Quanta Services Inc
Q3 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +0.25%.
Did PWR Beat Earnings? Q3 2025 Results
Quanta Services capped a record-setting third quarter of 2025 with adjusted diluted EPS of $3.33, beating the $3.26 consensus estimate by 2.18%, while revenue of $7.63 billion topped expectations by 2.88% and marked a 17.5% increase from the year-ago period. The primary engine behind the outperformance was the Electric Infrastructure Solutions segment, which generated $6.17 billion in revenue at an 11.4% operating margin, up from $5.23 billion and 11.0% a year earlier, reflecting accelerating demand for grid modernization and data-center-driven power infrastructure. Adjusted EBITDA reached a record $858.33 million, and total backlog climbed to a record $39.17 billion, underscoring the durability of the company's pipeline. A landmark selection by NiSource to design and build roughly 3 gigawatts of generation and grid infrastructure, in a joint venture with Zachry Group, added further strategic weight to the quarter. <a href="https://247wallst.com/investing/2025/10/30/quanta-services-reaches-52-week-high-after-q3-earnings-and-revenue-beats/">Shares hit a 52-week high</a> on the results, and management raised full-year 2025 revenue guidance to $27.80 billion-$28.20 billion with adjusted diluted EPS now expected between $10.33 and $10.83.
- Accelerating demand in Electric segment drove record quarterly revenue
- Double-digit year-over-year growth in revenue, adjusted EBITDA and adjusted EPS
- Electric segment operating margin expanded to 11.4% from 11.0% year-over-year
- Underground and Infrastructure segment operating margin improved to 8.4% from 7.5% year-over-year
- Record total backlog of $39.2 billion reflecting strong demand visibility
- Five acquisitions completed year-to-date contributing to revenue growth
“Quanta delivered another quarter of strong results, achieving double-digit growth in revenue, adjusted EBITDA and adjusted EPS compared to the prior year, alongside record backlog of $39.2 billion, which reflects accelerating demand in our Electric segment, robust activity across our end markets and momentum for 2026. These results demonstrate the power of our portfolio, the strength of our craft-skilled workforce and our ability to provide certainty through world-class execution for our customers as they modernize and expand critical infrastructure.”
Quanta Services CEO, on the earnings call
Forward Guidance & Outlook
For full-year 2025, Quanta raised revenue expectations to $27.8 billion–$28.2 billion, driven by Electric segment acceleration. GAAP diluted EPS is expected to range from $6.53 to $7.02, and adjusted diluted EPS from $10.33 to $10.83. EBITDA is expected at $2.49 billion–$2.60 billion and adjusted EBITDA at $2.77 billion–$2.88 billion. Operating cash flow is expected between $1.85 billion and $2.25 billion, with free cash flow of $1.30 billion–$1.70 billion. Management believes the company is well positioned to achieve record backlog and double-digit EPS growth in 2026. The NiSource project scope and estimation phase has begun, with execution expected to begin in 2026 pending regulatory approvals, and full project completion expected by 2032.
PWR YoY Financials
PWR Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.