Quanta Services Sees 27% Backlog Surge, Eyes Over 20% EPS Growth
Quanta Services posted 20% revenue growth to $28.5 billion in 2025 and 20% adjusted EPS growth to $10.75, driven by utility grid modernization and data center investments. It ended 2025 with a $43.98 billion backlog (up 27.3%) and expects revenue, EBITDA growth and over 20% EPS growth in 2026 without megaprojects.
1. Growth Drivers Beyond Mega Projects
Quanta Services is shifting from reliance on transmission megaprojects to broad-based programmatic spending in utility grid modernization, rising electricity demand and a growing data center backlog, which now accounts for roughly 10% of its business.
2. Strong 2025 Results and Record Backlog
The company posted 20% revenue growth to $28.5 billion and 20% adjusted EPS growth to $10.75 in 2025, while ending the year with a record $43.98 billion backlog, up 27.3% year over year.
3. Strategic Acquisitions and Capacity Investments
Recent acquisitions such as Dynamic Systems, Tri-City Group and Wilson Construction are expected to contribute $0.40–$0.50 to adjusted EPS in 2026, complemented by a $500–$700 million investment in transformer manufacturing and supply-chain capacity.
4. Robust 2026 Outlook
Quanta anticipates double-digit revenue and EBITDA growth and over 20% EPS growth in 2026, driven by structural demand across utilities, renewables and power generation markets, even without new transmission megaproject awards.