Quanta Services, Inc. (NYSE:PWR) moved more than 4% higher in premarket trading Thursday after the infrastructure engineering group delivered better-than-expected fourth-quarter results and issued bullish guidance for 2026.
The company reported adjusted earnings of $3.16 per share for the final quarter of 2025, topping analyst estimates of $3.02. Revenue surged to a record $7.84 billion, comfortably ahead of the $7.37 billion consensus forecast and up 19.7% from $6.55 billion a year earlier.
Markets reacted favorably to both the earnings outperformance and the company’s forward outlook, which points to continued momentum into the new fiscal year.
“Quanta closed 2025 with another strong quarter, delivering double-digit year-over-year growth in revenue and adjusted EBITDA, while achieving record fourth-quarter and full-year results across multiple key financial metrics,” said Duke Austin, President and Chief Executive Officer of Quanta Services.
For 2026, Quanta expects revenue in a range of $33.25 billion to $33.75 billion, well above the analyst consensus of $31.49 billion. Adjusted earnings per share are projected between $12.65 and $13.35, also exceeding the $12.38 market expectation.
The company ended the year with a record backlog of $44.0 billion, driven in part by strong demand within its Electric Infrastructure Solutions business, which achieved all-time-high backlog levels.
During the fourth quarter, Quanta completed three acquisitions — Tri-City Group, Wilson Construction Company, and Billings Flying Service — for a combined total of about $1.73 billion. Management expects these deals to add between $0.40 and $0.50 to adjusted EPS in 2026.
“The convergence of utility, power generation, and large-load industries continues to create significant opportunities,” Austin added, emphasizing that the company is positioned to deliver another year of double-digit earnings growth in 2026.