QUANTA SERVICES (PWR) Company Report

Full-year 2025 results: revenues of $28.5 billion (+20% YoY), adjusted EBITDA of $2.9 billion, adjusted EPS of $10.75 (+20%), and free cash flow of $1.7 billion.
Q4 2025 record metrics: revenues $7.8 billion, adjusted EBITDA $845 million, adjusted EPS $3.16, and free cash flow $946 million.
Record backlog of $44 billion at year-end underpins visibility into 2026.
2026 guidance calls for double-digit growth in revenue, net income, adjusted EBITDA, >20% increase in adjusted EPS, and free cash flow of ~$1.8 billion at midpoint.
Completed 8 acquisitions in 2025, adding ~11,100 employees (total ~69,500), and plans $500–$700 million in vertical supply chain investments in transformer manufacturing.

Feb 19, 2026, 2:00 PM

Transcript

Quanta Services reports Q4 and full-year 2025 record results

PWR

Earnings

Guidance Update

M&A

Quanta delivered record Q4 revenues of $7.8 B, adjusted EBITDA of $845 M, and adjusted EPS of $3.16; for FY 2025, revenues were $28.5 B (+20% YoY), adjusted EBITDA $2.9 B, and adjusted EPS $10.75
Q4 cash flow from operations of $1.1 B and free cash flow of $946 M, with annual $2.2 B cash flow from operations and $1.7 B free cash flow
Year-end record backlog of $44 B, underpinning 2026 guidance for double-digit growth in revenues, net income, and adjusted EBITDA, >20% adjusted EPS growth, and $1.8 B free cash flow
Completed three Q4 acquisitions (Tri-City Group, Wilson Construction Co., and Billings Flying Service) for $1.7 B consideration; 2025 M&A and organic growth added ~11,100 employees, lifting workforce to ~69,500

Feb 19, 2026, 2:00 PM

Transcript

Quanta Services reports Q4 and FY2025 results

PWR

Earnings

M&A

Guidance Update

Quanta delivered record FY2025 results, with revenues of $28.5 billion (+20%), adjusted EBITDA of $2.9 billion, adjusted diluted EPS of $10.75 (+20%), cash flow from operations of $2.2 billion, and free cash flow of $1.7 billion.
In Q4 2025, the company achieved revenues of $7.8 billion, adjusted EBITDA of $845 million, adjusted EPS of $3.16, cash flow from operations of $1.1 billion, and free cash flow of $946 million—all quarterly records.
Quanta completed eight acquisitions in 2025 (including Dynamic Systems, Tri-City Group, and Wilson Construction), adding ~11,100 employees; Q4 transactions totaled $1.7 billion of upfront consideration, keeping leverage below 2×.
Backlog reached a record $44 billion at year-end. For 2026, Quanta expects double-digit growth in revenues, net income, and adjusted EBITDA, >20% adjusted EPS growth, and free cash flow of ~$1.8 billion (midpoint), including $250 million–$350 million of capex for its vertical supply chain strategy.
The company plans to invest $500 million–$700 million over the next several years to expand its 345 kV–765 kV transformer and breaker manufacturing capability, enhancing supply-chain certainty.

Feb 19, 2026, 2:00 PM

Transcript

Quanta Services reports Q4 and full-year 2025 results

PWR

Earnings

M&A

Guidance Update

Q4 2025 consolidated revenues of $7.84 billion, up from $6.55 billion in Q4 2024; net income of $315.5 million (GAAP diluted EPS $2.08, adjusted EPS $3.16)
FY 2025 revenues of $28.48 billion (+20%), net income $1.03 billion (GAAP EPS $6.80, adjusted EPS $10.75)
Year-end remaining performance obligations of $23.76 billion and total backlog of $43.98 billion, both records
Completed acquisitions of Tri-City, Wilson and Billings for $1.73 billion, expected to contribute $0.40–$0.50 of adjusted EPS in 2026
Full-year 2026 guidance: revenues of $33.25–$33.75 billion, net income $1.27–$1.38 billion, diluted EPS $8.36–$9.06 and adjusted EPS $12.65–$13.35

Feb 19, 2026, 11:58 AM

8-K

Quanta Services reports Q4 and full-year 2025 results

PWR

Earnings

Guidance Update

Consolidated revenues were $7.84 B in Q4 2025 (+20% YoY) and $28.48 B in FY 2025 (+20%), with net income attributable to common stock of $315.5 M (Q4) and $1.03 B (FY).
GAAP diluted EPS was $2.08 in Q4 and $6.80 for FY; Adjusted diluted EPS was $3.16 in Q4 and $10.75 for FY.
Cash flow from operations totaled $1.13 B in Q4 and $2.23 B for FY, with free cash flow of $946.4 M in Q4 and $1.67 B for FY.
Record year-end backlog with remaining performance obligations of $23.76 B and total backlog of $43.98 B.
2026 guidance: revenues of $33.25–33.75 B, net income of $1.27–1.38 B, GAAP EPS of $8.36–9.06, and adjusted EPS of $12.65–13.35.

Feb 19, 2026, 11:55 AM

Press Release

Quanta Services outlines growth strategy and key partnerships

PWR

Guidance Update

New Projects/Investments

M&A

Quanta positions itself as a total solutions provider, leveraging a fungible workforce and vertical supply-chain investments (transformers, poles) to serve both utility and technology markets.
Recent acquisitions—Cupertino (data-center electrical) and Dynamic Systems (mechanical fabrication)—have been accretive, expanding Quanta’s reach into AI, data-centers, renewables and semiconductor projects while maintaining core utility services.
A multi-year, fixed-price joint venture with NiSource de-risks combined-cycle generation contracts, will begin engineering in late 2026, and ramp major builds in 2027–2028.
Partnership with AEP to co-develop 765 kV transmission lines under a $70 billion capital framework aims to standardize high-voltage build capabilities across RTOs beyond just AEP.
Targets 10–20% adjusted EPS compound growth over the next 5–10 years, supported by mid-teens organic revenue growth, record backlog, and an investment-grade “fortress” balance sheet.

Dec 2, 2025, 3:30 PM

Transcript

Quanta Services outlines growth strategy and market opportunities

PWR

New Projects/Investments

Guidance Update

M&A

Quanta leverages a skilled, fungible workforce at scale to provide integrated utility and technology solutions, focusing on generation and labor certainty to deliver comprehensive projects.
Supply chain vertical integration through transformer and pole facility acquisitions enhances flexibility and returns, allowing Quanta to address client supply constraints such as tariffs and component shortages.
Organic business growth runs at 5–8% annually, while acquisitions typically grow over 50% in the first 12 months, supporting mid-teens EPS compound growth targets.
The company self-performs 80–85% of work and operates 3 million sq ft of prefabrication facilities, driving margins and offering supply chain services to external clients.
Strategic partnerships—including the NiSource generation JV (ramping 2027–2033) and AEP 765 kV transmission collaboration—demonstrate de-risked, multi-year project delivery and backlog expansion.

Dec 2, 2025, 3:30 PM

Transcript

Quanta Services reports Q3 2025 results

PWR

Earnings

Guidance Update

Debt Issuance

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

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QUANTA SERVICES (PWR)

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Earl C. (Duke) Austin, Jr.

Donald C. Wayne

Gerald A. (BJ) Ducey, Jr.

Jayshree S. Desai

Karl W. Studer

Paul M. Nobel

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Bernard Fried

Doyle N. Beneby

Holli C. Ladhani

Jo-ann M. dePass Olsovsky

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Raúl J. Valentín

Warner L. Baxter

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