Quanta Services
PWR · NYSEElectrical Work · Fiscal year ends Dec 31
Quanta Services reported revenue of $28.5B in the fiscal year ended Dec 2025, up 20.3% from the year before. Operating income was $1.6B, an operating margin of 5.7%, and net income was $1B. Operating cash flow of $2.2B less capital expenditure of $609M left free cash flow of $1.6B. Net debt was $5.6B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $13B | $17.1B | $20.9B | $23.7B | $28.5B |
| Cost of revenue | $11B | $14.5B | $17.9B | $20.2B | $24.2B |
| Gross profit | $2B | $2.5B | $2.9B | $3.5B | $4.3B |
| Selling, general & admin | $1.2B | $1.3B | $1.6B | $1.8B | $2.2B |
| Operating income | $664M | $872M | $1.1B | $1.3B | $1.6B |
| Interest expense | $69M | $124M | $187M | $203M | $261M |
| Pre-tax income | $623M | $704M | $970M | $1.2B | $1.4B |
| Income tax | $131M | $192M | $219M | $285M | $348M |
| Net income | $486M | $491M | $745M | $905M | $1B |
| Diluted EPS | 3.34 | 3.32 | 5.00 | 6.03 | 6.80 |
| Diluted shares | 145M | 148M | 149M | 150M | 151M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $229M | $429M | $1.3B | $742M | $440M |
| Receivables | $3.4B | $3.7B | $4.4B | $5.2B | $6.8B |
| Inventory | $85M | $103M | $176M | $260M | $370M |
| Current assets | $4.7B | $5.5B | $7.7B | $7.9B | $9.9B |
| Goodwill | $3.5B | $3.6B | $4B | $5.3B | $7.3B |
| Total assets | $12.9B | $13.5B | $16.2B | $18.7B | $24.9B |
| Deferred revenue | $803M | $1.1B | $1.5B | $2.1B | $3.3B |
| Current liabilities | $3.2B | $3.4B | $5.2B | $6B | $8.7B |
| Short-term debt | $13M | $37M | $535M | $63M | $764M |
| Long-term debt | $3.7B | $3.7B | $3.7B | $4.1B | $5.2B |
| Total liabilities | $7.7B | $8.1B | $10B | $11.4B | $15.9B |
| Shareholders' equity | $5.1B | $5.4B | $6.3B | $7.3B | $8.9B |
| Backlog (remaining obligations) | $5.9B | $8.8B | $13.9B | $16.8B | $23.8B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $582M | $1.1B | $1.6B | $2.1B | $2.2B |
| Capital expenditure | $386M | $428M | $435M | $604M | $609M |
| Free cash flow | $197M | $703M | $1.1B | $1.5B | $1.6B |
| Depreciation & amortisation | $256M | $291M | $325M | $359M | $412M |
| Stock-based compensation | $88M | $106M | $127M | $151M | $182M |
| Acquisitions | $2.5B | $195M | $652M | $1.7B | $3.1B |
| Share buybacks | $67M | $128M | $350,000 | $0 | $135M |
| Dividends paid | $34M | $41M | $48M | $54M | $60M |
| Dividend per share | 0.25 | 0.29 | 0.33 | 0.37 | 0.41 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 31.5% | 22.3% | 13.4% | 20.3% |
| Operating income growth (YoY) | – | 31.4% | 29.3% | 19.4% | 19.7% |
| EPS growth (YoY) | – | −0.6% | 50.6% | 20.6% | 12.8% |
| Gross margin | 15.0% | 14.8% | 14.1% | 14.8% | 15.0% |
| Operating margin | 5.1% | 5.1% | 5.4% | 5.7% | 5.7% |
| Net margin | 3.7% | 2.9% | 3.6% | 3.8% | 3.6% |
| Return on equityBlank when equity is negative | 9.5% | 9.1% | 11.9% | 12.4% | 11.5% |
| ROCEEBIT ÷ (assets − current liabilities) | 6.8% | 8.7% | 10.2% | 10.6% | 9.9% |
| Free cash flow margin | 1.5% | 4.1% | 5.5% | 6.2% | 5.7% |
| Cash conversion (CFO ÷ net income) | 1.20x | 2.30x | 2.12x | 2.30x | 2.17x |
| Receivable days | 96 | 79 | 77 | 80 | 88 |
| Inventory days | 3 | 3 | 4 | 5 | 6 |
| Interest cover | 9.63x | 7.01x | 6.03x | 6.64x | 6.16x |
| Debt ÷ equity | 0.73x | 0.69x | 0.67x | 0.57x | 0.67x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $3.5B | $3.3B | $2.9B | $3.4B | $5.6B |
| Current ratio | 1.50x | 1.63x | 1.47x | 1.30x | 1.14x |
Recent filings
More in Electrical Work
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.