At a glance
Quanta Services Inc is worth $93.60B, about 91 times its fiscal 2025 earnings. Revenue grew 20.3% to $28.48B in fiscal 2025, with 3.6% kept as profit; over 5 years it has grown 20.5% a year. It pays a 0.07% dividend yield, raised every year for at least 8 years, and returned $566.8M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +38.4% over the past year with dividends reinvested and +39.0% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 40.9% in the 2020 crash (S&P 500: 33.7%) and 21.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 2 months and 3 months after the lows.
The business in plain English
Quanta Services designs, builds, upgrades and repairs the power lines, power plants, pipelines and networks that carry electricity, gas and data. Its customers include electric and gas utilities, power producers, hyperscalers (the largest cloud computing companies), communications providers, industrial firms and pipeline operators. Most of its work is in the United States. Foreign operations, mainly in Canada and Australia, brought in about 7.0% of revenue in 2025, down from 14.2% in 2023.
Work usually comes through master service agreements (MSAs), which set the terms for ongoing jobs a customer assigns over time. Quanta also has repair and maintenance contracts and fixed-price or other construction and engineering contracts. The business depends heavily on labor. It relies on skilled craft workers, a fleet of trucks and specialty equipment, and many decentralized operating companies.
In fiscal 2025, revenue was $28.5 billion from two segments. Electric brought in $23.0 billion, or 80.8%. It works on transmission and distribution lines, substations, wind, solar and battery storage plants, electrical systems inside data centers and factories, and communications networks. It also restores power after storms and fires and makes power transformers and circuit breakers. It owns half of LUMA Energy, which runs Puerto Rico's roughly 18,000-mile grid. Underground and Infrastructure brought in $5.5 billion, or 19.2%, from work on gas utility systems, pipelines and industrial energy facilities.
Price history
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PWR +38.4% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Electric | $23.00B | 80.8% |
| Underground and Infrastructure | $5.48B | 19.2% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $12.01B, up 57.4% from a year earlier, and net income was $694.9M (+104.7%).
- For fiscal 2025, revenue was $28.48B (+20.3% year over year; +20.5% a year from FY2020 to FY2025) with a 3.6% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +20.5% good |
|---|---|
| Operating margin | 5.7% watch |
| Free cash flow margin | 5.7% watch |
| Return on equity (FY2025) | 11.5% watch |
| Return on assets (FY2025) | 4.1% watch |
| Net cash (cash minus debt) | $-4.25B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $11.20B | $445.6M | $855.9M |
| FY2021 | $12.98B | $486.0M | $196.5M |
| FY2022 | $17.07B | $491.2M | $702.7M |
| FY2023 | $20.88B | $744.7M | $1.14B |
| FY2024 | $23.67B | $904.8M | $1.48B |
| FY2025 | $28.48B | $1.03B | $1.62B |
Valuation snapshot
| Market value | $93.60B |
|---|---|
| P/E ratio | 91.3 |
| Dividend yield | 0.07% |
Rank among 1514 US companies
Market value at each year end
Quanta Services’s market value went from $5.04B at the end of 2016 to $93.60B on Nov 2, 2026, about 18.6 times as much; since the end of 2025 it is up 49%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $93.60B | +48.7% |
| 2025 | $62.94B | +34.9% |
| 2024 | $46.65B | +48.8% |
| 2023 | $31.35B | +54.0% |
| 2022 | $20.36B | +24.6% |
| 2021 | $16.34B | +63.4% |
| 2020 | $10.00B | +69.3% |
| 2019 | $5.91B | +35.2% |
| 2018 | $4.37B | -23.0% |
| 2017 | $5.68B | +12.6% |
| 2016 | $5.04B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| PWR price data to Nov 2, 2026 | +47.3% | +38.4% | +52.7% | +39.0% | +36.4% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +47.3% |
| 2025 | +33.7% |
| 2024 | +46.6% |
| 2023 | +51.7% |
| 2022 | +24.6% |
| 2021 | +59.5% |
| 2020 | +77.7% |
| 2019 | +35.8% |
| 2018 | -22.9% |
| 2017 | +12.2% |
| 2016 | +72.1% |
| 2015 | -28.7% |
| 2014 | -10.0% |
| 2013 | +15.7% |
| 2012 | +26.7% |
| 2011 | +8.1% |
| 2010 | -4.4% |
| 2009 | +5.3% |
| 2008 | -24.5% |
| 2007 | +33.4% |
| 2006 | +49.4% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 37.8% over that stretch · deepest drop along the way 69.6%, back to its old high 63.4 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 39.7% over that stretch · deepest drop along the way 40.9%, back to its old high 2.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 12.7% over that stretch · deepest drop along the way 21.7%, back to its old high 2.6 months after the low |
Insider activity
Form 4 filings from 2025-10-30 to 2026-10-30 (25 read): 0 open-market purchases and 27 sales ($123.2M).
