Revenue growth accelerated to 41.1% YoY in 2026Q2, with gross margin expanding to 16.2% and operating income up 77.8% YoY, reflecting strong pricing power and operating leverage.
Quanta Services, Inc. (PWR) annual income statement — 29-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 |
|---|
| Sales/Revenue | 32.78B | 28.35B | 23.67B | 20.88B | 17.07B | 12.98B | 11.2B | 12.11B | 11.17B | 9.47B | 7.65B | 7.57B | 7.85B | 6.52B | 5.92B | 4.62B | 3.93B | 3.32B | 3.78B | 2.66B | 2.13B | 1.86B | 1.63B | 1.64B | 1.75B | 2.01B | 1.79B | 925.7M | 309.2M | 76.2M |
| Revenue Growth % | 25.81% | 19.76% | 13.36% | 22.3% | 31.54% | 15.87% | -7.51% | 8.42% | 18.01% | 23.72% | 1.04% | -3.55% | 20.37% | 10.18% | 28.04% | 17.62% | 18.48% | -12.22% | 42.33% | 24.64% | 14.66% | 14.27% | -0.99% | -6.16% | -13.11% | 12.36% | 93.72% | 199.39% | 305.77% | - |
| Cost of Goods Sold | 28.05B | 24.66B | 20.54B | 18.23B | 14.9B | 11.19B | 9.62B | 10.57B | 9.74B | 8.26B | 6.67B | 6.68B | 6.65B | 5.49B | 5.02B | 3.66B | 3.34B | 2.76B | 3.18B | 2.25B | 1.8B | 1.59B | 1.45B | 1.44B | 1.51B | 1.6B | 1.34B | 687.1M | 241.1M | 55.7M |
| COGS % of Revenue | - | 86.97% | 86.79% | 87.32% | 87.26% | 86.23% | 85.86% | 87.3% | 87.15% | 87.22% | 87.16% | 88.26% | 84.75% | 84.24% | 84.8% | 79.18% | 84.84% | 83.29% | 84.17% | 84.56% | 84.34% | 85.44% | 88.85% | 87.83% | 86.48% | 79.46% | 74.82% | 74.22% | 77.98% | 73.1% |
| Gross Profit | 4.73B | 3.69B | 3.13B | 2.65B | 2.18B | 1.79B | 1.58B | 1.54B | 1.44B | 1.21B | 982.12M | 892.42M | 1.21B | 1.03B | 900.02M | 532.68M | 595.86M | 554.54M | 598.57M | 409.99M | 312.35M | 254.33M | 181.39M | 199.9M | 236.77M | 413.84M | 451.59M | 238.6M | 68.1M | 20.5M |
| Gross Margin % | 14.42% | 13.03% | 13.21% | 12.68% | 12.74% | 13.77% | 14.14% | 12.7% | 12.85% | 12.78% | 12.84% | 11.79% | 15.4% | 15.76% | 15.2% | 11.52% | 15.16% | 16.71% | 15.83% | 15.44% | 14.66% | 13.68% | 11.15% | 12.17% | 13.52% | 20.54% | 25.18% | 25.78% | 22.02% | 26.9% |
| Gross Profit Growth % | - | 18.1% | 18.12% | 21.74% | 21.66% | 12.86% | 2.99% | 7.12% | 18.71% | 23.17% | 10.05% | -26.2% | 17.63% | 14.21% | 68.96% | -10.6% | 7.45% | -7.36% | 46% | 31.26% | 22.81% | 40.21% | -9.26% | -15.58% | -42.79% | -8.36% | 89.26% | 250.37% | 232.2% | - |
| Operating Expenses | 2.7B | 2.06B | 1.79B | 1.51B | 1.22B | 1.11B | 948.46M | 955.99M | 849.57M | 777.92M | 647.04M | 592.86M | 683.24M | 501.01M | 434.89M | 337.83M | 328.97M | 305.11M | 309.4M | 232.81M | 181.48M | 186.41M | 171.54M | 183.32M | 392.31M | 220.57M | 200.86M | 115.3M | 37M | 14.9M |
| OpEx % of Revenue | - | 7.26% | 7.56% | 7.25% | 7.15% | 8.54% | 8.47% | 7.89% | 7.6% | 8.22% | 8.46% | 7.83% | 8.7% | 7.68% | 7.35% | 7.31% | 8.37% | 9.2% | 8.18% | 8.77% | 8.52% | 10.03% | 10.55% | 11.16% | 22.41% | 10.95% | 11.2% | 12.46% | 11.97% | 19.55% |
