QUANTA SERVICES, INC.
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PWR Q4 2025 request
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Income Statement
| Metric | Q4 2025 | Q4 2024 | YoY |
|---|---|---|---|
| Revenue | 7,841,948 | 6,553,422 | +19.7% |
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| Underground and Infrastructure | 1,414,964 | 1,172,934 | +20.6% |
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| AU | 208,310 | 163,775 | +27.2% |
| CA | 294,456 | 246,496 | +19.5% |
| Others | 36,242 | 110,120 | -67.1% |
| US | 7,302,940 | 6,033,031 | +21.0% |
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| Revenue | 6,426,984 | 5,380,488 | +19.4% |
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| Integral Affiliates · Related Party | 29.4 | 51 | -42.4% |
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| Cost-plus contracts | 1,192,801 | 1,090,913 | +9.3% |
| Fixed Price Contract | 4,741,505 | 3,817,372 | +24.2% |
| Unit-price contracts | 1,907,642 | 1,645,137 | +16.0% |
| Cost of Revenue | 6,624,912 | 5,490,056 | +20.7% |
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| Integral Affiliates · Related Party | 134.2 | 108 | +24.3% |
| Gross Profit | 1,217,036 | 1,063,366 | +14.5% |
| Income Loss From Equity Method Investments Integral Unconsolidated Affiliates | 14,531 | 15,549 | -6.5% |
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| Income Loss From Equity Method Investments Integral Unconsolidated Affiliates | 14,531 | 15,549 | -6.5% |
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| Integral Unconsolidated Affiliates · Related Party | 14.5 | 15.6 | -7.1% |
| Selling, General & Administrative | -593,938 | -506,180 | -17.3% |
| Amortization Of Intangible Assets | -142,860 | -115,812 | -23.4% |
| Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1 | -9,840 | -4,200 | -134.3% |
| Operating Income | 484,929 | 452,723 | +7.1% |
| Interest Expense | -75,748 | -56,344 | -34.4% |
| Interest Income | 4,357 | 13,587 | -67.9% |
| Other Non-Operating Income (Expense) | 6,051 | 6,352 | -4.7% |
| Income Before Taxes | 419,589 | 416,318 | +0.8% |
| Income Tax Expense (Benefit) | 103,003 | 106,031 | -2.9% |
| Net Income | 316,586 | 310,287 | +2.0% |
| Net Income Loss Attributable To Noncontrolling Interest | 1,136 | 5,167 | -78.0% |
| Net Income | 315,450 | 305,120 | +3.4% |
| EPS (Basic) | 2.11 | 2.07 | +1.9% |
| EPS (Diluted) | 2.08 | 2.03 | +2.5% |
| Wtd Avg Shares (Basic) | 200 | 290 | -31.0% |
| Wtd Avg Shares (Diluted) | 163 | 145 | +12.4% |
| Comprehensive Income | 334,147 | 237,461 | +40.7% |
| Net Income Loss Available To Common Stockholders Basic | 315,450 | 305,120 | +3.4% |
Balance Sheet
| Metric | Q4 2025 | Q4 2024 | YoY |
|---|---|---|---|
| Current Assets | |||
| Cash & Cash Equivalents | 439,508 | 741,960 | -40.8% |
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| Held by Captive Insurance Company | 19,595 | 19,445 | +0.8% |
| Held by Domestic Joint Ventures | 63,620 | 71,646 | -11.2% |
| Held by Foreign Joint Ventures | 10,639 | 10,088 | +5.5% |
| Held by Joint Ventures | 74,259 | 81,734 | -9.1% |
| Not Held By Joint Ventures Or Captive Insurance Company | 345,654 | 640,781 | -46.1% |
| Accounts Receivable | 6,847,091 | 5,170,935 | +32.4% |
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| Integral Affiliates · Related Party | 165 | 133.3 | +23.8% |
| Contract With Customer Asset Net Current | 1,522,186 | 1,208,619 | +25.9% |
| Inventory | 370,372 | 260,181 | +42.4% |
| Prepaid Expenses & Other Current Assets | 724,260 | 469,338 | +54.3% |
