Core Insights - High-rolling investors are taking a bearish position on Quanta Services (NYSE:PWR), indicating potential insider knowledge or significant market sentiment shifts [1] - The sentiment among major traders shows 25% bullish and 62% bearish, with a notable disparity in options trades [2] - The trading volumes and open interest suggest a price target range for Quanta Services between $300.0 and $480.0 over the last three months [3] Options Activity - Recent options activity includes 8 trades, with one put option valued at $55,200 and seven call options totaling $399,000, indicating a mixed sentiment [2] - Noteworthy options trades include a bearish call for a strike price of $450.00 and a bullish call for $480.00, reflecting diverse trader expectations [9] Company Overview - Quanta Services is a leading provider of specialty contracting services, focusing on infrastructure solutions for electric and gas utilities, communications, pipelines, and energy sectors in the U.S., Canada, and Australia [10] - The company operates under two segments: electric infrastructure and underground utility and infrastructure [10] Analyst Opinions - Analysts have set an average price target of $487.25 for Quanta Services, with varying ratings from different firms: JP Morgan maintains a Neutral rating at $436, Citigroup has a Buy rating at $517, Truist Securities at $521, and Stifel at $475 [12][13] Current Market Position - Quanta Services' stock price is currently at $439.97, down 1.94%, with a trading volume of 782,604 [15] - RSI indicators suggest that the stock may be approaching overbought conditions [15]

Core Insights - Quanta Services, Inc. (PWR) demonstrated strong performance in Q3 2025, with double-digit revenue growth and margin expansion, primarily driven by increased demand in its Electric segment as utilities and large-scale customers invest in power generation and grid modernization projects [1][3][9] Financial Performance - Adjusted EPS for Quanta was $3.33, reflecting a 22.4% year-over-year increase and surpassing the Zacks Consensus Estimate of $3.25, attributed to revenue scale, operating leverage, and acquisitions [3][9] - Total revenues reached $7.63 billion, a 17.6% increase year-over-year, exceeding the Zacks Consensus Estimate of $7.45 billion, driven by strong performance in Electric Infrastructure and Underground Utility segments [3][9] Margin Analysis - Gross margin improved to 15.9% from 15.6%, supported by effective project execution and scale benefits [4] - Adjusted EBITDA rose 25.7% year-over-year to $858.3 million, with an adjusted EBITDA margin of 11.2%, up from 10.5% [4] - Consolidated operating income increased to $517.2 million, a 20% year-over-year rise, with a margin of 6.8%, up 20 basis points from the previous year [4] Backlog and Demand - Quanta ended Q3 with a record backlog of $32.64 billion, up from $27.52 billion a year ago, indicating strong demand visibility [5] - Remaining performance obligations increased to $19.1 billion, further underscoring robust demand [5] Segment Performance - The Electric segment, accounting for 80.9% of total revenues, generated $6.17 billion, a 17.9% year-over-year increase, with an operating margin of 11.4% [6] - The Underground and Infrastructure segment contributed $1.46 billion in revenues, up 15.9% year-over-year, with a margin of 8.4% [7] Balance Sheet Overview - As of September 30, 2025, Quanta held $610.4 million in cash and cash equivalents, down from $742 million at the end of 2024, while long-term debt increased to $5.53 billion from $4.10 billion [10] - Free cash flow was reported at $726.3 million, a decrease from $979.3 million a year ago [10] Outlook - Quanta raised its full-year 2025 guidance, now expecting revenues between $27.8 billion and $28.2 billion, and adjusted EPS in the range of $10.33 to $10.83 [11]

Core Insights - Quanta Services reported strong quarterly results, beating both earnings and revenue expectations, with adjusted EPS of $3.33 and revenue of $7.63 billion, leading to a 2.1% increase in stock price and a new 52-week high [1][8] Financial Performance - Revenue increased by 17.5% year over year to $7.63 billion, primarily driven by the Electric segment, which generated $6.17 billion, up from $5.23 billion the previous year [2] - Gross profit rose 34.8% to $1.22 billion, indicating improved pricing power and operational leverage [2][8] - Operating income reached $517 million, a 21.4% increase, while net income was $293.2 million, up 15.8% [8] Segment Growth - The Electric segment was the main contributor to revenue growth, reflecting strong demand and operational execution [3][4] - Management raised 2025 revenue guidance, citing accelerating momentum in the Electric segment [3] Backlog and Future Outlook - The company has a record backlog of $39.2 billion, providing revenue visibility into 2026, which is approximately five times its annual revenue [4] - This backlog is primarily driven by Electric segment work, indicating sustained demand rather than a cyclical spike [4] Strategic Moves - Quanta completed the acquisition of Dynamic Systems, enhancing its Underground and Infrastructure capabilities and broadening service offerings [5] Cash Flow and Capital Management - Operating cash flow decreased by 23.8% to $563 million, while free cash flow was reported at $438 million, attributed to working capital timing and project phasing [6] - Capital expenditures fell by 33% to $142 million, reflecting disciplined capital allocation [7] - Cash on hand decreased to $610 million from $764 million, mainly due to acquisition activities and working capital needs [7]

Core Insights - Quanta Services, Inc. is a leading provider of infrastructure solutions in the electric power, renewable energy, and underground utility sectors, known for its diverse range of services including design, installation, and maintenance [1] - The company has demonstrated strong performance and positive analyst sentiment due to its strategic initiatives and market position [1] Price Target Trends - The consensus price target for Quanta Services has shown a notable upward trend, with the average price target rising from $442.75 three months ago to $470.33 last month, an increase of $27.58 [2] - A year ago, the average price target was $389.58, indicating a significant increase of $80.75 over the year, reflecting a strong upward trajectory in analyst expectations [3] - Analysts expect Quanta to outperform due to favorable earnings projections, positioning it as a key construction stock [3]

Financial Performance - Consolidated revenues for the three months ended September 30, 2025, increased by 17.5% to $7.63 billion compared to $6.49 billion in the same period of 2024[161] - Operating income for the same period rose by 20.0% to $517.2 million, up from $431.2 million in 2024[161] - Net income attributable to common stock for the three months ended September 30, 2025, was $339.4 million, reflecting a 15.8% increase from $293.2 million in 2024[161] - Revenues for the nine months ended September 30, 2025, increased by $3.52 billion, or 20.6%, to $20.64 billion compared to $17.12 billion in the same period of 2024[169] - Operating income for the nine months ended September 30, 2025, rose by $232.84 million, or 26.1%, to $1.13 billion, driven by a $359.16 million increase in the Electric segment[185] - Comprehensive income attributable to common stock increased by $182.1 million in the nine months ended September 30, 2025, primarily due to a $108.3 million increase in net income[177] - EBITDA for the nine months ended September 30, 2025, was $1,809,922 thousand, up from $1,451,226 thousand in the same period of 2024, reflecting a significant increase in operational performance[194] - Adjusted EBITDA for the nine months ended September 30, 2025, reached $2,030,975 thousand, compared to $1,593,323 thousand in the prior year[194] Segment Performance - The Electric segment saw a revenue increase of $938.1 million, while the Underground and Infrastructure segment experienced a $200.1 million revenue increase[161] - The Electric segment generated revenues of $16.57 billion for the nine months ended September 30, 2025, reflecting a $2.94 billion increase, or 21.6%, compared to the prior year[185] - The Underground and Infrastructure segment reported a revenue increase of $575.78 million, or 16.5%, totaling $4.06 billion for the nine months ended September 30, 2025[185] - Revenues for the Underground and Infrastructure segment increased by approximately $520 million due to acquired businesses and increased service demand[188] Backlog and Performance Obligations - As of September 30, 2025, remaining performance obligations and backlog were $20.97 billion and $39.17 billion, representing increases of 25.1% and 13.4% compared to December 31, 2024[151] - Remaining performance obligations as of September 30, 2025, totaled $13,449,837 thousand, indicating a strong backlog for future revenue generation[198] - The total backlog as of September 30, 2025, was $22,310,027 thousand, reflecting an increase from $19,771,937 thousand at the end of 2024[198] - MSAs accounted for 38% of the estimated 12-month backlog as of September 30, 2025, indicating a stable revenue stream from existing contracts[197] Expenses