Company file · PWR

Quanta Services

Quanta Services' revenue rose 20.3% in FY2025, to $28.5B, and net income rose 13.7% to $1.0B

Revenue rose 20.3% to $28.5B in FY2025, from $23.7B in FY2024. Net income rose 13.7% to $1.0B. Electric Power was the largest segment, at 81% of revenue.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Feb 19, 2026) · Latest quarter: 10-Q for the quarter ended Jun 30, 2026 (filed Jul 30, 2026) · Data pulled Oct 29, 2026

Key facts

Quanta Services (NYSE: PWR) reported revenue of $28.5B for fiscal 2025, the year ended Dec 31, 2025, up 20.3% from fiscal 2024. Net income was $1.0B, up 13.7%. In its latest 10-Q, for the quarter ended Jun 30, 2026, revenue was $9.6B, up 41.1% from the same quarter a year earlier, and net income was $451M. The largest piece by segment was Electric Power, at 81% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 19, 2026) and 10-Q for the quarter ended Jun 30, 2026 (filed Jul 30, 2026).

Revenue$28.5BFY2025 · +20.3% vs FY2024

Net income$1.0BFY2025 · +13.7% vs FY2024

Operating cash flow$2.2BFY2025 · +7.1% vs FY2024

Cash & equivalents$506Mat Jun 30, 2026 · +15.2% vs FY2025 end

Total debt$6.1Bat Jun 30, 2026 · +1.8% vs FY2025 end

Diluted shares151MFY2025 avg · +0.8% vs FY2024

Revenue and net income, three fiscal yearsBy fiscal year, $bn

RevenueNet income

Source: 10-K FY2025, filed Feb 19, 2026

Quarterly revenue: fiscal 2026 vs a year earlierFiscal Q1–Q2, $bn (each quarter from that quarter's 10-Q)

FY2025FY2026

Source: 10-Q filed Apr 30, 2026 · 10-Q filed Jul 30, 2026

How it makes money

By segment, FY2025

LineAmountSharevs FY2024
Electric Power$23.0B81%+21.0%
Underground and Infrastructure$5.5B19%+17.5%

Source: 10-K FY2025, XBRL breakdown

By segment in FY2025: Electric Power (81%) and Underground and Infrastructure (19%), as shares of total revenue. Total revenue was $28.5B.

By segment: three-year mixShare of the total each fiscal year

FY2023

76%24%

FY2024

80%20%

FY2025

81%19%

Electric PowerUnderground and Infrastructure

Source: 10-K FY2025

By region, FY2025

United States$26.5B93%+22.6%

Canada$1.0B4%−0.6%

Australia$780M3%+16.9%

Other Countries$198M1%−46.9%

Share is of the FY2025 total; the last column is the change from FY2024.

Learn more: Revenue vs. net income · Gross, operating and net margin

What changed last quarter

How the quarter compared with a year earlier

Comparing Q2 2026 (Apr to Jun 2026) compared with Q2 2025 (Apr to Jun 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q2 2026Q2 2025

Company

Revenue

$9.6B Q2 2026

$6.8B Q2 2025

41.1% increase

Net income

$451M Q2 2026

$229M Q2 2025

96.9% increase

Source: Quanta Services 10-Q for the quarter ended Jun 30, 2026, filed Jul 30, 2026

By segment

Underground and Infrastructure

$1.7B Q2 2026

$1.3B Q2 2025

30.7% increase

Source: Quanta Services 10-Q for the quarter ended Jun 30, 2026, filed Jul 30, 2026

Cash & equivalents $506M at Jun 30, 2026, vs $440M at FY2025 end.
Total debt $6.1B at Jun 30, 2026, vs $6.0B at FY2025 end.
Operating cash flow, first 6 months of fiscal 2026: $1.5B vs $539M a year earlier.

The bull case and the bear case

The bull case

Revenue rose 20.3% in FY2025 to $28.5B, from $23.7B a year earlier. 10-K, FY2025
Net income rose 13.7% in FY2025 to $1.0B, from $905M. 10-K, FY2025
Operating cash flow rose 7.1% in FY2025 to $2.2B. 10-K, FY2025
Revenue in the quarter ended Jun 30, 2026 was $9.6B, up 41.1% on a year earlier. 10-Q, quarter ended Jun 30, 2026

The bear case

Total debt rose 44.0% in FY2025 to $6.0B. 10-K, FY2025
Other Countries revenue fell 46.9% in FY2025 to $198M. 10-K, FY2025
The company's own risk factors are in Item 1A of its 10-K. Risks common in this industry include economic cycles; costs and supply; trade and tariffs. 10-K, Item 1A

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

Quanta Services is in the construction & engineering industry, part of the industrials sector. The SEC files it under Electrical Work.

