Quanta Services (PWR) financial statements
Quanta Services reported revenue of $28.5B in fiscal 2025, up 15.7% a year over 9 years.
Net income was $1.0B and the operating margin 5.7%, against 4.2% in 2016.
Free cash flow was $1.6B, and the company returned $60M in dividends and $135M in net buybacks.
The diluted share count fell 4% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Quanta Services's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $7.7B | $9.5B | $11.2B | $12.1B | $11.2B | $13.0B | $17.1B | $20.9B | $23.7B | $28.5B |
| Cost of revenue | $6.6B | $8.2B | $9.7B | $10.5B | $9.5B | $11.0B | $14.5B | $17.9B | $20.2B | $24.2B |
| Gross profit | $1.0B | $1.2B | $1.5B | $1.6B | $1.7B | $2.0B | $2.5B | $2.9B | $3.5B | $4.3B |
| Selling, general and admin | $653M | $778M | $858M | $956M | $975M | $1.2B | $1.3B | $1.6B | $1.8B | $2.2B |
| Operating income | $321M | $379M | $540M | $555M | $611M | $664M | $872M | $1.1B | $1.3B | $1.6B |
| Interest expense | $15M | $21M | $37M | $67M | $45M | $69M | $124M | $187M | $203M | $261M |
| Pre-tax income | $308M | $354M | $458M | $572M | $571M | $623M | $704M | $970M | $1.2B | $1.4B |
| Income tax | $107M | $36M | $162M | $165M | $119M | $131M | $192M | $219M | $285M | $348M |
| Net income | $198M | $315M | $293M | $402M | $446M | $486M | $491M | $745M | $905M | $1.0B |
| EPS (diluted) | $1.26 | $2.00 | $1.90 | $2.73 | $3.07 | $3.34 | $3.32 | $5.00 | $6.03 | $6.80 |
| Diluted shares | 157M | 157M | 154M | 148M | 145M | 145M | 148M | 149M | 150M | 151M |
| Gross margin | 13.3% | 13.1% | 13.2% | 13.2% | 14.8% | 15.0% | 14.8% | 14.1% | 14.8% | 15.0% |
| Operating margin | 4.2% | 4.0% | 4.8% | 4.6% | 5.5% | 5.1% | 5.1% | 5.4% | 5.7% | 5.7% |
| Net margin | 2.6% | 3.3% | 2.6% | 3.3% | 4.0% | 3.7% | 2.9% | 3.6% | 3.8% | 3.6% |
Balance sheet
Fiscal years, from Quanta Services's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $112M | $138M | $79M | $165M | $185M | $229M | $429M | $1.3B | $742M | $440M |
| Receivables | $1.5B | $2.0B | $2.4B | $2.7B | $2.7B | $3.4B | $3.7B | $4.4B | $5.2B | $6.8B |
| Inventory | $89M | $81M | $108M | $56M | $50M | $85M | $103M | $176M | $260M | $370M |
| Total current assets | $2.3B | $2.9B | $3.3B | $3.8B | $3.6B | $4.7B | $5.5B | $7.7B | $7.9B | $9.9B |
| Property, plant and equipment | $1.2B | $1.3B | $1.3B | $1.4B | $1.6B | $1.9B | $2.0B | $2.3B | $2.7B | $3.5B |
| Goodwill | $1.6B | $1.9B | $1.9B | $2.0B | $2.1B | $3.5B | $3.6B | $4.0B | $5.3B | $7.3B |
| Total assets | $5.4B | $6.5B | $7.1B | $8.3B | $8.4B | $12.9B | $13.5B | $16.2B | $18.7B | $24.9B |
| Total current liabilities | $1.2B | $1.5B | $1.8B | $2.3B | $2.1B | $3.2B | $3.4B | $5.2B | $6.0B | $8.7B |
| Long-term debt | $354M | $671M | $1.0B | $1.3B | $1.2B | $3.7B | $3.7B | $3.7B | $4.1B | $5.2B |
| Total liabilities | $2.0B | $2.7B | $3.5B | $4.3B | $4.0B | $7.7B | $8.1B | $10.0B | $11.4B | $15.9B |
| Shareholders' equity | $3.3B | $3.8B | $3.6B | $4.1B | $4.3B | $5.1B | $5.4B | $6.3B | $7.3B | $8.9B |
| Net debt | $249M | $534M | $1.0B | $1.2B | $1.0B | $3.5B | $3.3B | $2.9B | $3.4B | $5.6B |
Cash flow
Fiscal years, from Quanta Services's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $391M | $372M | $359M | $527M | $1.1B | $582M | $1.1B | $1.6B | $2.1B | $2.2B |
| Capital spending | $213M | $245M | $294M | $262M | $260M | $386M | $428M | $435M | $604M | $609M |
| Free cash flow | $178M | $127M | $65M | $265M | $856M | $197M | $703M | $1.1B | $1.5B | $1.6B |
| Stock-based compensation | $43M | $46M | $52M | $52M | $92M | $88M | $106M | $127M | $151M | $182M |
| Dividends paid | — | $0 | $0 | $23M | $29M | $34M | $41M | $48M | $54M | $60M |
| Share buybacks (net) | $0 | -$50M | -$443M | -$20M | -$247M | -$67M | -$128M | -$350,000 | $0 | -$135M |
| Net borrowing | -$2M | -$3M | $34M | -$28M | $985M | $1.5B | -$16M | $0 | — | — |
| Free cash flow margin | 2.3% | 1.3% | 0.6% | 2.2% | 7.6% | 1.5% | 4.1% | 5.5% | 6.2% | 5.7% |
| Dividends per share | — | — | — | $0.16 | $0.20 | $0.23 | $0.28 | $0.32 | $0.36 | $0.40 |
Questions
What was Quanta Services's revenue in 2025?
$28.5B in fiscal 2025, from its 10-K filing.
How much free cash flow does Quanta Services generate?
$1.6B in fiscal 2025 (operating cash flow minus capital spending).
From Quanta Services's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.