and Costs - Selling, general and administrative expenses increased by 18.4% to $572.9 million compared to $483.9 million in 2024[161] - Selling, general and administrative expenses increased by $276.70 million, or 21.0%, to $1.60 billion for the nine months ended September 30, 2025, largely due to costs related to recently acquired businesses[169] - Interest and other financing expenses increased by $39.35 million, or 26.9%, to $185.70 million for the nine months ended September 30, 2025, primarily due to higher fixed-rate debt balances[174] - Corporate and non-allocated costs increased by $88.8 million due to higher intangible asset amortization and compensation expenses, impacting overall profitability[191] Cash Flow and Financing - Net cash provided by operating activities for the nine months ended September 30, 2025, was $1.10 billion, a 19% decrease from the same period in 2024[149] - Net cash provided by operating activities for the nine months ended September 30, 2025, is $1.10 billion, a decrease from $1.37 billion in the same period of 2024[208] - Net cash used in investing activities for the nine months ended September 30, 2025, is $2.29 billion, compared to $2.13 billion in 2024, with $1.78 billion related to acquisitions[210] - The company issued $1.50 billion in senior notes in August 2025, with net proceeds of $1.48 billion used to repay outstanding borrowings[150] - The company plans to continue utilizing cash for financing activities, including debt repayments and stock repurchases[214] Acquisitions and Market Position - The acquisition of Cupertino Electric Inc. in 2024 has driven increased demand for electrical design and installation solutions, particularly in the technology and data center sectors[147] - The company completed five acquisitions during the nine months ended September 30, 2025, with a total cash consideration of $1.78 billion[201] - The company anticipates sufficient cash flows from operations and existing liquidity to meet cash requirements for the next twelve months[203] Tax and Ratings - The effective income tax rate for the nine months ended September 30, 2025, was 25.2%, up from 22.5% in the prior year, mainly due to a lower tax benefit from equity incentive awards[176] - Moody's revised the company's Baa3 investment grade ratings outlook from stable to positive in July 2025[207] Risk and Liquidity - Days sales outstanding (DSO) as of September 30, 2025, is 66 days, slightly higher than 65 days in 2024 but lower than the five-year historical average of 75 days[209] - As of September 30, 2025, the total capacity available for revolving loans and credit support is $2.80 billion, with available commitments for revolving loans at $2.73 billion after accounting for outstanding letters of credit of $65.6 million[205] - Cash and cash equivalents amount to $610.4 million, including $287.4 million held outside the U.S., primarily in Australia[205] - There were no material changes to the company's market risk disclosures during the nine months ended September 30, 2025, with primary exposure related to interest rates and currency exchange rates[216]

Financial Data and Key Metrics Changes - Quanta Services reported revenues of $7.6 billion for Q3 2025, with a net income of $339 million, translating to $2.24 per diluted share. Adjusted diluted earnings per share were $3.33, and adjusted EBITDA was $858 million [12][14] - The company raised its full-year revenue expectations to a range of $27.8 billion to $28.2 billion, alongside an increase in free cash flow expectations to $1.5 billion at the midpoint [12][14] - The record backlog reached $39.2 billion, reflecting strong demand and operational momentum [7][12] Business Line Data and Key Metrics Changes - The Total Solutions platform was expanded to address growing generation and infrastructure needs, particularly in renewable energy and battery storage solutions [9][10] - The company emphasized its integrated solution-based model, combining craft labor with engineering and technology to deliver comprehensive infrastructure solutions [8][9] Market Data and Key Metrics Changes - Quanta Services is positioned to capitalize on a generational investment cycle in critical infrastructure, driven by increased demand for resilient grids and expanded generation capabilities [9][10] - The company noted robust activity across its end markets, particularly in the electric segment, which is experiencing accelerating demand [7][9] Company Strategy and Development Direction - The strategy focuses on delivering certainty to customers, investing in talent and technology, and expanding addressable markets