Quanta Services, Inc. is a leading provider of comprehensive infrastructure solutions across various industries, including electric and gas utilities, renewable energy, communications, pipeline, and energy sectors in the United States, Canada, Australia, and select other international markets . The company operates through three main segments, offering services such as design, procurement, construction, upgrade, repair, and maintenance for electric power transmission and distribution infrastructure, renewable generation and infrastructure, and gas distribution and downstream industrial services . Quanta Services has experienced increased demand across all segments, achieving record annual revenues in 2023 .
- Electric Power Infrastructure Solutions - Offers services including design, procurement, construction, upgrade, repair, and maintenance for electric power transmission and distribution infrastructure, as well as emergency restoration services and installation of smart grid technologies.
- Renewable Energy Infrastructure Solutions - Focuses on services related to renewable generation and infrastructure, driven by the transition to a reduced-carbon economy.
- Underground Utility and Infrastructure Solutions - Provides services for gas distribution and downstream industrial services, with a focus on utility spending and modernization programs.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Earl C. (Duke) Austin, Jr. ExecutiveBoard | President, CEO, and Principal Operating Officer | Chairman of the Texas State University System Board of Regents; Director of the Southwest Line Chapter of the National Electrical Contractors Association | Over 30 years of experience in electric power, pipeline, and renewable energy sectors. CEO since 2016, with expertise in risk oversight, finance, and human capital management. | View Report → |
Derrick A. Jensen Executive | Executive Vice President – Business Administration | None | Former CFO (2012–2022), now EVP overseeing business administration. CPA with a strong background in finance and accounting. | |
Donald C. Wayne Executive | Executive Vice President and General Counsel | None | General Counsel since 2017, responsible for legal and compliance matters. | |
Dorothy C. Upperman Executive | Vice President – Tax | None | VP of Tax since 2014, previously held tax management roles at Walmart and Ernst & Young. | |
Jayshree S. Desai Executive | Chief Financial Officer | Director at TPI Composites, Inc. | CFO since July 2022, previously Chief Corporate Development Officer. Extensive experience in renewable energy and infrastructure development. | |
Paul M. Nobel Executive | Senior Vice President and Chief Accounting Officer | None | Oversees accounting, reporting, tax, and risk management. CPA with prior leadership roles at Kosmos Energy and Deloitte. | |
David M. McClanahan Board | Chairman of the Board (Stepping Down) | None | Former CEO of CenterPoint Energy. Extensive experience in electric power and natural gas utilities. Not standing for reelection in 2024. | |
Doyle N. Beneby Board | Independent Chairman of the Board | Director at Korn Ferry; Director at Capital Power Corp. | Former CEO of Midland Cogeneration Venture and CPS Energy. Extensive experience in energy and utility sectors. | |
Holli C. Ladhani Board | Director | Director at Marathon Oil Corporation; Trustee at Rice University; Director at Priority Power Management, LLC | Former CEO of Select Energy Services. Extensive leadership experience in energy and financial services. | |
Martha B. Wyrsch Board | Director | Director at First American Financial Corporation; Director at National Grid plc | Former director at Spectris plc and Noble Energy. Extensive experience in energy and utility sectors. | |
R. Scott Rowe Board | Director | President, CEO, and Director of Flowserve Corporation | CEO of Flowserve Corporation. Extensive leadership experience in manufacturing and engineering. | |
Raúl J. Valentín Board | Director | EVP and Chief Human Resources Officer at ABM Industries Incorporated | Extensive experience in human capital strategy, diversity, and compliance. Leads HR operations for over 100,000 employees. | |
Warner L. Baxter Board | Director | Director at U.S. Bancorp | Former Executive Chairman and CEO of Ameren Corporation. Expertise in utilities, governance, and sustainability. | |
Worthing F. Jackman Board | Director | None | Former CEO of Waste Connections. Expertise in finance, acquisitions, and sustainability. |
- Given that utility CapEx budgets were under 50% in the first half and you've previously discussed a shift between transmission and distribution spending, can you explain whether you expect a ramp back in distribution spending in the second half, or are you still anticipating ongoing weaknesses in this area?
- With the significant revenue ramp implied in your second-half guidance for the electric business, even excluding the recent acquisition of Cupertino Electric, can you help us understand the specific drivers behind this expected growth and how confident are you in achieving it?
- Regarding your renewable energy segment, while margins were strong this quarter, you mentioned ongoing drag from certain projects identified previously; can you quantify the impact these projects had on the current quarter's margins and explain how margins would have looked excluding this drag?
- Considering trade uncertainties and the upcoming election, have you observed any impact on customer behavior in the renewable energy space, such as delays or pullbacks in project commitments, and how are you mitigating potential risks associated with these factors?
- As your company continues to grow, some investors are concerned about the challenges of sustaining organic growth due to your large size; do you anticipate relying more on M&A for future growth, and how do you address the potential shift in your growth strategy towards acquisitions over organic expansion?
Research analysts who have asked questions during Quanta Services Inc earnings calls.
Brian Brophy
Stifel Financial Corp.
4 questions for PWR
Drew Chamberlain
JPMorgan Chase & Co.
4 questions for PWR
Jamie Cook
Truist Securities
4 questions for PWR
Sangita Jain
KeyBanc Capital Markets
4 questions for PWR
Steven Fisher
UBS
4 questions for PWR
Adam Thalhimer
Thompson, Davis & Company, Inc.
