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Quanta ServicesPWR

Legal name
Quanta Services, Inc.
Sector
Energy
Industry
Electrical Work
Exchange
NYSE

Stock Price $PWR

Latest filings

You are here#23 of 116 in Industrials by market cap

Filing record · 2016–202610-K1110-Q338-K108

PWR filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 108 current reports (8-K) between 2016 and 2026.

  1. Leadership change8-K · May ’17May ’17
  2. Leadership change8-K · Oct ’19Oct ’19
  3. Deal closed8-K · Oct ’21Oct ’21
  4. Material agreement8-K · Aug ’25Aug ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  19. $28.48B
YoY changeLargest recent move+31.5%in FY22Latest +20.3%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

View full history →
All PWR Financial Metrics59 metrics

Income Statement14

Balance Sheet26

Cash Flow14

Per Share5

02—Overview

Quanta Services Financial Overview 2021–2025

Updated Nov 2, 2026

Quanta Services amassed a $44.0 billiona 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 billionb 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 (Q2 and Q3 2026)

Quanta Services accelerated its operational momentum through Q3 2026, driven by consecutive guidance raises and a backlog expansion to $63.73 billionc. In Q3 2026, consolidated revenues soared 57.4% year-over-year to $12.01 billion. Profitability scaled even faster, with quarterly operating income increasing 98.5% year-over-year to $1.03 billion. This followed Q2 2026, where revenue jumped 41.1% to $9.56 billion.

To fund this expansion, the company issued $2.0 billiond in senior unsecured notes and deployed $1.80 billion across five acquisitions during the first nine months of 2026. Bulls contend that consecutive guidance hikes and record cash generation justify a premium valuation. Conversely, bears warn the equity is priced for perfection at 93.4x earnings as of the October 29, 2026 reporting date, leaving no room for integration missteps.

What to watch: margin sustainability across newly acquired entities; deployment of the authorized $1.0 billione buyback program.

