QUANTA SERVICES INC

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14A

Proxy Statement Pursuant to Section 14(a) of the

Securities Exchange Act of 1934 (Amendment No. )

CHECK THE APPROPRIATE BOX:

Quanta Services, Inc.

(Name of Registrant as Specified In Its Charter)

(Name of Person(s) Filing Proxy Statement, if Other Than the Registrant)

PAYMENT OF FILING FEE (CHECK THE APPROPRIATE BOX):

NOTICE OF ANNUAL MEETING

OF STOCKHOLDERS

Quanta Services, Inc.

2727 North Loop West

Houston, TX 77008 | (713)629-7600

TO BE HELD MAY 24, 2024

To our Stockholders:

The annual meeting of stockholders of Quanta Services, Inc. (“Quanta”) will be held at the company’s corporate headquarters, located at 2727 North Loop West, Houston, Texas 77008, on May 24, 2024, at 8:30 a.m. local time. At the meeting, you will be asked to consider and act upon the following matters, which are more fully described in the accompanying Proxy Statement:

Our stockholders of record at the close of business on April 1, 2024, are entitled to notice of, and to vote at, the annual meeting and any adjournments or postponements of the meeting.

By Order of the Board of Directors,

Matthew D. McCoy

Corporate Secretary

Houston, Texas

April 12, 2024

IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR THE ANNUAL MEETING OF STOCKHOLDERS TO BE HELD ON MAY 24, 2024:

The Notice, Proxy Statement and 2023 Annual Report to Stockholders are available atwww.proxydocs.com/PWR.

This summary highlights selected information about the items to be voted on at the 2024 annual meeting of stockholders (the “Annual Meeting”) of Quanta Services, Inc. (together with its subsidiaries, “Quanta” or the “Company”). This summary does not contain all of the information that you should consider in deciding how to vote. You should read the entire Proxy Statement carefully before voting.

2024 Annual Meeting of Stockholders

Where The Company’s corporate headquarters, located at 2727 North Loop West, Houston, Texas 77008

When May 24, 2024, at 8:30 a.m. local time

Record Date Our stockholders of record at the close of business on April 1, 2024, are entitled to notice of, and to vote at, the Annual Meeting and any adjournments or postponements of the meeting.

Annual Meeting Agenda and

Voting Recommendations

Stockholders are being asked to vote on four agenda matters:

Voting Your Shares

Your vote is important. Even if you plan to attend the Annual Meeting in person, the Board of Directors of Quanta (the “Board”) recommends that you cast your vote as soon as possible. Stockholders of record may vote by any of the below methods.

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Proposal 1: Election of Directors

The Board of Directors unanimously recommends a vote FOR the election of each of the director nominees. u See page 2 for further information

Director Nominees

The table below provides summary information about each director nominee. Each director nominee is elected annually by a majority of votes cast.

In accordance with the Board’s ordinary course succession planning process, David McClanahan, currently Chairman of our Board, and Margaret Shannon, currently a member of the Board, have chosen not to stand, and have not been nominated, for reelection at the Annual Meeting. Having considered the size, structure and composition of the Board, as well as the strategic direction of the Company and the Board’s responsibility for oversight of risks facing the Company, as based on the recommendation of the Governance and Nominating Committee, the Board approved the nomination of Warner L. Baxter and Jo-ann dePass Olsovsky for election at the Annual Meeting, so that the Board shall thereafter continue to consist of eleven directors. Additionally, following the Annual Meeting, the Board intends to retain its current independent non-executive chairman leadership structure and appoint a new non-executive, independent Chairman of the Board to replace Mr. McClanahan.

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Snapshot of 2024 Director Nominees

Board Qualifications, Skills and Experience

The Board regularly reviews the desired qualifications, skills and experiences that it believes are appropriate to oversee Quanta’s business and long-term strategy. Attributes brought by director nominees include:

Corporate Governance Highlights

We are committed to strong governance standards, as evidenced by the key best practices below.

