Short answer
Quanta Services (PWR) filed its fiscal 2025 10-K annual report with the SEC on Feb 19, 2026. It reported revenue of $28.5B (+20.3% year over year) and net income of $1.0B.
- Top risk flagged: Regulatory risk from potential delays under environmental restrictions or regulatory processes affecting larger transmission and pipeline projects
FY2025 key financial metrics · XBRL
- Revenue
- $28.5B
- +20.3% YoY
- Net income
- $1.0B
- +13.7% YoY
- Operating margin
- 5.7%
- −0.0 pp YoY
- Gross margin
- 15.0%
- +0.2 pp YoY
- EPS (diluted)
- $6.80
- +12.8% YoY
- ROE
- 11.5%
- −0.9 pp YoY
- Operating cash flow
- $2.2B
- +7.1% YoY
Source: XBRL data from the Quanta Services (PWR) FY2025 10-K on SEC EDGAR. USD.
Quanta Services FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: labor-intensive infrastructure services focused on electric, underground, and other infrastructure projects
- Increased emphasis on managing elevated insurance costs and risks due to climate-driven natural disasters and wildfire liabilities
- Strategic focus on workforce management amid skilled labor shortages and rising labor costs driven by inflation and union agreements
- Top 10 customers accounted for 30% of revenue for fiscal 2025, highlighting customer concentration risk
- Noteworthy climate impact risks causing potential project delays, legal liabilities, and insurance cost increases for the first time highlighted in detail
Management Discussion & Analysis
- Revenue and operating income increased YoY in 2025 vs 2024 in both Electric and Underground segments (no specific $ revenue disclosed)
- Net cash from operations $2.23B, up 7.1% YoY; $3.30B cash used for acquisitions and investments
- Repurchases of $134.6M stock, dividends paid $60.4M, available liquidity $2.86B end of 2025
- Electric segment driven by grid modernization and renewable demand; Underground segment growth from pipeline and mechanical infrastructure services
- Issued $1.50B senior notes in Aug 2025 to repay borrowings; forecast risks include supply chain, regulatory uncertainty, project delays
Risk Factors
- Regulatory risk from potential delays under environmental restrictions or regulatory processes affecting larger transmission and pipeline projects
- Macroeconomic threat from fluctuations in customer capital spending and access to capital impacting demand for services across regions
- Operational risk of underutilized workforce and equipment capacity maintained to secure readiness for larger projects
- Market disruption from competitors aggressively pursuing smaller, less complex projects, pressuring margins on those service segments
- Financial risk from fixed-price contracts on large projects exposing company to losses or reduced profit from execution uncertainties
Generated from the filing text; verify against the original. How to read a 10-K
Ask about this 10-K
Compare years, dig into a risk factor or check the numbers against insider trades and fund holders.