Filing Flows › Quanta Services (PWR) › Q4 2025
Quanta Services (PWR) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 19, 2026
Quanta Services (PWR) reported revenue of $7.8B for the fourth quarter 2025 (Q4 2025), +20% from a year earlier and +3% from the quarter before. Operating margin was 6.2%, net earnings $317M (4.0% of revenue).
Quanta Services, Q4 2025: revenue $7.8B (+20% year over year), operating margin 6.2%, net earnings $317M, operating cash flow $1.1B. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $7.8B | +3% | +20% |
| Gross profit | $1.2B | 0% | +14% |
| Operating profit | $485M | -6% | +7% |
| Net earnings | $317M | -8% | +2% |
| Operating cash flow | $1.1B | +100% | +58% |
| Free cash flow | $946M | — | +64% |
What changed
Revenue was $7.8B in Q4 2025, up 20% year over year and up 3% from the previous quarter.
Gross margin was 15.5%, down 0.7 points from a year earlier. Operating profit was $0.48B, a 6.2% margin (down 0.7 points year over year). Of the extra revenue versus a year earlier, 2% reached operating profit, below the 7% margin then. Operating expenses grew 20% against revenue growth of 20%. The fastest-growing cost line was Other operating costs (+32%). Net earnings were $0.32B, up 3% year over year. The effective tax rate was 24.5%.
Operating cash flow was $1.1B (up 58% year over year), 356% of net earnings. Non-cash charges added back $0.25B of depreciation and amortization and $0.05B of share-based compensation. Working capital and other items added $0.50B. After capital expenditures, net ($0.18B), free cash flow as the company reports it was $0.95B.
Questions
What was Quanta Services' revenue in the fourth quarter 2025?
Quanta Services (PWR) reported revenue of $7.8B for the fourth quarter 2025 (Q4 2025), +20% from a year earlier and +3% from the quarter before.
Was Quanta Services profitable in the fourth quarter 2025?
Operating profit was $485M (6.2% of revenue) and net earnings $317M.
Source: Quanta Services 10-K on SEC EDGAR.