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Quanta Services cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$1.2B in Q3 2026 · $3.2B over twelve months

Operating cash flow$1.5B
Capital spending−$268M
Free cash flow+$1.2B
Cash / net income2.1×
Cash conversion cycle40 days

Analysis

In Q3 2026, Quanta Services generated $1.5B of operating cash flow and spent $268M on capital projects, leaving free cash flow of $1.2B. That is $765M more than in Q3 2025 ($421M).

Over the twelve months to Sep 30, 2026, operating cash flow was $4.1B; the largest uses were acquisitions ($2.4B), capital spending ($913M), net borrowing (+) / repaid (−) ($663M); besides operations, cash came from other financing ($1.9B); the cash balance rose by $1.7B.

Operating cash flow was $1.5B against net income of $707M — 2.1× profit, cash ran ahead of reported earnings. The largest differences: deferred revenue +$1.3B, depreciation & amortization +$309M, contract assets −$221M.

Its cash conversion cycle was 40 days (receivables 72 + inventory 4 − payables 36).

Free cash flow

Quanta Services: free cash flow by quarterQuanta Services: free cash flow by quarter$565MQ4 2024$110MQ1 2025$155MQ2 2025$421MQ3 2025$934MQ4 2025$172MQ1 2026$864MQ2 2026$1.2BQ3 2026
Operating cash flow less capital spending.
Quanta Services: operating cash flow against capital spendingQuanta Services: operating cash flow against capital spendingOperating cash flowCapital spending$712M$147MQ4 2024$243M$133MQ1 2025$296M$140MQ2 2025$563M$142MQ3 2025$1.1B$194MQ4 2025$392M$220MQ1 2026$1.1B$231MQ2 2026$1.5B$268MQ3 2026
Latest (Q3 2026): Operating cash flow $1.5B, Capital spending $268M.

Capital allocation, year by year

Quanta Services: where the cash came from (up) and went (down), by fiscal yearQuanta Services: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $582MFY2021: Net borrowing $2.5BFY2021: Asset sales $49.2MFY2021: Capital spending −$386MFY2021: Acquisitions −$2.5BFY2021: Buybacks −$66.7MFY2021: Dividends −$34.0M$3.2BFY2021FY2022: Operating cash flow $1.1BFY2022: Net borrowing −$40.5MFY2022: Asset sales $62.1MFY2022: Capital spending −$428MFY2022: Acquisitions −$195MFY2022: Buybacks −$128MFY2022: Dividends −$41.1M$1.2BFY2022FY2023: Operating cash flow $1.6BFY2023: Net borrowing $406MFY2023: Capital spending −$435MFY2023: Acquisitions −$652MFY2023: Buybacks −$350KFY2023: Dividends −$47.8M$2.0BFY2023FY2024: Operating cash flow $2.1BFY2024: Net borrowing −$92.1MFY2024: Capital spending −$604MFY2024: Acquisitions −$1.7BFY2024: Dividends −$54.2M$2.1BFY2024FY2025: Operating cash flow $2.2BFY2025: Net borrowing $1.7BFY2025: Capital spending −$609MFY2025: Acquisitions −$3.1BFY2025: Buybacks −$135MFY2025: Dividends −$60.4M$4.0BFY2025
Over these 5 years operating cash flow totalled $7.6B; the largest uses were acquisitions ($8.1B) and capital spending ($2.5B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$2.3B
Debt$7.0B
Net debt$4.7B
Due within a year$690M

Quanta Services funds itself: free cash flow was $3.2B over the last twelve months, and $2.3B of cash and investments stands against $7.0B of debt ($690M due within a year, 3.4× covered by cash).

Quanta Services: debt maturities by year (FY2025)Quanta Services: debt maturities by year (FY2025)$690MYear 1$615MYear 2$512MYear 3$9.0MYear 4$1.3BYear 5
Principal due in each year as disclosed in the annual report, against $2.3B of cash and investments now.

Where the cash came from and went

Quanta Services: sources (+) and uses (−) of cash, Q3 2026Quanta Services: sources (+) and uses (−) of cash, Q3 2026Other financing$1.9BCash drawn (+) / kept (−)−$1.8BOperating cash flow$1.5BNet borrowing (+) / repaid (−)−$1.1BCapital spending−$268MAcquisitions−$166MTaxes on employees’ shares−$21.7MDividends−$17.2MOther investing−$9.9MExchange rates$8.5M
Quanta Services: sources (+) and uses (−) of cash, TTM to Q3 2026Quanta Services: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$4.1BAcquisitions−$2.4BOther financing$1.9BCash drawn (+) / kept (−)−$1.7BCapital spending−$913MNet borrowing (+) / repaid (−)−$663MTaxes on employees’ shares−$189MOther investing−$70.1MDividends−$65.9MExchange rates$17.6M

From profit to cash

Quanta Services: net income to operating cash flow, Q3 2026Quanta Services: net income to operating cash flow, Q3 2026Net income$707MDepreciation & amortization$309MStock-based pay$67.9MInventory−$10.0MDeferred revenue$1.3BContract assets−$221MPrepaid and other assets−$218MOther operating capital−$18.1MOperating cash flow$1.5B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20267243640
Q2 20267753745
Q1 20268353850
Q4 20257753943
Q3 20257143738
Q2 20257243640
Q1 20257643644
Q4 20247243740

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$1.5B−$268M−$166M—−$17.2M−$1.1B−$1.8B$1.2B
Q2 2026$1.1B−$231M−$907M—−$16.5M$178M−$142M$864M
Q1 2026$392M−$220M−$22.9M—−$17.2M−$54.2M$73.0M$172M
Q4 2025$1.1B−$194M−$1.3B—−$15.0M$306M$171M$934M
Q3 2025$563M−$142M−$1.2B—−$15.1M−$609M−$101M$421M
Q2 2025$296M−$140M−$192M−$16.0M−$14.9M$286M$10.5M$155M
Q1 2025$243M−$133M−$394M−$119M−$15.5M$271M$223M$110M
Q4 2024$712M−$147M−$21.3M—−$13.4M−$42.8M$22.8M$565M

Quanta Services: income statement and cash flow

Quanta Services, Q3 2026: revenue $12.0B (+57% year over year), operating margin 8.5%. The chart follows the revenue to costs, profit and cash.

Quanta Services: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.