through disciplined growth [10][14] - Quanta aims to lead in converging markets where utilities and industrial operators require scalable integrated solutions, reinforcing its reputation as a trusted partner [8][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving record backlog and double-digit earnings per share growth in 2026, supported by strong end-market momentum and consistent execution [10][14] - The management highlighted the importance of collaboration with clients to mitigate risks associated with larger projects, ensuring a balanced approach to project delivery [29][91] Other Important Information - The company issued $1.5 billion in notes to enhance liquidity and recapitalize the balance sheet, benefiting from a recent ratings upgrade [12][13] - Quanta's workforce remains a critical asset, with ongoing investments in craft skills and training to meet growing demand [100] Q&A Session Summary Question: Potential partnership with AEP for high-voltage transmission opportunities - Management confirmed ongoing collaboration with AEP but noted that none of the high-voltage projects are currently in backlog, emphasizing a cautious approach to ensure proper resource allocation [20][21] Question: Execution risks for larger Total Solutions jobs - Management reassured that they have built a strong partnership model to de-risk larger projects, focusing on collaborative planning and cost management [28][29] Question: Strategy between recurring services and discrete EPC project delivery - Management stated that the company maintains a balance between base business and larger projects, with a focus on long-term growth profiles [33][34] Question: Expansion into data center projects - Management indicated readiness to expand into data center construction, leveraging existing capabilities to provide comprehensive solutions [42][43] Question: Market opportunity for combined cycle gas turbines (CCGTs) - Management emphasized a selective approach to CCGT projects, focusing on total solutions rather than pursuing all available opportunities [56][57] Question: Margin profile for the Total Solutions platform - Management indicated that the margin profile for the new platform is expected to be in line or accretive compared to current electric power margins [84][85] Question: M&A focus to complement craft labor pool - Management clarified that acquisitions are strategically focused on filling gaps rather than increasing capacity, with ongoing efforts to enhance the vertical supply chain [93][94] Question: Scarcity of skilled trades impacting growth - Management acknowledged challenges in recruiting for specific trades, particularly inside wiremen, and highlighted ongoing investments in training and workforce development [100][101]

Financial Data and Key Metrics Changes - Quanta Services reported revenues of $7.6 billion for Q3 2025, with a net income of $339 million, translating to $2.24 per diluted share. Adjusted diluted earnings per share were $3.33, and adjusted EBITDA was $858 million [14][15] - The company raised its full-year revenue expectations to a range of $27.8 to $28.2 billion and free cash flow expectations to $1.5 billion at the midpoint, driven by a healthy free cash flow of $438 million during the quarter [14][15] Business Line Data and Key Metrics Changes - The electric segment showed accelerating demand, contributing to double-digit growth in revenue, adjusted EBITDA, and adjusted EPS compared to the prior year [8][14] - The Total Solutions power generation platform was expanded, leveraging capabilities in renewable energy and battery energy storage solutions [10][11] Market Data and Key Metrics Changes - Quanta Services has a record backlog of $39.2 billion, reflecting robust activity across end markets and positive momentum heading into 2026 [8][14] - The company is positioned to capitalize on a generational investment cycle in critical infrastructure, driven by increased demand for resilient grids and expanded generation and storage [10][11] Company Strategy and Development Direction - The company aims to deliver certainty to customers, invest in talent and technology, and expand addressable markets through disciplined strategic growth [11][16] - Quanta's integrated solution-based model differentiates its platform by combining craft labor with engineering, technology, and program management expertise [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving record backlog and another year of double-digit earnings per share growth in 2026, supported by strong execution and market momentum [11][16] - The management highlighted the importance of collaboration