✓ Annual election of directors

✓ Six new directors added since 2016, with two additional new director nominees at the current Annual Meeting

✓ Majority voting standard for election of directors in uncontested elections

✓ Director resignation policy

✓ Holders of Quanta common stock vote as a single class on all matters

✓ Separate Independent Chairman of the Board and Chief Executive Officer

✓ Annual stockholder engagement

✓ Robust stock ownership requirements for directors and officers

✓ Meaningful annual limit onnon-employee director compensation

✓ Code of Conduct that applies to all directors, officers and employees

✓ Robust oversight process of business strategy, risk management and corporate sustainability and responsibility matters

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Proposal 2: Advisory Vote to Approve Executive Compensation

The Board of Directors unanimously recommends a vote FOR the advisory resolution approving Quanta’s executive compensation. u See page 31 for further information

Compensation Overview

Quanta completed another significant year in 2023, with strategic, operational and financial accomplishments throughout the Company. Quanta utilized its innovative approach to its infrastructure solutions, combined with its broad portfolio of services, to perform at a high level and produce superior operational and financial results. Specifically, the Company achieved many record financial results, including record annual revenues, net income attributable to common stock, and net cash provided by operating activities, as well as record remaining performance obligations and backlog as ofyear-end 2023.

Quanta continued to accomplish key strategic objectives in 2023 related to, among other things, the development and expansion of key service offerings and the Company’s position as a facilitator for its customers as they embark on significant efforts that are aligned with the transition to a reduced-carbon economy and designed to respond to the impact of a changing climate. Notably, Quanta completed the strategic acquisition of Pennsylvania Transformer Technology, an established and reliable domestic manufacturer of power transformers and components for the electric utility, renewable energy, municipal power and industrials markets. The Company believes that this acquisition provides Quanta and its clients with an important supply chain solution. In addition to its continued financial success, Quanta remained focused on its commitments to all stakeholders of the Company, including the safety of its workforce, returning value to stockholders and providing additional information about the Company through enhanced quantitative and qualitative sustainability disclosures. The Company believes its performance and these accomplishments are indicative of the resiliency of its business model.

Quanta’s strong performance during 2023 resulted in an achievement percentage under the 2023 annual incentive plan of 125.8% of target performance and the completion of an exceptional 2021-2023 performance cycle that resulted in an achievement percentage of 178.6% of target performance under the 2021 long-term incentive plan. Additionally, the performance targets and metrics utilized in the Company’s 2023 long-term incentive plan, which apply to the 2023-2025 performance cycle, continue to generally represent improvement over historical performance and prior targets and support Quanta’s strategic initiatives with respect to return on invested capital, efficient and sustainable usage of property and equipment and employee safety.

2023 Target Compensation Mix

Quanta’s named executive officer (“NEO”) compensation is primarily comprised of base salary, short-term cash incentives and long-term equity incentives. Target award levels generally reflect competitive market levels and practices, with upside opportunity for performance above target levels, and performance measures are chosen to align the interests of executives with stockholders.

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2023 Long-Term Incentive Plan Equity Mix

A significant portion of equity-based incentive awards (70% with respect to the Chief Executive Officer (“CEO”) and Chief Operating Officer (“COO”) and 60% with respect to other NEOs) are tied to measurable Company performance over a 3-year performance period.

Elements of Executive Compensation

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Compensation Governance

We are committed to strong governance standards that ensure our executive compensation program is closely aligned with the interests of our stockholders and other stakeholders, as evidenced by the policies and practices described below.

What We Do

What We Don’t Do

Proposal 3: Ratification of the Appointment of Independent Registered Public Accounting Firm

The Board of Directors unanimously recommends a vote FOR ratification of the appointment of PricewaterhouseCoopers LLP as Quanta’s independent registered public accounting firm for fiscal year 2024. u See page 77 for further information

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Proposal 4: Approval of an Amendment to Quanta’s Restated Certificate of Incorporation to Provide for the Exculpation of Officers

The Board of Directors unanimously recommends a vote FOR approval of an amendment to Quanta’s Restated Certificate of Incorporation to provide for the exculpation of officers. u See page 80 for further information

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