Filing Flows › Quanta Services (PWR) › Q3 2025
Quanta Services (PWR) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 30, 2025
Quanta Services (PWR) reported revenue of $7.6B for the third quarter 2025 (Q3 2025), +18% from a year earlier and +13% from the quarter before. Operating margin was 6.8%, net earnings $343M (4.5% of revenue).
Quanta Services, Q3 2025: revenue $7.6B (+18% year over year), operating margin 6.8%, net earnings $343M, operating cash flow $563M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $7.6B | +13% | +18% |
| Gross profit | $1.2B | +21% | +20% |
| Operating profit | $517M | +40% | +20% |
| Net earnings | $343M | +47% | +15% |
| Operating cash flow | $563M | +91% | -24% |
| Free cash flow | $438M | — | -19% |
What changed
Revenue was $7.6B in Q3 2025, up 18% year over year and up 13% from the previous quarter. Electric was the largest line at 81% of revenue. Electric added $0.94B year over year (up 18%), 82% of the total change.
Gross margin was 15.9%, up 0.3 points from a year earlier. Operating profit was $0.52B, a 6.8% margin (up 0.1 points year over year). Of the extra revenue versus a year earlier, 8% reached operating profit, above the 7% margin then. Operating expenses grew 20% against revenue growth of 18%. The fastest-growing cost line was Other operating costs (+29%). Net earnings were $0.34B, up 16% year over year. The effective tax rate was 25.9%.
Operating cash flow was $0.56B (down 24% year over year), 164% of net earnings. Non-cash charges added back $0.24B of depreciation and amortization and $0.05B of share-based compensation. Working capital and other items used $0.06B. After capital expenditures, net ($0.13B), free cash flow as the company reports it was $0.44B.
Questions
What was Quanta Services' revenue in the third quarter 2025?
Quanta Services (PWR) reported revenue of $7.6B for the third quarter 2025 (Q3 2025), +18% from a year earlier and +13% from the quarter before.
Was Quanta Services profitable in the third quarter 2025?
Operating profit was $517M (6.8% of revenue) and net earnings $343M.
Source: Quanta Services 10-Q on SEC EDGAR.