This ranking evaluates how Fortune 500 companies are deploying AI, and how technology leaders value those investments relative to industry peers.

Fortune AIQ 75

With a combined revenue of $21 trillion and $2.1 trillion in profits, the 2026 Fortune 500 is the definitive list of America's largest companies.

Fortune 500

AI is a major force shaping this year’s list—but it’s far from the only story.

World's Most Admired Companies

This is the 40th year for our annual Fastest-Growing Companies list, which ranks companies based on growth in revenue, profits, and stock returns.

100 Fastest-Growing Companies

Almost $20 trillion in revenue—and a record-breaking $1.87 trillion in profits. Introducing the 2025 Fortune 500, the definitive list of the biggest companies in America.

Leaders in all industries rely more than ever on Big Tech—and appreciate the giants that deliver, at scale, without drama.

Industries included in the sector are construction and engineering services and homebuilders.

Fortune Sector Leaders: Engineering and Construction

The Fortune 500, in its 70th year in 2024, ranks the biggest U.S. companies by revenue.

The 26th edition of the list shows how much esteem Big Tech giants command among other business leaders.

The 25th Fortune World’s Most Admired Companies list suggests that tech giants’ peers respect them as much as ever.

The Fortune 500, in its 69th year in 2023, ranks the biggest U.S. companies by revenue.

Just as it dominates our economy, Big Tech now dominates Fortune’s annual ranking of corporate reputation.

This year’s Fortune 500 marks the 68th running of the list.

After a year in which humanity leaned more heavily than ever on tech giants, see which companies topped Fortune's ranking of corporate reputation.

This year’s Fortune 500 marks the 67th running of the list.

Quanta provides engineering and construction infrastructure to the electric energy, oil and gas, and communications industries.

For an astounding 13th straight year, Apple claims the top spot in Fortune’s annual ranking of corporate reputation, based on a survey of almost 3,800 executives, directors, and analysts.

This year's Fortune 500 marks the 66th running of the list.

F500-2020-261-Quanta-Services

Quanta provides engineering and construction services to the electric energy and oil and gas industries.

Here are the World's Most Admired Companies for 2019 as ranked in their industries. See who made the list.

This year's Fortune 500 marks the 65th running of the list.

This year's Fortune 500 marks the 64th running of the list.

This year's Fortune 500 marks the 63rd running of the list.

This year's Fortune 500 marks the 62nd running of the list.

This year's Fortune 500 marks the 61st running of the list. Wal-Mart claims the top spot again. See who made the list.

Wal-Mart stayed on top as its sales crept closer to half-a-trillion dollars. Apple moved into the top five. And UnitedHealth Group continued its steady climb. 

Shale rules! That’s the lesson of the latest edition of our annual list of public companies with the most stellar three-year profit, revenue, and stock growth. 

Fastest-growing Companies

Revenue 3 Yr Growth Rank

Revenue 3 Yr Annual Growth Rate

EPS 3 Yr Growth Rank

EPS 3 Yr Annual Growth Rate

Total Return 3 Yr Rank

Total Return 3 Yr Annual Rate

Beat S&P 500 3 Yr Return

Current Streak

Years on List

Sector

Industry

Current All-Star Rank

Previous All-Star Rank

Industry Rank

Previous Industry Rank

Overall Score

Innovation

People Management

Use of Corporate Assets

Social Responsibility

Quality of Management

Financial Soundness

Long-Term Investment Value

Quality of Products/Services

Global Competitiveness

Key Financials (last Fiscal Year)

Revenues ($M)

Profits ($M)

Assets ($M)

Total Stockholder Equity ($M)

Profit Ratios

Profit as % of Revenues

Profits as % of Assets

Profits as % of Stockholder Equity

Earnings Per Share (last Fiscal Year)

Earnings Per Share ($)

EPS % Change (from prior fiscal year)

EPS % Change (5 year annual rate)

EPS % Change (10 year annual rate)

Total Return

Total Return to Investors (last year)

Total Return to Investors (5 year, annualized)

Total Return to Investors (10 year, annualized)

Quanta Services offers infrastructure solutions for the electric and gas utility, renewable energy, communications, pipeline, and energy industries in the U.S., Canada, and Australia. The company was formerly known as Fabal Construction and changed its name to Quanta Services in 1997, the same year that it was incorporated.

