Quanta Services (NYSE:PWR) Q4 2025 Earnings call February 19, 2026 09:00 AM ET Company ParticipantsDuke Austin - President and CEOJayshree Desai - CFOKip Rupp - VP of Investor RelationsConference Call ParticipantsAdam Thalhimer - AnalystAti Modak - AnalystBrian Brophy - AnalystChad Dillard - AnalystJamie Cook - Managing Director and Senior Equity Research AnalystJulien Dumoulin-Smith - AnalystJustin Hauke - AnalystLiam Burke - AnalystManish Samaya - AnalystMark Strouse - AnalystMike Dudas - AnalystNick Amic ...

Quanta Services (NYSE:PWR) Q4 2025 Earnings call February 19, 2026 09:00 AM ET Company ParticipantsDuke Austin - President and CEOJayshree Desai - CFOKip Rupp - VP of Investor RelationsConference Call ParticipantsAdam Thalhimer - AnalystAti Modak - AnalystBrian Brophy - AnalystChad Dillard - AnalystJamie Cook - Managing Director and Senior Equity Research AnalystJulien Dumoulin-Smith - AnalystJustin Hauke - AnalystLiam Burke - AnalystManish Somaiya - AnalystMark Strouse - AnalystMike Dudas - AnalystNick Ami ...

Financial Data and Key Metrics Changes - For the full year 2025, revenues reached $28.5 billion, a 20% increase compared to 2024. Adjusted EBITDA was a record $2.9 billion, and adjusted diluted earnings per share grew 20% year over year to $10.75. Record cash flow from operations was $2.2 billion, and record free cash flow was $1.7 billion [10][12] - In Q4 2025, revenues were $7.8 billion, with adjusted EBITDA of $845 million and adjusted diluted EPS of $3.16, all records for the company. Cash flow from operations in the quarter was $1.1 billion, and free cash flow was $946 million, both fourth quarter records [10][11] Business Line Data and Key Metrics Changes - The company completed three acquisitions in Q4 2025: Tri-City Group, Wilson Construction Company, and Billings Flying Service, for a total consideration of approximately $1.7 billion, enhancing power delivery capabilities for large load center facilities and utility capital programs [11] - The acquisitions and organic growth added approximately 11,100 employees, bringing the total workforce to approximately 69,500 at year-end, reinforcing self-perform capabilities [7] Market Data and Key Metrics Changes - The total backlog at year-end was $44 billion, indicating substantial momentum across end markets driven by ongoing investment in grid reliability and resilience, and growing demand for power generation [7][12] - The company is positioned to benefit from multi-year structural demand drivers in the utility and power generation sectors, with significant visibility heading into 2026 and beyond [12] Company Strategy and Development Direction - The company aims to enhance vertical supply chain solutions through a planned investment of approximately $500 million to $700 million over the next several years in power transformer manufacturing facilities [8] - The strategy remains focused on craft labor excellence, execution certainty, and disciplined investment, positioning the company at the center of a multi-decade infrastructure transformation [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving record backlog and another year of double-digit earnings per share growth in 2026, supported by a strong backlog and ongoing investments in infrastructure [9][12] - The company is optimistic about the growth opportunities in the data center market, which is expected to be a significant contributor to future revenues [17] Other Important Information - The company has established itself as a compounder of profitable growth, achieving record results in revenues, adjusted EBITDA, and adjusted diluted earnings per share for eight consecutive years [4] - Management emphasized the importance of maintaining a disciplined approach to acquisitions and investments, ensuring alignment with the company's strategic goals [87] Q&A Session Summary Question: Insights on earnings growth and data center contracts - Management indicated that data center contracts currently represent about 10% of the business and are the fastest-growing segment of the backlog, with significant opportunities expected in the coming years [17] Question: Electric margins and initiatives - Management noted that while electric margins have remained steady, there are opportunities for improvement through vertical integration and resource sharing, although no major large projects are anticipated in 2026 [20][22] Question: Gas power generation projects - Management confirmed ongoing interest in gas power generation projects and indicated that there is a strong pipeline of opportunities, with plans to expand beyond current joint ventures [37] Question: Pricing dynamics and supply chain - Management highlighted a collaborative approach to pricing, focusing on long-term programmatic spending rather than short-term bids, which enhances return on invested capital [35] Question: AI initiatives and operational efficiency - Management acknowledged the potential of AI to improve operational efficiency and reduce operating expenses, emphasizing a focus on integrating AI into engineering and field operations [91]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________________________________ Form 10-K (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 001-13831 Quanta Services, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorpor ...

Core Viewpoint - Quanta Services reported strong quarterly earnings, exceeding expectations and showing significant year-over-year growth in both earnings and revenues [1][3]. Earnings Performance - The company achieved earnings of $3.16 per share, surpassing the Zacks Consensus Estimate of $3 per share, and up from $2.94 per share a year ago, representing a +5.40% earnings surprise [1][2]. - Over the last four quarters, Quanta Services has consistently exceeded consensus EPS estimates [2]. Revenue Performance - Quanta Services reported revenues of $7.84 billion for the quarter, exceeding the Zacks Consensus Estimate by 7.78%, and up from $6.55 billion in the same quarter last year [3]. - The company has also topped consensus revenue estimates in each of the last four quarters [3]. Stock Performance - Quanta Services shares have increased approximately 23% since the beginning of the year, significantly outperforming the S&P 500, which gained only 0.5% [4]. Future Outlook - The company's future stock performance will largely depend on management's commentary during the earnings call and the trends in earnings estimate revisions [4][5]. - Current consensus EPS estimates for the upcoming quarter stand at $2.21 on revenues of $7.02 billion, and for the current fiscal year at $12.42 on revenues of $30.84 billion [8]. Industry Context - Quanta Services operates within the Zacks Engineering - R and D Services industry, which is currently ranked in the top 24% of over 250 Zacks industries, indicating a favorable industry outlook [9].

Core Insights - Quanta Services forecasts 2026 profit above Wall Street estimates due to strong demand driven by AI data center investments [1] - The company expects full-year adjusted profit per share between $12.65 and $13.35, exceeding analysts' estimate of $12.44 per share [1] - Quanta's shares rose 6% in premarket trading following the announcement [1] Financial Performance - Quanta's adjusted profit for the quarter ended December 31 increased to $3.16 per share, up from $2.94 per share a year ago, surpassing analysts' expectations of $3.02 per share [1] - The company's fourth-quarter revenue rose to $7.84 billion, compared to $6.55 billion a year earlier, exceeding analysts' expectations of $7.37 billion [1] Industry Context - The CEO highlighted significant opportunities arising from the convergence of utility, power generation, and large-load industries [1] - Quanta is well-positioned to address growing electricity and infrastructure demand from various sectors, including data centers, manufacturing, and power grid expansion [1]

Exhibit 99.1 FOR IMMEDIATE RELEASE 26-02 Contacts: Jayshree Desai, CFO Media – Noa Schwartz Kip Rupp, CFA, IRC - Investors FGS Global Quanta Services, Inc. (310) 405-4312 (713) 629-7600 QUANTA SERVICES REPORTS FOURTH QUARTER AND FULL-YEAR 2025 RESULTS Full-Year 2026 Guidance Reflects Double-Digit Growth in Revenues, Net Income and Adjusted EBITDA Full-Year 2026 Guidance Range Reflects Opportunity to Deliver Over 20% EPS Growth Expect to Achieve Record Backlog in 2026 Fourth Quarter 2025 Results Include: Ful ...

