Quanta Services Inc
Q4 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: −4.25%.
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 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.
- 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
“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.”
Quanta Services CEO, on the earnings call
Forward Guidance & Outlook
For full-year 2026, Quanta expects revenues between $33.25 billion and $33.75 billion, GAAP diluted EPS of $8.36 to $9.06, and adjusted diluted EPS of $12.65 to $13.35 — reflecting opportunity for over 20% EPS growth. Adjusted EBITDA is expected between $3.34 billion and $3.50 billion. Net cash provided by operating activities is expected between $2.30 billion and $2.85 billion, with free cash flow of $1.55 billion to $2.05 billion. Management expects record backlog in 2026, driven by the convergence of utility, power generation, and large-load industries creating significant opportunities. Q4 2025 acquisitions are expected to contribute approximately $0.40-$0.50 of adjusted EPS in 2026. Management noted continued uncertainty related to inflation, interest rates, tariffs, regulatory and permitting challenges, and potential recessionary conditions.
PWR YoY Financials
PWR Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.