Quanta Services, Inc. Q4 FY2025 Earnings Call

· Earnings call transcript and AI-powered summary

Overview

  • Quanta delivered another year of record financial performance in 2025, marking:
    • 8 of the last 9 years with record revenue
    • 8 consecutive years of record adjusted EBITDA
    • 9 consecutive years of record adjusted diluted EPS
  • Management emphasized strong execution, growing demand across markets, and continued expansion of Quanta’s total solutions model.
  • Total backlog reached a record $44 billion, reflecting multi-year visibility driven by grid modernization, power generation needs, and accelerating load growth (especially from data centers).

Financial Performance

Full Year 2025 (vs. 2024)
  • Revenue: $28.5 billion (up 20%)
  • Adjusted EBITDA: $2.9 billion (record)
  • Adjusted diluted EPS: $10.75 (up 20%)
  • Cash flow from operations: $2.2 billion (record)
  • Free cash flow: $1.7 billion (record)
Q4 2025 (records for a fourth quarter)
  • Revenue: $7.8 billion
  • Adjusted EBITDA: $845 million
  • Adjusted diluted EPS: $3.16
  • Operating cash flow: $1.1 billion
  • Free cash flow: $946 million

Strategic Activity and Market Positioning

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Operator: Good morning, and welcome to the Quanta Services Fourth Quarter and Full Year 2025 Earnings Call. [Operator Instructions] As a reminder, this conference call is being recorded. If you have any objections, please disconnect at this time. I will now turn the call over to Kip Rupp, Vice President, Investor Relations for introductory remarks. Kip Rupp: Thank you, and welcome, everyone, to the Quanta Services Fourth Quarter and Full Year 2025 Earnings Conference Call. This morning, we issued a press release announcing our Fourth Quarter and Full Year 2025 Results, which can be found in the Investor Relations section of our website at quantaservices.com. This morning, we also posted our fourth quarter and full year 2025 operational and financial commentary and our 2026 outlook expectation summary on Quanta's Investor Relations website. While management will make brief introductory remarks during this morning's call, the operational and financial commentary is intended to largely replace management's prepared remarks, allowing additional time for questions from the institutional investment community. Please remember that information reported on this call speaks only as of today, February 19, 2026. And therefore, you're advised that any time-sensitive information may no longer be accurate as of any replay of this call. This call will include forward-looking statements and information intended to qualify under the safe harbor from liability established by the Private Securit

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