Revenue growth reached 26.3% in 2026Q1, yet operating margins remain constrained, fluctuating between 3.1% and 6.9% over the last ten quarters due to competitive bidding and rising administrative overhead.
| 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 | 29.99B | 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 % | 20.58% | 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 | 25.92B | 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 | 4.08B | 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 % | 13.59% | 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 | 2.35B | 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 | 2.2B | 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 | 1000K | 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 | 1.73B | 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 % | 5.76% | 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 | 2.37B | 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 % | 7.91% | 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 % | 7.48% | 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) | 646.77M | 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 | 1.76B | 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 | -265.63M | -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 | 14.77M | 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 | 280.4M | 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 | -249.66M | -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 | 1.48B | 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 % | 4.93% | 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 | 354.13M | 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 % | 23.97% | 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 | 1.12B | 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 % | 3.72% | 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 % | 19.86% | 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) | 1.12B | 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 | 98.35M | 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) | 7.34 | 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 % | 17.58% | 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 | 152.09M | 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 | 149.78M | 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% | - |
Project execution and labor
According to recent financial disclosures, Quanta Services achieved a 26.3% year-over-year revenue growth in 2026Q1, signaling that the company is successfully converting its multi-billion dollar backlog into realized revenue despite the inherent complexities of large-scale infrastructure projects and ongoing supply chain constraints for critical electrical components.
The acceleration in top-line growth suggests that the company's strategic focus on grid modernization and renewable energy interconnection is capturing significant market share. Investors should monitor whether this growth rate remains sustainable as the company scales its specialized labor force to meet the increasing demand for high-voltage transmission services.
As reported in quarterly filings, Quanta's operating margin fluctuated between 3.1% and 6.9% over the last ten quarters, reflecting the competitive bidding environment and the high variable cost structure inherent in the engineering and construction sector's reliance on specialized, skilled labor and equipment utilization.
The margin volatility appears to be driven by the mix of project-based work versus recurring maintenance contracts. While the company maintains a competitive position, the inability to consistently expand operating margins suggests that inflationary pressures on wages and equipment maintenance remain a persistent headwind to profitability.
Based on the provided income statement data, Quanta's operating income scaling has been inconsistent relative to gross profit growth, with operating margins compressing to 4.2% in 2026Q1 despite a significant revenue increase, which may indicate rising administrative overhead or inefficiencies in project-level cost management during periods of rapid expansion.
The lack of clear operating leverage suggests that the company's cost structure is heavily tied to project-specific execution rather than fixed overhead absorption. This warrants further investigation into whether the recent increase in SG&A expenses is a temporary investment in capacity or a structural shift in the company's cost profile.
Analysis of the income statement reveals that stock-based compensation has trended upward, reaching $62.6 million in 2026Q1, which represents a non-trivial portion of net income and suggests that shareholders should account for dilution when evaluating the true quality of the company's reported earnings per share.
The reliance on equity-based incentives may be necessary to retain specialized talent in a tight labor market, but it complicates the assessment of cash-generative capacity. Investors should scrutinize the impact of these non-cash charges on the overall quality of net income to ensure that growth is not being artificially supported by aggressive compensation structures.
While Quanta's backlog provides a defensive floor, the company's reliance on percentage-of-completion accounting, as noted in industry filings, introduces significant risk that future project delays or cost overruns could lead to material earnings revisions and margin compression that the current valuation may not fully reflect.
Short-term volatility in project-based revenue recognition could mask underlying operational challenges, particularly if supply chain bottlenecks for transformers and switchgear persist. The market's current premium valuation appears to assume flawless execution, which may be vulnerable to any unexpected shifts in utility capital expenditure cycles or regulatory policy.
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.