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Quanta Services$PWR · filed: grew revenue 20.3% in FY2025 to $28.5BNew shipTrillion Score 492Fall Risk LowNext year $30.2B–$35.9B sealedCheck ▾Close ▴
What Quanta Services filed
Grew revenue 20.3% in FY2025 to $28.5 billion, operating margin 5.7%, in line with the 5.7% median for electrical work, equity 35.9% of assets, and dividend per share up 8 years running. Every figure links to the filing it came from on Quanta Services’s card. New ship: no warning signs. Trillion Score 492, #2 of 4 in its field; Fall Risk Low (how it is measured).
What the house said in advance
Revenue for the fiscal year after 2025-12-31 between $30.2B and $35.9B, an 80% range sealed on 26 Sept 2026 · receipt #24e0fa · graded in public by the revenue in Quanta Services’s next annual report.
Figures as filed with the SEC. Ranges, scores and boats are statistical descriptions of past filings, not ratings or recommendations. Reporting, not advice.
In plain words
Quanta's **$1B** buyback and dividend debut reflect infrastructure backlog visibility extending into **2026**, funded by improving cash conversion.
$1 billion
share repurchase authorization and a
$0.11
quarterly cash dividend
$286.42
on the New York Stock Exchange
3.4%
of market capitalization
Quanta Services announced Friday a $1 billion share repurchase authorization and a $0.11 quarterly cash dividend, the company's first regular dividend program. The stock closed at $286.42 on the New York Stock Exchange, valuing the buyback at roughly 3.4% of market capitalization.
The timing follows $7.8 billion in trailing twelve-month revenue and $694 million in operating cash flow through the most recent quarter. Quanta's balance sheet carried $1.2 billion in cash and equivalents against $3.1 billion in long-term debt as of September 30. Management has spent the past eighteen months absorbing electric utility and renewable interconnection contracts that typically carry 24- to 36-month build cycles, creating visibility that allows capital return without straining liquidity.
The buyback matters because Quanta sits at the center of three compounding infrastructure themes: AI data center power upgrades, utility grid hardening, and natural gas pipeline expansion. The company's backlog reached $33.7 billion in the third quarter, up 19% year-over-year, with electric power representing 63% of that total. Hyperscalers are ordering substation and transmission work 12 to 18 months ahead of data center commissioning dates, pulling forward demand that Quanta can now fund through internal cash generation rather than equity dilution. The dividend, though modest at a 0.15% yield, establishes a floor for institutional holders who require income alongside growth.
Allocators should watch Quanta's Q4 earnings call in late February for commentary on 2025 backlog conversion rates and whether the company accelerates buyback execution if shares trade below $270. The electric utility segment's margin trajectory—currently around 11.2%—will indicate whether Quanta can sustain capital return while absorbing labor cost inflation in skilled trades. Any announcement of a dedicated hyperscaler joint venture or a large acquisition in the $500 million to $1 billion range would signal the company prioritizes inorganic growth over further buybacks.
Quanta has not returned capital to shareholders in this form since its 2016 special dividend. The shift comes as free cash flow inflects positive after years of working capital absorption during project ramp-ups.
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For the principal
Quanta's capital return signals multi-year backlog confidence; consider exposure via infrastructure funds with 15-20% utilities allocation.
For the operator
Watch Q4 call for buyback pace and margin guidance; shares at $270 become defensible on 12x forward EBITDA.
For the house
Huang Goodman adds Quanta to infrastructure sleeve at 2.5% weight; trimming if buyback completes without backlog growth acceleration.
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