Q2 25 EPS
$2.48
BEAT +1.44%
Est. $2.44
Q2 25 Revenue
$6.77B
BEAT +3.16%
Est. $6.57B
vs S&P Since Q2 25
+51.8%
BEATING MARKET
PWR +69.8% vs S&P +18.0%
Market Reaction
Did PWR Beat Earnings? Q2 2025 Results
Quanta Services posted a record second quarter, beating Wall Street expectations on both the top and bottom lines as surging demand for power infrastructure delivered results that underscored the company's central role in the U.S. Grid buildout. The … Read more Quanta Services posted a record second quarter, beating Wall Street expectations on both the top and bottom lines as surging demand for power infrastructure delivered results that underscored the company's central role in the U.S. Grid buildout. The infrastructure contractor reported Q2 2025 earnings of $2.48 per share, edging past the $2.44 consensus estimate by 1.44%, while revenue climbed 21.1% year-over-year to $6.77 billion, ahead of the $6.57 billion analysts had anticipated by 3.16%. The Electric Infrastructure Solutions segment was the primary engine, generating $5.46 billion, or roughly 80.6% of total revenue, with operating margins expanding to 10.1% from 9.5% a year earlier. Total backlog hit a record $35.84 billion, reflecting what management described as multi-year visibility driven by grid modernization, technology-driven load growth, and manufacturing reshoring. The quarter also featured the completed acquisition of Dynamic Systems for approximately $1.35 billion, a deal expected to accelerate Quanta's presence in data center and semiconductor facility construction. Looking ahead, Quanta raised its full-year 2025 guidance, now projecting revenue of $27.40 billion to $27.90 billion and adjusted diluted EPS of $10.28 to $10.88.
Key Takeaways
- • Double-digit growth in revenue, adjusted EBITDA and adjusted EPS driven by strong execution
- • Electric segment operating margin expansion to 10.1% from 9.5% year-over-year
- • Record total backlog of $35.8 billion and record RPO of $19.2 billion providing multi-year visibility
- • Customer multi-year programs for power grid, generation and energy infrastructure buildout
- • Load growth from technology adoption and manufacturing reshoring
- • Four acquisitions completed during first six months of 2025
- • Approximately 80% of Dynamic Systems' business comes from repeat customers
PWR YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
PWR Revenue by Segment
With YoY comparisons, source: SEC Filings
“Quanta delivered a strong first half of the year, with our second quarter results reflecting another quarter of double-digit growth in revenue, adjusted EBITDA and adjusted earnings per share and record total backlog of $35.8 billion. These results reflect Quanta's ability to provide certainty through the power of our portfolio and world-class execution. Demand for our services remains resilient, fueled by our customers' multi-year programs to build the power grid, generation and energy infrastructure necessary to support load growth from technology adoption and manufacturing reshoring and a focus on reliability and security.”
— Duke Austin, Q2 2025 Earnings Press Release
PWR Earnings Trends
PWR vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
PWR EPS Trend
Earnings per share: estimate vs actual
PWR Revenue Trend
Quarterly revenue: estimate vs actual
PWR Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $2.03 | $2.68 | +31.88% | $7.87B | +12.67% |
| Q4 25 BEAT FY | $3.02 | $3.16 | +4.68% | $7.84B | +6.34% |
| FY Full Year | $10.61 | $10.75 | +1.30% | $28.48B | +1.62% |
| Q3 25 BEAT | $3.26 | $3.33 | +2.18% | $7.63B | +2.88% |
| Q2 25 BEAT | $2.44 | $2.48 | +1.44% | $6.77B | +3.16% |
| Q1 25 BEAT | $1.66 | $1.78 | +6.93% | $6.23B | +6.27% |