Quanta Services reports 2 segments: Electric Power and Underground and Infrastructure.

Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.

Source: 10-K, Item 1 Business

Risks common in this industry

These are general risks for companies in the construction & engineering industry. They are not a summary of Quanta Services’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.

Economic cyclesDemand for equipment and services rises and falls with business investment.
Costs and supplyMaterial, labor and supplier problems can raise costs or delay delivery.
Trade and tariffsTariffs and trade policy affect costs and sales.
Contracts and backlogLarge projects and government contracts can be delayed, cut or repriced.
Regulation and liabilitySafety, environmental and product-liability rules can raise costs.

Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$	FY2023	FY2024	FY2025
Revenue	$20.9B	$23.7B	$28.5B
Net income	$745M	$905M	$1.0B
Operating cash flow	$1.6B	$2.1B	$2.2B
Cash & equivalents (year end)	$1.3B	$742M	$440M
Total debt (year end)	$4.2B	$4.2B	$6.0B
Diluted shares	149M	150M	151M

Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
Total debt: Debt due within one year plus long-term debt, at carrying value.
Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator

About these numbers

Recent filings

Form	Filed	Period
10-Q	Jul 30, 2026	Jun 30, 2026
10-Q	Apr 30, 2026	Mar 31, 2026
DEF 14A	Apr 10, 2026	May 21, 2026
10-K	Feb 19, 2026	Dec 31, 2025

Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters

Common questions about Quanta Services

How does Quanta Services make money?

Quanta Services's revenue was $28.5B in fiscal 2025. By segment in FY2025: Electric Power (81%) and Underground and Infrastructure (19%), as shares of total revenue. Total revenue was $28.5B. Source: 10-K for fiscal 2025, filed Feb 19, 2026.

What was Quanta Services's revenue in fiscal 2025?

$28.5B of revenue for the fiscal year ended Dec 31, 2025, up 20.3% from $23.7B in fiscal 2024. Fiscal 2023 was $20.9B. Source: 10-K for fiscal 2025, filed Feb 19, 2026.

Is Quanta Services profitable?

Quanta Services reported net income of $1.0B for fiscal 2025, up 13.7% from $905M in fiscal 2024. That is a profit under US accounting rules (GAAP). In the quarter ended Jun 30, 2026, net income was $451M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 19, 2026.

What did Quanta Services report in its latest quarterly filing?

Revenue was $9.6B in the quarter ended Jun 30, 2026, up 41.1% from $6.8B a year earlier. Net income was $451M, up 96.9% from $229M. Source: 10-Q for the quarter ended Jun 30, 2026, filed Jul 30, 2026.

How much cash and debt does Quanta Services have?

Quanta Services had $506M in cash and cash equivalents and $6.1B of total debt on Jun 30, 2026. Total debt here is debt due within one year plus long-term debt, at carrying value. Source: 10-Q filed Jul 30, 2026.

What are the main risks Quanta Services faces?

Quanta Services's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 19, 2026. Risks that are common among companies in the construction & engineering industry include Economic cycles; costs and supply; trade and tariffs; contracts and backlog; regulation and liability. The first: Demand for equipment and services rises and falls with business investment. Source: 10-K, Item 1A Risk Factors.

Where do these Quanta Services numbers come from?

From Quanta Services's own SEC filings: the 10-K for fiscal 2025 (filed Feb 19, 2026) and the 10-Q for the quarter ended Jun 30, 2026 (filed Jul 30, 2026), read through the SEC's public XBRL data. Each number on this page links to its filing. Methodology explains how fiscal years and missing numbers are handled.

Disclosures

Editor holdings in PWR: The editor holds no position in Quanta Services (PWR). As of Oct 25, 2026.
Trading rule: The editor does not buy or sell PWR from 3 days before to 3 days after this page is published or substantively updated.
Compensation: Nobody paid for this page. No affiliate links on this page.
Sources: The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated: Oct 29, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold PWR, and it doesn't consider your situation.

Compare with peers

Company	Fiscal year	Revenue	Revenue growth	Net income
Quanta ServicesPWR	FY2025	$28.5B	+20.3%	$1.0B
CaterpillarCAT	FY2025	$67.6B	+4.3%	$8.9B

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

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