to high-quality customers for their generation development strategies. As a demonstration of this platform's strength and scalability, we announce that NiSource, Inc. has engaged Quanta for the design, procurement and construction execution of generation and infrastructure resources capable of producing approximately 3 gigawatts of power for a large load customer. We believe these announcements reinforce our strategy to lead in large, converging markets where utilities, power consumers and industrial operators require scalable, integrated solutions." Certain items that impacted Quanta's results for the three months ended September 30, 2025 and 2024 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 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 during the first nine months of 2025 and eight acquisitions during the full year 2024, 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 2025 and 2024, 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 Selected by NiSource to Provide Power Generation and Grid Infrastructure Solutions for Large Load Customer - As announced today, NiSource has engaged Quanta for the design, procurement and construction execution of generation and infrastructure resources capable of producing approximately 3 gigawatts of power for a large load customer. The scope of solutions to be provided by Quanta for this project includes power generation, battery energy storage, transmission, substation and underground infrastructure. Backlog at the end of the quarter does not include a meaningful contribution from this project, but is expected to be recognized over multiple quarters going forward. See Quanta's press release about this project for further information. Capital Deployment - During the third quarter of 2025, Quanta acquired Dynamic Systems, a premier, turnkey mechanical, plumbing and process infrastructure solutions provider with a diversified customer base and exposure to the attractive and growing technology, semiconductor, healthcare and other load center markets. The financial contribution for Dynamic Systems will be primarily included in the Underground and Infrastructure segment.Additionally, year-to-date, Quanta repurchased 538,559 shares of its outstanding common stock in the open market for $134.6 million, and as of October 29, 2025, approximately $365.1 million remained under Quanta's stock repurchase program. RESULTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025 Revenues in the nine months ended September 30, 2025 were $20.64 billion compared to revenues of $17.12 billion in the nine months ended September 30, 2024, and net income attributable to common stock was $712.9 million, or $4.72 per diluted share, in the nine months ended September 30, 2025 compared to net income attributable to common stock of $599.7 million, or $4.00 per diluted share, in the nine months ended September 30, 2024. Adjusted diluted earnings per share attributable to common stock was $7.59 for the nine months ended September 30, 2025 compared to $6.03 for the nine months ended September 30, 2024. FULL-YEAR 2025 OUTLOOK The long-term outlook for Quanta's business is positive. However, weather, regulatory, permitting, supply chain, trade policy, macroeconomic 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 2025. Prior to the Company's conference call, management will post a summary of Quanta's updated 2025 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 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, 2025, Quanta now expects revenues to range between $27.8 billion and $28.2 billion and net income attributable to common stock to range between $987.1 million and $1.06 billion. Quanta also now expects diluted earnings per share attributable to common stock to range between $6.53 and $7.02 and adjusted diluted earnings per share attributable to common stock to range between $10.33 and $10.83. Quanta now expects EBITDA to range between $2.49 billion and $2.60 billion and adjusted EBITDA to range between $2.77 billion and $2.88 billion. Additionally, for the full year ending December 31, 2025, Quanta now expects net cash provided by operating activities to range between $1.85 billion and $2.25 billion and free cash flow (a non-GAAP financial measure) to range between $1.30 billion and $1.70 billion. SEGMENT PRESENTATIONBeginning with the three months ended March 31, 2025, Quanta reports its results under two reportable segments: (1) Electric Infrastructure Solutions (Electric) and (2) Underground Utility and Infrastructure Solutions (Underground and Infrastructure). In conjunction with this change, certain prior period amounts have been recast to conform to this new segment reporting structure. NON-GAAP FINANCIAL MEASURESThe 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 2025 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 CONFERENCE CALL AND SUPPLEMENTAL MATERIALS INFORMATIONQuanta Services has scheduled a conference call for 9:00 a.m. Eastern Time on October 30, 2025. 