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Stock Market Live July 1, 2026: S&P 500 (SPY) Lower as Investors Wait on the Fed and Fresh Economic Data
Quanta Services

Quanta Services (PWR) Q4 2025 Earnings

Reported Feb 19, 2026 at 6:58 AM ET · SEC Source

Q4 25 EPS

$3.16

BEAT +4.68%

Est. $3.02

Q4 25 Revenue

$7.84B

BEAT +6.34%

Est. $7.37B

vs S&P Since Q4 25

+17.8%

BEATING MARKET

PWR +26.9% vs S&P +9.1%

Full Year 2025 Results

FY 25 EPS

$10.75

BEAT +1.30%

Est. $10.61

FY 25 Revenue

$28.48B

BEAT +1.62%

Est. $28.03B

Market Reaction

Did PWR Beat Earnings? Q4 2025 Results

Quanta Services capped a record-setting year with a standout fourth quarter, reporting adjusted diluted EPS of $3.16 against a consensus estimate of $3.02, a 4.64% beat, while revenue of $7.84 billion topped expectations of $7.51 billion by 4.36% and… Read more Quanta Services capped a record-setting year with a standout fourth quarter, reporting adjusted diluted EPS of $3.16 against a consensus estimate of $3.02, a 4.64% beat, while revenue of $7.84 billion topped expectations of $7.51 billion by 4.36% and surged 19.7% year over year. The electric infrastructure buildout remained the central engine of that growth, with the Electric segment generating $6.43 billion in Q4 revenue at a 10.8% operating margin, as utility modernization, power generation expansion, and surging demand from data centers and large-load industries continued to drive project activity. Backlog climbed to a record $43.98 billion, underscoring the depth of forward visibility. Three acquisitions completed during the quarter, including Wilson Construction and Tri-City Group, added strategic capabilities and are expected to contribute $0.40 to $0.50 of adjusted EPS in 2026 alone. Looking ahead, Quanta guided full-year 2026 revenues of $33.25 to $33.75 billion with adjusted diluted EPS of $12.65 to $13.35, implying more than 20% earnings growth as secular tailwinds show no signs of fading.

Key Takeaways

  • • Double-digit year-over-year growth in revenue and adjusted EBITDA
  • • Record total backlog of $44.0 billion reflecting accelerating demand in Electric segment
  • • Electric segment RPO and total backlog reached all-time highs
  • • Three acquisitions in Q4 2025 (Tri-City, Wilson, Billings) for approximately $1.73 billion aggregate upfront consideration
  • • Strong cash generation with record Q4 operating cash flow and free cash flow
  • • Underground and Infrastructure operating margin improved to 7.7% from 3.6% year-over-year
  • • Convergence of utility, power generation, and large-load industries creating significant opportunities
24/7 Wall St

PWR YoY Financials

Q4 2025 vs Q4 2024, source: SEC Filings

24/7 Wall St

PWR Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q1 26

“Quanta closed 2025 with another strong quarter, delivering double-digit year-over-year growth in revenue and adjusted EBITDA, while achieving record fourth-quarter and full-year results across multiple key financial metrics. Backlog was exceptionally strong at a record $44.0 billion, reflecting accelerating demand in our Electric segment and sustained activity across our end markets, which positions us well heading into 2026. These results underscore the strength of our portfolio, our differentiated solutions, and the deep expertise of our craft-skilled workforce—enabling us to deliver speed, certainty, and world-class execution as our customers modernize and expand critical infrastructure.”

— Duke Austin, Q4 2025 Earnings Press Release

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