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, as well as 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, including Tri-City Group, Wilson Construction, and Billings Flying Service, expanding capabilities in technology, semiconductor, healthcare, utility, electrical infrastructure, and aviation services.

• Workforce grew to approximately 69,500 employees, reinforcing self-perform capabilities.

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

Financial highlights

• 2025 revenues reached $28.5 billion, up 20% year-over-year; Q4 revenues were $7.84 billion.

• Adjusted EBITDA was $2.9 billion for 2025 and $845 million for Q4; 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 2025.

• Q4 2025 net income attributable to common stock was $315.5 million ($2.08 diluted EPS); adjusted diluted EPS was $3.16.

• Q4 cash flow from operations was $1.1 billion; free cash flow $946 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, with guidance range $1.55–$2.05 billion, including $250–$350 million in capex for vertical supply chain investments.

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

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