Quanta Services (PWR) Q4 FY2025 earnings: revenue $7.8 billion, up 19.7% on the year

Quanta Services, Inc. (PWR) reported revenue of $7.8 billion for Q4 FY2025, the quarter ended 31 December 2025, up 19.7% on the same quarter a year earlier. Net income was $315 million, up 3.4% on the year, and diluted earnings per share $2.08. The figures are the company's own, from the 10-K it filed with the SEC on 19 February 2026.

Revenue

$7.8 billion

+19.7% on the year · +2.8% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

6.2%

6.9% a year earlier

Q1 FY2024Q4 FY2025

Net income

$315 million

+3.4% on the year · -7.1% on the quarter

Q1 FY2024Q4 FY2025

Diluted EPS

$2.08

+2.5% on the year · -7.1% on the quarter

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 18 new.

Fourth-quarter revenue rose year over year: Fourth-quarter revenues were $7.84 billion, against $6.55 billion a year earlier. The company reported record fourth-quarter results across several key financial metrics.
Adjusted EPS of $3.16 in quarter: Adjusted diluted EPS was $3.16 for the quarter, against $2.94 a year earlier. Adjusted EBITDA was $845.3 million for the quarter.
Electric revenue and margin in quarter: Electric revenue was $6.43 billion, or 82.0% of the total, against $5.38 billion. Electric operating income was $695.6 million, a 10.8% margin, against $653.2 million and 12.1%.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	7,842	7,631	6,553	+2.8%	+19.7%
Cost of revenue	6,625	6,415	5,490	+3.3%	+20.7%
Gross profit	1,217	1,216	1,063	+0.0%	+14.5%
Gross margin	15.5%	15.9%	16.2%
Selling, general and administrative	594	573	506	+3.7%	+17.3%
Operating income	485	517	453	-6.2%	+7.1%
Operating margin	6.2%	6.8%	6.9%
Interest expense	75.7	71.8	56.3	+5.5%	+34.4%
Pre-tax income	420	462	416	-9.3%	+0.8%
Income tax	103	120	106	-13.9%	-2.9%
Effective tax rate	24.5%	25.9%	25.5%
Net income	315	339	305	-7.1%	+3.4%
Net margin	4.0%	4.4%	4.7%
Diluted EPS	$2.08	$2.24	$2.03	-7.1%	+2.5%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	1,128	563	712	+100.1%	+58.4%
Capital expenditure	194	142	147	+35.9%	+31.7%
Free cash flow	934	421	565	+121.8%	+65.3%
Free cash flow margin	11.9%	5.5%	8.6%
Cash from investing	-1,545	-1,305	-167
Cash from financing	244	845	-533	-71.2%
Depreciation and amortisation	254	237	213	+7.0%	+19.3%
Share-based compensation	52.8	46.9	39.7	+12.6%	+33.0%
Buybacks	-0.0	0.0	0.0
Dividends paid	15.0	15.1	13.4	-0.3%	+11.9%
Dividend per share	$0.11	$0.10	$0.10	+10.0%	+10.0%
Diluted shares, weighted	152m	151m	n/a	+0.2%
Shares outstanding at period end	150m	149m	148m	+0.3%	+1.3%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	8,938	8,396	7,318	+6.5%	+22.1%
Non-controlling interest	89.6	8.0	12.0	+1,019.2%	+647.7%
Debt	5,995	5,630	4,162	+6.5%	+44.0%
Operating lease liabilities	310	281	222	+10.2%	+39.3%
Finance lease liabilities	23.4	n/a	36.4		-35.5%
Other liabilities	9,571	8,429	6,933	+13.5%	+38.0%
Total liabilities and equity	24,927	22,744	18,684	+9.6%	+33.4%
Goodwill	7,317	6,701	5,316	+9.2%	+37.6%
Intangible assets	2,906	2,325	1,861	+25.0%	+56.2%
Investments	412	417	242	-1.4%	+70.4%
Cash and equivalents	440	610	742	-28.0%	-40.8%
Receivables	6,847	6,356	5,171	+7.7%	+32.4%
Inventory	370	334	260	+11.0%	+42.4%
Other assets	6,635	6,000	5,092	+10.6%	+30.3%
Total assets	24,927	22,744	18,684	+9.6%	+33.4%

Questions

What was Quanta Services' revenue in Q4 FY2025?