Q2 2026

Q1 2026

Q4 2025

Q3 2025

Q2 2025

Q1 2025

Q4 2024

Q3 2024

Quanta Services (PWR): Company Profile, Stock Price, News, Rankings

legacy

Quanta Services

quanta services

Good morning, and welcome to Quanta Services First Quarter twenty twenty five Earnings At this time, all participants are in a listen only mode. A question and answer session will follow management's prepared remarks, and we ask that you please hold all questions until that time. I will then provide instructions for the question and answer session. As a reminder, this conference is being recorded. If you have any objections, please disconnect at this time.

I will now turn the call over to Kip Rupp, Vice President, Investor Relations, for introductory remarks.

Thank you, and welcome, everyone, to the Quanta Services first quarter twenty twenty five earnings conference call. This morning, we issued a press release announcing our first quarter twenty twenty five results, which can be found in the Investor Relations section of our website at quantaservices.com. This morning, we also posted our first quarter twenty twenty five operational and financial commentary and our 2025 outlook expectation summary on Quanta's Investor Relations website. While management will make brief introductory remarks during this morning's call, the operational and financial commentary is intended to largely replace management's prepared remarks, allowing additional time for questions from the institutional investment community. Please remember that information reported on this call speaks only as of today, 05/01/2025, and therefore, you are advised that any time sensitive information may no longer be accurate as of any replay of this call.

This call will include forward looking statements and information intended to qualify under the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995, including statements reflecting expectations, intentions, assumptions or beliefs about future events or financial performance, but that do not solely relate to historical or current facts. You should not place undue reliance on these statements as they involve certain risks, uncertainties and assumptions that are difficult to predict or beyond Quanta's control, and actual results may differ materially from those expressed or implied. We will also present certain historical and forecasted non GAAP financial measures. Reconciliations of these financial measures to their most directly comparable GAAP financial measures are included in our earnings release and operational and financial commentary. Please refer to these documents for additional information regarding our forward looking statements and non GAAP financial measures.

Lastly, please sign up for e mail alerts through the Investor Relations section of quantaservices.com to receive notifications of news releases and other information. Follow Quanta IR and Quanta Services on the social media channels listed on our website. With that, I would now like to turn the call over to Mr. Duke Austin, Quanta's President and CEO. Duke?

Thanks, Kip. Good morning, everyone, and welcome to the Quanta Services first quarter twenty twenty five earnings conference call. This morning, we reported our first quarter twenty twenty five results, which included robust double digit growth in revenue, adjusted EBITDA and adjusted earnings per share, along with record backlog of 35,300,000,000 and a number of other record financial metrics. As a result, we have increased our full year 2025 expectations for revenue, adjusted EBITDA, and adjusted earnings per share. Quanta's core strategy is built on the foundation of craft skill labeling, execution certainty, investment discipline, and clear strategic rationale.

At the heart of Quanta's success is our unmatched craft workforce, deliver essential infrastructure solutions with a dedication to safety, quality, and performance. Our execution certainty, combined with strategic investments in talent, technology and complementary businesses, strengthens Quanta's leadership position across our expanding and addressable markets. Our investment decisions are guided by a disciplined strategic rationale aimed at reinforcing Quanta's differentiated platform, growing customer partnerships, and driving long term sustainable value creation. VARNA differentiates itself through a unique solution based approach that integrates craft labor with engineering, technology, and program management expertise to deliver comprehensive self perform infrastructure solutions. Rather than providing isolated services, Quanta partners with customers to solve complex challenges across the full project life cycle, which creates deeper strategic relationships.

Our collaborative model drives higher value for our customers and positions Quanta as a trusted partner and solutions provider, not a contractor. As as demand for our resilient as demand for resilient electric grids, power generation, technology expansion, and energy infrastructure accelerates, Quanta's large addressable markets continue to grow. Quanta has a proven track record of consistent profitable growth across both favorable and challenging conditions, demonstrating the resilience and sustainability of our business model, which is a testament to strength to the strength of our portfolio approach, a diversified solution based strategy that enables us to adapt to evolving industry dynamics while delivering mission critical infrastructure. The successful execution of our strategic plan combined with significant financial liquidity positions us well to not only navigate periods of uncertainty but emerge stronger. The energy and infrastructure landscape is undergoing a fundamental transformation, and Quanta is positioned at its center.

Utilities across The United States are experiencing and forecasting meaningful increases in power demand, which is being driven by the adoption of new technologies and related infrastructure, including data centers and artificial intelligence, policies intended to reinforce domestic manufacturing and supply chain resources, and the need for all forms of energy generation. We believe these drivers are leading to what could become the largest investment in an expansion of high voltage transmission infrastructure in a generation. And that's Quanta's unmatched execution platform and solution based mindset enable us to capitalize on these expanding opportunities, positioning Quanta for sustained leadership and long term growth. I will now turn the call over to Jayshree Jasai, Quanta's CFO, to provide a few remarks about our results and 2025 guidance, and then we will take your questions. Jayshree?

