Filing Flows › Quanta Services (PWR) › Q2 2025
Quanta Services (PWR) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 31, 2025
Quanta Services (PWR) reported revenue of $6.8B for the second quarter 2025 (Q2 2025), +21% from a year earlier and +9% from the quarter before. Operating margin was 5.5%, net earnings $234M (3.4% of revenue).
Quanta Services, Q2 2025: revenue $6.8B (+21% year over year), operating margin 5.5%, net earnings $234M, operating cash flow $296M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $6.8B | +9% | +21% |
| Gross profit | $1.0B | +21% | +24% |
| Operating profit | $370M | +55% | +21% |
| Net earnings | $234M | +57% | +22% |
| Operating cash flow | $296M | +22% | -24% |
| Free cash flow | $170M | — | -34% |
What changed
Revenue was $6.8B in Q2 2025, up 21% year over year and up 9% from the previous quarter. Electric was the largest line at 81% of revenue. Electric added $1.0B year over year (up 22%), 82% of the total change.
Gross margin was 14.9%, up 0.4 points from a year earlier. Operating profit was $0.37B, a 5.5% margin (unchanged year over year). Of the extra revenue versus a year earlier, 5% reached operating profit, below the 5% margin then. Operating expenses grew 26% against revenue growth of 21%. The fastest-growing cost line was Other operating costs (+52%). Net earnings were $0.23B, up 22% year over year. The effective tax rate was 26.7%.
Operating cash flow was $0.30B (down 24% year over year), 127% of net earnings. Non-cash charges added back $0.21B of depreciation and amortization and $0.04B of share-based compensation. Working capital and other items used $0.19B. After capital expenditures, net ($0.13B), free cash flow as the company reports it was $0.17B.
Questions
What was Quanta Services' revenue in the second quarter 2025?
Quanta Services (PWR) reported revenue of $6.8B for the second quarter 2025 (Q2 2025), +21% from a year earlier and +9% from the quarter before.
Was Quanta Services profitable in the second quarter 2025?
Operating profit was $370M (5.5% of revenue) and net earnings $234M.
Source: Quanta Services 10-Q on SEC EDGAR.