Quanta Services, Inc.

PWR · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997
Valuation
Market cap	$62,936	$46,653	$31,352	$20,363	$16,339	$10,263	$5,801	$4,289	$5,573	$4,966	$3,951	$6,236	$6,783	$5,807	$4,580	$4,184	$4,183	$3,525	$3,563	$2,302	$1,525	$919	$810	$283	$1,192	$1,896	$1,333	$591	$324
Enterprise value	$69,005	$50,402	$34,537	$23,926	$20,117	$11,536	$7,296	$5,318	$6,111	$5,218	$4,307	$6,138	$6,304	$5,417	$4,272	$3,648	$3,615	$3,232	$3,571	$2,367	$1,673	$1,124	$1,136	$647	$1,694	$2,379	$1,528	$701	$338
P/E (TTM) at period end	61.20×	51.56×	42.10×	41.46×	33.62×	23.03×	14.43×	14.62×	17.69×	25.03×	12.71×	21.02×	16.88×	18.94×	34.57×	27.32×	25.80×	22.37×	28.57×	131.67×	51.58×	–	–	–	13.90×	17.93×	24.72×	38.88×	129.60×
P/S (TTM) at period end	2.21×	1.97×	1.50×	1.19×	1.26×	0.92×	0.48×	0.38×	0.59×	0.65×	0.52×	0.80×	1.06×	0.98×	1.09×	1.15×	1.26×	0.93×	1.34×	1.08×	0.82×	0.57×	0.49×	0.16×	0.59×	1.06×	1.44×	1.91×	4.25×
P/B at period end	7.04×	6.38×	5.00×	3.78×	3.20×	2.36×	1.43×	1.19×	1.47×	1.49×	1.28×	1.38×	1.60×	1.54×	1.35×	1.24×	1.35×	1.31×	1.63×	3.16×	2.17×	1.39×	1.22×	0.46×	0.99×	1.77×	1.76×	3.47×	28.93×
EV / EBITDA (TTM)	34.11×	29.55×	23.77×	20.58×	21.89×	13.79×	9.44×	7.16×	10.86×	10.63×	10.76×	10.77×	10.60×	9.25×	14.02×	10.57×	10.99×	8.81×	15.84×	12.65×	13.17×	15.25×	14.29×	–	6.21×	7.72×	9.64×	16.82×	38.00×
EV / Sales (TTM)	2.42×	2.13×	1.65×	1.40×	1.55×	1.03×	0.60×	0.48×	0.65×	0.68×	0.57×	0.79×	0.98×	0.92×	1.02×	1.01×	1.09×	0.85×	1.34×	1.11×	0.90×	0.69×	0.69×	0.37×	0.84×	1.33×	1.65×	2.27×	4.44×
Returns
Return on equity	11.5%	12.4%	11.9%	9.1%	9.5%	10.3%	9.9%	8.1%	8.3%	5.9%	10.1%	6.6%	9.5%	8.1%	3.9%	4.6%	5.2%	5.9%	5.7%	2.4%	4.2%	(1.4%)	(5.3%)	(101.3%)	7.1%	9.9%	7.1%	8.9%	22.3%
Return on invested capital	8.1%	9.3%	9.2%	7.1%	5.9%	8.6%	7.1%	7.5%	7.9%	5.8%	4.0%	6.5%	8.4%	9.1%	4.5%	5.5%	6.7%	7.1%	6.2%	4.4%	4.5%	0.8%	1.1%	(14.3%)	6.2%	8.6%	6.8%	6.3%	12.8%
Dividend yield	0.1%	0.1%	0.2%	0.2%	0.2%	0.3%	0.4%	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0.2%	0.3%	–	–	–	–	1.4%	–
Financial health
Current ratio	1.14×	1.30×	1.47×	1.63×	1.50×	1.68×	1.69×	1.84×	1.92×	1.90×	1.89×	2.26×	2.22×	2.50×	2.26×	3.19×	3.19×	3.07×	1.72×	2.96×	3.22×	3.17×	3.39×	2.50×	2.39×	2.39×	1.96×	2.15×	1.15×
Debt / equity	0.67×	0.57×	0.67×	0.69×	0.73×	0.27×	0.34×	0.31×	0.18×	0.11×	0.16×	0.02×	0.00×	0.00×	0.00×	0.00×	0.04×	0.05×	0.19×	0.62×	0.64×	0.71×	0.76×	0.64×	0.42×	0.47×	0.27×	0.67×	1.31×
Effective tax rate	25.0%	23.5%	22.6%	27.3%	21.0%	20.9%	28.9%	35.3%	10.0%	34.9%	42.6%	32.6%	33.5%	34.2%	29.2%	36.1%	30.0%	41.0%	18.5%	73.2%	43.4%	27.3%	34.1%	10.2%	45.4%	46.9%	47.6%	43.5%	41.9%
Share count
Diluted shares outstanding	151	150	149	148	145	145	148	154	157	157	195	220	215	213	213	212	201	197	162	118	117	115	111	81	78	77	84	42	43