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 2025 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 [email protected]. FOLLOW QUANTA IR ON SOCIAL MEDIAInvestors 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 SERVICESQuanta Services is an industry leader in providing specialized infrastructure solutions to the utility, renewable energy, technology, communications, pipeline, and energy industries. Quanta's comprehensive services include designing, installing, repairing and maintaining energy, technology 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. 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; 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, including Dynamic Systems; 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 renewable energy and other generation projects, electrical grid modernization, upgrade and hardening projects, larger transmission and pipeline projects and data center projects; 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 our services, including inflation, interest rates, tariffs and recessionary economic conditions and commodity prices and production volumes; the expected impact of changes or potential changes to 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; 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, 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 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; 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 climate change; 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, including renewable energy 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 inflation, 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; difficulties managing Quanta's business as it expands and becomes more complex; 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; risks related to the implementation of new information technology systems; 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, 2024, Quanta's Quarterly Reports on Form 10-Q for the quarters ended March 31, 2025, June 30, 2025 and September 30, 2025 (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. Contacts: Jayshree Desai, CFO Media – Noa Schwartz Kip Rupp, CFA, IRC - Investors FGS Global Quanta Services, Inc. (310) 405-4312 (713) 629-7600 Quanta Services, Inc. and Subsidiaries Condensed Consolidated Statements of Operations For the Three and Nine Months Ended September 30, 2025 and 2024 (In thousands, except per share information) (Unaudited) Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024 Revenues $ 7,631,408 $ 6,493,167 $ 20,637,749 $ 17,119,373 Cost of services 6,414,974 5,480,597 17,579,704 14,671,978 Gross profit 1,216,434 1,012,570 3,058,045 2,447,395 Equity in earnings of integral unconsolidated affiliates 13,731 14,015 41,104 34,935 Selling, general and administrative expenses (572,950) (483,878) (1,595,271) (1,318,574) Amortization of intangible assets (133,195) (110,422) (355,935) (267,147) Change in fair value of contingent consideration liabilities (6,803) (1,124) (21,363) (2,864) Operating income 517,217 431,161 1,126,580 893,745 Interest and other financing expenses (71,806) (59,950) (185,697) (146,343) Interest income 3,722 7,237 11,345 18,817 Other income, net 13,311 2,994 17,688 29,493 Income before income taxes 462,444 381,442 969,916 795,712 Provision for income taxes 119,605 82,421 244,585 178,716 Net income 342,839 299,021 725,331 616,996 Less: Net income attributable to non-controlling interests 3,419 5,836 12,403 17,292 Net income attributable to common stock $ 339,420 $ 293,185 $ 712,928 $ 599,704 Earnings per share attributable to common stock: Basic $ 2.28 $ 1.99 $ 4.80 $ 4.09 Diluted $ 2.24 $ 1.95 $ 4.72 $ 4.00 Shares used in computing earnings per share: Weighted average basic shares outstanding 149,039 147,394 148,590 146,639 Weighted average diluted shares outstanding 151,496 150,556 151,128 149,911 Quanta Services, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (In