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Quanta Services (PWR) investor relations material
Quanta Services Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
- Achieved record Q3 2025 revenues of $7.63 billion, up 17.5% year-over-year, with net income of $339.4 million and adjusted EBITDA of $858.3 million, driven by strong demand in the electric segment and recent acquisitions. 
- Backlog reached a record $39.2 billion, with remaining performance obligations of $21.0 billion, reflecting robust activity across end markets and major project wins such as the NiSource JV. 
- Expanded Total Solutions platform and completed the acquisition of Dynamic Systems, enhancing capabilities in mechanical, plumbing, and process infrastructure. 
- Net cash from operations for the nine months ended September 30, 2025 was $1.10 billion, supporting acquisitions, stock repurchases, and dividends. 
- Five acquisitions completed in 2025, broadening exposure to technology, semiconductor, and healthcare markets. 
Financial highlights
- Q3 2025 revenues: $7.63 billion (up from $6.49 billion in Q3 2024); net income: $339.4 million (up from $293.2 million); adjusted EBITDA: $858.3 million (up from $682.8 million); adjusted EPS: $3.33. 
- Nine-month 2025 revenues: $20.64 billion (up 20.6% year-over-year); net income: $712.9 million; adjusted EBITDA: $2.03 billion. 
- Q3 2025 gross margin: 15.9%; operating margin: 6.8%; adjusted EBITDA margin: 11.3%. 
- Q3 2025 free cash flow: $438.1 million; nine-month free cash flow: $726.3 million. 
- Issued $1.5 billion in notes to recapitalize the balance sheet and repay borrowings, with interest rate 40 basis points lower than prior year. 
Outlook and guidance
- 2025 full-year revenue expected between $27.8 billion and $28.2 billion; net income between $987.1 million and $1.06 billion; adjusted diluted EPS: $10.33–$10.83. 
- Free cash flow for 2025 projected at $1.3–$1.7 billion; net cash from operations $1.85–$2.25 billion. 
- Management expects record backlog and double-digit adjusted EPS growth in 2026, with a five-year outlook targeting 10–15% adjusted EPS growth at midpoint. 
- Sufficient liquidity and capital resources are anticipated to meet cash requirements for the next twelve months and longer term. 
- Backlog and remaining performance obligations up 13.4% and 25.1% from year-end 2024. 
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