QUANTA SERVICES REPORTS FOURTH QUARTER AND FULL-YEAR 2025 RESULTS

Core Insights - Quanta Services reported strong financial results for Q4 2025 and full-year 2025, with significant year-over-year growth in revenue and adjusted EBITDA, achieving record results across multiple key financial metrics [1][2] - The company anticipates double-digit growth in revenues, net income, and adjusted EBITDA for full-year 2026, with a projected EPS growth of over 20% [1][2] - Quanta's backlog reached an all-time high of $44.0 billion, driven by strong demand in the Electric segment and sustained activity across end markets [1][2] Financial Performance - Q4 2025 revenues were $7.84 billion, up from $6.55 billion in Q4 2024, with net income attributable to common stock at $315.5 million, or $2.08 per diluted share, compared to $305.1 million, or $2.03 per diluted share, in Q4 2024 [1][2] - Full-year 2025 revenues totaled $28.48 billion, an increase from $23.67 billion in 2024, with net income attributable to common stock of $1.03 billion, or $6.80 per diluted share, compared to $904.8 million, or $6.03 per diluted share, in 2024 [1][2] Segment Performance - Quanta operates under two reportable segments: Electric Infrastructure Solutions and Underground Utility and Infrastructure Solutions, with the Electric segment contributing significantly to overall revenues [6][7] - For Q4 2025, the Electric segment generated revenues of $6.43 billion, accounting for 82% of total revenues, while the Underground segment contributed $1.41 billion, representing 18% [6][7] Acquisitions - In Q4 2025, Quanta completed the acquisition of Tri-City Group, Wilson Construction Company, and Billings Flying Service for approximately $1.73 billion, enhancing its capabilities in electrical infrastructure services [2][3] - These acquisitions are expected to contribute approximately $0.40-$0.50 to adjusted EPS in 2026, primarily within the Electric segment [2][3] 2026 Guidance - For full-year 2026, Quanta expects revenues between $33.25 billion and $33.75 billion, with net income attributable to common stock ranging from $1.27 billion to $1.38 billion [2][3] - The company projects diluted EPS to be between $8.36 and $9.06, and adjusted diluted EPS to range from $12.65 to $13.35 [2][3]