What it does
Quanta states that it provides design, engineering, procurement, construction, upgrade, repair and maintenance services for infrastructure serving electric and gas utilities, power generation, large load centers, manufacturing, communications, pipeline and energy industries. Its Electric segment serves electric-grid, generation and large-load-center markets, while its Underground and Infrastructure segment serves natural-gas, pipeline, industrial-energy and large-load-center customers. The filing describes work ranging from transmission, distribution and substations to renewable generation, data-center electrical and mechanical systems, gas systems, pipelines, civil work and industrial facilities.
Source: Quanta Services, Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov
How it makes money
The company states that its results depend on obtaining customer contracts and delivering the services required under them. It typically works under master service agreements, repair and maintenance contracts, and fixed-price and non-fixed-price construction and engineering contracts. The segment table accompanying this profile shows Electric revenue of $23.0 billion, or 80.8% of revenue, and Underground and Infrastructure revenue of $5.5 billion, or 19.2%, for FY2025. The filing notes that the two reported segments began with the three months ended March 31, 2025, following a reassessment of internal reporting.
| Segment | Revenue, FY2025 | Share | Change on the year |
|---|---|---|---|
| Electric | $23.0 billion | 80.8% | 21.0% |
| Underground and Infrastructure | $5.5 billion | 19.2% | 17.5% |
Source: Quanta Services, Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov
Customers and geography
Quanta operates primarily in the United States and also serves Canada, Australia and select other international markets. FY2025 United States revenue was $26.5 billion, representing 93.0% of revenue; Canada contributed $1.0 billion and Australia contributed $779.5 million. The company describes its customers as utilities and power developers, energy and other customers, and technology, manufacturing and communications customers. Its largest customer accounted for 8% of consolidated revenue in FY2025, while its ten largest customers accounted for 30%. The filing names representative customers, including American Electric Power, Duke Energy, NextEra Energy, Comcast and The Southern Company.
| Region | Revenue, FY2025 | Share | Change on the year |
|---|---|---|---|
| United States | $26.5 billion | 93.0% | 22.6% |
| Canada | $1.0 billion | 3.58% | −0.62% |
| Australia | $779.5 million | 2.74% | 16.9% |
| Others | $198.5 million | 0.70% | −46.9% |
Source: Quanta Services, Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov
Competition
The filing states that Quanta operates in highly competitive industries and geographic markets, and that several competitors are large companies with significant financial, technical and marketing resources. It does not name competing companies. It also identifies relatively few barriers to entry in some markets and notes that subcontractors may develop the expertise to compete for prime contracts. Price is often important for unit-price or fixed-price agreements, although the company says customers also consider technical expertise, experience, breadth of offerings, safety ratings, resources, geographic presence, reputation and dependability. Certain utility customers also have in-house organizations performing similar work.
Source: Quanta Services, Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov
Key risks
The filing’s summary identifies the following material risks and uncertainties:
- Operating results may vary significantly from quarter to quarter.
- Negative macroeconomic conditions and industry-specific economic and market conditions can adversely impact the business.
- Regulatory requirements and potential changes to them may adversely affect the business.
- The company may not have access to sufficient funding to finance desired growth and operations.
- Sale or issuance of additional common stock or other equity securities could dilute ownership interests or affect the market price of common stock.
- Inherently hazardous operating conditions can result in liabilities and costs not covered by, or exceeding, insurance or indemnification rights.
Source: Quanta Services, Inc. Form 10-K for fiscal 2025, Item 1A — sec.gov
People and operations
As of December 31, 2025, Quanta had approximately 69,500 employees, including approximately 13,800 salaried and 55,700 hourly employees. The filing describes its operations as decentralized and labor-intensive, relying on craft-skilled labor and experienced operators. Approximately 36% of employees were covered by collective bargaining agreements. The company operated an owned and leased fleet of approximately 80,000 units as of year-end, including trucks, specialty construction equipment and aircraft. Revenue is generally lowest in the first quarter because weather can delay projects; third- and fourth-quarter revenue is typically highest as more projects are underway.
Source: Quanta Services, Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov