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Quanta Services PWR Electric — Segment operating expenses, (excluding depreciation expense)

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Other financials

Income statement

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Revenue$9.6B+41.1%
Gross profit$1.5B+53.4%
Operating income$694.8M+87.6%
Net income$451.4M+96.9%
EPS (diluted)$2.96+94.7%

Balance sheet

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Cash & equivalents$512.1M-0.1%
Total debt$6.6B+28.9%
Total equity$9.6B+22.7%
Total assets$28.3B+42.2%

Cash flow

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Operating cash flow$1.1B+270%
CapEx$231.0M+64.6%
Free cash flow$864.5M+456%

Valuation

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Market cap$100.41B+73.9%
Enterprise value$106.54B+70.8%
P/E75.7×+16.3×
P/S3.1×+0.8×

Profitability

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Gross margin15.5%+0.4pp
Operating margin6.2%+0.5pp
Net margin4%+0.3pp
FCF margin7.3%+2.1pp

Returns & leverage

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Return on equity15.2%+1.7pp
Debt / equity0.7×0.0×
Current ratio1.1×-0.3×

Where this comes from

Reported directly by Quanta Services in its filing.

Tagged under the XBRL concept pwr:SegmentOperatingExpensesExcludingDepreciation.

The source filing: Quanta Services’s 10-K, filed February 19, 2026.

Filed
Feb 19, 2026, 9:58 AM EST
Fiscal year
FY2025
Accession
0001050915-26-000006
Year Ended December 31, 2025ElectricUnderground and InfrastructureTotal
Revenues$23,001,468$5,478,229$28,479,697
Segment operating expense (excluding segment depreciation expense)20,411,7094,973,88725,385,596
Segment depreciation expense285,132106,066391,198
Segment operating expenses20,696,8415,079,95325,776,794
Equity in earnings on integral unconsolidated affiliates55,63555,635
Segment operating income$2,360,262$398,276$2,758,538
Segment operating margin10.3%7.3%
Corporate and non-allocated costs (1)(1,147,029)

ITEM 8.Financial Statements and Supplementary Data

FAQ

What is Quanta Services's electric — segment operating expenses, (excluding depreciation expense)?
Quanta Services (PWR) reported electric — segment operating expenses, (excluding depreciation expense) of $5.1B in Q4 2025.
How has Quanta Services's electric — segment operating expenses, (excluding depreciation expense) changed year-over-year?
Quanta Services's electric — segment operating expenses, (excluding depreciation expense) increased by 109.2% year-over-year, from $2.44B to $5.1B.
What is the long-term trend for Quanta Services's electric — segment operating expenses, (excluding depreciation expense)?
Over 3 years (2022 to 2025), Quanta Services's electric — segment operating expenses, (excluding depreciation expense) has grown at a 37.3% compound annual growth rate (CAGR), from $7.88B to $20.41B.
What does electric — segment operating expenses, (excluding depreciation expense) mean?
This metric captures the cash-based operating costs incurred to deliver electric power infrastructure services, excluding non-cash depreciation charges. It primarily includes labor, materials, equipment rentals, and subcontracting costs essential for project execution.

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