| Total Current Assets | 9,903,417 | 7,851,033 | +26.1% |
| Non-Current Assets | |||
| Operating Lease Right-of-Use Assets | 400,814 | 299,895 | +33.7% |
| Other Non-Current Assets | 944,050 | 655,709 | +44.0% |
| Goodwill | 7,317,228 | 5,316,443 | +37.6% |
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| Electric | 5,133,696 | 4,473,087 | +14.8% |
| Underground and Infrastructure | 2,183,532 | 843,356 | +158.9% |
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| 2025 Acquisitions, Excluding Dynamic Systems | 993,574 | — | — |
| Dynamic Systems, LLC | 984,322 | — | — |
| Total Assets | 24,926,901 | 18,683,894 | +33.4% |
| Property, Plant & Equipment (Q) | — | — | — |
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| Non Us | 211.9 | 177.9 | +19.1% |
| Intangible Assets | 2,903,188 | 1,857,537 | +56.3% |
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| Curriculum | 4,457 | 5,140 | -13.3% |
| Customer Relationships | 2,059,832 | 1,300,507 | +58.4% |
| Developed Technology Rights | 2,273 | 2,554 | -11.0% |
| Noncompete Agreements | 34,268 | 10,136 | +238.1% |
| Order Or Production Backlog | 164,064 | 83,863 | +95.6% |
| Trade Names | 638,294 | 455,337 | +40.2% |
| Deferred Tax Assets | 92,448 | 63,103 | +46.5% |
| Other Assets | |||
| Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization | 3,455,204 | 2,700,277 | +28.0% |
| Intangible Assets Net Excluding Goodwill | 2,906,188 | 1,860,537 | +56.2% |
| Current Liabilities | |||
| Debt Current | 763,898 | 62,680 | +1118.7% |
| Operating Lease Liability Current | 114,377 | 94,162 | +21.5% |
| Accounts Payable And Accrued Liabilities Current | 4,579,458 | 3,722,343 | +23.0% |
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| Integral Affiliates · Related Party | 20.3 | 15.4 | +31.8% |
| Deferred Revenue (Current) | 3,258,465 | 2,149,328 | +51.6% |
| Total Current Liabilities | 8,716,198 | 6,028,513 | +44.6% |
| Commercial Paper (Q) | — | — | — |
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| Commercial Paper Program · Commercial Paper | 316,000 | — | — |
| Non-Current Liabilities | |||
| Operating Lease Liabilities | 309,671 | 222,359 | +39.3% |
| Deferred Tax Liabilities | 502,626 | 353,268 | +42.3% |
| Other Non-Current Liabilities | 1,139,524 | 650,281 | +75.2% |
Show Loss Contingencies By Nature Of Contingency breakouts |
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| Employer's Liability, Workers' Compensation, Auto Liability, General Liability and Group Health Care Claims | 334.6 | 263.3 | +27.1% |
| Total Liabilities | 15,899,027 | 11,354,177 | +40.0% |
| Long-Term Debt (Q) | — | — | — |
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| 2.35% Senior Notes due January 2032 · Senior Notes | 500,000 | 500,000 | 0.0% |
| 2.90% Senior Notes due October 2030 · Senior Notes | 1,000,000 | 1,000,000 | 0.0% |
| 3.05% Senior Notes due October 2041 · Senior Notes | 500,000 | 500,000 | 0.0% |
| 4.30% Senior Notes due August 2028 · Senior Notes | 500,000 | — | — |
| 4.50% Senior Notes due January 2031 · Senior Notes | 500,000 | — | — |
| 4.75% Senior Notes due August 2027 · Senior Notes | 600,000 | 600,000 | 0.0% |
| 5.10% Senior Notes due August 2035 · Senior Notes | 500,000 | — | — |
| 5.25% Senior Notes due August 2034 · Senior Notes | 650,000 | 650,000 | 0.0% |
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| Senior Notes | 4.71 | — | — |
| Other Liabilities | |||
| Long Term Debt And Capital Lease Obligations | 5,231,008 | 4,099,756 | +27.6% |
| Stockholders' Equity | |||
| Common Stock | 2 | 2 | 0.0% |
| Additional Paid In Capital Common Stock | 4,278,741 | 3,444,108 | +24.2% |