3 questions for PWR
Andrew Kaplowitz
Citigroup
3 questions for PWR
Justin Hauke
Robert W. Baird & Co. Incorporated
3 questions for PWR
Michael Dudas
Vertical Research Partners
3 questions for PWR
Ameet Thakkar
BMO Capital Markets
2 questions for PWR
Ati Modak
Goldman Sachs
2 questions for PWR
Auguste Richard
Northland Capital Markets
2 questions for PWR
Charles Albert Dillard
Sanford C. Bernstein & Co., LLC
2 questions for PWR
Joseph Osha
Guggenheim Partners
2 questions for PWR
Julien Dumoulin-Smith
Jefferies
2 questions for PWR
Marc Bianchi
TD Cowen
2 questions for PWR
Philip Shen
ROTH MKM
2 questions for PWR
Steven Fleishman
Wolfe Research, LLC
2 questions for PWR
Alexander Rygiel
B. Riley Securities
1 question for PWR
Atidrip Modak
Goldman Sachs
1 question for PWR
Chad Dillard
Bernstein
1 question for PWR
Chris Senyek
Wolfe Research, LLC
1 question for PWR
Laura Mayer
B. Riley Securities, Inc.
1 question for PWR
Liam Burke
B. Riley Financial
1 question for PWR
Phil Shen
ROTH Capital
1 question for PWR
Sherif El-Sabbahy
Bank of America
1 question for PWR
Spark Lee
Jefferies
1 question for PWR
Steve Fleishman
Wolfe Research, LLC
1 question for PWR
Unknown Analyst
Unknown
1 question for PWR
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Unnamed Construction Contracting Business | 2022 | Acquired a U.S.-based construction contracting business specializing in trenching and underground pipeline/electrical conduit installation for the Electric Power Infrastructure Solutions segment for $22.0 million in cash with potential contingent payments up to $15.0 million (with a recorded $2.6 million liability). |
High‑Voltage Transmission Services Business | 2023 | Acquired in January 2023 with $465.0 million in cash and 1,018,952 shares (valued at $123.5 million), this business provides high‑voltage transmission, distribution, and emergency restoration services, integrated within the Electric Power Infrastructure Solutions segment. |
Solar Tracking Equipment Business | 2023 | Acquired in January 2023 as part of a multi‑business transaction, this company supplies solar tracking equipment—handling parts procurement, kit assembly, logistics, and installation—to support Renewable Energy Infrastructure Solutions; the final transaction amount is subject to post‑closing adjustments. |
Concrete Construction Services Business | 2023 | Acquired in January 2023, this business delivers concrete construction solutions and is integrated across both Electric Power and Renewable Energy segments, with a combined transaction of $465.0 million in cash plus 1,018,952 shares of stock, subject to net working capital adjustments. |
Power Studies, Maintenance Testing, and Commissioning Business | 2023 | Acquired in 2023 for inclusion in the Electric Power Infrastructure Solutions segment, this business specializes in power studies, maintenance testing, and commissioning services with a combined consideration of approximately $484.1 million in cash and 1,062,408 shares (valued at $131.5 million). |
Pennsylvania Transformer Technology, LLC (PTT) | 2023 | Acquired in October 2023 for about $300 million (a mix of cash and stock, subject to net working capital adjustments), this U.S.-based power transformer manufacturer enhances Quanta's Electric Power and Renewable Energy Infrastructure Solutions by addressing supply chain constraints and supporting grid modernization. |
Specialty Environmental Solutions Business | 2024 | Acquired in January 2024 for approximately $379.9 million in cash and 221,700 shares valued at $44.9 million, this business serves industrial and petrochemical companies within the Underground and Infrastructure segment with potential contingent consideration based on performance targets. |
Safety Equipment and Supplies Business | 2024 | Completed in January 2024, this acquisition involved $379.9 million in cash and 221,700 shares (valued at $44.9 million), providing safety equipment and supplies for the Electric Power and Renewable Energy segments, with additional performance-based contingent consideration. |
Cupertino Electric, Inc. (CEI) | 2024 | Completed on July 17, 2024, this deal was valued at about $1.66 billion (including $1.24 billion in cash, stock issuance, and up to $200 million in contingent payments), expanding Quanta’s comprehensive electrical infrastructure solutions across technology, renewable energy, and commercial sectors. |
Group Acquisition of Seven Additional Businesses | 2024 | Completed in 2024, this group deal acquired seven U.S.-based businesses spanning electrical infrastructure, transmission/distribution equipment, aerial telecom, fiber networks, and liquid-filled power transformers for roughly $537.8 million in cash and 334,472 shares valued at $74.8 million, including contingent considerations. |
U.S. Civil Solutions Business | 2025 | Planned/Completed post‑December 31, 2024, this U.S.‑based business specializing in civil solutions (e.g., site clearing, earthwork) was acquired with approximately $400.5 million in cash, 515,822 shares valued at $161.6 million, plus up to $109.5 million in contingent consideration based on performance. |
Australian Electrical Engineering Business | 2025 | Planned/Completed after December 31, 2024, this acquisition of an Australian firm specializing in electrical engineering and industrial technology solutions was executed under the same transaction terms—approximately $400.5 million in cash, 515,822 shares (valued at $161.6 million), and contingent consideration up to $109.5 million—further broadening Quanta's service portfolio. |
Recent press releases and 8-K filings for PWR.
- 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.
- 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 .
- 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 .