Quanta Services Inc
Q1 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +6.74%.
Did PWR Beat Earnings? Q1 2025 Results
Quanta Services opened 2025 with a standout first quarter, posting adjusted diluted EPS of $1.78 against a consensus estimate of $1.66, a beat of 6.93%, while revenue of $6.23 billion topped the $5.87 billion estimate by 6.27% and climbed 23.9% year over year. The primary engine behind those results was the company's Electric Infrastructure Solutions segment, which generated $4.94 billion in revenue and expanded its operating margin to 8.3% from 7.7% a year ago, reflecting surging demand for grid modernization and power infrastructure tied to electrification trends. Record total backlog of $35.25 billion, up from $29.90 billion in Q1 2024, underscores the durability of that demand pipeline, and a notable win, the LADWP McCullough-Victorville 500-kilovolt transmission line project, illustrates the scale of work flowing into the business. Buoyed by the quarter's strength, management raised the midpoint of its full-year 2025 guidance, now targeting revenue of $26.70 billion to $27.20 billion and adjusted diluted EPS of $10.05 to $10.65, signaling continued confidence despite acknowledged risks around tariffs and supply chain dynamics.
- Double-digit revenue growth driven by both Electric and Underground segments
- Improved operating margins in both segments (Electric 8.3% vs 7.7%; Underground 6.0% vs 4.2%)
- Record total backlog of $35.3 billion providing strong revenue visibility
- Acquisition activity contributing to revenue growth (two acquisitions in Q1 2025)
- Expanding total addressable market through expanded service lines
“Quanta is pleased to report strong first quarter results, including robust double-digit growth in revenue, adjusted EBITDA and adjusted earnings per share, along with record backlog of $35.3 billion. Both our Electric Infrastructure Solutions and Underground and Infrastructure Solutions segments delivered improved profitability, reflecting continued sound performance and safe execution. As a result, we have increased the midpoint of our revenue, adjusted EBITDA and adjusted EPS expectations for the full year of 2025.”
Quanta Services CEO, on the earnings call
Forward Guidance & Outlook
Quanta raised the midpoint of its full-year 2025 guidance. Revenue is now expected between $26.7 billion and $27.2 billion, GAAP diluted EPS of $6.90 to $7.50, adjusted diluted EPS of $10.05 to $10.65, EBITDA of $2.48 billion to $2.61 billion, adjusted EBITDA of $2.68 billion to $2.81 billion, operating cash flow of $1.70 billion to $2.25 billion, and free cash flow of $1.20 billion to $1.70 billion. Management noted the long-term outlook remains positive but acknowledged risks from weather, regulatory, permitting, supply chain, trade policy, and macroeconomic challenges. The company believes its contract terms limit direct tariff exposure and is proactively managing supply chain risks through strategic advanced purchases and supplier diversification.
PWR YoY Financials
PWR Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.