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997
Revenue and gross profit
Revenue	$32,905	$28,480	$23,673	$20,882	$17,074	$12,980	$11,203	$12,112	$11,171	$9,466	$7,651	$7,572	$7,747	$6,412	$5,920	$4,194	$3,629	$3,318	$3,780	$2,656	$2,131	$1,859	$1,627	$1,643	$1,751	$2,015	$1,793	$926	$309	$76
Cost of revenue	($27,819)	($24,205)	($20,162)	($17,945)	($14,545)	($11,027)	($9,542)	($10,512)	($9,691)	($8,225)	($6,638)	($6,649)	($6,578)	($5,425)	($4,983)	($3,632)	($3,040)	($2,764)	($3,182)	($2,246)	–	–	($1,445)	($1,443)	($1,514)	($1,601)	($1,342)	($687)	($241)	($56)
Gross profit	$5,086	$4,275	$3,511	$2,937	$2,529	$1,953	$1,661	$1,600	$1,480	$1,242	$1,014	$924	$1,169	$987	$938	$562	$590	$555	$599	$410	–	–	$181	$200	$237	$414	$452	$239	$68	$20
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($2,486)	($2,189)	($1,825)	($1,555)	($1,337)	($1,156)	($975)	($956)	($858)	($778)	($653)	($593)	($705)	($485)	($435)	($338)	($308)	($312)	($309)	($241)	($181)	($186)	($172)	($177)	($226)	($195)	($144)	($80)	($26)	($12)
Total operating expenses	($3,050)	($2,664)	($2,164)	($1,809)	($1,657)	($1,290)	($1,049)	($1,045)	($940)	($863)	($693)	($686)	($740)	($511)	($473)	($367)	($346)	($312)	($309)	($241)	–	–	($172)	($183)	($392)	($221)	($201)	($115)	($37)	($15)
Total costs and expenses	($30,869)	($26,868)	($22,326)	($19,754)	($16,202)	($12,317)	($10,591)	($11,557)	($10,631)	($9,088)	($7,331)	($7,335)	($7,318)	($5,936)	($5,455)	($3,999)	($3,385)	($3,076)	($3,491)	($2,487)	($2,000)	($1,791)	($1,617)	($1,626)	($1,906)	($1,822)	($1,543)	($802)	($278)	($71)
Operating income	$2,036	$1,612	$1,346	$1,128	$872	$664	$611	$555	$540	$379	$321	$238	$429	$476	$465	$195	$244	$242	$289	$169	$131	$68	$10	$17	($156)	$193	$251	$123	$31	$6
Earnings
EBITDA	$2,481	$2,023	$1,706	$1,453	$1,163	$919	$837	$773	$743	$563	$491	$400	$570	$595	$585	$305	$345	$329	$367	$225	$187	$127	$74	$79	($95)	$273	$308	$158	$42	$9
Interest income	$14	$16	$32	$11	$3	$3	$2	$1	$2	$1	$2	$1	$4	$3	$1	$1	$1	$2	$10	$20	$14	$7	–	–	–	–	–	–	–	–
Interest expense	($294)	($261)	($203)	($187)	($124)	($69)	($45)	($67)	($37)	($21)	($15)	($8)	($5)	($3)	($4)	($2)	($5)	($11)	($32)	($39)	($27)	($24)	($25)	($32)	–	–	($26)	–	–	–
Pre-tax income	$1,756	$1,390	$1,212	$970	$704	$623	$571	$572	$458	$354	$308	$229	$427	$588	$465	$216	$246	$234	$267	$150	$65	$52	($13)	($53)	($194)	$157	$199	$103	$27	$4
Income tax expense	($405)	($348)	($285)	($219)	($192)	($131)	($119)	($165)	($162)	($36)	($107)	($97)	($139)	($197)	($159)	($63)	($89)	($70)	($110)	($28)	($48)	($23)	$3	$18	$20	($71)	($93)	($49)	($12)	($2)
Net income	$1,327	$1,028	$905	$745	$491	$486	$446	$402	$293	$315	$198	$311	$297	$402	$307	$133	$153	$162	$158	$125	$17	$30	($9)	($35)	($620)	$86	$106	$54	$15	$2
Per share
Diluted EPS (GAAP)	$8.73	$6.80	$6.03	$5.00	$3.32	$3.34	$3.07	$2.73	$1.90	$2.00	$1.26	$1.59	$1.35	$1.87	$1.44	$0.62	$0.72	$0.81	$0.87	$0.88	$0.15	$0.25	($0.08)	($0.32)	($7.67)	$1.10	$1.42	$0.67	$0.39	$0.13
Basic EPS (GAAP)	$8.84	$6.91	$6.16	$5.13	$3.42	$3.45	$3.15	$2.76	$1.92	$2.02	$1.26	$1.59	$1.35	$1.87	$1.44	$0.62	$0.73	$0.81	$0.89	$0.91	$0.15	$0.26	($0.08)	($0.32)	($7.67)	$1.11	$1.78	$0.76	$0.40	$0.13
Basic shares outstanding	150	149	147	145	143	141	141	146	153	156	157	195	220	215	213	213	210	201	178	137	117	116	115	111	81	77	59	71	40	43
Margins
Gross margin	15.5%	15.0%	14.8%	14.1%	14.8%	15.0%	14.8%	13.2%	13.2%	13.1%	13.3%	12.2%	15.1%	15.4%	15.8%	13.4%	16.2%	16.7%	15.8%	15.4%	–	–	11.2%	12.2%	13.5%	20.5%	25.2%	25.8%	22.0%	26.9%
Operating margin	6.2%	5.7%	5.7%	5.4%	5.1%	5.1%	5.5%	4.6%	4.8%	4.0%	4.2%	3.1%	5.5%	7.4%	7.9%	4.6%	6.7%	7.3%	7.6%	6.4%	6.1%	3.7%	0.6%	1.0%	(8.9%)	9.6%	14.0%	13.3%	10.1%	7.3%
Net margin	4.0%	3.6%	3.8%	3.6%	2.9%	3.7%	4.0%	3.3%	2.6%	3.3%	2.6%	4.1%	3.8%	6.3%	5.2%	3.2%	4.2%	4.9%	4.2%	4.7%	0.8%	1.6%	(0.6%)	(2.1%)	(35.4%)	4.3%	5.9%	5.8%	4.9%	3.3%

