QUANTA SERVICES (PWR) Company Report

Quanta Services delivered Q3 revenues of $7.6 billion, net income of $339 million (or $2.24 per diluted share), adjusted EPS of $3.33, adjusted EBITDA of $858 million, and free cash flow of $438 million in Q3 2025.
Backlog reached a record $39.2 billion, with double-digit growth in revenue, adjusted EBITDA, and adjusted EPS; raised full-year 2025 revenue guidance to $27.8–28.2 billion and free cash flow guidance to $1.5 billion at the midpoint.
Issued $1.5 billion of notes to recapitalize the balance sheet at an interest rate ~40 basis points lower than its prior issuance, enhancing liquidity following the Dynamic Systems acquisition.
Announced the expansion of its Total Solutions power generation platform and a 50/50 joint venture with NiSource to design, procure, and construct generation resources capable of producing approximately 3 gigawatts of power.

Oct 30, 2025, 1:00 PM

Transcript

Quanta Services reports Q3 2025 results

PWR

Earnings

Guidance Update

New Projects/Investments

Q3 2025 revenue of $7.6 billion, net income of $339 million ($2.24 EPS), adjusted EBITDA of $858 million and free cash flow of $438 million; record backlog reached $39.2 billion.
Raised full-year 2025 revenue guidance to $27.8–28.2 billion and free cash flow target to $1.5 billion; expects record backlog and double-digit EPS growth in 2026.
Launched “Total Solutions” power generation platform and formed a 50/50 joint venture with Zachry to develop generation projects, including a 3 GW award from NiSource for design-procurement-construction work.
Issued $1.5 billion of notes at ~40 bps lower interest to recapitalize the balance sheet, enhance liquidity and maintain its investment-grade rating.
Achieved double-digit YoY growth across revenue, adjusted EBITDA and adjusted EPS, driven by accelerating demand in the electric segment and a growing pipeline of high-voltage transmission LNTPs (none yet in backlog).

Oct 30, 2025, 1:00 PM

Transcript

Quanta Services reports Q3 2025 results

PWR

Earnings

Guidance Update

Debt Issuance

Q3 revenues of $7.6 billion, net income of $339 million (EPS $2.24), adjusted EPS of $3.33, and adjusted EBITDA of $858 million.
Raised 2025 guidance: full-year revenue to $27.8 billion–$28.2 billion and free cash flow to $1.5 billion midpoint; Q3 free cash flow was $438 million.
Issued $1.5 billion of notes at ~40 bps lower interest to strengthen liquidity post-Dynamic Systems acquisition.
Record backlog of $39.2 billion; unveiled a Total Solutions power generation platform and secured a ~3 GW project for NiSource.
Expect JV project revenues to begin in H2 2026 and forecast another year of double-digit adjusted EPS growth in 2026.

Oct 30, 2025, 1:00 PM

Transcript

Quanta Services reports Q3 2025 results and guidance update

PWR

Earnings

Guidance Update

New Projects/Investments

Revenues of $7.63 billion in Q3 2025, GAAP diluted EPS of $2.24 and adjusted diluted EPS of $3.33, with net income of $339.4 million.
Record backlog: Remaining Performance Obligations of $21.0 billion and Total Backlog of $39.2 billion as of Q3 2025.
Selected by NiSource to provide power generation and grid infrastructure solutions for a ~3 GW large load customer through a Quanta–Zachry joint venture, highlighting its expanded total solutions platform.
Raised full-year 2025 guidance: revenue of $27.8 bn–$28.2 bn, diluted EPS of $6.53–$7.02, adjusted diluted EPS of $10.33–$10.83, and adjusted EBITDA of $2.77 bn–$2.88 bn.