| Selling, General & Admin | 2.39B | 2.06B | 1.79B | 1.51B | 1.22B | 1.11B | 948.46M | 955.99M | 849.57M | 777.92M | 647.04M | 592.86M | 683.24M | 501.01M | 434.89M | 337.83M | 328.97M | 305.11M | 309.4M | 232.81M | 181.48M | 186.41M | 171.54M | 176.87M | 225.72M | 194.57M | 143.56M | 80.1M | 26.4M | 11.6M |
| SG&A % of Revenue | - | 7.26% | 7.56% | 7.25% | 7.15% | 8.54% | 8.47% | 7.89% | 7.6% | 8.22% | 8.46% | 7.83% | 8.7% | 7.68% | 7.35% | 7.31% | 8.37% | 9.2% | 8.18% | 8.77% | 8.52% | 10.03% | 10.55% | 10.77% | 12.89% | 9.66% | 8.01% | 8.65% | 8.54% | 15.22% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6.45M | 166.58M | 26M | 57.29M | 35.2M | 10.6M | 3.3M |
| Operating Income | 2.03B | 1.64B | 1.34B | 1.13B | 955.18M | 679.3M | 635.69M | 582.17M | 586.4M | 431.74M | 335.08M | 299.55M | 525.98M | 526.93M | 465.12M | 194.84M | 266.88M | 249.42M | 289.17M | 177.18M | 130.88M | 67.92M | 9.85M | 16.57M | -155.53M | 193.26M | 250.73M | 123.3M | 31.1M | 5.6M |
| Operating Margin % | 6.2% | 5.77% | 5.65% | 5.43% | 5.59% | 5.23% | 5.67% | 4.81% | 5.25% | 4.56% | 4.38% | 3.96% | 6.7% | 8.08% | 7.86% | 4.21% | 6.79% | 7.52% | 7.65% | 6.67% | 6.14% | 3.65% | 0.61% | 1.01% | -8.88% | 9.59% | 13.98% | 13.32% | 10.06% | 7.35% |
| Operating Income Growth % | - | 22.41% | 17.91% | 18.75% | 40.61% | 6.86% | 9.19% | -0.72% | 35.82% | 28.85% | 11.86% | -43.05% | -0.18% | 13.29% | 138.72% | -26.99% | 7% | -13.74% | 63.21% | 35.38% | 92.68% | 589.29% | -40.53% | 110.65% | -180.48% | -22.92% | 103.35% | 296.46% | 455.36% | - |
| EBITDA | 3B | 2.48B | 2.08B | 1.75B | 1.6B | 1.1B | 937.65M | 862.37M | 832.91M | 647.75M | 537M | 497.25M | 719.99M | 688.55M | 623.12M | 333.75M | 412.96M | 375.24M | 403.12M | 251.84M | 180.64M | 123.33M | 70.21M | 79.44M | -94.96M | 272.64M | 308.02M | 158.5M | 41.7M | 8.9M |
| EBITDA Margin % | 9.14% | 8.76% | 8.79% | 8.37% | 9.37% | 8.48% | 8.37% | 7.12% | 7.46% | 6.84% | 7.02% | 6.57% | 9.17% | 10.56% | 10.53% | 7.22% | 10.5% | 11.31% | 10.66% | 9.48% | 8.48% | 6.64% | 4.32% | 4.84% | -5.42% | 13.53% | 17.18% | 17.12% | 13.49% | 11.68% |
| EBITDA Growth % | 28.1% | 19.36% | 18.97% | 9.27% | 45.41% | 17.34% | 8.73% | 3.54% | 28.59% | 20.62% | 7.99% | -30.94% | 4.57% | 10.5% | 86.7% | -19.18% | 10.05% | -6.92% | 60.07% | 39.41% | 46.47% | 75.66% | -11.62% | 183.66% | -134.83% | -11.49% | 94.34% | 280.1% | 368.54% | - |
| D&A (Non-Cash Add-back) | 965.48M | 845.29M | 742.32M | 613.8M | 644.62M | 420.89M | 301.96M | 280.2M | 246.51M | 216.01M | 201.93M | 197.69M | 194.02M | 161.63M | 157.99M | 138.91M | 146.07M | 125.81M | 113.95M | 74.66M | 49.77M | 55.41M | 60.36M | 62.87M | 60.58M | 79.37M | 57.29M | 35.2M | 10.6M | 3.3M |
| EBIT | 2.07B | 1.67B | 1.41B | 1.16B | 828.25M | 691.8M | 616.36M | 639.18M | 494.61M | 374.7M | 322.57M | 236.7M | 477.88M | 641.92M | 468.33M | 195.31M | 251.17M | 245M | 299.27M | 188.88M | 90.01M | 75.57M | 12.42M | 16.57M | -155.53M | 193.26M | 250.73M | 123.3M | 32.3M | 4.9M |
| Net Interest Income | -280.07M | -245.74M | -170.28M | -176.08M | -121.76M | -65.7M | -42.56M | -65.96M | -35.39M | -20.11M | -12.46M | -6.53M | -1.02M | 712K | -2.27M | -737K | -3.5M | -8.81M | -22.24M | -1.54M | -12.9M | -16.53M | -25.07M | -31.82M | 0 | 0 | -25.71M | 0 | 0 | 0 |
| Interest Income | 14.29M | 15.7M | 32.4M | 10.83M | 2.61M | 3.19M | 2.45M | 927K | 1.55M | 832K | 2.42M | 1.49M | 3.74M | 3.38M | 1.47M | 1.07M | 1.42M | 2.46M | 9.77M | 0 | 13.92M | 7.42M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 294.37M | 261.44M | 202.69M | 186.91M | 124.36M | 68.9M | 45.01M | 66.89M | 36.95M | 20.95M | 14.89M | 8.02M | 4.76M | 2.67M | 3.75M | 1.8M | 4.91M | 11.27M | 32M | 21.52M | 26.82M | 23.95M | 25.07M | 31.82M | 0 | 0 | 25.71M | 0 | 0 | 0 |
| Other Income/Expense | -255.31M | -227.22M | -125.38M | -164.32M | -251.29M | -56.4M | -64.34M | -9.88M | -128.73M | -77.98M | -27.39M | -70.88M | -52.86M | 112.32M | -542K | -1.33M | -20.63M | -15.69M | -21.9M | -9.82M | -67.69M | -16.3M | -22.5M | -69.64M | -38.31M | -36.3M | -51.68M | -20.4M | -4.4M | -600K |
| Pretax Income | 1.78B | 1.41B | 1.21B | 969.96M | 703.89M | 622.9M | 571.35M | 572.29M | 457.67M | 353.76M | 307.69M | 228.68M | 473.12M | 639.25M | 464.58M | 216.37M | 246.25M | 233.73M | 281.77M | 167.36M | 65.13M | 52.25M | -12.64M | -53.07M | -193.84M | 156.97M | 199.05M | 102.9M | 26.9M | 4.3M |
| Pretax Margin % | 5.42% | 4.97% | 5.12% | 4.64% | 4.12% | 4.8% | 5.1% | 4.72% | 4.1% | 3.74% | 4.02% | 3.02% | 6.03% | 9.8% | 7.85% | 4.68% | 6.26% | 7.04% | 7.45% | 6.3% | 3.06% | 2.81% | -0.78% | -3.23% | -11.07% | 7.79% | 11.1% | 11.12% | 8.7% | 5.64% |
| Income Tax | 426.61M | 369.08M | 284.75M | 219.27M | 192.24M | 130.92M | 119.39M | 165.47M | 161.66M | 35.53M | 107.25M | 97.47M | 157.41M | 217.94M | 158.86M | 71.95M | 90.7M | 70.19M | 115.03M | 34.22M | 47.64M | 22.69M | -3.45M | -18.08M | -19.71M | 71.2M | 93.33M | 49M | 11.7M | 1.8M |
| Effective Tax Rate % | 24.02% | 26.18% | 23.49% | 22.61% | 27.31% | 21.02% | 20.9% | 28.91% | 35.32% | 10.04% | 34.86% | 42.62% | 33.27% | 34.09% | 34.19% | 33.26% | 36.83% | 30.03% | 40.82% | 20.45% | 73.16% | 43.43% | 27.29% | 34.07% | 10.17% | 45.36% | 46.89% | 47.62% | 43.49% | 41.86% |
| Net Income | 1.34B | 1.03B | 904.82M | 744.69M | 491.19M | 485.96M | 445.6M | 402.04M | 293.35M | 314.98M | 198.38M | 310.91M | 296.71M | 401.92M | 306.63M | 132.51M | 153.18M | 162.16M | 166.74M | 135.98M | 17.48M | 29.56M | -9.19M | -34.99M | -619.56M | 85.77M | 105.72M | 53.9M | 15.2M | 2.5M |
