Quanta Services Reports Record 2025 Results, Expects Continued Growth in 2026

Company highlights strong demand across utilities, power generation, and infrastructure markets

Published on Feb. 24, 2026

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Quanta Services (NYSE:PWR) reported record financial and operating results for 2025, with revenue of $28.5 billion, adjusted EBITDA of $2.9 billion, and adjusted diluted EPS of $10.75. The company issued an outlook for continued double-digit growth in 2026, citing strong demand across utilities, power generation, and large load-related infrastructure markets. Management emphasized multi-year structural drivers, including grid modernization and accelerating electricity consumption tied to data center growth.

Why it matters

Quanta Services is a leading specialty contractor in the electric power, pipeline, and communications infrastructure sectors. The company's strong performance and positive outlook reflect the growing demand for critical energy and communications network development, modernization, and maintenance, driven by factors like grid reliability, renewable energy integration, and the rise of data centers.

The details

Quanta reported record fourth-quarter 2025 revenue of $7.8 billion, adjusted EBITDA of $845 million, and adjusted diluted EPS of $3.16. The company also achieved record operating and free cash flow in the quarter. Management said year-end total backlog reached a record $44 billion, reflecting broad-based strength in grid reliability, power generation, and rising electricity consumption. Quanta completed eight acquisitions in 2025, including three significant transactions in the second half, to expand its capabilities in areas like technology, semiconductor, healthcare, and life sciences.

  • Quanta reported record full-year 2025 results on February 24, 2026.
  • The company issued its outlook for continued growth in 2026.

The players

Quanta Services, Inc.

A leading specialty contractor that provides comprehensive infrastructure solutions for the electric power, pipeline and energy, and communications markets.

Duke Austin

President and CEO of Quanta Services.

Jayshree Desai

CFO of Quanta Services.

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What they’re saying

“2025 marked 'another year of significant achievement,' with the company delivering record results and describing Quanta as a 'compounder of profitable growth'.”

— Duke Austin, President and CEO (transcriptdaily.com)

“Quanta's 2026 expectations call for continued double-digit growth in revenue, net income, and adjusted EBITDA, along with 'the opportunity to deliver over 20% growth in adjusted EPS'.”

— Jayshree Desai, CFO (transcriptdaily.com)

What’s next

Quanta expects to continue booking significant backlog in the data center market, which it sees as a decade-long growth opportunity. The company also anticipates booking more power generation backlog, though it will only pursue such work on a risk-adjusted basis.

The takeaway

Quanta's record results and positive outlook reflect the strong demand for critical energy and communications infrastructure development and modernization, driven by factors like grid reliability, renewable energy integration, and the rise of data centers. The company's strategic acquisitions and investments in its vertical supply chain and workforce are positioning it to capitalize on these long-term structural growth drivers.