with clients to mitigate risks associated with larger projects [30][31] Other Important Information - The company issued $1.5 billion of notes to enhance liquidity and recapitalize the balance sheet, benefiting from a recent ratings upgrade [15] - Quanta Services is focused on maintaining its investment-grade rating while strategically deploying capital [15] Q&A Session Summary Question: Potential partnership with AEP for high-voltage transmission opportunities - Management confirmed a long-standing relationship with AEP and indicated ongoing discussions, but noted that none of the high-voltage projects are currently in backlog [21][22] Question: Execution risks for larger Total Solutions jobs - Management emphasized a collaborative approach with clients to de-risk projects and ensure favorable terms [29][30] Question: Strategy between recurring services and discrete EPC project delivery - Management stated that the company maintains a balance between base business and larger projects, expecting to stack large projects on top of the base [35][36] Question: Expansion into data center construction - Management expressed confidence in their ability to build comprehensive data center solutions, leveraging existing capabilities [45][46] Question: Market opportunity for combined cycle gas plants - Management indicated a selective approach to pursuing combined cycle gas plants, focusing on total solutions rather than one-off projects [57][58] Question: Margin profile for the Total Solutions power generation platform - Management stated that the margin profile for the new platform is in line or accretive compared to current electric power margins [87][88] Question: M&A focus to complement craft labor pool - Management clarified that acquisitions are strategic and aimed at filling gaps rather than increasing capacity [96][97] Question: Scarcity of skilled trades impacting growth - Management acknowledged scarcity in certain trades, particularly inside wiremen, and emphasized ongoing investment in workforce development [102][103]

Financial Data and Key Metrics Changes - Quanta Services reported revenues of $7.6 billion for Q3 2025, with a net income of $339 million, translating to $2.24 per diluted share. Adjusted diluted earnings per share were $3.33, and adjusted EBITDA was $858 million [12][14] - The company raised its full-year revenue expectations to a range of $27.8 to $28.2 billion and free cash flow expectations to $1.5 billion at the midpoint, driven by a healthy free cash flow of $438 million during the quarter [12][14] - The record backlog reached $39.2 billion, reflecting strong demand and operational performance [7][12] Business Line Data and Key Metrics Changes - The electric segment showed accelerating demand, contributing significantly to the overall revenue growth [7][9] - The Total Solutions power generation platform was expanded, focusing on integrated solutions for power generation and infrastructure needs [9][10] Market Data and Key Metrics Changes - The company is positioned to capitalize on a generational investment cycle in critical infrastructure, driven by increased demand for resilient grids and expanded generation capabilities [9][10] - The renewable energy and battery storage sectors are experiencing significant growth, with a strong backlog in solar and storage projects [68] Company Strategy and Development Direction - Quanta Services aims to deliver certainty to customers, invest in talent and technology, and expand addressable markets through disciplined strategic growth [10][14] - The integrated solution-based model differentiates Quanta, combining craft labor with engineering and technology expertise [8][9] - The company is focused on building long-term partnerships rather than traditional contractor relationships, enhancing customer collaboration [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving record backlog and double-digit earnings per share growth in 2026, supported by strong end-market momentum and consistent execution [10][14] - The management highlighted the importance of addressing customer needs and adapting to market changes, particularly in the energy and infrastructure sectors [9][10] Other Important Information - The company issued $1.5 billion in notes to enhance liquidity and recapitalize the balance sheet, benefiting from a recent ratings upgrade [12][13] - The acquisition of Dynamic Systems is expected to enhance mechanical construction capabilities and expand service offerings [117] Q&A Session Summary Question: Potential partnership with AEP for high-voltage transmission - Management confirmed ongoing collaboration