PWR · 10-K filed 19 Feb 2026 · year to 31 Dec 2025

Quanta Services

32 named things its latest annual report says its results depend on, each in the company's own words. 27 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Ten largest customers

earns from · 30% of our consolidated revenuesnamed as a risk

For example, our ten largest customers accounted for 30% of our consolidated revenues for the year ended December 31, 2025.Risk factors (Item 1A)

Also named by AMKR, CAG, MCK, MOD, MRVL, SANM, USAC

Unapproved change orders and claims

$983.6 millionnamed as a risk

For example, as of December 31, 2025, the amount recognized related to unapproved change orders and claims was $983.6 million, which is discussed further in Note 4 of the Notes to Consolidated Financial Statements in Item 8.Risk factors (Item 1A)

Data centers

earns from · 13%

In addition, the investment of capital into the build out of data centers by technology customers in order to, among other things, expand cloud-based services and develop artificial intelligence (AI) training and inference, increases demand for our solutions offerings.Business (Item 1)

Also named by AESI, AGX, BKR, BSM, CBRE, CEG, CMI, CNP and 26 more

Utility and power customers

earns from · 70%

Utility and Power - Customers that are electric and gas utility companies, as well as power developers;Business (Item 1)

U.S. Department of Defense

earns fromnamed as a risk

In addition, as a contractor supporting government agencies with respect to certain projects, including the Department of Defense (DoD), we must adhere to regulatory cyber compliance requirements outlined in the Federal Acquisition Regulations (FAR), the Defense Federal Acquisition Regulation Supplement (DFARS), and other federal mandates with respect to these projects.Risk factors (Item 1A)

Also named by ACN, ALSN, AVAV, CLS, CRWD, FLR, HEI, JCI and 12 more

Suppliers

Subcontractors

depends on · approximately 20% of our work is subcontractednamed as a risk

delay or failure to perform by suppliers, subcontractors or other third parties, or our failure to coordinate performance of such parties, as approximately 20% of our work is subcontracted to other service providers.Risk factors (Item 1A)

Also named by DY, LEN, TOL

Partners and platforms

Surety bonds

depends on · approximately $14.9 billionnamed as a risk

As of December 31, 2025, the total amount of our outstanding performance bonds was estimated to be approximately $14.9 billion.Risk factors (Item 1A)

Also named by ARLP, DHI, ECG, EME, FIX, LEN, PRIM, WCN

LUMA Energy, LLC

50% equity interestnamed as a risk

For example, our joint venture LUMA is exposed to various of these risks operating in Puerto Rico.Risk factors (Item 1A)

International Brotherhood of Electrical Workers/National Electrical Contractors Association (IBEW/NECA)

depends on

As an example of our strategic relationships with unions, our operating companies performing more sophisticated and technical jobs utilize, when applicable, training programs provided by the International Brotherhood of Electrical Workers/National Electrical Contractors Associations (IBEW/NECA) Apprenticeship Program, training programs sponsored by the four trade unions administered by the Pipe Line Contractors Association (PLCA), apprenticeship training programs sponsored by the Canadian Union of Skilled Workers (CUSW) or our equivalent programs.Business (Item 1)

Other companies

Collective bargaining agreements

approximately 36% of our employeesnamed as a risk

As of December 31, 2025, approximately 36% of our employees were covered by collective bargaining agreements and the number of our employees covered by collective bargaining agreements could increase in the future for a variety of reasons, including acquisitions, unionization of a non-union operating company, project requirements (e.g., project labor agreements) and changes in law.Risk factors (Item 1A)

Also named by APG, BALL, CAG, CARR, HLT, HSY, IEX, KR and 10 more

Senior credit facility

$675.0 million outstandingnamed as a risk

As of December 31, 2025, our variable-rate debt consisted of $675.0 million outstanding under our senior credit facility and $316.0 million outstanding under our commercial paper program.Market risk (Item 7A)

Also named by GLIBK, MHK, TREX

Places

Canada

earns from · $2.00 billion, or 7.0%, of our consolidated revenues from foreign operationsnamed as a risk

For the year ended December 31, 2025, we derived $2.00 billion, or 7.0%, of our consolidated revenues from foreign operations, the substantial majority of which was related to Canada and Australia.Risk factors (Item 1A)

Also named by AAP, AJG, ALL, AMRC, AOS, ARE, BBY, BF/B and 97 more

Australia

earns from · $2.00 billion, or 7.0%, of our consolidated revenues from foreign operationsnamed as a risk

Also named by AJG, ARWR, AXP, BF/B, BTU, CL, CSGP, CVX and 15 more

Puerto Rico

operates in · approximately 18,000-mile electric transmission and distribution systemnamed as a risk

For example, our joint venture LUMA is exposed to various of these risks operating in Puerto Rico.Risk factors (Item 1A)

Also named by AMGN, BMY, BPOP, CCI, COO, GMED, HPE, LLY and 2 more

California

operates innamed as a risk

We also often perform services in locations that are densely populated and that have higher value property and assets, such as California and metropolitan areas, which can increase the impact of any of these hazards or other accidents.Risk factors (Item 1A)

Also named by A, AAON, AFRM, ALK, ALLY, AN, ARE, AVAV and 88 more

New York City

operates innamed as a risk

For example, one of our larger operating companies specializes in underground gas and electric distribution and transmission services and operates in metropolitan areas throughout the northeastern United States, including New York City, New York.Risk factors (Item 1A)

Also named by ABNB, COMP, ED, EVR, MCO, MS, RITM, ROST and 1 more

U.S. Gulf Coast

concentrated in

Additionally, with respect to our downstream industrial services, including our high-pressure and critical-path turnaround services, as well as our capabilities with respect to instrumentation and electrical services, piping, fabrication and storage tanks services, and other industrial services, we are focused on processing facilities located along the U.S. Gulf Coast region, which we believe should have certain long-term strategic advantages due to their proximity to competitively priced and abundant hydrocarbon resources.Business (Item 1)

Also named by CP, DOW, ECL, OLN, PAA, VLO

Hazards

Wildfires

named as a risk

For example, certain of our customers have been determined to be or are potentially responsible for certain catastrophic wildfire events in the western United States due to failure of their infrastructure, and certain of these wildfire events remain under investigation.Risk factors (Item 1A)

Also named by AAON, AMRC, AZO, BRK/B, CCI, CDNS, CINF, CNP and 17 more