PWRMEDIUM SIGNALFINANCIAL10-K

PWR underwent significant business expansion with total assets growing 33% while debt increased 60% and cash declined 41%, accompanied by a strategic reorganization from three to two reporting segments.

The substantial debt increase combined with declining cash suggests PWR is funding aggressive growth through leverage rather than internal cash generation. The segment consolidation from three to two reportable segments (combining Electric Power and Renewable Energy into a single Electric segment) indicates a strategic shift in how management views and operates the business.

Comparing 2026-02-19 vs 2025-02-20View on EDGAR →
FINANCIAL ANALYSIS

PWR shows strong top-line growth with total assets increasing 33% and accounts receivable up 32%, suggesting robust business expansion and revenue growth. However, the financial structure shifted meaningfully with total debt surging 60% to $1.1B while cash declined 41% to $439.5M, resulting in a 50% increase in interest expense. The overall picture suggests aggressive growth funded through debt rather than cash generation, which investors should monitor for sustainability as the company's leverage profile has materially changed.

FINANCIAL STATEMENT CHANGES
Total Debt
Balance Sheet
+59.7%
$671.9M→$1.1B

Debt increased 59.7% — substantial leverage increase; assess whether deployed for growth or covering losses.

Interest Expense
P&L
+50.3%
$124.4M→$186.9M

Interest expense surged 50.3% — significant debt increase or rising rates materially impacting earnings.

Current Liabilities
Balance Sheet
+44.6%
$6.0B→$8.7B

Current liabilities surged 44.6% — significant near-term obligations; verify ability to meet short-term debt.

Inventory
Balance Sheet
+42.4%
$260.2M→$370.4M

Inventory surged 42.4% — growing faster than typical sales pace; potential demand softening or supply chain overcorrection.

Cash & Equivalents
Balance Sheet
-40.8%
$742.0M→$439.5M

Cash declined 40.8% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Total Liabilities
Balance Sheet
+40%
$11.4B→$15.9B

Liabilities grew 40% — significant increase in debt or obligations, assess impact on financial flexibility.

Total Assets
Balance Sheet
+33.4%
$18.7B→$24.9B

Asset base grew 33.4% — expansion through organic growth, acquisitions, or capital deployment.

Accounts Receivable
Balance Sheet
+32.4%
$5.2B→$6.8B

Receivables surged 32.4% — revenue recognized but not yet collected; watch for collection issues or channel stuffing.

Current Assets
Balance Sheet
+26.1%
$7.9B→$9.9B

Current assets grew 26.1% — improving short-term liquidity or inventory/receivables build.

Stockholders Equity
Balance Sheet
+22.1%
$7.3B→$8.9B

Equity base grew 22.1% — retained earnings accumulation or equity issuance strengthening the balance sheet.

LANGUAGE CHANGES
NEW — 2026-02-19
PRIOR — 2025-02-20
ADDED
As of February 16, 2026, the number of outstanding shares of Common Stock of the registrant was 149,619,428 .
(together with its subsidiaries, Quanta, we, us or our ) is a leading provider of comprehensive infrastructure solutions for the electric and gas utility, power generation, large load center, manufacturing, communications, pipeline and energy industries in the United States, Canada, Australia and select other international markets.
We believe executing on these strategies places us in the position to be a solutions provider to our customers and capitalize on opportunities and trends in the industries we serve and expand our operations to select new markets.
SEGMENTS During the three months ended March 31, 2025, Quanta s Chief Executive Officer reevaluated how performance of the business is assessed and how resources are allocated, which resulted in a change in the reporting of management s internal financial information.
As a result, beginning with the three months ended March 31, 2025, Quanta began reporting the results of its two operating segments, which are also its two reportable segments: (1) Electric Infrastructure Solutions (Electric) and (2) Underground Utility and Infrastructure Solutions (Underground and Infrastructure).
The Electric segment consists of the historical Electric Power Infrastructure Solutions and the Renewable Energy Infrastructure Solutions segments.
In conjunction with this change, certain prior period amounts have been recast to conform to this new segment reporting structure.
We operate primarily in the United States; however, we derived approximately 7.0%, 8.7% and 14.2% of our revenues from foreign operations, primarily in Canada and Australia, during the years ended December 31, 2025, 2024 and 2023.
4 Electric Services Our Electric segment provides comprehensive services primarily for the electric power grid, power generation and large load center markets.
Business Environment With respect to our electric infrastructure service offerings, utility and other customers are continuing to invest significant capital in their infrastructure systems and programs.
REMOVED
As of February 17, 2025, the number of outstanding shares of Common Stock of the registrant was 148,198,321 .
(together with its subsidiaries, Quanta, we, us or our ) is a leading provider of comprehensive infrastructure solutions for the electric and gas utility, renewable energy, technology, communications, pipeline and energy industries in the United States, Canada, Australia and select other international markets.
We provide engineering, procurement, construction, upgrade and repair and maintenance services for infrastructure within each of these industries, including electric power transmission and distribution networks; substation facilities; wind and solar generation and transmission and battery storage facilities; electrical systems for data center, commercial and industrial facilities; communications and cable multi-system operator networks; gas utility systems; pipeline transmission systems and facilities; and downstream industrial facilities.
We believe executing on these strategies places us in the position to capitalize on opportunities and trends in the industries we serve and expand our operations to select new markets.
SEGMENTS We report our results under three reportable segments: Electric Power Infrastructure Solutions (Electric Power), Renewable Energy Infrastructure Solutions (Renewable Energy) and Underground Utility and Infrastructure Solutions (Underground and Infrastructure).
Beginning in the three months ending March 31, 2025, our Chief Executive Officer reevaluated how he assesses performance and allocates resources, which resulted in a change in the reporting of management s internal financial information.
As a result, we will begin reporting the results of our two operating segments, which will also be our two reportable segments: (1) Electric Infrastructure Solutions and (2) Underground Utility and Infrastructure Solutions.
The Electric Infrastructure Solutions segment will consist of the historical Electric Power and Renewable Energy segments.
We operate primarily in the United States; however, we derived approximately 8.7%, 14.2% and 15.7% of our revenues from foreign operations, primarily in Canada and Australia, during the years ended December 31, 2024, 2023 and 2022.
Electric Power Services Our Electric Power segment provides comprehensive services primarily for the electric power and also for the communications markets.
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