Analyst consensus

Buy36 analysts

Bearish · 0 · Hold · 9 · Bullish · 27

Earnings history

	EPS	Estimate
Q3 2024	$2.72	$2.68	Beat
Q4 2024	$2.94	$2.62	Beat
Q1 2025	$1.78	$1.67	Beat
Q2 2025	$2.48	$2.44	Beat
Q3 2025	$3.33	$3.25	Beat
Q4 2025	$3.16	$3.02	Beat
Q1 2026	$2.68	$2.04	Beat
Q2 2026	$4.24	$3.31	Beat

Peers

Company overview

IPO dateFeb 12, 1998

CEOEarl C. Austin Jr.

Employees69,500

SectorIndustrials

IndustryEngineering & Construction

CountryUS

ExchangeNew York Stock Exchange

Websitewww.quantaservices.com

Quanta Services, Inc. is a global provider of specialized contracting solutions. The company operates through three main business segments: The Electric Power Infrastructure Solutions division is dedicated to designing, procuring, constructing, upgrading, repairing, and maintaining critical infrastructure for electric power transmission, distribution networks, and substation facilities. This includes executing projects on live electrical systems for installation, upkeep, and modernization, as well as integrating advanced smart grid technologies. The segment also handles commercial and industrial wiring from design through repair. Furthermore, it furnishes aviation services, vital emergency restoration support, and various other engineering and technical assistance. Quanta Services extends its design and construction expertise to the telecommunications sector, serving wireline and wireless carriers, cable multi-system operators, and other clients. Professional development programs for electric utility personnel, as well as those in gas distribution and telecommunications, are also offered. The Renewable Energy Infrastructure Solutions segment concentrates on the full lifecycle of renewable energy assets. This encompasses engineering, procurement, construction, modernization, repair, and maintenance for facilities generating power from wind, solar, and hydroelectric sources, alongside battery storage systems. Additionally, it delivers engineering and construction for associated substations, switchyards, transmission lines, and other electrical infrastructures integral to renewable projects. The Underground Utility and Infrastructure Solutions division furnishes comprehensive services covering the design, engineering, construction, enhancement, repair, and ongoing maintenance of systems for transporting, distributing, storing, and processing natural gas, oil, and various other commodities. This includes the fabrication of essential pipeline support structures and related facilities. The segment is also responsible for the engineering and construction of extensive pipeline networks, storage facilities, and crucial compressor and pump stations. Originally incorporated in 1997 as Fabal Construction, Inc., the company adopted the name Quanta Services, Inc. in November of that year and maintains its corporate headquarters in Houston, Texas.

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