thousands) (Unaudited) September 30, December 31, 2025 2024 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 610,387 $ 741,960 Accounts receivable, net 6,356,064 5,170,935 Contract assets 1,563,919 1,208,619 Inventories 333,710 260,181 Prepaid expenses and other current assets 605,187 469,338 Total current assets 9,469,267 7,851,033 PROPERTY AND EQUIPMENT, net 2,979,567 2,700,277 OPERATING LEASE RIGHT-OF-USE ASSETS 365,358 299,895 OTHER ASSETS, net 903,536 655,709 OTHER INTANGIBLE ASSETS, net 2,324,580 1,860,537 GOODWILL 6,701,458 5,316,443 Total assets $ 22,743,766 $ 18,683,894 LIABILITIES AND EQUITY CURRENT LIABILITIES: Current maturities of long-term debt $ 97,351 $ 62,680 Current portion of operating lease liabilities 107,503 94,162 Accounts payable and accrued expenses 4,394,186 3,722,343 Contract liabilities 2,445,429 2,149,328 Total current liabilities 7,044,469 6,028,513 LONG-TERM DEBT, net of current maturities 5,532,252 4,099,756 OPERATING LEASE LIABILITIES, net of current portion 280,974 222,359 DEFERRED INCOME TAXES 451,829 353,268 INSURANCE AND OTHER NON-CURRENT LIABILITIES 1,030,456 650,281 Total liabilities 14,339,980 11,354,177 TOTAL STOCKHOLDERS' EQUITY 8,395,778 7,317,731 NON-CONTROLLING INTERESTS 8,008 11,986 TOTAL EQUITY 8,403,786 7,329,717 Total liabilities and equity $ 22,743,766 $ 18,683,894 Quanta Services, Inc. and Subsidiaries Supplemental Segment Data For the Three and Nine Months Ended September 30, 2025 and 2024(In thousands, except percentages)(Unaudited) Segment Results During the three months ended March 31, 2025, Quanta began reporting its results under two reportable segments: (1) Electric and (2) Underground and Infrastructure. In conjunction with this change, certain prior period amounts have been recast to conform to this new segment reporting structure. 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, 2025 2024 2025 2024 Revenues: Electric $ 6,172,019 80.9 % $ 5,233,887 80.6 % $ 16,574,484 80.3 % $ 13,631,891 79.6 % Underground and Infrastructure 1,459,389 19.1 1,259,280 19.4 4,063,265 19.7 3,487,482 20.4 Consolidated revenues $ 7,631,408 100.0 % $ 6,493,167 100.0 % $ 20,637,749 100.0 % $ 17,119,373 100.0 % Operating income (loss): Electric (a) $ 703,839 11.4 % $ 576,014 11.0 % $ 1,664,623 10.0 % $ 1,305,466 9.6 % Underground and Infrastructure (b) 122,216 8.4 % 93,956 7.5 % 289,786 7.1 % 222,437 6.4 % Corporate and Non-Allocated Costs (c) (308,838) (4.0) % (238,809) (3.7) % (827,829) (4.0) % (634,158) (3.7) % Consolidated operating income $ 517,217 6.8 % $ 431,161 6.6 % $ 1,126,580 5.5 % $ 893,745 5.2 % (a) Includes equity in earnings of integral unconsolidated affiliates of $13.7 million and $14.0 million for the three months ended September 30, 2025 and 2024 and $41.1 million and $34.9 million for the nine months ended September 30, 2025 and 2024. (b) Includes $6.7 million and $15.2 million for the three and nine months ended September 30, 2025 that, pursuant to an acquisition purchase agreement, were or will be withheld from the sellers' proceeds, to be paid to certain employees upon satisfaction of post-closing service obligations. Includes a loss of $11.9 million for the nine months ended September 30, 2024 on the disposition of a non-core business, which also impacted operating income as a percentage of segment revenue by approximately 35 basis points. (c) Includes, among other things, amortization expense of $133.2 million and $110.4 million for the three months ended September 30, 2025 and 2024 and $355.9 million and $267.1 million for the nine months ended September 30, 2025 and 2024, as well as acquisition and integration costs of $25.2 million and $7.1 million for the three months ended September 30, 2025 and 2024 and $55.1 million, and $25.5 million for the nine months ended September 30, 2025 and 2024. 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, which includes 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 they will be earned and are 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. The following table reconciles Quanta's total remaining performance obligations to total backlog by reportable segment, along with estimates of amounts expected to be realized within 12 months. During the three months ended March 31, 2025, Quanta began reporting its results under two reportable segments: (1) Electric and (2) Underground and Infrastructure. In conjunction with this change, certain prior period amounts have been recast to conform to this new segment