PWR stock forecast, quote, news & analysis

Key Takeaways

• Quanta Services reported Q4 2025 revenues of $7.84 billion, up 20% year-over-year and beating consensus estimates of $7.28-$7.38 billion.
• Adjusted diluted EPS reached a record $3.16, surpassing expectations of $3.00 by 5.4% and up 7.5% from $2.94 in Q4 2024.
• Total backlog hit a record $44.0 billion at year-end, with Electric Infrastructure Solutions segment driving growth amid accelerating demand.
• Full-year 2025 revenues were a record $28.48 billion, up 20%, with adjusted EPS of $10.75, up 20% year-over-year.
• 2026 guidance projects double-digit revenue growth to $33.25-$33.75 billion and adjusted EPS of $12.65-$13.35, implying over 20% growth.
• Stock rose over 4% post-earnings, reflecting investor confidence in results and outlook.

Earnings Context and Why It Matters

Quanta Services' fourth quarter and full-year 2025 earnings underscore its leadership in infrastructure services amid surging demand for electrification, renewable energy, and data centers. The company capped a transformative year with record revenues and backlog, fueled by the Electric Infrastructure Solutions segment, which accounted for 82% of Q4 revenues. Investors watch closely as Quanta benefits from utility investments, power generation, and large-load projects, positioning it centrally in the energy transition. Strong execution, strategic acquisitions, and robust free cash flow generation highlight operational resilience in a capital-intensive sector, making this report pivotal for gauging sustained growth in critical infrastructure markets.

Reported Results

Quanta Services delivered standout fourth quarter results for the period ended December 31, 2025. Revenues climbed 19.7% year-over-year to $7.84 billion, exceeding consensus estimates of approximately $7.28-$7.38 billion. Adjusted diluted EPS hit a record $3.16, up from $2.94 in Q4 2024 and topping expectations of $3.00 by 5.4%. GAAP diluted EPS was $2.08.

The Electric Infrastructure Solutions segment generated $6.43 billion in revenues (up 19%) with a 10.8% operating margin, while Underground and Infrastructure Solutions posted $1.41 billion (up 21%) at 7.7% margin. Year-end total backlog reached a record $43.98 billion, up from $34.54 billion, with remaining performance obligations (RPO) at $23.76 billion. Full-year revenues were $28.48 billion (up 20%), with adjusted EPS of $10.75.

Guidance for full-year 2026 anticipates revenues of $33.25-$33.75 billion, adjusted diluted EPS of $12.65-$13.35, and adjusted EBITDA of $3.34-$3.50 billion, signaling double-digit growth across key metrics.

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Market Reaction and Investor Sentiment

Quanta Services' shares surged following the February 19, 2026, earnings release, climbing over 4% intraday and up to 5.9% in pre-market to around $550, surpassing the prior 52-week high of $544.71. The positive response stemmed from beats on revenue and EPS, record backlog, and upbeat 2026 guidance implying over 20% EPS growth. Investors interpreted the results as validation of accelerating Electric segment demand, with sentiment bolstered by strong cash flows and acquisition integrations. Trading volume spiked, reflecting broad confidence in Quanta's execution and infrastructure tailwinds.

Forward Outlook and Key Factors to Monitor

Quanta Services enters 2026 with momentum from a record $44 billion backlog, particularly in Electric Infrastructure Solutions at $36.2 billion, signaling multi-year visibility amid utility modernization, renewables, and data center expansion. Full-year guidance projects 17% revenue growth to $33.25-$33.75 billion, driven by organic demand and contributions from eight 2025 acquisitions, including Q4 deals like Tri-City, Wilson, and Billings, expected to add $0.40-$0.50 to adjusted EPS.

Investors should track Electric segment margins, which held at 10.3% for 2025 despite mix shifts; improvements via scale and vertical integration will be key. Underground and Infrastructure margins rose to 7.3%, warranting monitoring for sustained gains. Free cash flow guidance of $1.55-$2.05 billion supports capital allocation, including dividends, buybacks, and further M&A.

Broader dynamics include policy support for grid upgrades, though supply chain pressures and labor availability pose risks. Backlog conversion, RPO growth to $23.8 billion, and end-market demand signals—especially power generation and large industrial loads—will shape execution. Quarterly updates on project awards and segment performance remain critical as Quanta targets record backlog and double-digit earnings expansion.

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