| Net Margin % | 4.08% | 3.63% | 3.82% | 3.57% | 2.88% | 3.74% | 3.98% | 3.32% | 2.63% | 3.33% | 2.59% | 4.11% | 3.78% | 6.16% | 5.18% | 2.87% | 3.9% | 4.89% | 4.41% | 5.12% | 0.82% | 1.59% | -0.57% | -2.13% | -35.39% | 4.26% | 5.9% | 5.82% | 4.92% | 3.28% |
| Net Income Growth % | 37.65% | 13.66% | 21.5% | 51.61% | 1.08% | 9.06% | 10.83% | 37.05% | -6.87% | 58.77% | -36.19% | 4.78% | -26.18% | 31.08% | 131.39% | -13.49% | -5.54% | -2.75% | 22.62% | 677.77% | -40.85% | 421.48% | 73.72% | 94.35% | -822.38% | -18.88% | 96.15% | 254.61% | 508% | - |
| Net Income (Continuing) | 1.35B | 1.04B | 927.28M | 750.69M | 511.64M | 491.98M | 451.96M | 406.81M | 296.01M | 318.23M | 200.44M | 131.2M | 315.71M | 421.31M | 305.72M | 130.41M | 155.56M | 163.53M | 157.56M | 133.14M | 16.23M | 29.18M | -9.19M | -34.99M | -174.13M | 85.77M | 105.72M | 53.9M | 16.2M | 1.8M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 190.62M | 27.49M | 29.86M | 0 | 14M | 0 | 0 | 0 | 2.84M | 1.25M | 378K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 104M | 89.63M | 11.99M | 11.11M | 15.36M | 4.62M | 4.79M | 3.54M | 1.29M | 4.06M | 3.27M | 2.32M | 11.07M | 7.13M | 5.37M | 7.31M | 1.36M | 1.38M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 8.78 | 6.80 | 6.03 | 5.00 | 3.32 | 3.34 | 3.07 | 2.73 | 1.90 | 2.00 | 1.26 | 1.59 | 1.35 | 1.87 | 1.44 | 0.62 | 0.72 | 0.81 | 0.87 | 0.89 | 0.15 | 0.25 | -0.08 | -0.32 | -7.67 | 1.10 | 1.42 | 0.67 | 0.39 | 0.13 |
| EPS Growth % | 35.14% | 12.77% | 20.6% | 50.6% | -0.6% | 8.79% | 12.45% | 43.68% | -5% | 58.73% | -20.75% | 17.78% | -27.81% | 29.86% | 132.26% | -13.89% | -11.11% | -6.9% | -2.25% | 493.33% | -40% | 412.5% | 75% | 95.83% | -797.27% | -22.54% | 111.94% | 71.79% | 200% | - |
| EPS (Basic) | - | 6.87 | 6.16 | 5.13 | 3.42 | 3.45 | 3.15 | 2.76 | 1.92 | 2.02 | 1.26 | 1.59 | 1.35 | 1.87 | 1.44 | 0.62 | 0.73 | 0.81 | 0.89 | 1.00 | 0.15 | 0.26 | -0.08 | -0.32 | -7.67 | 1.11 | 1.78 | 0.76 | 0.40 | 0.13 |
| Diluted Shares Outstanding | 152.44M | 151.68M | 150.06M | 148.82M | 147.99M | 145.37M | 145.25M | 147.53M | 154.23M | 157.16M | 157.29M | 195.12M | 219.69M | 214.98M | 212.84M | 213.17M | 211.8M | 201.31M | 196.97M | 167.26M | 117.86M | 116.63M | 114.92M | 110.91M | 80.81M | 78.24M | 76.58M | 84.22M | 42.47M | 43.2M |
| Basic Shares Outstanding | 150.21M | 151.68M | 146.93M | 145.22M | 143.49M | 140.82M | 141.38M | 145.71M | 152.96M | 156.12M | 157.29M | 195.11M | 219.67M | 214.93M | 212.78M | 212.65M | 210.05M | 200.73M | 178.03M | 135.79M | 117.03M | 115.76M | 114.92M | 110.91M | 80.81M | 77.26M | 58.9M | 70.77M | 40.18M | 43.2M |
| Dividend Payout Ratio | - | 5.87% | 5.99% | 6.41% | 8.36% | 7% | 6.48% | 5.78% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 55.26% | - |
Quick answers to the most common questions about buying PWR stock.