reporting structure. The following table shows dollars in thousands. September 30, 2025 December 31, 2024 September 30, 2024 12 Month Total 12 Month Total 12 Month Total Electric Remaining performance obligations $ 12,124,623 $ 19,088,111 $ 10,297,410 $ 15,654,028 $ 9,507,220 $ 14,219,815 Estimated orders under MSAs and short-term, non-fixed price contracts 6,722,325 13,555,822 6,198,603 12,973,779 6,236,442 13,301,339 Backlog $ 18,846,948 $ 32,643,933 $ 16,496,013 $ 28,627,807 $ 15,743,662 $ 27,521,154 Underground and Infrastructure Remaining performance obligations $ 1,325,214 $ 1,884,648 $ 953,983 $ 1,104,609 $ 1,161,919 $ 1,389,715 Estimated orders under MSAs and short-term, non-fixed price contracts 2,137,865 4,645,458 2,321,941 4,806,408 2,220,595 5,053,421 Backlog $ 3,463,079 $ 6,530,106 $ 3,275,924 $ 5,911,017 $ 3,382,514 $ 6,443,136 Total Remaining performance obligations $ 13,449,837 $ 20,972,759 $ 11,251,393 $ 16,758,637 $ 10,669,139 $ 15,609,530 Estimated orders under MSAs and short-term, non-fixed price contracts 8,860,190 18,201,280 8,520,544 17,780,187 8,457,037 18,354,760 Backlog $ 22,310,027 $ 39,174,039 $ 19,771,937 $ 34,538,824 $ 19,126,176 $ 33,964,290 Quanta Services, Inc. and Subsidiaries Reconciliation of Non-GAAP Financial MeasuresAdjusted Net Income and Adjusted Diluted Earnings Per Share Attributable to Common Stock For the Three and Nine Months Ended September 30, 2025 and 2024 (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, 2025 and 2024. 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 of basis differences included in equity in earnings of integral unconsolidated affiliates are impacted by Quanta's acquisition activities and investments in 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 earnings and losses 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) gains and losses on the sales of investments and businesses vary from period to period depending on activity 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. 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, 2025 and 2024 (In thousands, except per share information) (Unaudited) Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024 Reconciliation of adjusted net income attributable to common stock: Net income attributable to common stock (GAAP as reported) $ 339,420 $ 293,185 $ 712,928 $ 599,704 Acquisition and integration costs (a) 31,903 7,053 70,277 25,461 Increase in fair value of contingent consideration liabilities 6,803 1,124 21,363 2,864 Equity in losses (earnings) of non-integral unconsolidated affiliates 80 1,662 497 (1,413) (Gain)/loss on sale of investments and business (b) (205) 662 (205) 4,370 Income tax impact of adjustments (c) (9,340) (1,782) (21,311) (5,909) Impact of income tax contingency releases (d) (207) (3,065) (207) (3,065) Adjusted net income attributable to common stock before certain non-cash adjustments 368,454 298,839 783,342 622,012 Non-cash stock-based compensation 46,899 38,234 129,121 110,815 Amortization of intangible assets 133,195 110,422 355,935 267,147 Amortization of basis differences included in equity in earnings of integral unconsolidated affiliates 3,668 870 5,991 3,602 Income tax impact of non-cash adjustments (c) (47,806) (38,909) (127,754) (99,290) Adjusted net income attributable to common stock $ 504,410 $ 409,456 $ 1,146,635 $ 904,286 Reconciliation of adjusted diluted earnings per share: Diluted earnings per share attributable to common stock (GAAP as reported) $ 2.24 $ 1.95 $ 4.72 $ 4.00 Acquisition and integration costs (a) 0.21 0.05 0.47 0.17 Increase in fair value of contingent consideration liabilities 0.04 0.01 0.14 0.02 Equity in losses (earnings) of non-integral unconsolidated affiliates — 0.01 — (0.01) (Gain)/loss on sale of investments and business (b) — — — 0.03 Income tax impact of adjustments (c) (0.06) (0.04) (0.15) (0.04) Impact of income tax contingency releases (d) — (0.02) — (0.02) Adjusted diluted earnings per share before certain non-cash adjustments 2.43 1.98 5.18 4.15 Non-cash stock-based compensation 0.31 0.25 0.85 0.74 Amortization of intangible assets 0.88 0.73 2.36 1.78 Amortization of basis differences included in equity in earnings of integral unconsolidated affiliates 0.02 0.01 0.04 0.02 Income tax impact of non-cash adjustments (c) (0.31) (0.25) (0.84) (0.66) Adjusted diluted earnings per share $ 3.33 $ 2.72 $ 7.59 $ 6.03 Weighted average shares outstanding for diluted and adjusted diluted earnings per share 151,496 150,556 151,128 