Quanta Services Inc
quantaservices.comWhat Do They Do?
Builds and maintains electric grids, power generation facilities and electrical systems for utilities, power developers, and technology and industrial companies. Also builds and repairs gas utility, pipeline and industrial infrastructure.
10-K for FY2025, filed Feb 19, 2026Our Electric segment provides comprehensive services primarily for the electric power grid, power generation and large load center markets.…View ↗
design, procurement, new construction, upgrade and repair and maintenance services for electric power transmission and distribution…View ↗
Our Underground and Infrastructure segment provides comprehensive infrastructure solutions to customers involved in the transportation…View ↗
design, engineering, procurement, new construction, upgrade and repair and maintenance services for natural gas systems for gas utility…View ↗
How Do They Make Money?
Customers pay for construction, repair and maintenance work through contracts priced per unit, by costs plus a margin, or as a fixed amount. Quanta generally bills periodically as work progresses or at project milestones; some contracts allow upfront billing.
10-K for FY2025, filed Feb 19, 2026Quanta’s services include the design, new construction, upgrade and repair and maintenance of infrastructure primarily in the electric and…View ↗
With respect to Quanta’s contracts, interim payments are typically received as work progresses in accordance with agreed-upon contractual…View ↗
Conversely, contract liabilities represent billings in excess of revenues. These arise under certain contracts that allow for upfront…View ↗
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10-K for FY2025, filed Feb 19, 2026
FY2025 revenue by reportable segment ↗
$28.5B
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10-K for FY2025, filed Feb 19, 2026
$28.5B ↗
| Segment | Share | Revenue |
|---|---|---|
|
Electric
|
81%
FY2022: 52%
|
Electric, FY2025
$23B Sources
|
|
Underground and Infrastructure
|
19%
FY2022: 26%
|
Underground and Infrastructure, FY2025
$5.5B Sources
|
Who Are Their Customers?
Serves utilities and power developers, energy and industrial companies, and technology, manufacturing and communications operators. Work is performed under customer contracts, including long-term maintenance agreements and strategic alliances.
10-K for FY2025, filed Feb 19, 2026The performance of our business generally depends on our ability to obtain contracts with customers and to effectively deliver the services…View ↗
Our customers include utility, power developer, technology, communications, and energy delivery companies, as well as governmental…View ↗
Utility and Power - Customers that are electric and gas utility companies, as well as power developers; Energy and Other - Customers that…View ↗
We believe utility, power developer, technology, communications, and energy delivery company customers provide us with growth opportunities…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 4 cents of every revenue dollar as net income in FY2025 and turned 6 cents into free cash flow.
10-K for FY2025, filed Feb 19, 2026
$1.6BView ↗
10-K for FY2025, filed Feb 19, 2026
$1BView ↗
10-K for FY2025, filed Feb 19, 2026
$1.6BView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Jul 30, 2026
$451.4MView ↗
- ▲ +97%
- vs $229.3M in Q2 FY2025
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Jul 30, 2026
Raised 2026 financial expectations and completed four acquisitions
Quanta raised its full-year expectations and said it completed acquisitions of Phalcon, Enerfab, Percheron and PSD.
Sources
8-K, filed Jul 30, 2026
Significantly Increasing 2026 Financial Expectations Across All MetricsView ↗
Growing. Revenue grew 2.2x in 4 years, from $13B in FY2021 to $28.5B in FY2025, about 22% a year.
Large-load-center work
The older report describes electric-grid, communications and renewable-generation services and gas and pipeline work. The latest also describes electrical systems for data centers and advanced manufacturing, and turnkey mechanical, plumbing and process work for large load centers.
10-K for FY2022, filed Feb 23, 2023 10-K for FY2025, filed Feb 19, 2026Our Electric Power Infrastructure Solutions segment provides comprehensive services for the electric power and communications markets.…View ↗
design, procurement, new construction, upgrade and repair and maintenance services for electric power transmission and distribution…View ↗
Our Underground Utility and Infrastructure Solutions segment provides comprehensive infrastructure solutions to customers involved in the…View ↗
design, engineering, procurement, new construction, upgrade and repair and maintenance services for natural gas systems for gas utility…View ↗
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