Oct 30, 2025, 10:58 AM

8-K

Quanta Services expands total solutions platform and selected by NiSource for 3 GW power project

PWR

New Projects/Investments

Quanta Services expanded its total solutions power generation platform, leveraging its craft-skilled workforce and a track record of constructing over 80,000 MW of generation capacity.
NiSource has selected Quanta and Zachry Group to deliver design, procurement and construction of combined cycle gas generation and grid infrastructure for a large load customer, providing approximately 3 GW of power.
Quanta holds a 50% ownership interest in the joint venture with Zachry, which combines Quanta’s field-level execution capabilities and Zachry’s over five decades of gas power plant experience.
The project’s scope and estimation phase has commenced, with execution expected in 2026 and full power availability and completion targeted by 2032.

Oct 30, 2025, 10:56 AM

Press Release

Quanta Services reports Q3 2025 results

PWR

Earnings

M&A

New Projects/Investments

Quanta Services delivered $7.63 B in Q3 2025 revenue, up 18% YoY, with GAAP diluted EPS of $2.24 and adjusted EPS of $3.33.
Net income attributable to common stock was $339.4 M, adjusted EBITDA $858.3 M, YTD operating cash flow $1.1 B, free cash flow $726.3 M, and total backlog of $39.2 B.
Selected by NiSource for design, procurement and construction of generation and infrastructure resources to deliver approximately 3 GW of power for a large load customer.
Acquired Dynamic Systems to expand mechanical, plumbing and process infrastructure capabilities, and repurchased 538,559 shares for $134.6 M year-to-date, with $365.1 M remaining under its buyback program.

Oct 30, 2025, 10:55 AM

Press Release

Quanta Services issues $1.5B of senior notes due 2028, 2031 and 2035

PWR

Debt Issuance

On August 7, 2025, Quanta Services issued $500 million of 4.300% Senior Notes due 2028, $500 million of 4.500% Senior Notes due 2031 and $500 million of 5.100% Senior Notes due 2035 under an underwriting agreement dated August 4, 2025.
The Notes bear interest payable semi-annually—4.300% on the 2028 Notes, 4.500% on the 2031 Notes and 5.100% on the 2035 Notes—and mature on August 9, 2028; January 15, 2031; and August 9, 2035, respectively.
These senior unsecured Notes rank pari passu with existing and future senior unsecured debt, are structurally subordinated to subsidiary obligations and effectively junior to secured indebtedness.

Aug 7, 2025, 12:00 AM

8-K

Quanta Services prices $1.5B senior notes offering

PWR

Debt Issuance

Quanta Services, Inc. priced a $1.5 billion senior notes offering: $500 million of 4.300% notes due 2028 at 99.963%, $500 million of 4.500% notes due 2031 at 99.731%, and $500 million of 5.100% notes due 2035 at 99.705%.
The offering is expected to close on August 7, 2025, and net proceeds will be used to repay existing indebtedness under its commercial paper program and senior credit facility.
The notes carry yields of 4.313%, 4.557%, and 5.138%, and are rated Baa3/BBB/BBB by Moody’s, S&P and Fitch .

Aug 5, 2025, 12:00 AM

8-K

Quanta Services Reports Strong Q1 2025 Earnings & Guidance Update

PWR

Earnings

Guidance Update

Share Buyback

Record Q1 2025 Performance: Consolidated revenues reached $6.23 billion (approx $6.2 billion ), net income of $144 million ( ), GAAP diluted EPS of $0.96 , and a record backlog of $35.3 billion .
Raised Full-Year Guidance: FY 2025 outlook raised with increased revenue (up $100 million ), adjusted EBITDA (up $10 million ), and EPS (GAAP and adjusted, with adjusted diluted EPS of $1.78 ).
Strong Segment & Market Opportunities: Notable profitability in Electric Infrastructure and Underground & Infrastructure segments combined with growth prospects in renewables, electric infrastructure, and digital/data center projects .
Active Capital Management: Executed approximately $135 million in common stock repurchases and strategic investments to enhance supply chain efficiency and market expansion .

May 1, 2025, 1:01 PM

Transcript Press Release 8-K

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