Quanta Services (PWR) Q4 2025 earnings summary

Executive summary

• Achieved record results in 2025 with double-digit growth in revenues, adjusted EBITDA, and adjusted EPS, along with record free cash flow and backlog.

• Backlog reached a record $44 billion, driven by strong demand in the Electric segment and sustained activity across end markets.

• Completed eight acquisitions in 2025, expanding capabilities in technology, semiconductor, healthcare, electric utility, electrical infrastructure, and aviation services.

• Workforce grew by 11,100 to 69,500 employees, reinforcing self-perform capabilities.

• Positioned for sustained growth with strong momentum across end markets.

Financial highlights

• 2025 revenues reached $28.5 billion, up 20% year-over-year.

• Adjusted EBITDA was $2.9 billion, and adjusted diluted EPS grew 20% to $10.75.

• Record cash flow from operations of $2.23 billion and free cash flow of $1.67 billion for the year.

• Q4 revenues were $7.84 billion, adjusted EBITDA $845.3 million, and adjusted diluted EPS $3.16.

• Q4 cash flow from operations was $1.1 billion, free cash flow $946.4 million.

Outlook and guidance

• 2026 guidance projects continued double-digit growth in revenues, net income, and adjusted EBITDA, with over 20% growth in adjusted EPS.

• 2026 revenue guidance: $33.25–$33.75 billion; adjusted EBITDA: $3.34–$3.50 billion; adjusted diluted EPS: $12.65–$13.35.

• Free cash flow expected at $1.8 billion midpoint, including $250–$350 million in capex for vertical supply chain initiatives.

• Multi-year structural demand drivers provide meaningful visibility into 2026 and beyond.

• Expect to achieve record backlog and over 20% EPS growth in 2026.