Quanta Services (PWR) FY2025 results: revenue $28.5 billion, up 20.3% on the year

Quanta Services builds and maintains infrastructure for electric and gas utilities, power generators, large load centres, manufacturers, communications companies, pipelines and energy companies in the United States, Canada, Australia and selected other markets. It provides design, engineering, procurement, construction, upgrade, repair and maintenance for electric transmission and distribution networks, substations, wind, solar and gas generation and battery storage, low-voltage electrical, mechanical, plumbing and process infrastructure for data centres and advanced manufacturing, communications and cable networks, gas utility systems, pipelines and downstream industrial facilities. Operations are decentralised and labour-intensive, run through subsidiaries the company calls operating companies, with a fleet of owned and leased trucks, trailers, support vehicles and specialty construction equipment. Approximately 7.0% of revenues came from foreign operations in 2025, against 8.7% in 2024 and 14.2% in 2023.

Two segments

From the first quarter of 2025 the company reports two segments, after its chief executive changed how performance is assessed. Electric Infrastructure Solutions combines what were the Electric Power Infrastructure Solutions and Renewable Energy Infrastructure Solutions segments. Underground Utility and Infrastructure Solutions is the second. Because the model lets multiple operating companies serve the same customers across end markets, classifying an operating company's revenue by type of work for segment reporting can require judgement.

Electric

Work on the grid, on generation and for large load centres. It covers design, procurement, construction, upgrade and maintenance of overhead and underground transmission and distribution lines and substations, including the work utilities commission to modernise and harden the grid, to connect generation and battery storage, and to handle more electric vehicles. It covers engineering, procurement and construction, repowering and maintenance for utility-scale wind, solar and hydropower and battery storage. It also covers emergency restoration after fires and storms, energised installation and maintenance using bare hand and hot stick methods and robotic arms, installation of smart grid technology, electrical systems for data centres and advanced manufacturing, and design and construction for wireline and wireless communications companies and cable operators.

Underground and Infrastructure

Work for customers that transport, distribute, store, develop and process natural gas, oil and other products, and for owners of large load centres. It covers design, engineering, procurement, construction, upgrade and maintenance of gas utility systems; pipeline protection, integrity testing, rehabilitation and replacement; catalyst replacement, high-pressure and critical-path turnaround work, instrumentation and electrical services, piping, fabrication and storage tanks for midstream and downstream customers, plus specialty cleaning and environmental services; engineering and construction of pipeline and storage systems, compressor and pump stations and pipeline support structures; trenching, directional boring and mechanised welding; civil work including site clearing, earthwork and soil stabilisation; turnkey mechanical, plumbing and process infrastructure for large load centres in technology, semiconductors and healthcare; and construction and maintenance for alternative fuel facilities, carbon capture systems and hydrogen facilities.

How the work is contracted

Services are generally provided under master service agreements, repair and maintenance contracts, and fixed price and non-fixed price construction and engineering contracts. Master service agreements accounted for 37% of estimated 12-month backlog and 44% of total backlog at 31 December 2025, against 38% and 48% a year earlier. Customers generally make no contractual commitment to specific volumes of services under those agreements and most contracts can be terminated on short notice even when the company is not in default, so backlog estimates move with accelerations, cancellations, delays and change orders. The customer base is wide: the largest customer was 8% of consolidated revenues in 2025 and the ten largest were 30%.

People

The company had approximately 69,500 employees at 31 December 2025, approximately 13,800 of them salaried, including executives, professional and administrative staff, project managers, engineers and superintendents, and approximately 55,700 hourly, a number that rises and falls with the projects underway. Approximately 36% were covered by collective bargaining agreements, which set wages, workplace rules and payments to multiemployer pension plans and benefit trusts, and most of those agreements prohibit work stoppages and provide for binding arbitration. Approximately 64,400 employees were in the United States and approximately 5,100 outside it, most of the latter in Canada.

From Quanta Services' annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 19 February 2026: read the full 10-K.