Thanks, Duke, and good morning, everyone. This morning, we reported strong first quarter results, including revenues of $6,200,000,000 net income attributable to common stock of $144,000,000 or 96¢ per diluted share, and adjusted diluted earnings per share of a dollar 78. Adjusted EBITDA was $504,000,000 or 8.1% of revenues. Additionally, we generated healthy cash flows in the first quarter, with cash flow from operations of two forty three million dollars and free cash flow of $118,000,000 both of which include the impact of a $109,000,000 tax payment deferred from 2024. Our first quarter performance reflects a continuation of the significant revenue, EBITDA and EPS growth and the free cash flow generation that we have achieved since 2020.

Over that period, we have demonstrated our ability to grow organically and maintain a disciplined approach to acquisitions and short repurchases while improving our cash flow profile and return on invested capital. This track record has facilitated our ability to raise debt capital as an investment grade borrower and efficiently delever following opportunistic capital deployment. Accordingly, during the quarter, S and P Global Ratings upgraded our long term issuer rating to triple b flat from triple b minus and our short term issuer rating to a two from a three. We believe these credit upgrades lower our borrowing costs, expand our liquidity and financing options, and strengthen our financial position while supporting our long term growth strategy. As Duke mentioned, our performance in the first quarter, coupled with the momentum we're seeing across our core markets, have led us to increase our 2025 expectations for revenues by $100,000,000 adjusted EBITDA by $10,000,000 and adjusted earnings per share by $05 In light of the recent trade policy actions and based on what we understand today, we believe the terms and conditions in our contracts limit our exposure to direct cost increases associated with the currently implemented tariffs.

As a result, we believe we have addressed those potential impacts within our range of ex of expectations in our full year 2025 guidance. We are also proactively collaborating with our customers to provide supply chain, process, and value driven solutions focused on cost optimization and growth. Further, we are adjusting our own supply chain by making strategic advanced purchases as well as working with existing suppliers and evaluating additional suppliers in an effort to manage material and equipment costs and product availability. In addition, we believe our full year range of 2025 guidance takes into consideration delays that could result from possible changes to the Inflation Reduction Act or IRA. To date, we have seen immaterial shifts in capital plans from our sophisticated and high quality renewable energy customers who we believe have the supply chain expertise and robust development pipeline to weather near term impacts from policy disruptions.

Demand for power is increasing rapidly. As such, the need for renewable energy generation and storage is strong, and we remain confident in our multiyear CAGR expectations. We are actively engaged with our customers to provide solutions designed to help them navigate the evolving policy and regulatory environment, combining our craft labor capabilities with our engineering procurement and domestic manufacturing solutions. We believe our increased 2025 financial expectations demonstrate the strength of our portfolio approach to the business, our commitment to our long term strategy, favorable end markets and our partnership approach with our customers. From January 1 to the date of this earnings release, we have repurchased approximately $135,000,000 of our common stock, leaving us with approximately three sixty five million dollars remaining under our existing repurchase authorization.

Given our cash flow expectations and the strength of our balance sheet, we expect to remain opportunistic with stock repurchases while continuing to support strategic investments to generate incremental returns for our stockholders. Additional details and commentary about our twenty twenty five financial guidance can be found in our operational and financial commentary and outlook expectation summary, both of which are posted on our IR website. Also, our first quarter twenty twenty five operational and financial commentary includes a new supplemental information table that provides estimated revenue growth opportunities across each of our key markets in 2025, along with the factors influencing those opportunities. Note, this information is a directional estimate that is not intended to replace or exactly align with our guidance for the year. Quanta's strategies are focused on delivering solutions to customers across all of our end markets, and we continue to emphasize the power of our aggregate portfolio of solutions and the cash flow earnings and returns they generate.

With that, we are happy to answer your questions. Operator?

Thank you. We will now move to our question and answer session. We ask that all participants limit themselves to one question. If you have additional questions you may re queue and ask those questions with address time permitting. If you have joined via the webinar please use the raise hand icon which can be found at the bottom of your webinar application.

When you are called on, unmute your line and ask your question. We will now pause a moment to assemble the queue. Your first question comes from Amit Thacker from BMO Capital Markets. Please unmute your line and ask your question, Amit.