| Date | Insider | Type | Value |
|---|---|---|---|
| May 5, 2026 | Earl C. Jr. Austin President and CEO, Director | sell | $23.4M |
| May 5, 2026 | Earl C. Jr. Austin President and CEO, Director | sell | $21.1M |
| May 5, 2026 | Earl C. Jr. Austin President and CEO, Director | sell | $16.4M |
| May 5, 2026 | Earl C. Jr. Austin President and CEO, Director | sell | $8.3M |
| May 5, 2026 | Earl C. Jr. Austin President and CEO, Director | sell | $6.0M |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 7.45% | Mar 31, 2026 |
| Capital World Investors | 4.6% | Sep 30, 2025 |
ETFs with the most weight in PWR
| CCSO Carbon Collective Climate Solutions U.S. Equity ETF | 5.15% |
| KOOL North Shore Equity Rotation ETF | 4.9% |
| MOTO SmartETFs Smart Transportation & Technology ETF | 4.58% |
| GRID First Trust Nasdaq Clean Edge Smart GRID Infrastructure Index | 4.33% |
| NUMG Nuveen ESG Mid-Cap Growth ETF | 4.06% |
| ZAP Global X U.S. Electrification ETF | 3.49% |
| SAMT Strategas Macro Thematic Opportunities ETF | 2.77% |
| PAVE Global X US Infrastructure Development ETF | 2.69% |
What could go wrong
- Wildfires and accidents can create big liabilities. Crews work on live power lines and pipelines. Wildfires, explosions and other accidents can bring large liabilities. Insurance may not cover every loss, and coverage could become costlier or unavailable.
- Cost overruns and estimate changes can hurt profits. On fixed-price contracts, Quanta pays for extra costs. Delays or problems can force it to pay liquidated damages (penalties for missing deadlines) or end a project. Changes in cost estimates can turn expected profits into losses.
- Depends on hiring enough skilled workers. The work needs trained line workers and other craft labor. If Quanta cannot hire and keep enough people, or labor costs rise, growth and profits could suffer. Union obligations add further limits.
- Puerto Rico venture and other joint ventures. Quanta owns 50% of LUMA Energy, which operates Puerto Rico's power grid. The 10-K warns that joint ventures and work in U.S. territories can hurt results, create conflicts of interest or damage its reputation.
- Key customers can cut or cancel work. Revenue depends on utilities, hyperscalers and other customers continuing to invest. Losing a significant customer would hurt. Many contracts can be canceled or suspended on short notice, or not renewed.
- Significant debt and interest rate exposure. As of June 30, 2026, Quanta had about $6.1 billion of debt and $940 million of cash. Paying its debt takes significant cash, and variable-rate borrowings cost more when interest rates rise.
Recent events
- Quarterly results released; Investor presentation or announcement
- Executive or board change; Investor presentation or announcement
- Major agreement signed; New debt or financial obligation
- Major agreement signed; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Shareholder vote results; Other company announcement
- Quarterly results released; Investor presentation or announcement
- Executive or board change
- Executive or board change
- Quarterly results released; Investor presentation or announcement
For income and retirement investors
Quanta pays a dividend, but a tiny one: the yield was 0.07% as of October 28, 2026. Dividends per share nearly doubled from $0.21 in fiscal 2020 to $0.41 in fiscal 2025, about 14.3% a year. They have risen at least eight straight years. Dividends used 5.9% of 2025 earnings and 3.7% of free cash flow (cash left after capital spending). Buybacks totaled $329 million over fiscal 2021–2025, yet the share count rose about 8% between August 2021 and July 2026. Retirees seeking income would get almost no cash from these shares. Returns come mainly from the share price.
The shares swing hard in downturns. They fell 69.6% during the 2008 financial crisis and took about 63 months to recover. They dropped 40.9% in the 2020 COVID crash but got back to their peak in about 2.4 months. In 2022 they slid 21.7% and recovered in about 2.6 months. Like any single stock, Quanta carries more risk than a diversified fund.
Questions investors ask
How does Quanta Services make money?
Quanta makes money by designing, building, upgrading and repairing infrastructure for other companies. Its customers include electric and gas utilities, power producers, hyperscalers (large cloud computing companies), communications firms and pipeline operators. The work comes through master service agreements, repair and maintenance contracts, and fixed-price and other construction contracts. In fiscal 2025, revenue was $28.5 billion. The Electric segment brought in 80.8% and Underground and Infrastructure 19.2%. Net income was about $1.03 billion, a net margin of 3.6%.
Does Quanta Services pay a dividend?
Yes, but it is small. Quanta paid $0.41 per share in dividends for fiscal 2025, and the yield was 0.07% as of October 28, 2026. SEC filings for fiscal 2017 through 2025 show the dividend rising at least eight years in a row. It grew about 14.3% a year from fiscal 2020 to 2025. Dividends took 5.9% of 2025 earnings, so the company keeps nearly all of its profit.
Does Quanta Services benefit from data centers and AI?
Yes, according to its 10-K. Technology companies are spending on data centers for cloud services and artificial intelligence (AI), and that raises demand for Quanta's work. It installs low-voltage electrical systems inside data centers. It builds the high-voltage substations and transmission lines that connect them to the grid, and power generation to supply them. It also sees openings for fiber work in and between data centers. Data centers are one source of demand among several. Others include grid upgrades, storm hardening and electrification.
How has Quanta Services stock performed?
Strongly, with sharp swings. As of October 28, 2026, the share price had risen about 38.2% a year over five years and 36% a year over ten years, a gain of about 2,067% over the decade. Its one-year beta was 1.68, so it tended to swing more than the overall market. The shares fell 69.6% in the 2008 financial crisis. They dropped 30.4% from peak to low in the year to October 28, 2026. Past returns do not predict future results.
Is Quanta Services stock expensive?
Measured by earnings, the shares carry a high price. As of October 28, 2026, the price-to-earnings (P/E) ratio was 89.2, based on fiscal 2025 diluted earnings of $6.80 per share. In other words, the share price was about 89 times a year of profit per share. Earnings have been growing: net income for the quarter ended June 30, 2026 was 96.9% higher than a year earlier. Still, a high P/E leaves less room for disappointment if growth slows.