QUANTA SERVICES, INC.

Red flags

• Debt obligations increased to $5.995 billion at December 31, 2025 from $4.162 billion a year earlier; scheduled principal payments include $689.8 million in 2026 and $1.322 billion in 2030.
• The ten largest customers accounted for 30% of 2025 consolidated revenue, creating meaningful customer-loss and credit exposure despite the absence of individually named customers.
• Quanta recognized $983.6 million related to unapproved change orders and claims at year-end; unsuccessful recovery could reduce previously reported revenue and profit or require additional working capital.
• Management excluded eight businesses acquired in 2025 from its internal-control assessment; these acquisitions represented 6.2% of consolidated assets and 3.9% of revenue, leaving integration-control risk.
• The company used $3.30 billion for acquisitions and affiliate investments in 2025 while also borrowing and issuing $1.50 billion of senior notes, increasing financing dependence.