Thank you very much. Thanks for the time. Just I got, I guess, a question maybe that's a little bit off the beaten path, but it looked like the Long Island Power Authority, I guess, voted down your application kind of be the grid operator there. I just was wondering, was any of that kind of baked into your guidance for this year? And then my second question is that sort of kind of grid operator role, is that something you envision doing more of in other jurisdictions?

Thank you. So first off, the life of when we looked at it, you know, look, it's an opportunity where where we perform this type of arrangement in Puget in Puget Sound as well. It's a little different than the one in Puerto Rico. But as we see opportunities to, you know, look at these type of arrangements, yes, we will look at them. And I think what the what they did yesterday was management the the management team voted for Aquana.

I thought it was very well done, a very, very good process. The board did not take the recommendation but gave no remedy. So I think from our standpoint, we'll we'll clarify with the board their concerns. Certainly much different than what we faced in Puerto Rico where we built a utility, essentially. So much, much different.

And I I think we'll be able to basically give them the feedback I can understand where they were coming from if not having not talked to us, and we'll get in front of that and see what happens there. And these opportunities happen. We we've get asked to do a lot of different things as we differentiate ourselves in the market. So I do think you'll continue to see outliers that you may not hear about every other every day, but we're not a utility.

We understand that. We support them, and there'll be opportunities every now and then that we get involved in these kind of arrangements.

And, yeah, it was not this was not anticipated in our guide.

Thank you. Our next question is from Andy Hapulitz from Citi Research. If you'd like to unmute yourself and ask your question, please, Andy.

mentioned the largest expansion of high voltage transmission. I think you said in the generation. Maybe you could elaborate on that and how you think this cycle plays out. Do you see a bigger slug of transmission projects starting to actually move forward now as I'm sure you saw recent developments in Texas with a big line being approved? And would you expect to continue to see sequential backlog growth moving forward despite all the macro uncertainty out there?

Yes. I you you need transmission in order to move generation, and so we we've said this all along. I think you have to think about it. You hear a lot about the grid only at 60% capacity, things like that. But I I go and say, you know, we have a freeway here in Texas.

It goes from San Antonio to Houston. It's 24 lanes here in Houston. It's about probably 50% full because you you see it in the mornings and the afternoons. If I took eight lanes out, it would back all the way up to San Antonio. I'd never get in the Houston.

So you have to look at it like that, that the grid needs the stability of transmission going to load sources and and going into data centers, things of that nature. I I we continue to see firm demand and and then, you know, hundreds of gigs, honestly, across the board. And so as we see that, as it firms up, that's transmission behind it. And I don't think off grid is the answer. I think it will be primarily on grid for our utility customers.

And this is a big bill. I would relate it back to the seventies when you had major expansion within your transmission system, and I that's that's what we see. It's I've not seen a line yet that's built in North America. It's not paid itself back very quickly at this point. So you'll see a lot of for the ultimate customer, it's the right answer, and you'll continue to see a lot of transmission.

Thank you for your question, Andy. Our next question is from Phil Shen from Roth Capital. If you'd like to unmute yourself and ask your question, please, Phil. If you're dialed in by phone, Phil, if you would press 9, to raise your hand and 6 to unmute your line. Okay.

Looks like we're having a problem with Philip there. If we could go to Joe Osha from Guggenheim Partners. Unmute yourself and ask your question, please, Joseph.

Okay. There there we go. Can you hear me?

Okay. Thank you, good morning. We have seen a lot in terms of incremental tariffs being imposed on imports for solar modules, and, yeah, this is something that came up when First Solar reported earlier this week. Is this materializing as a problem for any of your customers at all to the extent you're hearing about it? Thank you.

Thanks for the question. We have we've not seen that within our customer base. We we certainly are keeping our eyes on it. Listen. We're not seeing we're not seeing pull in.

We're not seeing push out per se. I I think '25 is baked into '26. So we'll continue to look at it, but it's not affecting us at this point. And I would say this too. The company is built to have pushouts.

It's not the portfolio allows us to have things move along, you know, with with service lines and and our our customer base. So it's not an issue if something pushes here or there. It's never the company I'm not seeing I wish it would perform at a %, but we're doing really good if we get 80 kinda online and at these times that we think they're going because you're always gonna have pushes and pulls. So the tariffs, if if if they were to come in and affect us, I do believe the portfolio is such that we could we could weather much of it. And we see multiyear builds coming coming at us, and I do think solar is cheapest form of energy for in many ways, and you'll you'll see a lot of solar built and gas and and about everything we can build probably.