with AEP but noted that none of the 765 capabilities are currently in backlog, with discussions ongoing [19][20] Question: Execution risks for larger Total Solutions jobs - Management emphasized a collaborative approach to mitigate risks and ensure cost certainty for clients, stating that they are not taking risks on large projects [25][26] Question: Strategy between recurring services and discrete EPC projects - Management reiterated that the core strategy remains focused on craft skills and solution-based approaches, with a balance between base business and larger projects [30][31] Question: Expansion into data center construction - Management expressed confidence in their ability to build comprehensive data center solutions, leveraging existing capabilities and partnerships [42][43] Question: Joint venture with Zachry for power generation - Management clarified that the joint venture is a strategic move to expand service offerings while managing risks collaboratively [48][51] Question: Market opportunity for combined cycle gas plants - Management indicated a selective approach to market opportunities, focusing on total solutions rather than pursuing all available projects [56][57] Question: Demand for natural gas infrastructure - Management acknowledged ongoing discussions about infrastructure needs but emphasized a cautious approach to new projects [60][62] Question: Solar and storage backlog increase - Management confirmed significant growth in the solar and storage backlog, driven by strong demand and the ability to deliver integrated solutions [68][69] Question: Dynamic Systems acquisition integration - Management reported positive integration outcomes from the Dynamic Systems acquisition, enhancing mechanical construction capabilities [117][118]

Core Insights - Quanta Services reported quarterly earnings of $3.33 per share, exceeding the Zacks Consensus Estimate of $3.25 per share, and up from $2.72 per share a year ago [1] - The company achieved a revenue of $7.63 billion for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 2.45% and increasing from $6.49 billion year-over-year [3] Earnings Performance - The earnings surprise for the quarter was +2.46%, following a previous surprise of +2.06% in the last quarter [2] - Quanta Services has consistently surpassed consensus EPS estimates over the last four quarters [2] Stock Performance - Quanta Services shares have increased approximately 42% since the beginning of the year, significantly outperforming the S&P 500's gain of 17.2% [4] Future Outlook - The current consensus EPS estimate for the upcoming quarter is $3.06 on revenues of $7.35 billion, and for the current fiscal year, it is $10.58 on revenues of $27.8 billion [8] - The Zacks Rank for Quanta Services is 2 (Buy), indicating expectations for the stock to outperform the market in the near future [7] Industry Context - Quanta Services operates within the Zacks Engineering - R and D Services industry, which is currently ranked in the top 24% of over 250 Zacks industries [9] - The performance of Quanta Services may be influenced by the overall outlook for the industry [9]

Financial Performance - Third quarter consolidated revenues reached $7.6 billion, up from $6.49 billion in the same quarter of 2024, representing a year-over-year growth of approximately 17%[2] - Net income attributable to common stock for the third quarter was $339.4 million, or $2.24 per diluted share, compared to $293.2 million, or $1.95 per diluted share, in the prior year, reflecting a 15.7% increase in net income[2] - Adjusted EBITDA for the third quarter was $858.3 million, contributing to a record backlog of $39.2 billion, indicating strong demand in the Electric segment[2][3] - Revenues for Q3 2025 reached $7,631,408, a 17.5% increase from $6,493,167 in Q3 2024[26] - Gross profit for Q3 2025 was $1,216,434, up 20.2% from $1,012,570 in Q3 2024[26] - Net income attributable to common stock for Q3 2025 was $339,420, representing a 15.7% increase from $293,185 in Q3 2024[26] - Earnings per share (diluted) for Q3 2025 was $2.24, compared to $1.95 in Q3 2024, reflecting a 14.9% increase[26] - Operating income for Q3 2025 was $517,217, a 20% increase from $431,161 in Q3 2024[26] - Total revenues for the nine months ended September 30, 2025, were $20,637,749, a 20.5% increase from $17,119,373 in the same period of 2024[26] - The company reported a gross profit of $3,058,045 for the nine months ended September 30, 2025, up 24.9% from $2,447,395 in 2024[26] - Adjusted net income attributable to common stock for the nine months ended September 30, 2025, was $1.13 billion, compared to $0.89 