03—Filings

Recent SEC Filings

  1. 8-KQuanta Services 8-K Report, Financial Results (Oct 29, 2026)Quanta Services, Inc. (PWR) has reported robust financial results for the third quarter and the first nine months of 2026, significantly exceeding prior expectations and driving an upward revision of full-year 2026 financial guidance. The company demonstrated exceptional performance with record quarterly revenues and profitability, underscoring the strength of its solutions-based operating model and self-perform capabilities. Key financial metrics showed substantial year-over-year growth, including a dramatic increase in consolidated revenues and earnings per share. The company also reported strong cash flow generation and maintained a substantial backlog and remaining performance obligations (RPO), indicating sustained demand for its services across diverse end markets such as utility, power generation, industrial, and technology. Strategic acquisitions in the quarter further bolstered its capabilities, while debt management initiatives enhanced financial flexibility. Investors can look forward to continued growth, with the company expressing confidence in delivering strong double-digit adjusted EPS growth in 2027.
  2. 8-KQuanta Services 8-K Report, Executive Changes (Sep 15, 2026)Quanta Services, Inc. (NYSE: PWR) filed a Form 8-K on September 15, 2026, disclosing a board change and an accompanying press release. On September 9, 2026, the Board increased its size from ten to eleven directors and elected Ellen Rubin to fill the new seat. Ms. Rubin was appointed to the Audit Committee and the Safety, Operations and Risk Committee. The filing reports no related-party transactions or arrangements tied to her appointment, so this is a governance expansion rather than a leadership transition. Compensation for Ms. Rubin follows the standard non-employee director program. For her service from election through the end of the 2026-2027 director service year, she will receive pro-rata cash retainers of approximately $105,000 and a pro-rata restricted stock unit award valued at approximately $131,000, vesting at the end of the service year. She has also signed the company's standard director and officer indemnification agreement. The filing states that full details of these programs appear in the 2026 proxy statement filed April 10, 2026. These amounts are modest and do not indicate a material change in director pay economics. For investors, the relevant takeaway is that Quanta is adding technology and cybersecurity oversight to its board. Ms. Rubin brings experience in AI, cloud computing, and cybersecurity risk management, and she sits on the Audit Committee, which is relevant to internal controls and risk oversight. The filing does not present any financial results or guidance, so it has limited direct impact on near-term valuation.
  3. 8-KQuanta Services 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.
  4. 8-KQuanta Services 8-K Report, Material Agreement (Aug 4, 2026)Quanta Services (NYSE: PWR) priced an underwritten public offering of $2.0 billion aggregate principal amount of senior notes across three tranches, disclosed in an 8-K dated August 3, 2026. The tranches are $500 million of 4.850% notes due 2029, $750 million of 5.300% notes due 2033, and $750 million of 5.550% notes due 2036. The notes were sold under an effective Form S-3 shelf registration filed August 2, 2024, and the closing is expected on August 6, 2026, subject to customary conditions. The blended coupon is roughly 5.28%, calculated from the principal-weighted average of the three tranches. The offering was priced at 99.950% (2029 notes), 99.757% (2033 notes), and 99.696% (2036 notes) of face value. Implied gross proceeds before underwriting compensation are about $1.996 billion. The filing does not disclose the underwriting discount or net proceeds, so net figures cannot be confirmed from this document. Management intends to use the proceeds for general corporate purposes, including repaying outstanding commercial paper and borrowings under its senior credit facility. This should reduce short-term floating-rate exposure and extend the maturity profile, though the filing does not quantify the resulting change in interest expense. For investors, the transaction is a routine refinancing and liquidity-management step rather than an acquisition or change in strategy. The primary considerations are the higher fixed coupons relative to the company's existing borrowing costs and the fact that the 8-K itself contains no new financial results or guidance. The filing also notes that several underwriters and their affiliates have lending relationships with Quanta, provide stock repurchase brokerage services, and that the trustee is an affiliate of one underwriter, which investors may wish to consider as potential conflicts of interest.
  5. 8-KQuanta Services 8-K Report, Financial Results (Jul 30, 2026)Quanta Services (PWR) reported second-quarter 2026 results that substantially beat expectations, with revenue of $9.56 billion (up roughly 41% year over year from $6.77 billion), GAAP diluted EPS of $2.96 (versus $1.52), and adjusted diluted EPS of $4.24 (versus $2.48). Adjusted EBITDA reached $1.07 billion, up about 60% from $668.8 million, and operating margin expanded to 7.3% from 5.5%. Free cash flow was $886 million for the quarter, versus $170 million a year earlier, and total backlog reached a record $53.4 billion at quarter end, with remaining performance obligations of $33.6 billion. Management described the quarter as a record for a second quarter on several metrics and significantly raised full-year 2026 expectations across all metrics. The guidance raise is the central investor takeaway. Management cited outperformance, improved visibility into the second half, and contributions from recent acquisitions (Phalcon, Enerfab, Percheron and PSD). The company expects those acquisitions to add roughly $1.2 billion to $1.4 billion of 2026 revenue and $120 million to $140 million of adjusted EBITDA. The filing's full-year reconciliation tables imply adjusted diluted EPS of $16.45 to $16.95 and adjusted EBITDA of $4.09 billion to $4.21 billion, with free cash flow of $2.0 billion to $2.5 billion. Note that the specific revised guidance figures are summarized in a separate outlook post on the company website, not in the 8-K text itself, so the ranges above are derived from the reconciliation tables. Key risks and considerations include the scale of recent acquisition spending, with about $1.24 billion in upfront consideration (roughly $1.07 billion in cash, funded with debt and cash on hand) and up to $242.3 million in potential contingent payments. Working capital also grew sharply, with accounts receivable rising to $8.53 billion from $6.85 billion at year-end and total debt-related obligations remaining substantial. Management continues to flag weather, permitting, supply chain, and macroeconomic uncertainty. Positively, Moody's upgraded the senior unsecured notes to Baa2 and the board authorized a new $1 billion share repurchase program alongside a $0.11 quarterly dividend.
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04—See also

Related Companies

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