01—Abstract
Summary
Summary of the 10-K filed February 19, 2026. Cited figures are marked; the original filing is the authoritative source.
Quanta Services, Inc. (PWR) reported a strong financial performance for the year ended December 31, 2025, driven by robust demand across its key operating segments.
Revenues increased by 20.3% to $28.5 billiona, supported by significant growth in the Electric Infrastructure Solutions segment, which benefited from increased utility investments in grid modernization and renewable energy projects. The Underground and Infrastructure segment also showed solid growth, driven by industrial solutions and gas utility services, further bolstered by strategic acquisitions. The company's strategic acquisition approach continues to expand its capabilities and market reach.
Notable acquisitions in 2025, including Dynamic Systems, LLC, and several other businesses, have been integrated to enhance service offerings, particularly in the data center and semiconductor markets. Quanta's backlog remains substantial, ending 2025 at $44.0 billionb, indicating strong future revenue potential.
The company also generated significant operating cash flow, enabling it to fund its strategic priorities, including acquisitions, capital expenditures, and return of capital to shareholders through dividends and share repurchases. Management expresses confidence in continued strong demand for its services moving forward.
02—Key points
Key Highlights
- Consolidated revenues increased by 20.3% to $28.5 billion for the year ended December 31, 2025.
- Operating income rose by 19.7% to $1.61 billion.
- The Electric Infrastructure Solutions segment saw revenue growth of 21.0% to $23.0 billion, driven by utility investments and renewable energy projects.
- The Underground and Infrastructure segment revenue grew by 17.5% to $5.5 billion.
- Total backlog increased by 27.3% year-over-year to $44.0 billion as of December 31, 2025.
- Acquisitions, including Dynamic Systems, LLC and Cupertino Electric, Inc., significantly contributed to revenue growth and expanded service capabilities.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2025, Quanta Services kept $0.04.
- Revenue$28.48B100.0%
- Cost of revenue−$24.20B85.0%
- Gross profit$4.28B15.0%
- Operating costs−$2.66B9.4%
- Operating income$1.61B5.7%
- Interest, other & tax−$569.6M2.0%
- Net income$1.04B3.7%
Where FY2025 revenue went
$28.48B- Cost of revenue: $24.20B, 85% of revenue
- Net income: $1.04B, 3.7% of revenue
- SG&A: $2.19B, 7.7% of revenue
- Other operating costs: $474.4M, 1.7% of revenue
- Interest, other & tax: $569.6M, 2.0% of revenue
Kept 3.7% as net incomeNet income $1.04B · 3.7%
Full revenue history →04—Financials
Financial Highlights
Figures from 10-KFY2025filed February 19, 2026Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $28.48B$23.67B | +20.3% |
| Cost of Revenue | $24.20B$20.16B | +20.1% |
| Gross Profit | $4.28B$3.51B | +21.8% |
| SG&A Expenses | $2.19B$1.82B | +20.0% |
| Operating Income | $1.61B$1.35B | +19.7% |
| Net Income | $1.04B$927.28M | +12.4% |
| EPS (Basic) | $6.91$6.16 | +12.2% |
| EPS (Diluted) | $6.80$6.03 | +12.8% |
| Shares Outstanding (Basic) | 148.79M146.93M | +1.3% |
| Shares Outstanding (Diluted) | 151.29M150.06M | +0.8% |
05—Questions
Frequently Asked Questions
What were the key drivers of Quanta Services' revenue growth in 2025?
Quanta Services experienced a 20.3% increase in consolidated revenues to $28.5 billion, primarily driven by strong demand in its Electric Infrastructure Solutions segment, fueled by utility investments in grid modernization and renewable energy projects. The Underground and Infrastructure segment also contributed positively, supported by industrial solutions, gas utility services, and the impact of recent acquisitions.
How has Quanta Services' backlog trended, and what does it indicate for future performance?
Quanta Services ended 2025 with a robust backlog of $44.0 billion, representing a 27.3% increase from the prior year. This significant backlog indicates strong demand for the company's services and provides a positive outlook for future revenue generation and continued growth.
What has been Quanta Services' strategy regarding acquisitions, and how have they impacted the company?
Quanta Services has continued its strategy of expanding capabilities and market reach through strategic acquisitions. Key acquisitions in 2025, such as Dynamic Systems, LLC, and Cupertino Electric, Inc. in 2024, have bolstered its service offerings, particularly in high-demand sectors like data centers and renewable energy infrastructure. These acquisitions have contributed significantly to revenue growth and are expected to drive further synergistic benefits.
How is Quanta Services managing its debt and capital resources?
The company generated $2.23 billion in net cash from operating activities in 2025. Quanta's capital allocation priorities include funding working capital, capital expenditures, strategic acquisitions, and returning capital to shareholders through dividends and share repurchases. The company maintains significant available commitments under its senior credit facility and has successfully issued senior notes to manage its debt structure and fund its growth initiatives.
06—Continue