QUANTA SERVICES, INC.
For the period ended Dec 31, 2025. Filed Feb 19, 2026.
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FY2025 · Filed Feb 19, 2026
PWR$583.14-1.4%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
(In thousands)
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash Flows from Operating Activities: | |||
| Net income | $1,041,917 | $927,283 | $750,689 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation | 411,538 | 359,363 | 324,786 |
| Amortization of intangible assets | 498,795 | 382,959 | 289,014 |
| Non-cash stock-based compensation | 181,947 | 150,526 | 126,762 |
| Other non-cash adjustments, net | 79,795 | 14,899 | 22,084 |
| Changes in assets and liabilities, net of non-cash transactions: | |||
| Accounts, notes and retainage receivable | (853,835) | (428,127) | (615,668) |
| Contract assets | (217,627) | 255,744 | (303,064) |
| Inventories | (121,743) | (39,517) | 2,818 |
| Prepaid expenses and other current assets | (240,515) | 40,356 | (90,329) |
| Accounts payable and accrued expenses, insurance and other non-current liabilities | 654,961 | 52,421 | 771,854 |
| Contract liabilities | 824,454 | 373,622 | 293,106 |
| Other assets and liabilities, net | (29,717) | (8,333) | 3,900 |
| Net cash provided by operating activities | 2,229,970 | 2,081,196 | 1,575,952 |
| Cash Flows from Investing Activities: | |||
| Capital expenditures | (609,154) | (604,078) | (434,803) |
| Proceeds from sale of and insurance settlements related to property and equipment | 51,916 | 77,643 | 69,347 |
| Cash paid for asset acquisitions | (103,370) | — | — |
| Cash paid for acquisitions, net of cash, cash equivalents and restricted cash acquired | (3,052,116) | (1,745,735) | (651,623) |
| Investments in unconsolidated affiliates and other | (148,900) | (81,871) | (7,537) |
| Proceeds from the sale or settlement of certain investments | 17,012 | 29,239 | 42,277 |
| Other, net | 13,638 | 30,483 | (7,311) |
| Net cash used in investing activities | (3,830,974) | (2,294,319) | (989,650) |
| Cash Flows from Financing Activities: | |||
| Borrowings under credit facility and commercial paper program | 53,033,943 | 19,884,184 | 18,178,910 |
| Payments under credit facility and commercial paper program | (52,778,666) | (20,714,993) | (17,770,246) |
| Net proceeds from notes offering | 1,488,995 | 1,238,741 | — |
| Payments related to senior notes | — | (500,000) | — |
| Payments of contingent consideration liabilities recorded at acquisition date | (102,558) | — | (4,754) |
| Payments related to tax withholding for stock-based compensation | (112,299) | (155,550) | (119,793) |
| Payments of dividends | (60,416) | (54,196) | (47,752) |
| Repurchase of common stock | (134,555) | — | (350) |
| Other, net | (59,460) | (3,822) | 32,485 |
| Net cash provided by (used in) financing activities | 1,274,984 | (305,636) | 268,500 |
| Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash | 22,833 | (30,272) | 7,025 |
| Net (decrease) increase in cash, cash equivalents and restricted cash | (303,187) | (549,031) | 861,827 |
| Cash, cash equivalents and restricted cash, beginning of year | 746,010 | 1,295,041 | 433,214 |
| Cash, cash equivalents and restricted cash, end of year | $442,823 | $746,010 | $1,295,041 |
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