QUANTA SERVICES, INC.PWR
QUANTA SERVICES, INC. Financial Overview 2021–2025
Updated Jul 10, 2026Quanta Services amassed a $44.0 billion project backlog by the end of FY2025, locking in deep visibility for its future construction pipeline. The core investment thesis is clear: aggressive acquisitions and structural tailwinds in grid modernization have transformed the company into an infrastructure powerhouse capable of relentless top-line expansion. Proving this trajectory, total revenue more than doubled, surging from $12.98 billion in FY2021 to $28.5 billion in FY2025.
The company’s financial execution matches its physical footprint. In FY2025, consolidated revenues jumped 20.3% year-over-year, anchored by the Electric Infrastructure Solutions segment which generated $23.0 billion alone. Profitability kept pace, with operating income climbing 19.7% to $1.61 billion. Inorganic growth heavily accelerated these figures, highlighted by the $1.505 billion buyout of Cupertino Electric in FY2024 and the $1.35 billion base acquisition of Dynamic Systems in FY2025. As organic and acquired operations scaled, earnings per share expanded from $3.34 in FY2021 to $6.03 by FY2024. Recognizing this fundamental execution and the sheer volume of contracted infrastructure projects, the market valued the equity at a closing price of $422.06 per share at the end of FY2025.
Recent Developments (Q4 2025 and Q1 2026)
Quanta Services maintained aggressive momentum into Q1 2026, pushing its total backlog to a new high of $48.47 billion. First-quarter revenues surged 26.3% year-over-year to $7.87 billion, driven by grid modernization and data center demand. Operating income outpaced top-line expansion, jumping 41.7% to $338.8 million, while operating cash flow climbed 61% to $391.7 million.
In May 2026, the board authorized a new $1.0 billion share repurchase program. Management also implemented an executive compensation plan granting performance stock units that can pay out up to 600% of target if aggressive return metrics are met by 2030. Bulls point to the accelerating operating leverage and massive unbilled pipeline as proof of enduring electrification tailwinds. Bears warn the equity trades at a steep premium, priced at 120.7x earnings as of April 30, 2026, leaving zero margin for execution missteps.
What to watch: margin expansion from recent mechanical infrastructure acquisitions; pace of execution on the new $1.0 billion stock repurchase program.
Rev
$28.48B
FY2025
NI
$1.04B
FY2025
EPS
$6.91
FY2025
OCF
$2.23B
FY2025
Year-over-year comparison from 10-K annual reports
Data from SEC Company Facts
All PWR Financial Metrics(59)
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- Accrued Liabilities
- Short-Term Debt
- Deferred Revenue
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Recent SEC Filings
QUANTA SERVICES, INC. 8-K Report, Material Agreement (Aug 6, 2026)
Quanta Services, Inc. (PWR) announced the successful closing of a significant debt offering on August 6, 2026. The company issued a total of $2.0 billion in senior unsecured notes across three tranches: $500 million of 4.850% Senior Notes due 2029, $750 million of 5.300% Senior Notes due 2033, and $750 million of 5.550% Senior Notes due 2036. This issuance aims to provide Quanta Services with substantial capital, likely for strategic initiatives, operational expansion, or refinancing existing debt. The notes are senior unsecured obligations, meaning they rank equally with other unsecured debt but are effectively junior to any secured debt. Importantly, these notes are structurally subordinated to all indebtedness and liabilities of Quanta Services' subsidiaries, as they are not guaranteed by any subsidiary. The terms include provisions for optional redemption by the company at specified prices and dates, as well as a change of control provision that would allow noteholders to require the company to repurchase the notes at 101% of their principal amount plus accrued interest.
QUANTA SERVICES, INC. 8-K Report, Material Agreement (Aug 4, 2026)
Quanta Services, Inc. (PWR) has announced a significant debt financing transaction through an underwritten public offering. On August 3, 2026, the Company entered into an Underwriting Agreement to issue and sell a total of $2.0 billion in aggregate principal amount of senior notes. This issuance is comprised of $500 million of 4.850% Senior Notes due 2029, $750 million of 5.300% Senior Notes due 2033, and $750 million of 5.550% Senior Notes due 2036. The offering, which is registered under a previously filed Form S-3, is expected to close on August 6, 2026, subject to customary conditions. This move indicates Quanta's strategy to fund its operations or growth initiatives through long-term debt, diversifying its capital structure. Investors should note the varying interest rates and maturity dates, which reflect current market conditions and the company's debt management strategy.
QUANTA SERVICES, INC. 8-K Report, Financial Results (Jul 30, 2026)
Quanta Services, Inc. (PWR) has filed an 8-K report on July 30, 2026, to announce its financial results for the fiscal quarter ended June 30, 2026. The report primarily serves to furnish a press release detailing these results, which are expected to provide investors with an update on the company's operational performance and financial condition. Investors are directed to the press release, furnished as Exhibit 99.1, for specific details regarding the company's performance during the second quarter of 2026. Furthermore, Quanta indicated that additional operational and financial commentary for the second quarter of 2026 will be made available on their Investor Relations website. This supplemental information, also dated July 30, 2026, is intended to provide further context to the reported financial results. It's important for investors to note that information furnished under Items 2.02 and 7.01 is generally not considered 'filed' for SEC liability purposes unless specifically incorporated into other filings.
QUANTA SERVICES, INC. 8-K Report, Shareholder Vote Results (May 27, 2026)
Quanta Services, Inc. (PWR) filed an 8-K report detailing the outcomes of its 2026 Annual Meeting of Stockholders held on May 21, 2026. The report confirms the election of ten director nominees to serve one-year terms and provides voting results for the advisory vote on executive compensation, which passed. Additionally, the appointment of PricewaterhouseCoopers LLP as the independent registered public accounting firm for fiscal year 2026 was ratified. Beyond the stockholder meeting, the Company also announced via press release the election of Joseph Kim as a new independent director. Significantly, Quanta's Board of Directors has authorized a new stock repurchase program allowing for up to $1.0 billion in common stock repurchases, effective May 21, 2026. These repurchases can occur at management's discretion through various market methods.
QUANTA SERVICES, INC. 8-K Report, Financial Results (Apr 30, 2026)
Quanta Services, Inc. (PWR) filed an 8-K on April 30, 2026, to report its financial results for the fiscal quarter ended March 31, 2026. The filing primarily consists of a press release (Exhibit 99.1) containing these results and operational commentary that will also be available on the company's investor relations website. Investors should note that the information furnished in this 8-K is not deemed "filed" for regulatory purposes unless expressly incorporated into other SEC filings. While the specific financial figures are not detailed within the 8-K text itself, the purpose of this filing is to disseminate the company's most recent quarterly performance to the public. Investors are encouraged to review the furnished press release and the company's website for the detailed financial metrics, operational highlights, and forward-looking statements that would typically accompany such an earnings announcement. This report serves as notification of the availability of this crucial financial information.
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