Thank you. Our next question is from Philip Shen. If you are unmuted, if you could go ahead and ask your question, please.

Okay. Great. Hey. Sorry about that. Having trouble with the Zoom.

So first question is on interconnection work. We recently hosted a webinar with Grid Strategies and they highlighted that 50 gigawatts of coal plants may not be decommissioned and this could result in tens of billions of interconnection work proximate to coal plants stranded as the renewable projects planning to access the coal interconnection points could be at risk. What are your thoughts on this potential? And how could this impact your backlog? And then second one very quick one on the renewables sub segment if you will.

If you were to think about your total megawatts of construction starts in 2025 now that you expect compared with what you expected for those 2025 construction starts at year end 'twenty four. Has that changed at all? Or has it remained steady?

Yeah. I'll go backwards. I think it's steady. It's certainly not the pace of growth over last year, but but it's steady and and climbing. I I I like where we sit in that with with that business.

We're doing very well with battery, solar, even onshore wind. So I I I like what we're said. I think the inbounds are good. You know, it's it's a if you want power quickly, you're gonna you're going to have to look at renewables for the next three years because of the turbine deliveries. And that but I do think it's always gonna be a part of of the grid.

And I we've always said natural gas will be a big piece of it. We've said that for decade. We're gonna catch up a little bit here, and it'll be a part. As far as coal, you know, not a lot of investment in coal over the last, call it, ten years. And, you know, it costs a lot of money to run coal plants right now, so there's not been that investment in them.

And most most thought they were gonna retire, so you gotta keep them going. That said, yes, I I do think we're going to either see some colocations in areas where they'll build gas on a coal site, and you're gonna need transmission, or you're gonna continue to see transmission come out coal facilities to upgrade. But, you know, look, it's I don't think there's any shortage of projects on the wall. I'll say that. If they all go, then we got a lot of work for the next two decades.

Thank you for your question, Philip. Our next question comes from Jamie Cook from Truist Securities. If you'd like to unmute yourself and ask your question, please. Jamie, you're the same. You'll need to press 6 to unmute your line for your telephone.

Sorry about that. So nice quarter and congrats on the transmission upgrade win this morning. I guess just my first question, just as I think about understanding you guys have a targeted margin range for your electric infrastructure business or what we're calling it now. But just pushing you as you continue to win larger projects in the mix towards larger CapEx projects versus maintenance sort of continues, why wouldn't that create positive upward momentum on your margins to some degree, even though you might not want to guide there over the longer term, but I would think in the next sort of twelve eighteen or twenty four months, the margin trajectory should be higher. So just what your pushback would be on that?

And then my second question, and I'm sorry, I'm going through multiple earnings this morning. I don't think you provided an update on Cupertino, but how that business is doing versus your expectations for 2025. And then Duke, I think last quarter you suggested there were some very large wins on the come as you benefit from synergies with Cupertino and Quanta. I'm just wondering if you could update us on that and any potential wins on a revenue synergy side in 2025?

Yeah. Thanks, Jamie. I think the target margins, you know, they remain what we've said. If you're adding 4,000 employees, we're at we're pacing even even more than that at this point. You're going to have the training cost in there, and so the training cost will keep the margins about where they're at.

They could move a bit here or there in the upper ends of what we've said. I know that's a different segment, but, you know, you can infer the electric what it used to be and infer some uplift on on the segment. But I I do think we're executing very well in the field. I'm real proud of, you know, kind of first quarter over last year versus this year and what what we've been able to do at scale. So the biggest thing is to scale the business, and we're doing that nicely now.

We are seeing more material pull through as well at the same margins. Your return on invested capital is gonna come through higher. So I think the returns go up as well in this in this market. But, again, I mean, I think we want to be a solution provider and provide more more services and and create more value along along the supply chain. So we're gonna do that.

Cupertino's ahead of schedule. I think can infer that by backlog and some of the things we're doing there. It's it's it's ahead. So, you know, we're really from our standpoint, great business. I've been around a bunch of acquisitions, and I would I would tell you it's in the top five from my standpoint as far as having a good acquisition that we can lean into and scale.

They're there. We're getting synergies all the time. I do think you're gonna see big awards out of that, where because the the technology, when we think through it, your total addressable market on technologies, call it 300,000,000,000 a year, That's global. So call oh, let's just call it 200 in in North America. And the utility business is about two fifty.

So it's a as big as an addressable market for us, and we're less than probably 5% in backlog in technology. So we're just starting. I see opportunity after opportunity. Can we execute it? Can we go get it?

