Quanta Services (PWR) Q3 2025 earnings summary

Executive summary

• Achieved record third quarter revenues of $7.63 billion, up from $6.49 billion year-over-year, with net income attributable to common stock of $339.4 million and adjusted EBITDA of $858.3 million for Q3 2025.

• Double-digit year-over-year growth in revenue, adjusted EBITDA, and adjusted EPS, with record backlog of $39.2 billion and strong demand in electric and infrastructure segments.

• Completed five acquisitions in 2025, including Dynamic Systems, expanding capabilities in mechanical, plumbing, and process infrastructure solutions.

• Announced expansion of the Total Solutions platform, including a major JV with Zachry for a 3 GW power generation project for NiSource.

• Net cash provided by operating activities was $1.10 billion for the nine months ended September 30, 2025, supporting acquisitions, stock repurchases, and dividends.

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).

• Q3 2025 diluted EPS was $2.24, up from $1.95 in Q3 2024; adjusted diluted EPS was $3.33, up from $2.72.

• Nine-month revenues reached $20.64 billion, up 20.6% year-over-year; nine-month net income was $712.9 million, up 18.9%.

• Free cash flow for Q3 2025 was $438.1 million; year-to-date free cash flow was $726.3 million.

• Full-year 2025 revenue guidance increased to $27.8–$28.2 billion; adjusted EBITDA guidance $2.77–$2.88 billion.

Outlook and guidance

• Raised full-year 2025 revenue and free cash flow expectations based on strong backlog and revenue momentum.

• 2025 diluted EPS guidance: $6.53–$7.02; adjusted diluted EPS: $10.33–$10.83.

• Management expects record backlog and double-digit EPS growth in 2026, citing strong demand from utility, power generation, and technology sectors.

• Five-year outlook targets 10–15% adjusted EPS growth at the midpoint, with potential for 20% based on historical performance.

• Management anticipates sufficient liquidity and capital resources to meet cash requirements for the next twelve months and longer term.