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Visual31 Oct 2025
Three decades of Rolls-Royce
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.Q3 2025 earnings summary30 Oct, 2025
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.
Detail NiSource project's backlog contribution
Underground segment's path to improved margins?
Future share repurchase strategy?
Total Solutions platform risk mitigation strategy?
Specific craft labor scarcity impacting growth?
Impact of large projects on 80% base business model?
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Next Quanta Services earnings date
Q4 202520 Feb, 2026
Next Quanta Services earnings date
Q4 202520 Feb, 2026
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Frequently asked questions
Quanta Services, Inc. provides specialty contracting services worldwide. The company offers a portfolio of infrastructure solutions; specializing in electric power and transmission, building and industrial construction, pipeline construction and maintenance and government services. Quanta Services conducts its operations through the following segments: Electric Power & Transmission segment (Electric Power & Transmission), Building & Industrial Construction segment (Building & Industrial Construction), Pipeline Construction & Maintenance segment (Pipeline Construction & Maintenance), Government Services segment (Government Services), and Corporate segment. Quanta Services, Inc. is based in Houston, Texas.
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