Quanta Services Posts 7.5% EPS Gain, 19.7% Revenue Growth in Q4 2025
Quanta Services delivered record Q4 2025 results with adjusted EPS of $3.16, up 7.5% year-over-year, and revenues rising 19.7% to $7.84 billion, driven by strong demand in Electric Infrastructure Solutions. Backlog hit a record $43.98 billion, supporting 2026 revenue guidance of $33.25–33.75 billion and adjusted EPS of $12.65–13.35.
1. Q4 Financial Highlights
Quanta Services reported adjusted diluted EPS of $3.16 for Q4 2025, up 7.5% from $2.94 a year earlier, and total revenues of $7.84 billion, a 19.7% increase year-over-year. Gross profit rose to $1.22 billion but gross margin eased to 15.5% from 16.2% due to integration costs and revenue mix shifts.
2. Electric and Underground Segments
The Electric Infrastructure Solutions segment generated $6.43 billion in Q4 revenue, up from $5.38 billion, with operating margin narrowing to 10.8% from 12.1% due to acquisition-related expenses. The Underground Utility and Infrastructure segment posted $1.41 billion in revenues, up from $1.17 billion, and margin expanded to 7.7% from 3.6% on improved execution.
3. Record Backlog and Balance Sheet
Total backlog reached $43.98 billion at year-end 2025, up from $34.54 billion, reflecting sustained infrastructure demand. The company held $439.5 million in cash versus $742 million a year earlier and carried net long-term debt of $5.23 billion, funding acquisitions and operations.
4. 2026 Outlook
For 2026, Quanta expects revenues of $33.25–33.75 billion and adjusted EPS of $12.65–13.35, underpinned by its record backlog, ongoing utility spending and contributions from recent acquisitions. Adjusted EBITDA is projected at $3.34–3.50 billion, with free cash flow of $1.55–2.05 billion.