149,911 Quanta Services, Inc. and Subsidiaries Reconciliation of Non-GAAP Financial MeasuresAdjusted Net Income and Adjusted Diluted Earnings Per Share Attributable to Common Stock For the Three and Nine Months EndedSeptember 30, 2025 and 2024 (In thousands, except per share information)(Unaudited) (a) The amounts for the three and nine months ended September 30, 2025 include $6.7 million and $15.2 million that, pursuant to an acquisition purchase agreement, were or will be withheld from the sellers' proceeds, to be paid to certain employees upon satisfaction of post-closing service obligations. (b) The amount for the nine months ended September 30, 2024 is a loss of $11.9 million on the disposition of a non-core business, partially offset by a gain of $7.5 million as a result of the sale of a non-integral equity method investment. (c) 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. (d) The amount for the three and nine months ended September 30, 2025 and 2024 is a release of tax contingencies upon expiration of certain statutes of limitations periods. Quanta Services, Inc. and Subsidiaries Reconciliation of Non-GAAP Financial Measures EBITDA and Adjusted EBITDA For the Three and Nine Months Ended September 30, 2025 and 2024(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, 2025 and 2024. 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 earnings and losses 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) gains and losses on the sales of investments and businesses vary from period to period depending on activity; and (v) 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. 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, September 30, 2025 2024 2025 2024 Net income attributable to common stock (GAAP as reported) $ 339,420 $ 293,185 $ 712,928 $ 599,704 Interest and other financing expenses 71,806 59,950 185,697 146,343 Interest income (3,722) (7,237) (11,345) (18,817) Provision for income taxes 119,605 82,421 244,585 178,716 Depreciation expense 103,875 89,979 300,714 262,525 Amortization of intangible assets 133,195 110,422 355,935 267,147 Interest, income taxes, depreciation and amortization included in equity in earnings of integral unconsolidated affiliates 8,668 5,384 21,408 15,608 EBITDA 772,847 634,104 1,809,922 1,451,226 Non-cash stock-based compensation 46,899 38,234 129,121 110,815 Acquisition and integration costs (a) 31,903 7,053 70,277 25,461 Equity in losses (earnings) of non-integral unconsolidated affiliates 80 1,662 497 (1,413) (Gain)/loss on sale of investments and business (b) (205) 662 (205) 4,370 Increase in fair value of contingent consideration liabilities 6,803 1,124 21,363 2,864 Adjusted EBITDA $ 858,327 $ 682,839 $ 2,030,975 $ 1,593,323 Quanta Services, Inc. and Subsidiaries Reconciliation of Non-GAAP Financial Measures EBITDA and Adjusted EBITDA For the Three and Nine Months Ended September 30, 2025 and 2024(In thousands)(Unaudited) (a) The amounts for the three and nine months ended September 30, 2025 include $6.7 million and $15.2 million that, pursuant to an acquisition purchase agreement, were or will be withheld from the sellers' proceeds, to be paid to certain employees upon satisfaction of post-closing service obligations. (b) The amount for the nine months ended September 30, 2024 is a loss of $11.9 million on the disposition of a non-core business, partially offset by a gain of $7.5 million as a result of the sale of a non-integral equity method investment. Quanta Services, Inc. and Subsidiaries Reconciliation of Non-GAAP Financial Measures Free Cash Flow For the Three and Nine Months Ended September 30, 2025 and 2024(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, 2025 and 2024. 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, September 30, 2025 2024 2025 2024 Net cash provided by operating activities $ 563,496 $ 739,914 $ 1,102,405 $ 1,369,181 Less: Net capital expenditures: Capital expenditures (142,449) (212,498) (415,560) (457,093) Cash proceeds from sale of property and equipment and related insurance settlements 17,049 12,054 39,439 67,230 Net capital expenditures (125,400) (200,444) (376,121) (389,863) Free Cash Flow $ 438,096 $ 539,470 $ 726,284 $ 979,318 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 2025(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, 2025. 