PWRNYSEElectrical WorkUS GAAP · USD

Quanta Services, Inc

Quanta Services is a U.S.-based infrastructure contractor that designs, builds, upgrades, and maintains systems for electric power, gas, communications, pipeline, and energy infrastructure. Its work is organized through operating companies that serve utility, industrial, technology, and energy customers across the United States, Canada, Australia, and select other international markets.

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Revenue28.5bn USD
+20.3 %y/y
Operating profit (EBIT)1,612m USD
+19.7 %y/y
EBIT margin5.7%
−0.0 ppy/y
Net income1,028m USD
+13.7 %y/y
Free cash flow1,621m USD
+9.7 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

0102030bn USD2020: 11.2 bn USD2020: EBIT 0.61 bn USD20202021: 13.0 bn USD2021: EBIT 0.66 bn USD20212022: 17.1 bn USD2022: EBIT 0.87 bn USD20222023: 20.9 bn USD2023: EBIT 1.1 bn USD20232024: 23.7 bn USD2024: EBIT 1.3 bn USD20242025: 28.5 bn USD2025: EBIT 1.6 bn USD202528.51.6
RevenueOperating profit (EBIT)
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Business

Share of revenue
Electric Infrastructure Solutions60 %

Services for electric power grids, substations, generation, and related transmission and distribution work.

Underground Utility and Infrastructure Solutions40 %

Underground utility, industrial, and other infrastructure services for complex site and network projects.

Customers

Quanta sells primarily to utilities, power developers, communications providers, industrial companies, and energy delivery businesses. It also serves governmental entities and large load-center customers such as data centers, advanced manufacturing, healthcare, and pharmaceutical facilities. Many customers use Quanta for recurring maintenance, programmatic capital work, and large multi-year construction projects.

Electric utilities

Buy transmission, distribution, substation, and maintenance services for grid reliability and expansion.

Power developers and renewable energy operators

Buy wind, solar, gas generation, and battery storage infrastructure for new capacity and interconnection.

Technology and large load-center customers

Buy low-voltage electrical, mechanical, and related infrastructure for data centers and advanced facilities.

Communications providers

Buy cable and network construction services to expand and maintain communications infrastructure.

Pipeline and gas delivery customers

Buy pipeline transmission, gas utility, and downstream industrial infrastructure services.

Governmental entities

Buy infrastructure services tied to public utility, transportation, and resilience programs.

Strategy

Quanta’s strategy centers on expanding its infrastructure solutions portfolio, deepening long-term customer relationships, and cross-selling across operating companies. It also emphasizes technology, training, safety, and selective acquisitions to broaden capabilities and support larger, more complex projects.

Broaden infrastructure solutions across end marketsMedium term

A wider service set helps Quanta win larger scopes and serve customers across multiple project phases.

Cross-sell through operating companiesShort term

Integrated customer coverage increases wallet share and improves access to complex, multi-discipline projects.

Acquire capabilities and scaleMedium term

Acquisitions add technical expertise, customer relationships, and geographic reach in fragmented markets.

Maintain safety, training, and execution qualityLong term

Safety and reliable project delivery are central to customer retention and preferred-provider status.

Geography

Q1/2026

Quanta operates primarily in the United States, with additional activity in Canada, Australia, and select other international markets. The company disclosed that foreign operations represented about 7.0% of revenue in 2025, with Canada and Australia as the main non-U.S. markets. Its geographic footprint matters because project demand, labor availability, regulation, and currency translation can differ materially by region.

United States93 %
Canada3.5 %
Australia2.6 %
Other countries (US filing)0.5 %

Share of the revenue the company reports by geography.

Risks

Quanta’s results depend on project timing, customer capital spending, and the ability to execute complex contracts without cost overruns or delays. Its labor-intensive model also exposes it to safety incidents, operational hazards, cybersecurity issues, and integration risk from acquisitions, while foreign operations add currency and regional exposure.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Operational hazards and safety liability1Project execution and contract risk2Customer capex and project deferral risk3Acquisition and integration risk4Foreign exchange and international exposure5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Operational hazards and safety liabilityImpact: HighLikelihood: High

    Construction and field services can involve wildfires, explosions, accidents, and third-party claims.

    Exposure: Field operations and heavy equipment work

  2. Project execution and contract riskImpact: HighLikelihood: Medium

    Many jobs are fixed-price or estimate-driven, so delays, scope changes, or cost inflation can hurt profitability.

    Exposure: Large infrastructure and complex construction projects

  3. Customer capex and project deferral riskImpact: HighLikelihood: Medium

    Work is often tied to customer capital budgets and program timing, which can change quickly.

    ExposureUtilitiesDevelopersTechnologyIndustrial customers
  4. Acquisition and integration riskImpact: MediumLikelihood: Low

    Quanta uses acquisitions to grow, which can create integration, systems, and cultural challenges.

    Exposure: Recently acquired businesses and their cybersecurity posture

  5. Foreign exchange and international exposureImpact: MediumLikelihood: Low

    Non-U.S. operations create translation and local-market exposure, especially in Canada and Australia.

    Exposure: Canadian and Australian dollar-denominated operations

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Accounting

Judgemental items
Over-time contract revenue recognition

Revenue is often recognized as work progresses using estimated total costs, so revisions can change reported results.

Impact: Can materially affect quarterly revenue and gross profit

Contract estimates, change orders, and claims

Judgment around scope changes and claims can alter recognized revenue and margins.

Impact: Affects project profitability and timing of earnings

Collectability of accounts receivable and contract assets

Large project balances depend on customer payment behavior and dispute resolution.

Impact: Can require reserves or write-downs

Goodwill and intangible assets from acquisitions

Acquisitions are a key growth tool, so impairment testing is important if acquired businesses underperform.

Impact: Potential non-cash impairment charges

Segment cost allocations

Corporate and shared costs are allocated across operating companies, affecting segment margin reporting.

Impact: Can influence segment comparability and trend analysis

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Last updated: 24/09/2026