billion for the same period in 2024[38] - Adjusted diluted earnings per share for the three months ended September 30, 2025, was $3.33, compared to $2.72 in 2024, reflecting a 22.5% increase[50] - EBITDA for the three months ended September 30, 2025, was $772,847, representing a 22% increase from $634,104 in 2024[50] Cash Flow and Expenditures - Year-to-date cash flow from operations totaled $1.1 billion, with free cash flow amounting to $726.3 million[2] - Free cash flow for the three months ended September 30, 2025, was $438,096, down from $539,470 in 2024, indicating a decrease of 18.7%[54] - Net cash provided by operating activities for the nine months ended September 30, 2025, was $1,102,405, a decrease of 19.5% from $1,369,181 in 2024[54] - Capital expenditures for the nine months ended September 30, 2025, totaled $415,560, down from $457,093 in 2024, a reduction of 9.1%[54] - Free cash flow for the full year 2025 is estimated to be between $1,300,000,000 and $1,700,000,000[68] - Net cash provided by operating activities is projected to range from $1,850,000,000 to $2,250,000,000 for the full year 2025[68] Future Projections - For the full year 2025, the company expects revenues between $27.8 billion and $28.2 billion, with net income projected between $987.1 million and $1.06 billion[12] - Adjusted diluted earnings per share for the full year 2025 are anticipated to range between $10.33 and $10.83, reflecting significant growth compared to previous periods[12] - Estimated adjusted net income attributable to common stock for the full year 2025 is projected to be between $1,562,600,000 and $1,637,400,000[60] - Estimated EBITDA for the full year 2025 is projected to be between $2,493,000,000 and $2,599,900,000[65] - Adjusted EBITDA for the full year 2025 is expected to range from $2,768,400,000 to $2,875,300,000[65] - Net income attributable to common stock (GAAP) is estimated to be between $987,100,000 and $1,061,900,000 for the full year 2025[65] Acquisitions and Market Expansion - Quanta completed five acquisitions in the first nine months of 2025, enhancing its operational capabilities and market reach[6] - The company has been selected by NiSource to provide power generation and grid infrastructure solutions capable of producing approximately 3 gigawatts of power for a large load customer[7][6] - The company is focused on expanding its total solutions platform to meet the growing demand for electricity driven by various sectors, including data centers and industrialization[6] Stock and Shareholder Returns - Quanta repurchased 538,559 shares of its common stock for $134.6 million, with approximately $365.1 million remaining under its stock repurchase program[8] - The weighted average diluted shares outstanding increased to 151,496 in Q3 2025 from 150,556 in Q3 2024[26] Segment Performance - Electric segment revenues accounted for 80.9% of total revenues in Q3 2025, generating $6.17 billion, compared to $5.23 billion in Q3 2024[30] - Operating income for the Electric segment was $703.84 million, with an operating margin of 11.4%, compared to $576.01 million and 11.0% in the prior year[30] - Remaining performance obligations for the Electric segment totaled $19.09 billion as of September 30, 2025, an increase from $15.65 billion at the end of 2024[37] - Total backlog increased to $39.17 billion as of September 30, 2025, compared to $34.54 billion at the end of 2024, reflecting a growth of 13.5%[37] - The Underground and Infrastructure segment generated revenues of $1.46 billion in Q3 2025, up from $1.26 billion in Q3 2024, representing a growth of 15.9%[30] Expenses and Costs - The provision for income taxes for Q3 2025 was $119,605, compared to $82,421 in Q3 2024, indicating an increase in tax expenses[26] - The company experienced a rise in selling, general and administrative expenses to $572,950 in Q3 2025, up from $483,878 in Q3 2024[26] - Corporate and non-allocated costs increased to $308.84 million in Q3 2025, compared to $238.81 million in Q3 2024, impacting overall operating income[30] - Acquisition and integration costs for the three months ended September 30, 2025, were $31,903, significantly higher than $7,053 in 2024[50] - Non-cash stock-based compensation for the nine months ended September 30, 2025, was $129,121, compared to $110,815 in 2024, reflecting a 16.5% increase[50] - Non-cash stock-based compensation is expected to be $177,200,000 for the full year 2025[65] - Acquisition and integration costs are projected to be $76,500,000 for the full year 2025[65] - Amortization of intangible assets is estimated to be $490,000,000 for the full year 2025[65]