| Retained Earnings | 6,673,990 | 5,707,286 | +16.9% |
| Accumulated Other Comprehensive Income | -307,211 | -372,708 | +17.6% |
| Treasury Stock Common Value | -1,707,273 | -1,460,957 | -16.9% |
| Total Stockholders' Equity | 8,938,249 | 7,317,731 | +22.1% |
| Minority Interest | 89,625 | 11,986 | +647.7% |
| Stockholders Equity Including Portion Attributable To Noncontrolling Interest | 9,027,874 | 7,329,717 | +23.2% |
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| Accumulated Other Comprehensive Income | -307,211 | -372,708 | +17.6% |
| Additional Paid In Capital | 4,278,741 | 3,444,108 | +24.2% |
| Common Stock | 2 | 2 | 0.0% |
| Noncontrolling Interest | 89,625 | 11,986 | +647.7% |
| Parent | 8,938,249 | 7,317,731 | +22.1% |
| Retained Earnings | 6,673,990 | 5,707,286 | +16.9% |
| Treasury Stock Common | -1,707,273 | -1,460,957 | -16.9% |
| Total Liabilities & Equity | 24,926,901 | 18,683,894 | +33.4% |
Cash Flow Statement
| Metric | YTD Q4 2025 | YTD Q4 2024 | YoY |
|---|---|---|---|
| Operating Activities | |||
| Depreciation | 110,824 | 96,838 | +14.4% |
| Stock-Based Compensation | 52,826 | 39,711 | +33.0% |
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| Corporate Non Segment | 52.8 | 39.7 | +33.0% |
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| PSUs | 13.7 | 9.3 | +47.3% |
| Restricted Stock Units to be Settled in Common Stock | 39.1 | 30.4 | +28.6% |
| Other Operating Activities Cash Flow Statement | 54,973 | 17,329 | +217.2% |
| Increase Decrease In Accounts And Notes Receivable | -73,387 | -28,626 | -156.4% |
| Increase Decrease In Contract With Customer Asset | 104,032 | 101,319 | +2.7% |
| Change in Inventory | -50,922 | 11,215 | -554.1% |
| Change in Prepaid & Other Assets | -104,845 | 37,265 | -381.3% |
| Increase Decrease In Other Accounts Payable And Accrued Liabilities | -46,779 | -278,839 | +83.2% |
| Change in Deferred Revenue | 699,631 | 296,417 | +136.0% |
| Increase Decrease In Other Operating Capital Net | -11,474 | -2,558 | -348.6% |
| Net Cash from Operations | 1,127,565 | 712,015 | +58.4% |
| Deferred Income Taxes | -35,830 | -6,478 | -453.1% |
| Investing Activities | |||
| Capital Expenditures | -193,594 | -146,985 | -31.7% |
| Proceeds From Sale Of Property Plant And Equipment And Insurance Settlement | 12,477 | 10,413 | +19.8% |
| Payments To Acquire Businesses Net Of Cash Acquired | -1,268,866 | -21,295 | -5858.5% |
| Payments To Acquire Investments | 301 | -9,262 | +103.2% |
| Proceeds From Sale Maturity And Collections Of Investments | 0 | 0 | — |
| Other Investing Activities | 7,764 | -42 | +18585.7% |
| Net Cash from Investing | -1,545,288 | -167,171 | -824.4% |
| Financing Activities | |||
| Proceeds From Long Term Lines Of Credit | 16,195,247 | 7,978,331 | +103.0% |
| Repayments Of Long Term Lines Of Credit | -15,888,748 | -8,018,098 | -98.2% |
| Proceeds From Notes Payable | 0 | 0 | — |
| Tax Withholding for Share Compensation | -14,689 | -14,925 | +1.6% |
| Payments Of Dividends Common Stock | -15,029 | -13,427 | -11.9% |
| Proceeds From Payments For Other Financing Activities | -33,206 | 35,056 | -194.7% |
| Net Cash from Financing | 243,575 | -533,063 | +145.7% |
| Supplemental | |||
| Interest Paid | -47,646 | -47,378 | -0.6% |
| Other Cash Flow | |||
| Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations | 3,295 | -34,539 | +109.5% |
| Net Change in Cash | -170,853 | -22,758 | -650.7% |
| Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents | 442,823 | 746,010 | -40.6% |
Values in thousands USD. Source: SEC EDGAR 10-K filing.