Latest analysis
Updated Aug 6, 2026
Quanta Services raises $2B in senior notes across three tranches to refinance debt.
Quanta Services closed a $2 billion senior notes offering on August 6, 2026, issuing $500 million of 4.850% notes due 2029, $750 million of 5.300% notes due 2033, and $750 million of 5.550% notes due 2036. The financing is unsecured, senior in ranking, and carries standard redemption and change-of-control provisions. This filing contains no operational, backlog, or guidance disclosures material to forward-looking analyst views.
Tone: neutralRevenue
$28.5B
PWR 10-K · FY 2025
Employees
69,500
Revenue FY2024
$23.7B
Headquarters
Houston, TX
Profile
PWR 10-K Item 1 · Feb 19, 2026Quanta Services is a leading provider of comprehensive infrastructure solutions across the electric power, renewable energy, communications, pipeline, and industrial end markets in the United States, Canada, Australia, and select international markets. The company delivers design, engineering, procurement, construction, and repair and maintenance services for a wide range of infrastructure assets. Its decentralized, labor-intensive operating model is supported by craft skilled labor, an ~80,000-unit equipment fleet, and a large portfolio of operating subsidiaries.
Read filing description ↓ Collapse description ↑
Quanta Services, Inc. is a leading provider of comprehensive infrastructure solutions for the electric and gas utility, power generation, large load center, manufacturing, communications, pipeline and energy industries in the United States, Canada, Australia and select other international markets. We provide design, engineering, procurement, construction, upgrade and repair and maintenance services for infrastructure within each of these industries, including electric power transmission and distribution networks; substation facilities; wind, solar and gas power generation and transmission and battery storage facilities; low voltage electrical, mechanical, plumbing and process infrastructure for large load centers, such as data center, advanced manufacturing, healthcare, pharmaceutical and industrial facilities; communications and cable multi-system operator networks; gas utility systems; pipeline transmission systems and facilities; and downstream industrial facilities. Our operations are decentralized and labor-intensive, and we rely on craft skilled labor personnel and experienced operators to successfully manage our day-to-day business. We also have an experienced management team, both at the executive and regional levels and within our subsidiaries, which we refer to as operating companies. We operate a fleet of owned and leased trucks and trailers, support vehicles and specialty construction equipment, as well as various proprietary technologies that enhance our service offerings. We have a large and diverse customer base, including many of the leading companies in the utility, renewable energy, hyperscaler, technology, communications, industrial and energy delivery markets.
Primary products
- Electric power transmission and distribution infrastructure services
- Substation facilities design and construction
- Renewable generation EPC services (wind, solar, hydropower, battery storage)
- Emergency restoration services
- Energized installation and maintenance (bare hand, hot stick, robotic arm)
- Smart grid technology installation
Business segments
End markets
Geographies
Named customers
For the year ended December 31, 2025, our largest customer accounted for 8% of our consolidated revenues and our ten largest customers accounted for 30% of our consolidated revenues.
“customers often consider other factors in choosing a service provider, including technical expertise and experience, breadth of solutions offerings, safety ratings, financial and operational resources, geographic presence, industry reputation and dependability, which we expect to benefit larger service providers such as us.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Consolidated revenues increased in 2025 compared to 2024, with increased revenues in both the Electric and Underground and Infrastructure segments, driven by strong demand from utility customers, data center and technology-related dynamics, manufacturing reshoring, and the contributions of recent acquisitions including Cupertino Electric and Dynamic Systems.
The rest of PWR is for subscribers
Analysis, signals, diligence answers, M&A activity and every quote, each citing the filing it came from.