• Houston-based contractor Quanta Services reported close to $24 billion in revenues in 2024; its shares are currently trading at $274. In its latest annual financial report to investors, the infrastructure-services provider noted tariff and immigration policies could impact its business. 

Quanta Services chief executive Earl “Duke” Austin, Jr. earned more in 2024 than he did a year earlier but took it on the chin when it came to his cash bonus.

Austin took home a bonus of about $1.6 million last year compared to more than $2 million each year during the prior two years. In 2024, Austin’s total compensation—including, cash salary and bonus, stock and perquisites—was valued at nearly $16 million, the latest proxy statement filed April 11 revealed. In the two years prior, his total compensation was valued at about $15 million and $12 million, respectively. 

Quanta Services stock is down around 13% over the past year; shares are trading at $274. In 2024, it made close to $24 billion in revenues. Austin, in the accompanying release, called it a “another year of success, with record revenues, profits and cash flow.”

The company issued its guidance for the year, too, but that was in late February before President Trump’s “Liberation Day,” when he announced a sweeping tariff regime and later pulled back, declaring a 90-day grace period to talk deals. 

Still, Quanta Services said: “We continue to consider future uncertainty associated with overall challenges to the domestic and global economy, including inflation, interest rates and potential recessionary economic conditions.” It’s set to announce first quarter results in early May. 

In its latest annual report, Quanta mentioned tariffs nine times as a potential factor that could affect its business. Quanta Services, which claims to have built the largest labor force in North America via 200 operating companies, raised the concern surrounding the administration’s approach to immigration and deportations, too. (The corporation said it had approximately 11,500 salaried employees and 46,900 hourly employees, in the year ending December 31, 2024.)

It reported that immigration laws, “could adversely affect our business or reputation.” In its annual financial report, the company told investors some of its employees might be unauthorized workers, despite the company’s efforts to verify employment eligibility. The company’s published diversity metrics show more than 70% of the company’s workforce is white, while nearly 19% is Hispanic or Latino, 3.5% is Black and 1.1% is Asian. Roughly 5% identify as two or more races, according to Quanta. 

Quanta Services did not immediately respond to Fortune’s request for comment.

The $40 billion Houston-based contractor has been around for almost three decades. Austin took the corner office about 10 years ago. Before that, he was the chief operating officer. 

In 2024, his base salary was under $1.5 million, but his total stock awards amounted to around $12 million. But he lost out on his annual cash bonus because the company’s performance, when it came to significant safety events, decreased compared to the year before, the company said. There was no bonus payout when it came to that metric. Executives hit goals related to the other two measures for bonuses, adjusted EBITDA and adjusted EBITDA margin, and saw varying levels of payouts among the senior leadership team.

For Austin, his total compensation included private jet flights and club memberships: almost $200,000 for personal use of the corporate aircraft and reimbursement of about $14,000 for club membership dues, per the proxy statement. 

Separately, Quanta Services chief financial officer Jayshree Desai’s total compensation was valued at about $5 million for 2024, and chief operating officer Redgie Probst’s total compensation was valued at just under $6.5 million. Probst’s compensation included around $170,000 for personal use of corporate aircraft. Desai and Probst’s cash bonuses were also smaller than the year before. 

This story was originally featured on Fortune.com