QUANTA SERVICES, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data QUANTA SERVICES, INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	7,651	9,466	11,171	12,112	11,203	12,980	17,074	20,882	23,673	28,480
Cost of revenue	6,638	8,225	9,691	10,512	9,542	11,027	14,545	17,945	20,162	24,205
Gross profit	1,014	1,242	1,480	1,600	1,661	1,953	2,529	2,937	3,511	4,275
Selling, general and administrative	653	778	858	956	975	1,156	1,337	1,555	1,825	2,189
Operating income	321	379	540	555	611	664	872	1,128	1,346	1,612
Interest expense	14.9	20.9	36.9	66.9	45	68.9	124	187	203	261
Interest income	2.42	0.83	1.56	0.93	2.45	3.19	2.61	10.8	32.4	15.7
Other non-operating income	-0.66	-4.98	-47.2	83.4	2.54	25.1	-46.4	18.1	35.8	23.7
Pre-tax income	308	354	458	572	571	623	704	970	1,212	1,390
Income tax	107	35.5	162	165	119	131	192	219	285	348
Income from continuing operations	199	315	293
Net income to minority interests	1.72	3.25	2.66	4.77	6.36	6.03	20.5	6	22.5	13.5
Net income	198	315	293	402	446	486	491	745	905	1,028
EBITDA	491	563	743	773	837	919	1,163	1,453	1,706	2,023
EPS, basic	1.26	2.02	1.92	2.76	3.15	3.45	3.42	5.13	6.16	6.91
EPS, diluted	1.26	2.00	1.90	2.73	3.07	3.34	3.32	5.00	6.03	6.80
Shares, basic (weighted)	157	156	153	146	141	141	143	145	147	149
Shares, diluted (weighted)	157	157	154	148	145	145	148	149	150	151
Dividend per share		0.00	0.04	0.17	0.21	0.25	0.29	0.33	0.37	0.41

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	112	138	78.7	165	185	229	429	1,290	742	440
Receivables	1,500	1,985	2,355	2,748	2,716	3,400	3,675	4,411	5,171	6,847
Inventory	88.5	80.9	108	55.7	50.5	84.7	103	176	260	370
Other current assets	115	168	208	261	183	215	250	387	201	236
Total current assets	2,289	2,870	3,326	3,831	3,588	4,733	5,536	7,677	7,851	9,903
Property, plant and equipment	1,174	1,289	1,276	1,387	1,561	1,920	2,030	2,337	2,700	3,455
Lease right-of-use assets				284	257	241	230	249	300	401
Goodwill	1,603	1,869	1,900	2,023	2,121	3,529	3,587	4,046	5,316	7,317
Intangible assets	187	263	280	414	436	1,801	1,459	1,362	1,861	2,906
Long-term investments									242	412
Other non-current assets	101	190	294	393	436	632	623	566	656	944
Total assets	5,354	6,480	7,076	8,332	8,398	12,855	13,464	16,237	18,684	24,927
Accounts payable	530	633	787	799	798	1,251	1,302	2,028	2,096	2,833
Accrued liabilities	194	225	279	316	378	547	469	526	652	782
Deferred revenue	15.5	433	426	606	529	803	1,142	1,539	2,149	3,258
Short-term debt	7.56	1.22	65.6	74.9	14.8	29.2	37.5	535	62.7	764
Total current liabilities	1,205	1,492	1,806	2,263	2,139	3,165	3,406	5,213	6,029	8,716
Long-term debt	354	671	1,041	1,292	1,174	3,724	3,692	3,664	4,100	5,231
Lease liabilities				197	179	170	172	187	222	310
Other non-current liabilities	260	342	405	311	391	487	568	636	650	1,140
Total liabilities	2,011	2,685	3,470	4,278	4,049	7,738	8,066	9,954	11,354	15,899
Total debt	358	672	1,073	68.3	10.5	13.4	3,730	4,199	4,162	764
Paid-in capital	1,749	1,889	1,967	2,025	2,170	2,615	2,719	3,003	3,444	4,279
Retained earnings	1,876	2,191	2,477	2,854	3,265	3,715	4,163	4,858	5,707	6,674
Treasury stock	-14.3	-85.5	-554	-587	-858	-980	-1,188	-1,306	-1,461	-1,707
Other comprehensive income	-272	-203	-286	-242	-233	-238	-311	-283	-373	-307
Shareholders' equity	3,339	3,792	3,604	4,050	4,344	5,112	5,383	6,272	7,318	8,938
Minority interests	3.28	4.06	1.29	3.54	4.79	4.62	15.4	11.1	12	89.6
Total equity	3,343	3,796	3,605	4,054	4,349	5,117	5,399	6,283	7,330	9,028
Total liabilities and equity	5,354	6,480	7,076	8,332	8,398	12,855	13,464	16,237	18,684	24,927
Shares outstanding	145	153			138	143	143	146	148	150