For fiscal year 2025, Quanta Services, Inc. (PWR) reported total revenue of $28.35B. This represents a 37106.7% increase compared to $76.2M in 1997.
Quanta Services, Inc. (PWR) is profitable, generating $1.03B in net income for the fiscal year ending 2025 with a net profit margin of 3.6%.
Quanta Services, Inc. (PWR) reported an operating income of $1.64B, resulting in an operating profit margin of 5.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Quanta Services, Inc. (PWR) generated $3.69B in gross profit for the year, representing a gross profit margin of 13.0%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Execution and margin sustainability
Metrics are mathematically derived from official filings.
Revenue Momentum Accelerates Sharply
Quanta's revenue surged 41.1% year-over-year in 2026Q2 to $9.6B, accelerating from 26.3% growth in the prior quarter, as reported in the latest financial statements.
The sequential acceleration from 26.3% to 41.1% growth indicates a significant ramp in project activity, likely driven by large-scale infrastructure and energy transition contracts. This pace far exceeds the peer average of roughly 15-20%, suggesting Quanta is gaining market share or benefiting from a uniquely favorable demand environment. Investors should monitor whether this growth rate is sustainable or reflects a one-time project surge.
Gross Margin Expansion Signals Pricing Power
Gross margin improved to 16.2% in 2026Q2 from 13.2% a year earlier, as per reported figures, indicating enhanced project execution and pricing leverage.
The 300 basis point year-over-year expansion in gross margin suggests Quanta is successfully passing through costs and/or benefiting from a richer project mix. This improvement outpaces the peer median gross margin of around 15%, positioning Quanta favorably. However, the sustainability of this margin expansion depends on continued demand and disciplined bidding, which warrants close observation.
Operating Leverage Drives Profit Growth
Operating income grew 77.8% year-over-year in 2026Q2 to $694.8M, outpacing revenue growth of 41.1%, as per the income statement, demonstrating strong operating leverage.
The fact that operating income growth nearly doubled revenue growth indicates that SG&A costs are not scaling proportionally with revenue. SG&A as a percentage of revenue declined to 7.3% in 2026Q2 from 8.2% in the prior year quarter, reflecting efficiency gains. This leverage is a key driver of the 94.7% EPS growth, which is a positive signal for shareholders.
Earnings Quality Solid Despite SBC
Net income grew 96.9% year-over-year in 2026Q2 to $451.4M, with stock-based compensation of $63.4M representing only 14% of operating income, as per financial statements.
The relatively low SBC-to-operating income ratio suggests that reported earnings are not heavily diluted by non-cash compensation, enhancing earnings quality. The effective tax rate appears stable, and there are no obvious non-operating items distorting net income. This supports the reliability of the reported EPS growth.
COGS Efficiency Drives Margin Gains
COGS as a percentage of revenue fell to 83.8% in 2026Q2 from 86.8% a year earlier, as per the income statement, indicating improved cost management.
The reduction in COGS ratio is the primary driver of gross margin expansion, suggesting better project execution, procurement, or mix. SG&A also declined as a percentage of revenue, indicating overall cost discipline. However, the sustainability of these cost improvements is uncertain, especially if input costs rise or project complexity increases.
Margin Sustainability Under Scrutiny
Despite strong growth, Quanta's gross margin of 16.2% remains below EMCOR's 19.6%, and the rapid expansion may face pressure from competition and cost inflation.
Short-sellers might argue that the recent margin expansion is cyclical and could reverse as competition intensifies or as the mix shifts toward lower-margin work. The 41.1% revenue growth in 2026Q2 could be front-loaded, and maintaining such growth while preserving margins will be challenging. Investors should watch for signs of margin compression in future quarters.