PWR QUANTA SERVICES, INC.

Overview and Growth

QUANTA SERVICES, INC. generated $28.48B of revenue in fiscal 2025, with net income of $1.03B and an operating cash inflow of $2.23B. The $28.48B revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. The top line expanded 20.3% from $23.67B in fiscal 2024, increasing the company’s operating scale. On a per-share basis, diluted EPS was $6.80, which connects the reported earnings outcome with the company’s diluted share count. Against diluted EPS of $6.03 in fiscal 2024, the current result was 12.8% higher. Revenue equaled 1.14x of total assets, indicating how much reported top-line activity the company produced relative to its period-end asset base.

Profitability

The first profit layer was $4.28B of gross profit, the amount available after reported direct revenue costs to absorb operating expenses. Gross margin was 15.0%, so that share of each revenue unit remained after the cost of revenue reported for the period. Operations produced $1.61B of income after the reported operating expense base, before the remaining non-operating and tax effects. Relative to revenue, operating income represented 5.7%, showing how efficiently sales converted into operating profit. Net income came to $1.03B, completing the progression from revenue through gross and operating profitability to the final reported result. Measured against reported revenue, net income produced a 3.6% margin after operating costs and the remaining recognized items. Pretax income was $1.39B, isolating the reported earnings outcome before the income-tax provision recognized for the fiscal year. Measured against revenue, pretax income equaled 4.9%, adding a pre-tax profitability layer between revenue and net income. Income tax expense totaled $347.59M, providing the reported tax component that separates pretax and after-tax earnings. Relative to pretax income, the tax provision measured 25.0%, quantifying the portion of pre-tax earnings paid in income tax. Return on period-end equity was 11.4%, relating annual net income to the equity capital on the balance sheet.

Liquidity and Capital Structure

At period end, the $24.93B asset base was financed through $15.90B of liabilities and $9.03B of equity. The near-term balance sheet paired $9.90B of current assets with $8.72B of current liabilities at the reporting date. At 1.14x, the current ratio shows that short-term assets were greater than short-term liabilities at period end. Reported cash and equivalents were $439.51M, separating immediately recognizable cash resources from the rest of the current-asset base. The cash balance equaled 5.0% of current liabilities, showing how much near-term coverage came from cash alone. The liabilities-to-assets relationship was 63.8%, placing reported obligations against the full positive asset balance. Cash and equivalents equaled 1.8% of total assets, showing the liquid cash component within the company’s broader resource base. Compared with $18.68B in fiscal 2024, the current asset base moved 33.4% and finished higher.

Cash Flow and Earnings Quality

Cash flow from operations was $2.23B, a reported cash inflow that can be compared directly with net income and capital spending. The operating-cash-flow-to-net-income relationship was 2.17x, comparing cash generated by operations with the bottom-line earnings result. The cash-flow statement records $609.15M of capital expenditures, the investment amount considered after operating cash generation. Capital spending absorbed 27.3% of operating cash flow, quantifying the share of cash from operations directed to investment. After capital spending, free cash flow was $1.62B, leaving cash available for debt reduction, shareholder returns, or further investment. Relative to revenue, free cash flow equaled 5.7%, showing how much sales converted into cash after investment. Free cash flow equaled 6.5% of total assets, relating post-investment cash generation to the company’s resource base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.