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 of basis differences included in equity in earnings of integral unconsolidated affiliates are impacted by Quanta's acquisition activities and investments in 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 earnings and losses 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) gains and losses on the sales of investments and businesses vary from period to period depending on activity; 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. 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 2025 (In thousands, except per share information) (Unaudited) Estimated Range Full Year Ending December 31, 2025 Reconciliation of estimated adjusted net income attributable to common stock: Net income attributable to common stock (as defined by GAAP) $ 987,100 $ 1,061,900 Acquisition and integration costs (a) 76,500 76,500 Increase in fair value of contingent consideration liabilities 21,400 21,400 Equity in losses of non-integral unconsolidated affiliates 500 500 (Gain)/loss on sale of investments and business (200) (200) Non-cash stock-based compensation 177,200 177,200 Amortization of intangible assets 490,000 490,000 Amortization of basis differences included in equity in earnings of integral unconsolidated affiliates 9,100 9,100 Income tax impact of adjustments (b) (198,800) (198,800) Impact of income tax contingency releases (c) (200) (200) Adjusted net income attributable to common stock $ 1,562,600 $ 1,637,400 Reconciliation of adjusted diluted earnings per share: Diluted earnings per share attributable to common stock (as defined by GAAP) $ 6.53 $ 7.02 Acquisition and integration costs (a) 0.51 0.51 Increase in fair value of contingent consideration liabilities 0.14 0.14 Equity in losses of non-integral unconsolidated affiliates — — (Gain)/loss on sale of investments and business — — Non-cash stock-based compensation 1.17 1.17 Amortization of intangible assets 3.24 3.24 Amortization of basis differences included in equity in earnings of integral unconsolidated affiliates 0.06 0.06 Income tax impact of adjustments (b) (1.32) (1.31) Impact of income tax contingency releases (c) — — Adjusted diluted earnings per share $ 10.33 $ 10.83 Weighted average shares outstanding for diluted and adjusted diluted earnings per share attributable to common stock 151,200 151,200 (a) Includes $20.9 million that, pursuant to an acquisition purchase agreement, were or will be withheld from the sellers' proceeds, to 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. Quanta Services, Inc. and Subsidiaries Reconciliation of Non-GAAP Financial Measures Estimated EBITDA and Adjusted EBITDA For the Full Year 2025(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, 2025. 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 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) 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 (iv) equity in earnings and losses 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. 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, 2025 Net income attributable to common stock (as defined by GAAP) $ 987,100 $ 1,061,900 Interest and other financing expenses, net 232,000 235,000 Provision for income taxes 346,600 375,700 Depreciation expense 407,400 407,400 Amortization of intangible assets 490,000 490,000 Interest, income taxes, depreciation and amortization included in equity in earnings of integral unconsolidated affiliates 29,900 29,900 EBITDA 2,493,000 2,599,900 Non-cash stock-based compensation 177,200 177,200 Acquisition and integration costs (a) 76,500 76,500 (Gain)/loss on sale of investments and business (200) (200) Increase in fair value of contingent consideration liabilities 21,400 21,400 Equity in losses of non-integral unconsolidated affiliates 500 500 Adjusted EBITDA $ 2,768,400 $ 2,875,300 (a) Includes $20.9 million that, pursuant to an acquisition purchase agreement, were or will be withheld from the sellers' proceeds, to be paid to certain employees upon satisfaction of post-closing service obligations. Quanta Services, Inc. and Subsidiaries Reconciliation of Non-GAAP Financial Measures Estimated Free Cash Flow For the Full Year 2025(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, 2025. 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, 2025 Net cash provided by operating activities $ 1,850,000 $ 2,250,000 Less: Net capital expenditures (550,000) (550,000) Free Cash Flow $ 1,300,000 $ 1,700,000 SOURCE Quanta Services, Inc. WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

QUANTA SERVICES REPORTS THIRD QUARTER 2025 RESULTS

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