Core Insights - Quanta Services reported strong financial results for Q4 2025 and full-year 2025, with significant year-over-year growth in revenue and adjusted EBITDA, achieving record results across multiple key financial metrics [1][2] - The company anticipates double-digit growth in revenues, net income, and adjusted EBITDA for full-year 2026, with a projected EPS growth of over 20% [1][2] - Quanta's backlog reached an all-time high of $44.0 billion, driven by strong demand in the Electric segment and sustained activity across end markets [1][2] Financial Performance - Q4 2025 revenues were $7.84 billion, up from $6.55 billion in Q4 2024, with net income attributable to common stock at $315.5 million, or $2.08 per diluted share, compared to $305.1 million, or $2.03 per diluted share, in Q4 2024 [1][2] - Full-year 2025 revenues totaled $28.48 billion, an increase from $23.67 billion in 2024, with net income attributable to common stock of $1.03 billion, or $6.80 per diluted share, compared to $904.8 million, or $6.03 per diluted share, in 2024 [1][2] Segment Performance - Quanta operates under two reportable segments: Electric Infrastructure Solutions and Underground Utility and Infrastructure Solutions, with the Electric segment contributing significantly to overall revenues [6][7] - For Q4 2025, the Electric segment generated revenues of $6.43 billion, accounting for 82% of total revenues, while the Underground segment contributed $1.41 billion, representing 18% [6][7] Acquisitions - In Q4 2025, Quanta completed the acquisition of Tri-City Group, Wilson Construction Company, and Billings Flying Service for approximately $1.73 billion, enhancing its capabilities in electrical infrastructure services [2][3] - These acquisitions are expected to contribute approximately $0.40-$0.50 to adjusted EPS in 2026, primarily within the Electric segment [2][3] 2026 Guidance - For full-year 2026, Quanta expects revenues between $33.25 billion and $33.75 billion, with net income attributable to common stock ranging from $1.27 billion to $1.38 billion [2][3] - The company projects diluted EPS to be between $8.36 and $9.06, and adjusted diluted EPS to range from $12.65 to $13.35 [2][3]

Core Viewpoint - Quanta Services, Inc. (PWR) is set to report its fourth-quarter 2025 results on February 19, 2026, with a record backlog and raised guidance for 2025 following the third quarter [1] Financial Performance - In the last reported quarter, adjusted earnings and revenues exceeded the Zacks Consensus Estimate by 2.5% and 2.4%, respectively, with year-over-year growth of 22.4% in earnings and 17.6% in revenues [2] - The company reported revenues of $7.63 billion and a record backlog of $39.2 billion, indicating strong demand in the Electric segment [2] - The Zacks Consensus Estimate for fourth-quarter adjusted earnings per share (EPS) has decreased slightly to $3.00, reflecting a 2% increase from the previous year's EPS of $2.94, while revenue estimates are set at $7.28 billion, indicating an 11% year-over-year growth [3] Segment Performance - The Electric Infrastructure Solutions segment, which contributed 80.9% to third-quarter revenues, is expected to be the main growth driver due to ongoing demand for upgrades in transmission, substations, and distribution, as well as renewable energy integration [4] - The Underground Utility and Infrastructure Solutions segment, contributing 19.1% to revenues, may benefit from ongoing infrastructure projects and recent acquisitions, with additional support from technology and healthcare-related markets [5] - Revenue estimates for the Electric Infrastructure Solutions segment are expected to rise by 76% to $6 billion, while the Underground Utility and Infrastructure Solutions segment is projected to increase by 16.7% to $1.37 billion [8] Margin Analysis - Fourth-quarter margins are anticipated to be supported by the Electric Infrastructure Solutions segment's strength, with favorable project mix and operating leverage contributing to profitability [10] - However, margins may face pressure from inflation, supply chain constraints, and project timing variability, which could impact overall profitability [11] - Operating profit in the Electric Infrastructure Solutions segment is expected to grow to $647 million from $445 million year-over-year, while the Underground Utility and Infrastructure Solutions segment's operating profit is projected to increase to $111 million from $42.6 million [12]

Sands Capital Management, LLC's Technology Innovators Fund released its Q4 2025 investor letter for "Technology Innovators Fund". A copy of the letter can be downloaded here. The Fund delivered mixed performance during the fourth quarter of 2025, as market returns were increasingly driven by a narrow group of large-cap growth stocks, with the portfolio’s top ten holdings accounting for roughly 59% of assets, while several high-valuation innovation names faced pressure from slowing momentum and investor risk ...