For the year ending 2025-12-31, PWR had -$303,187K decrease in cash & cash equivalents over the period. $1,620,816K in free cash flow.
| Cash Flow | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Net income | 1,041,917 | 927,283 | 750,689 | 511,643 |
| Depreciation | 411,538 | 359,363 | 324,786 | 290,647 |
| Amortization of intangible assets | 498,795 | 382,959 | 289,014 | 353,973 |
| Asset impairment charges | - | - | - | 14,457 |
| Equity in earnings of unconsolidated affiliates, net of distributions | - | - | -24,209 | 19,238 |
| Distributions, net of equity in earnings of unconsolidated affiliates | - | 2,247 | - | - |
| Loss from mark-to-market adjustment on investment | - | 0 | 0 | -91,500 |
| Gains on sales of investments | - | - | 3,524 | 32,572 |
| Impairment of non-marketable equity security | - | - | - | 0 |
| Amortization of discounts and deferred financing costs | - | - | - | 12,712 |
| Gain on sale of property and equipment | - | - | - | 14,803 |
| Increase in provision for credit losses | - | - | 5,927 | 350 |
| Deferred income tax (benefit) expense | - | -8,325 | 3,816 | 42,053 |
| Non-cash stock-based compensation | 181,947 | 150,526 | 126,762 | 105,600 |
| Foreign currency gain | - | - | - | 654 |
| Change in fair value of contingent consideration liabilities | - | - | - | -4,422 |
| Payments for contingent consideration liabilities recorded in earnings | - | - | - | 63 |
| Other non-cash adjustments, net | 79,795 | 20,977 | -8,344 | - |
| Accounts, notes and retainage receivable | 853,835 | 428,127 | 615,668 | - |
| Contract assets | 217,627 | -255,744 | 303,064 | - |
| Inventories | 121,743 | 39,517 | - | - |
| 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 | - |
| Changes in assets and liabilities, net of non-cash transactions | - | - | - | 229,715 |
| Other assets and liabilities, net | 29,717 | 8,333 | -6,718 | - |
| Net cash provided by operating activities | 2,229,970 | 2,081,196 | 1,575,952 | 1,130,312 |
| Capital expenditures | 609,154 | 604,078 | 434,803 | 427,630 |
| Proceeds from sale of property and equipment | - | - | - | 62,058 |
| Proceeds from sale of and insurance settlements related to property and equipment | 51,916 | 77,643 | 69,347 | - |
| Proceeds from insurance settlements related to property and equipment | - | - | - | 2,065 |
| 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 | 195,087 |
| Proceeds from disposition of businesses | - | - | - | 0 |
| Investments in unconsolidated affiliates and other | 148,900 | 81,871 | 7,537 | 78,084 |
| Proceeds from the sale or settlement of certain investments | 17,012 | 29,239 | 42,277 | 20,639 |
| Cash paid for intangible assets | - | - | - | 1,152 |
| Other, net | -13,638 | -30,483 | 7,311 | - |
| Net cash used in investing activities | -3,830,974 | -2,294,319 | -989,650 | -617,191 |
| Borrowings under credit facility and commercial paper program | 53,033,943 | 19,884,184 | 18,178,910 | 9,300,142 |
| Payments under credit facility and commercial paper program | 52,778,666 | 20,714,993 | 17,770,246 | 9,323,507 |
| Proceeds from notes offerings | - | - | 0 | 0 |
| Payments on other long-term debt | - | - | - | 8,954 |
| Net (repayments) borrowings of short-term debt | - | - | - | -15,657 |
| Net proceeds from notes offering | 1,488,995 | 1,238,741 | - | - |
| Payments of financing costs | - | - | - | 452 |
| Payments related to senior notes | 0 | 500,000 | - | - |
| Payments of contingent consideration liabilities recorded at acquisition date | 102,558 | - | - | 1,514 |
| Distributions to non-controlling interests, net of contributions received | - | - | - | 9,719 |
| Payments related to tax withholding for stock-based compensation | 112,299 | 155,550 | 119,793 | 82,590 |
| Payments of dividends | 60,416 | 54,196 | 47,752 | 41,058 |
| Repurchase of common stock | 134,555 | 0 | 350 | 127,762 |
| Other, net | -59,460 | -3,822 | 27,731 | - |
| Net cash provided by (used in) financing activities | 1,274,984 | -305,636 | 268,500 | -311,071 |
| Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash | 22,833 | -30,272 | 7,025 | -723 |
| Net (decrease) increase in cash, cash equivalents and restricted cash | -303,187 | -549,031 | 861,827 | 201,327 |
| Cash, cash equivalents and restricted cash, beginning of year | 746,010 | 1,295,041 | 433,214 | 231,887 |
| Cash, cash equivalents and restricted cash, end of year | 442,823 | 746,010 | 1,295,041 | 433,214 |
QUANTA SERVICES, INC. (PWR)
QUANTA SERVICES, INC. (PWR)