Quanta Services (PWR) reported revenue of $7.8 billion for Q4 FY2025, the quarter ended 31 December 2025, up 19.7% on the same quarter a year earlier.

How much did Quanta Services earn in Q4 FY2025?

Net income for Q4 FY2025 was $315 million, up 3.4% on the year, and diluted earnings per share $2.08.

When did Quanta Services report Q4 FY2025 results?

Quanta Services filed its 10-K for the year that ended with the quarter on 19 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022 †	Q4 FY2022 * †	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	3,924	3,966	4,232	4,460	4,417	4,429	5,049	5,621	5,784	5,032	5,594	6,493	6,553	6,233	6,773	7,631	7,842	7,875	9,557	12,015
Cost of revenue	3,326	3,417	3,607	3,771	3,749	3,856	4,325	4,773	4,991	4,408	4,783	5,481	5,490	5,399	5,765	6,415	6,625	6,767	8,012	10,007
Gross profit	598	548	625	689	668	573	724	847	792	623	811	1,013	1,063	834	1,008	1,216	1,217	1,107	1,545	2,008
Gross margin	15%	14%	15%	15%	15%	13%	14%	15%	14%	12%	15%	16%	16%	13%	15%	16%	16%	14%	16%	17%
SG&A	368	325	323	347	341	385	384	387	400	402	432	484	506	494	528	573	594	621	698	783
Operating income	140	118	208	287	259	126	279	400	323	155	307	431	453	239	370	517	485	339	695	1,027
Operating margin	4%	3%	5%	6%	6%	3%	6%	7%	6%	3%	5%	7%	7%	4%	5%	7%	6%	4%	7%	9%
Interest expense	26.1	24.7	28.6	33.6	37.4	41.7	48.2	47.5	49.5	41.1	45.3	60.0	56.3	54.3	59.6	71.8	75.7	73.3	73.5	84.0
Pre-tax income	121	91.6	137	229	246	93.5	236	351	289	147	267	381	416	189	319	462	420	256	617	945
Tax rate	12%	7%	30%	32%	29%	-4%	29%	22%	26%	14%	28%	22%	25%	21%	27%	26%	25%	10%	26%	25%
Net income	105	84.6	88.0	156	163	95.0	166	273	211	118	188	293	305	144	229	339	315	221	451	695
Net margin	3%	2%	2%	3%	4%	2%	3%	5%	4%	2%	3%	5%	5%	2%	3%	4%	4%	3%	5%	6%
Diluted EPS	$0.71	$0.57	$0.59	$1.06	$1.10	$0.64	$1.12	$1.83	$1.41	$0.79	$1.26	$1.95	$2.03	$0.96	$1.52	$2.24	$2.08	$1.45	$2.96	$4.55
Operating cash flow	250	85.1	119	343	583	38.4	127	407	1,004	238	391	740	712	243	296	563	1,128	392	1,095	1,454
Capital expenditure	153	110	122	106	90.2	80.3	105	140	109	83.1	161	212	147	133	140	142	194	220	231	268
Free cash flow	97.1	-24.8	-2.8	237	493	-41.9	22.1	267	894	155	230	527	565	110	155	421	934	172	864	1,186
Buybacks	0.0	9.5	84.9	20.8	12.6	0.0	0.0	0.0	0.3	0.0	0.0	0.0	0.0	119	16.0	0.0	-0.0	0.0	0.0	0.0
Dividends paid	8.4	10.8	10.1	10.1	10.1	12.8	11.7	11.6	11.7	13.7	13.3	13.8	13.4	15.5	14.9	15.1	15.0	17.2	16.5	17.2
Shares outstanding	143m	144m	143m	143m	143m	145m	145m	145m	146m	146m	146m	148m	148m	148m	148m	149m	150m	150m	150m	151m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	8-K	10-Q	10-Q	10-Q	8-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2025, filed 19 February 2026: the filing.