How did Quanta perform in the fourth quarter of 2025?

Quanta reported Q4 2025 revenue of $7.84 billion, up from $6.55 billion a year earlier. GAAP diluted EPS was $2.08 (vs. $2.03), and adjusted diluted EPS was $3.16 (vs. $2.94). Adjusted EBITDA was $845.3 million (vs. $737.8 million), and operating income was $484.9 million (vs. $452.7 million).

What is the 2026 outlook for Quanta?

Management expects double-digit growth in revenue, net income and adjusted EBITDA in 2026, with an adjusted diluted EPS range of $12.65 to $13.35 and GAAP diluted EPS of $8.36 to $9.06. Estimated adjusted EBITDA is $3.34 billion to $3.50 billion, and free cash flow is estimated at $1.55 billion to $2.05 billion. Management also expects to achieve record backlog in 2026.

What drove the growth in backlog and demand?

Management attributes the record $44.0 billion backlog to accelerating demand in the Electric segment, driven by the convergence of utility, power generation and large-load (such as data center) industries. Electric segment RPO and total backlog both reached all-time highs at year-end 2025.

What acquisitions did Quanta complete, and what do they contribute?

In Q4 2025, Quanta acquired Tri-City Group (inside electrical services, about 2,200 employees), Wilson Construction (utility transmission and distribution, about 850 employees) and Billings Flying Service (helicopter services, about 180 employees). Upfront consideration totaled about $1.73 billion, including $1.54 billion in cash and $187 million in stock, plus a contingent payment of up to $100 million for one business. Management expects these acquisitions to add $0.40 to $0.50 of adjusted EPS in 2026.

What risks should investors consider?

Key risks include project timing, weather, permitting and supply chain delays, as well as inflation, interest rates and potential recession. Acquisition-related debt and integration execution are also relevant, since total debt increased to about $6.0 billion at year-end 2025. The filing notes that results may differ materially from forward-looking statements and that the full risk factors appear in Quanta's SEC filings.

PWR 8-K: Earnings & Results & Regulation FD

01—Abstract

Summary

Summary of the 8-K filed February 19, 2026. Cited figures are marked; the original filing is the authoritative source.

Quanta Services (PWR) reported a strong close to 2025, with fourth-quarter revenue of $7.84 billion^a (up roughly 20% from $6.55 billion) and full-year revenue of $28.48 billion (up from $23.67 billion).

Fourth-quarter GAAP diluted EPS was $2.08^b and adjusted diluted EPS was $3.16, versus $2.94 a year earlier. For the full year, GAAP diluted EPS rose to $6.80 from $6.03 and adjusted diluted EPS rose to $10.75 from $8.97, a gain of about 20%. Adjusted EBITDA reached $2.88 billion for the year and $845.3 million for the quarter, and free cash flow for 2025 was $1.67 billion.

Year-end total backlog hit a record $43.98 billion^c, with the Electric Infrastructure Solutions segment reaching all-time highs in both RPO and total backlog. Management guided to double-digit growth in revenue, net income and adjusted EBITDA for 2026, and an EPS range that implies more than 20% growth. The 2026 adjusted diluted EPS guidance is $12.65 to $13.35, on GAAP diluted EPS of $8.36 to $9.06.

Guided 2026 adjusted EBITDA is $3.34 billion to $3.50 billion^d, and free cash flow is expected at $1.55 billion to $2.05 billion. Management attributes the outlook to accelerating demand in the Electric segment, including utility, power generation and large-load (data center) markets. Quanta also completed three acquisitions in Q4 2025 (Tri-City, Wilson and Billings) for about $1.73 billion in upfront consideration, which management expects to add $0.40 to $0.50 of adjusted EPS in 2026.

The main watch items are the financing and integration load from acquisitions, which lifted total debt to roughly $6.0 billion at year-end from about $4.2 billion, and a rise in receivables and contract assets that absorbed working capital. Cash on hand fell to $440 million.

Investors should also weigh the usual project-timing, weather, permitting and labor risks flagged in the forward-looking statements. This filing is a furnished 8-K, so the earnings materials are not deemed filed under Section 18, and the full-year 2025 results and detailed 2026 outlook are provided in the attached press release and operational commentary.

02—Key points

Key Highlights

Q4 2025 revenue of $7.84B grew about 20% year over year; full-year 2025 revenue of $28.48B grew about 20%.
Record year-end backlog of $43.98B, with Electric segment RPO and total backlog at all-time highs; Electric Q4 revenue rose 19% to $6.43B.
Full-year 2025 adjusted diluted EPS of $10.75 (up from $8.97) and GAAP diluted EPS of $6.80 (up from $6.03).
2026 guidance calls for double-digit growth in revenue, net income and adjusted EBITDA, with adjusted diluted EPS of $12.65 to $13.35 (more than 20% growth at the midpoint).
Full-year 2025 free cash flow of $1.67B (up from $1.55B), with operating cash flow of $2.23B; 2026 free cash flow guided to $1.55B to $2.05B.
Q4 2025 acquisitions of Tri-City, Wilson and Billings cost about $1.73B upfront and are expected to add $0.40 to $0.50 of 2026 adjusted EPS.
Total debt rose to about $6.0B at year-end 2025 from about $4.2B, and cash fell to $440M, reflecting acquisition financing via commercial paper.

03—Questions

Frequently Asked Questions

How did Quanta perform in the fourth quarter of 2025?
Quanta reported Q4 2025 revenue of $7.84 billion, up from $6.55 billion a year earlier. GAAP diluted EPS was $2.08 (vs. $2.03), and adjusted diluted EPS was $3.16 (vs. $2.94). Adjusted EBITDA was $845.3 million (vs. $737.8 million), and operating income was $484.9 million (vs. $452.7 million).
What is the 2026 outlook for Quanta?
Management expects double-digit growth in revenue, net income and adjusted EBITDA in 2026, with an adjusted diluted EPS range of $12.65 to $13.35 and GAAP diluted EPS of $8.36 to $9.06. Estimated adjusted EBITDA is $3.34 billion to $3.50 billion, and free cash flow is estimated at $1.55 billion to $2.05 billion. Management also expects to achieve record backlog in 2026.
What drove the growth in backlog and demand?
Management attributes the record $44.0 billion backlog to accelerating demand in the Electric segment, driven by the convergence of utility, power generation and large-load (such as data center) industries. Electric segment RPO and total backlog both reached all-time highs at year-end 2025.
What acquisitions did Quanta complete, and what do they contribute?
In Q4 2025, Quanta acquired Tri-City Group (inside electrical services, about 2,200 employees), Wilson Construction (utility transmission and distribution, about 850 employees) and Billings Flying Service (helicopter services, about 180 employees). Upfront consideration totaled about $1.73 billion, including $1.54 billion in cash and $187 million in stock, plus a contingent payment of up to $100 million for one business. Management expects these acquisitions to add $0.40 to $0.50 of adjusted EPS in 2026.
What risks should investors consider?
Key risks include project timing, weather, permitting and supply chain delays, as well as inflation, interest rates and potential recession. Acquisition-related debt and integration execution are also relevant, since total debt increased to about $6.0 billion at year-end 2025. The filing notes that results may differ materially from forward-looking statements and that the full risk factors appear in Quanta's SEC filings.

04—Continue

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