Thank you. Our next question is from Ati Modak from Goldman Sachs. Ati, if you'd like to unmute your line and go ahead and ask your question.

Yeah. Thank you. Hey. Duke, you spoke about the transmission opportunity broadly earlier. But in the supplemental disclosure, you kind of noted that the larger projects are becoming increasingly visible.

Can you talk about that visibility? What stages do you see these at? And then when should we expect these to show up in the backlog? How should we think about revenue and margin impacts from there?

I mean, I think you're hearing it. I you know, there there's seven sixty five builds across the country. You've heard that. Someone just mentioned coal. I hadn't heard that one yet, so that's good.

But I I think you have to look at the RTOs of what they're saying, your MISOs, your PJMs, and you can hear in the all the auctions that are there. You can hear that as well as the CapEx spend. And I know there's this disclaimer where generation's gonna replace transmission. That couldn't be more false. So that's just wrong.

And I don't know how else to say it. I'm I'm with them every day. I'm on the ground. I hear it. That's wrong.

So that's that's a fallacy. Transmission will be very robust here, and and distribution will be fine. It won't grow as fast as transmission, but it's here. And so those are the places I would point to where you can see large transmission getting built. We're in early stages of it, at the very early stages.

And I do think you'll continue to see a stack work over the next five years. And I'll leave it there.

Our next question is from Steven Fisher from UBS. Please go ahead and unmute yourself and ask your question, please, Steven.

Thanks. Good morning. Just wanted to ask you, Duke, in terms of your solution strategy, how would you characterize the the white space from here based on kind of what you're hearing from your customers about the solutions that they need? And I guess from a from an m and a perspective, you know, is is 2025, you know, more of a kind of a continued fill in the white space kind of year, or is this sort of a a digest what you have at at the moment kind of year?

Thanks, Steve. I'll go backwards on it. Good question. So I when we look at m and a, you know, we can't time it. And as we see great companies that fit the strategic rationale that we're looking for, we'll lean into them.

I can't tell you the pace. I can tell you there's a lot of inbounds that we see really nice companies out there, have opportunities all the time to look at them. So as we see them, as if they fit the rationale, you know, we'll certainly try to lean into them. I'm not concerned with their balance sheet We'll we'll always back it, but I'm not seeing us stress it at this point.

So so that all things are on the table. You saw us $534,000,000 worth of stock back this year as it got disconnected. We said we would. We did. You can expect us to acquire when we see, you know, great companies as well.

And I forgot the first part of the question.

So I think I tried to in the paragraph, I tried to explain it. I think if you're isolated on a service line, you're a contractor. If you can put them all together and go perform a service, you're providing a solution.

So we're looking in areas where the customer's struggling to ramp, and we're we're able to do multiple service lines for them, whether it be engineering, whether it be procurement. Each each customer has a different set of, you know, I guess, needs. So we're really trying to do more than just be, you know, a service line provider or a contractor. And that's in my in my way of saying that's a solution because I'm gonna listen to what they have to offer and collaborate with them, get very sticky in their organization, and then trust us to go build it on time, on budget with their own labor. I think us self performing 85 of the business and that self perform capability and that certainty that we give a client bankable as far as investment grade.

We check the boxes, and why wouldn't you want to to us to do it all is what I would say.

Thank you. Our next question is from Steve Fleishman from Wolfe Research. Please unmute yourself and ask your question please, Steve.

Okay. Thank you. Little more specific on the transmission question. Just the the Texas just approved the 765 kV plan. Any sense on when that would actually be business that could be, you know, backlog and and just view of likelihood of of you getting a fair share of that?

Yeah, Steve. You know, we built a a lot of the seven sixty five in the country, the majority of it over time. And so I do believe it's a core competency of ours to to build it. So so I always like our chances when we're building seven sixty five. We we've we've been in front of this a long time.

It it it's I'm not surprised by the amount of it. I'm not surprised by the inbound discussions. We're doing some things there that I think are unique with the client. So I I think we're in good shape. I I would say I'd be surprised if it's not in the third quarter or maybe early fourth quarter, you would start to see us have the opportunities to book work.

One other quick question. Since very simple one. Just is the upgrade in guidance midpoint for the year, is that just first quarter beating your expectation? Is there anything you'd specifically point to for raising the midpoint?

I mean, we we were looking at the whole year and and how we how we see it laying out. I thought we had a nice quarter. I felt like,

Quanta Services (PWR) Q1 2025 Earnings Call Transcript

Company Participants