Quanta Services, Inc. (NYSE: PWR) reported fourth‑quarter 2025 revenue of $7.84 billion, a 19.7% year‑over‑year increase, and net income attributable to common stock of $315.5 million, or $2.08 per diluted share. Adjusted diluted earnings per share reached $3.16, beating the consensus estimate of $3.02 by $0.14, or roughly 4.6%.
The earnings beat was driven by robust demand in the company’s electric infrastructure solutions segment, where data‑center and renewable‑energy projects lifted revenue and margin. At the same time, the underground utility and infrastructure solutions segment expanded its gross and operating margins, offsetting higher material costs and integration expenses that had weighed on the overall profitability profile.
For the full year, Quanta posted revenue of $28.5 billion, up 20% from 2024, and adjusted EBITDA of $2.9 billion, a record. Adjusted diluted earnings per share rose 20% year‑over‑year to $10.75, while cash flow from operations reached $2.2 billion and free cash flow hit $1.7 billion. The company’s backlog climbed to a record $44 billion, underscoring strong future revenue visibility.
Looking ahead, management guided for 2026 full‑year revenue of $33.25 billion to $33.75 billion, net income of $1.27 billion to $1.38 billion, and adjusted diluted EPS of $12.65 to $13.35. These figures represent a significant upside over analyst expectations and signal confidence in continued double‑digit growth driven by high‑margin solution‑based work.
CEO Earl Austin said, "2025 was another year of significant achievement and advancement for Quanta. Again, we delivered record results as we generated double‑digit growth in revenues, adjusted EBITDA and adjusted earnings per share, along with record free cash flow and backlog." CFO Jayshree Desai added, "We are pleased to report another quarter of strong execution, capping a year in which Quanta delivered record results across virtually every key financial metric. For the full year, revenues reached $28.5 billion, an increase of 20% compared to 2024. Adjusted EBITDA was a record $2.9 billion, and adjusted diluted earnings per share grew 20% year over year to $10.75. We also generated record cash flow from operations of $2.2 billion and record free cash flow of $1.7 billion."
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