Quanta Services reported third‑quarter 2025 revenue of $7.63 billion, a 17.5% year‑over‑year increase from $6.49 billion in Q3 2024. Adjusted earnings per share rose to $3.33, surpassing the consensus estimate of $3.26. Operating income reached $517.2 million, up 21.4% from $425.5 million in the same period last year, and gross margin expanded to 16.0% from 13.9%.
The Electric Infrastructure Solutions segment generated $6.17 billion in revenue, up 26.4% YoY, and delivered an operating margin of 11.4%. The Underground and Infrastructure segment reported $1.46 billion in revenue, up 5.2% YoY, with an operating margin of 8.4%. Quanta’s backlog hit a record $39.2 billion, reflecting sustained demand in its electric infrastructure business.
Full‑year 2025 revenue guidance was raised to a range of $27.8 billion to $28.2 billion, with a midpoint of $28 billion. The company reaffirmed its outlook for operating income and cash flow, citing continued project execution and cost‑control initiatives.
Quanta completed the acquisition of Dynamic Systems for approximately $1.35 billion in cash and $1.6 billion including earnouts. The deal expands Quanta’s underground and infrastructure capabilities and positions the company to serve high‑growth sectors such as semiconductor and healthcare.
NiSource selected Quanta to deliver a 3 GW power generation and grid infrastructure project. The project is structured as a joint venture with Zachry Group, in which Quanta holds a 50% ownership stake. Execution is expected to begin in 2026.
Management highlighted strong demand from data centers and manufacturing, effective cost controls that improved margins, and moderate supply‑chain constraints. The company emphasized its focus on integrating acquisitions and expanding its service portfolio to meet growing infrastructure needs.
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