Quanta Services Inc
Q2 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +1.30%.
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 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.
- 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
“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.”
Quanta Services CEO, on the earnings call
Forward Guidance & Outlook
Quanta raised its full-year 2025 guidance to reflect strong Q2 results and the Dynamic Systems acquisition. Revenue is now expected to range between $27.4 billion and $27.9 billion. Net income attributable to common stock is expected to range between $978.5 million and $1.07 billion, with GAAP diluted EPS of $6.47 to $7.07 and adjusted diluted EPS of $10.28 to $10.88. EBITDA is expected between $2.50 billion and $2.63 billion, and adjusted EBITDA between $2.76 billion and $2.89 billion. Net cash from operations is expected between $1.70 billion and $2.25 billion, and free cash flow between $1.20 billion and $1.70 billion. For the remainder of 2025, Dynamic Systems is expected to contribute $425 million to $475 million in revenue, $45 million to $55 million in adjusted EBITDA, and $0.08 to $0.12 in adjusted diluted EPS. For full-year 2026, Dynamic Systems is expected to contribute $1.25 billion to $1.45 billion in revenue, $125 million to $175 million in adjusted EBITDA, and $0.32 to $0.47 in adjusted diluted EPS. The long-term business outlook remains positive, driven by multi-year customer programs for power grid buildout, generation infrastructure, technology-driven load growth, manufacturing reshoring, and grid reliability and security. Management notes uncertainty from weather, regulatory, permitting, supply chain, trade policy, and macroeconomic challenges.
PWR YoY Financials
PWR Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.