10-KPeriod: FY2025

QUANTA SERVICES, INC. Annual Report, Year Ended Dec 31, 2025

Filed February 19, 2026For Securities:PWR

Summary

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 billion, 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 billion, 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.

Financial Highlights

52 data points
Beta

Revenue

$28.48B

15.0% Gross Margin

Net Income

$1.04B

3.7% Net Margin

EPS (Diluted)

$6.80

Total Assets

$24.93B

Cash & Equivalents

$439.51M

Free Cash Flow

$1.62B

Financial Statements
Beta
Revenue$28.48B
Cost of Revenue$24.20B
Gross Profit$4.28B
SG&A Expenses$2.19B
Operating Income$1.61B
Net Income$1.04B
EPS (Basic)$6.91
EPS (Diluted)$6.80
Shares Outstanding (Basic)148.79M
Shares Outstanding (Diluted)151.29M

Key Highlights

  • 1Consolidated revenues increased by 20.3% to $28.5 billion for the year ended December 31, 2025.
  • 2Operating income rose by 19.7% to $1.61 billion.
  • 3The Electric Infrastructure Solutions segment saw revenue growth of 21.0% to $23.0 billion, driven by utility investments and renewable energy projects.
  • 4The Underground and Infrastructure segment revenue grew by 17.5% to $5.5 billion.
  • 5Total backlog increased by 27.3% year-over-year to $44.0 billion as of December 31, 2025.
  • 6Acquisitions, including Dynamic Systems, LLC and Cupertino Electric, Inc., significantly contributed to revenue growth and expanded service capabilities.

Frequently Asked Questions

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.

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.

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.

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.