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	200	318	296	407	452	492	512	751	927	1,042
Depreciation and amortization	170	184	203	218	225	256	291	325	359	412
Stock-based compensation	42.8	46.4	52.5	52	91.6	88.3	106	127	151	182
Deferred income tax	-15.7	-32.1	62	-7.92	-60	26.1	42.1	3.82	-8.33	37.6
Change in inventory	-9.91	14.1	-28.1	52.2	9.86	1.42	-19.3	2.82	-39.5	-122
Cash from operations	391	372	359	527	1,116	582	1,130	1,576	2,081	2,230
Capital expenditures	-213	-245	-294	-262	-260	-386	-428	-435	-604	-609
Acquisitions	-68.8	-361	-94.9	-388	-293	-2,452	-195	-652	-1,746	-3,052
Purchases of investments	-13.2	-56.5	-36.9	-47.1	-14.9	-139	-78.1	-7.54	-81.9	-149
Sales and maturities of investments	7.59	65.8	4.71	46.6	14	29.1	20.6	42.3	29.2	17
Cash from investing	-264	-572	-403	-618	-499	-2,899	-617	-990	-2,294	-3,831
Debt issued			0	0	990	1,487	0	0
Debt repaid							0	0	-500	0
Stock issued	0.4	0.03	0	0
Share buybacks	0	-50	-443	-20.1	-247	-66.7	-128	-0.35	0	-135
Dividends paid		0	0	-23.2	-28.9	-34	-41.1	-47.8	-54.2	-60.4
Cash from financing	-134	228	-16.6	178	-601	2,361	-311	269	-306	1,275
Exchange rate effect	0.22	1.79	-0.07	-0.15	1.77	0.43	-0.72
Net change in cash	-14.4	29.4	-60.5	86.5	17.1	45.1	201	862	-549	-303
Free cash flow	178	127	65.2	265	856	197	703	1,141	1,477	1,621
Interest paid	12.8	19.4	34.9	64.8	32.1	52.7	106	176	166	217
Income taxes paid		112	113	116	231	125	112	249	137	347

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $649.13 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	15.5%	Gross profit / revenue.
Operating margin	6.2%	Operating income / revenue.
EBITDA margin	7.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	5.3%	Pre-tax income / revenue.
Net margin	4.0%	Net income / revenue.
FCF margin	7.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	9.7%	Cash from operations / revenue.
Effective tax rate	23.1%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	13.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	4.7%	Net income / average total assets.
Return on invested capital (ROIC)	16.0%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	7.6%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.7%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.4%	Capital expenditures / revenue.
D&A / revenue	1.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	20.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	18.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	20.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	21.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	19.1%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	20.8%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	19.7%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	22.7%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	21.4%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	18.6%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	20.3%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	19.3%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	13.7%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	27.9%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	18.2%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	12.8%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	27.0%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	17.2%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	7.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	25.4%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	14.8%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	9.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	32.1%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	13.6%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	10.8%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	12.2%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	14.3%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	22.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	18.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	15.5%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	33.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	22.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	24.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.8%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.7%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.8%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.10x	Current assets / current liabilities.
Quick ratio	0.84x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.05x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.07x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	2.4%	Total debt / total assets.
Liabilities / assets	65.6%	Total liabilities / total assets.
Net debt	$167.9M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.07x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	6.92x	Operating income / interest expense.
Working capital	$1.06B	Current assets - current liabilities.
Goodwill and intangibles / assets	39.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$1.45B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.16x	Revenue / average total assets.
Fixed asset turnover	8.90x	Revenue / average property, plant and equipment.
Inventory turnover	59.2x	Cost of revenue / average inventory.
Days inventory	6 days	365 x average inventory / cost of revenue.
Receivables turnover	3.86x	Revenue / average receivables.
Days sales outstanding	95 days	365 x average receivables / revenue.
Days payables	46 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	55 days	Days inventory + days sales outstanding - days payables.
FCF conversion	180.2%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	24.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$8.70	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$215.86	Revenue / diluted weighted shares.
FCF per share	$15.69	Free cash flow / diluted weighted shares.
Operating cash flow per share	$20.85	Cash from operations / diluted weighted shares.
Book value per share	$64.14	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$9.63	Tangible book value / shares outstanding.
Cash per share	$3.37	(Cash + short-term investments) / shares outstanding.
Payout ratio	4.8%	Dividends paid / net income, when net income is positive.
Dividends / FCF	2.7%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	0.0%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$95.64B	Share price x shares outstanding.
Enterprise value	$95.80B	Market cap + total debt - cash - short-term investments.
P/E	72.1x	Market cap / net income. Only when net income is positive.
P/S	2.91x	Market cap / revenue.
P/B	9.92x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	40.0x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	30.1x	Market cap / cash from operations, when positive.
EV/Sales	2.91x	Enterprise value / revenue.
EV/EBIT	47.1x	Enterprise value / operating income, when both are positive.
EV/EBITDA	38.6x	Enterprise value / EBITDA, when both are positive.
EV/FCF	40.1x	Enterprise value / free cash flow, when both are positive.
FCF yield	2.5%	Free cash flow / market cap.
Earnings yield	1.4%	Net income / market cap (the inverse of P/E).
Dividend yield	0.1%	Dividends paid over the period / market cap.
Shareholder yield	0.1%	(Dividends paid + share buybacks) / market cap.
PEG	2.67x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was QUANTA SERVICES, INC.'s revenue in fiscal 2025?

QUANTA SERVICES, INC. reported revenue of $28.48B for fiscal 2025, 20.3% higher than the year before.

Was QUANTA SERVICES, INC. profitable in fiscal 2025?

Yes. Net income was $1.03B, a net margin of 3.6%.

How much free cash flow did QUANTA SERVICES, INC. generate in fiscal 2025?

Cash from operations of $2.23B minus capital expenditures of $609.2M left free cash flow of $1.62B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

Open interactive statements, quarterly figures and charts

Back to QUANTA SERVICES, INC.