QUANTA SERVICES, INC. (PWR)

Quanta Services, Inc. is a provider of 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. It provides design, engineering, procurement, construction, upgrade, and repair and maintenance services for electric transmission and distribution networks, substations, wind, solar and gas generation, battery storage, data center and other large load facilities, communications networks, gas utility systems, pipelines and downstream industrial facilities.

Quanta reports two segments. The Electric segment serves the power grid, power generation and large load center markets. Its work includes transmission, distribution and substation construction and maintenance, renewable generation EPC and repowering, emergency restoration, energized-line work, smart grid installation, electrical systems for data centers and manufacturing facilities, communications construction, commercial and industrial wiring, and aviation services for utilities. The segment also includes a training facility and postsecondary institution, equity earnings from affiliates (including a 50% interest in LUMA Energy, which operates Puerto Rico's electric system), and power transformer, circuit breaker and other manufacturing operations. The Underground and Infrastructure segment serves customers in natural gas, oil and other product transportation, storage and processing, as well as large load center owners. Its services include gas utility system work, pipeline integrity, rehabilitation and replacement, midstream and downstream industrial services such as turnarounds, catalyst replacement, piping and tank services, pipeline and compressor station construction, trenching, directional boring, civil site work, mechanical, plumbing and process infrastructure for large load centers, and energy transition projects such as carbon capture and hydrogen. Quanta has grown through acquisitions, including Cupertino Electric in 2024 and Dynamic Systems in 2025.

Customers include utilities, power developers, technology companies, communications providers, energy delivery companies and governmental entities. Representative customers include American Electric Power, NextEra Energy, Duke Energy, National Grid, Comcast, PG&E, Williams and Turner Construction. In 2025, revenue was roughly 70% utility and power, 17% energy and other, and 13% technology, manufacturing and communications. The largest customer accounted for 8% of revenues and the ten largest for 30%. Foreign operations, primarily Canada and Australia, produced about 7.0% of 2025 revenues. Work is performed under master service agreements, repair and maintenance contracts, and fixed price and non-fixed price construction and engineering contracts, and many customers are served through strategic alliances or preferred provider status.

Quanta's operations are decentralized and labor-intensive and rely on craft skilled labor and experienced operators. Subsidiaries, called operating companies, are led by local management that builds customer relationships and cross-sells across the group. The company operates a fleet of owned and leased trucks, trailers, support vehicles and specialty construction equipment, along with proprietary technologies, and has its own manufacturing capability for critical components such as power transformers.