Quanta Services reported strong fourth quarter and full-year 2025 results, driven by double-digit revenue and adjusted EBITDA growth, and record backlog. The company is well-positioned for continued double-digit earnings growth in 2026, supported by sustained demand across its end markets and strategic acquisitions.
Full-year 2025 revenues reached $28.48 billion, a 20.4% increase year-over-year.
positiveFull-year 2025 Adjusted EBITDA was $2.88 billion, up 23.6% year-over-year.
positiveYear-end total backlog reached a record $43.98 billion, up 32.7% year-over-year.
positiveFull-year 2025 Free Cash Flow was $1.67 billion, up 7.6% year-over-year.
positiveInventories increased from $260.2M in FY2024 to $370.4M in FY2025, a 42.3% increase, outpacing revenue growth.
attentionOperating margin in the Electric segment decreased from 12.1% in Q4 2024 to 10.8% in Q4 2025.
attentionCurrent maturities of long-term debt increased significantly from $62.7M in FY2024 to $763.9M in FY2025.
attentionCash and cash equivalents decreased from $742.0M in FY2024 to $439.5M in FY2025.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total |
|---|---|---|---|---|
Electric | N/A | — | — | — |
Underground and Infrastructure | N/A | — | — | — |
| Total Revenue | $0.00M | — | — | 100.0% |
Segment performance shows business unit health and growth drivers.
Quanta closed 2025 with another strong quarter, delivering double-digit year-over-year growth in revenue and adjusted EBITDA, while achieving record fourth-quarter and full-year results across multiple key financial metrics.
Backlog was exceptionally strong at a record $44.0 billion, reflecting accelerating demand in our Electric segment and sustained activity across our end markets, which positions us well heading into 2026.
These results underscore the strength of our portfolio, our differentiated solutions, and the deep expertise of our craft-skilled workforce—enabling us to deliver speed, certainty, and world-class execution as our customers modernize and expand critical infrastructure.
Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.
Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.