QUANTA SERVICES, INC.
For the period ended Dec 31, 2025. Filed Feb 19, 2026.
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FY2025 · Filed Feb 19, 2026
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7. Goodwill and Other Intangible Assets
- GOODWILL AND OTHER INTANGIBLE ASSETS:
Goodwill
The changes in the carrying amount of goodwill of each of Quanta’s reportable segments were as follows (in thousands):
| Electric Segment | Underground and Infrastructure Segment | Total | |
|---|---|---|---|
| Balance at December 31, 2023 (1) | $3,371,687 | $674,218 | $4,045,905 |
| Goodwill related to acquisition completed in 2024 | 1,126,121 | 186,993 | 1,313,114 |
| Purchase price allocation adjustments | (10,996) | — | (10,996) |
| Goodwill written off due to sale of business (1) | — | (6,147) | (6,147) |
| Foreign currency translation adjustments | (13,725) | (11,708) | (25,433) |
| Balance at December 31, 2024 (1) | 4,473,087 | 843,356 | 5,316,443 |
| Goodwill related to the acquisitions completed in 2025 | 645,725 | 1,332,171 | 1,977,896 |
| Purchase price allocation adjustments | 5,933 | 364 | 6,297 |
| Foreign currency translation adjustments | 8,951 | 7,641 | 16,592 |
| Balance at December 31, 2025 (1) | $5,133,696 | $2,183,532 | $7,317,228 |
(1)Included in the Underground and Infrastructure segment for the years ended December 31, 2025, 2024, and 2023 was accumulated impairment of $50.7 million, $49.9 million and $96.1 million. During the year ended December 31, 2024, $45.1 million of accumulated impairment was written off related to the Underground and Infrastructure segment due to the sale of a business.
In connection with the 2025, 2024 and 2023 annual goodwill assessments, management performed a qualitative impairment assessment of Quanta’s reporting units, which indicated that it was more likely than not that the fair value of its reporting units was greater than their carrying value including goodwill. Accordingly, a quantitative goodwill impairment test was not required, and no goodwill impairment was recognized in 2025, 2024 or 2023.
Other Intangible Assets
Quanta’s identifiable intangible assets and the remaining weighted average amortization periods related to its intangible assets subject to amortization were as follows (in thousands except for weighted average amortization periods, which are in years):
| As of December 31, 2025 · As of December 31, 2024 | |||||||
|---|---|---|---|---|---|---|---|
| Remaining Weighted Average Amortization Period in Years | IntangibleAssets | AccumulatedAmortization | IntangibleAssets, Net | IntangibleAssets | AccumulatedAmortization | IntangibleAssets, Net | |
| Customer relationships | 5.7 | $3,523,939 | $(1,464,107) | $2,059,832 | $2,405,606 | $(1,105,099) | $1,300,507 |
| Backlog | 1.6 | 618,911 | (454,847) | 164,064 | 442,459 | (358,596) | 83,863 |
| Trade names | 12.9 | 794,379 | (156,085) | 638,294 | 569,307 | (113,970) | 455,337 |
| Non-compete agreements | 4.5 | 91,781 | (57,513) | 34,268 | 61,589 | (51,453) | 10,136 |
| Patented rights, developed technology, process certifications and other | 12.5 | 35,413 | (33,140) | 2,273 | 35,317 | (32,763) | 2,554 |
| Curriculum | 3.2 | 16,691 | (12,234) | 4,457 | 15,618 | (10,478) | 5,140 |
| Total intangible assets subject to amortization | 7.1 | 5,081,114 | (2,177,926) | 2,903,188 | 3,529,896 | (1,672,359) | 1,857,537 |
| Engineering license | 3,000 | — | 3,000 | 3,000 | — | 3,000 | |
| Other intangible assets, net | $5,084,114 | $(2,177,926) | $2,906,188 | $3,532,896 | $(1,672,359) | $1,860,537 | |
Amortization expense for intangible assets was $498.8 million, $383.0 million and $289.0 million for the years ended December 31, 2025, 2024 and 2023.
The estimated future aggregate amortization expense of intangible assets subject to amortization as of December 31, 2025 is set forth below (in thousands):
| Year Ending December 31: | |
|---|---|
| 2026 | $623,128 |
| 2027 | 541,168 |
| 2028 | 429,002 |
| 2029 | 274,067 |
| 2030 | 260,335 |
| Thereafter | 775,488 |
| Total | $2,903,188 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.