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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.

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

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Quanta Services

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Good morning and welcome to Quanta Services third quarter 2025 earnings call. At this time, all participants are in. A listen-only mode. A question and answer session will follow Management's prepared remarks, and we will 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 call 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 of Investor Relations, for introductory remarks.

Great. Thank you and welcome everyone to the Quanta Services third quarter 2025 earnings conference call. This morning we issued a press release announcing our third quarter 2025 results, which can be found in the Investor Relations section of our website at quantaservices.com. This morning we also posted our third quarter 2025 operational and financial commentary and our 2025 outlook expectations 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, October 30, 2025. 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'll 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 email alerts through the Investor Relations section of quantaservices.com to receive notifications of news releases and other information, and follow Quanta IR and Quanta Services on the social media channels listed on our website. With that, I would like to now turn the call over to Mr. Duke Austin, Quanta's President and CEO. Duke, 

Thanks Kip. Good morning everyone. Quanta delivered another quarter of strong results, achieving double-digit growth in revenue, adjusted EBITDA, and adjusted EPS compared to the prior year, along with record backlog of $39.2 billion and a number of other record financial metrics. These results reflect accelerating demand in our electric segment, robust activity across our end markets, and positive momentum headed into 2026. They demonstrate the strength of our portfolio, the capability of our craft skilled workforce, and our ability to provide certainty through world-class execution as customers modernize and expand critical infrastructure. Our performance continues to be powered by Quanta's core drivers: craft skill, labor, execution, certainty, and disciplined investment, which are critical to how we operate and create long-term value. Our craft workforce remains the foundation of our business, executing with safety, quality, and reliability across diverse infrastructure solutions.

Execution certainty reinforces our reputation as a trusted partner capable of consistent, high-quality project delivery, and disciplined investment ensures capital is allocated toward opportunities that strengthen our platform, deepen customer relationships, and support sustainable growth. Quanta's integrated solution-based model continues to differentiate our platform. By combining craft labor with engineering, technology, and program management expertise and critical supply chain capabilities, we deliver comprehensive self-perform solutions across the full infrastructure life cycle. This approach deepens customer partnerships and positions Quanta as a long-term collaborator, not a traditional contractor. Quanta operates at the center of a fundamental transformation in the energy and infrastructure sectors. The convergence of the utility, power generation technology, and large load industries is driving increased demand for resilient grids, expanded generation and storage, and new infrastructure to support electrification, data centers, and domestic manufacturing.

These structural drivers are fueling a generational investment cycle in critical infrastructure, and Quanta's diversified, scalable platform is well positioned to capitalize on these opportunities. To that end, this morning we announced the expansion of our Total Solutions platform that builds upon our world-class cross-skill labor capabilities and history of constructing more than 80,000 MW of power generation through our industry-leading renewable energy and battery energy storage solutions as well as other forms of generation. Our Total Solutions power generation platform leverages these capabilities to address growing generation and infrastructure needs due to the rapidly increasing demand for electricity from data centers, manufacturing and reshoring, industrialization, electrification, and power grid expansion. This platform is focused on providing a fully integrated solution to high-quality customers for their generation development strategies.

As a demonstration of this platform strength and scalability, NiSource has engaged Quanta for a design, procurement, and construction execution of generation and infrastructure resources capable of producing approximately 3 GW of power for a large load customer. This project highlights the strength of our Total Solutions platform spanning power generation, battery energy storage, transmission, substation, and underground infrastructure and underscores the value of our collaborative approach and builds on our relationship with NiSource and strong presence in Indiana. We believe these announcements reinforce our strategy to lead in large converging markets where utilities, power consumers, and industrial operators require scalable integrated solutions. We expect to achieve record backlog and another year of double-digit earnings per share growth in 2026. Our strategy remains focused on delivering certainty to customers, investing in talent and technology, and expanding our addressable markets through disciplined strategic growth.

Quanta's resilient solution-based model has performed well through varying market conditions. Our strong execution, disciplined investment, and commitment to safety and quality continue to differentiate our platform and support sustainable value creation for our shareholders. I will now turn it over to Jayshree Desai, Quanta CFO, to provide a few remarks about our results and 2025 guidance and then we will take your questions.

Thanks Duke and good morning everyone. This morning we reported third quarter results with revenues of $7.6 billion, net income attributable to common stock of $339 million or $2.24 per diluted share, adjusted diluted earnings per share of $3.33 and adjusted EBITDA of $858 million. Based on our continued backlog momentum and strong revenue growth during the quarter, we are raising our full year revenue expectations to a range of $27.8 billion-$28.2 billion. We are also raising our full year free cash flow expectations to $1.5 billion at the midpoint, driven by another quarter of healthy free cash flow which totaled $438 million during the quarter. We issued $1.5 billion of notes to recapitalize the balance sheet and enhance our liquidity position.

Following the acquisition of Dynamic Systems, the interest rate on these notes was approximately 40 basis points lower than our issuance in the third quarter of 2024, reflecting the benefit of our recent ratings upgrade and the stability of our earnings outlook. This transaction reinforces our ability to support operations, maintain financial flexibility and deploy capital strategically while preserving our investment grade rating. Our customers continue to value Quanta's differentiated solid self-perform craft labor solutions and we are expanding our platforms for growth as evidenced by the power generation platform we announced today. These dynamics, coupled with another quarter of record backlog, give us confidence in our ability to drive sustained revenue and earnings growth over the coming years. As we look toward 2026, the end market momentum and our consistent execution position us to deliver another year of double digit adjusted EPS growth and attractive returns.

We believe the opportunities ahead represent the next phase of a generational investment cycle in critical infrastructure and Quanta is well positioned to lead through it, delivering consistent performance, disciplined capital deployment and long term value creation for our stakeholders. Additional detail and commentary on our 2025 financial guidance can be found in our Operational and Financial Commentary and Outlook Expectation Summary, both available on our Investor Relations website. With that, we're happy to take your questions. Operator,.

Thank you, We will now move to our question and answer session. For today's session, we'll be utilizing the Raise Hand feature via the webinar. If you'd like to ask a question, simply click on the Raise Hand button at the bottom of your screen. If you have dialed in, please press star nine to raise your hand and star six to unmute. Once you have been called on, please unmute yourself and begin to ask your question. That's star nine to raise your hand and star six to unmute. If you are dialed in, we ask that all participants limit themselves to one question. If you have additional questions, you may request, and those questions will be addressed, time permitting. Thank you. We will now pause a moment to assemble a queue. Our first question is from Steve Fleishman from Wolfe Research. Please unmute your line and ask your question.

Yeah, okay, great. Thank you. Appreciate it. Okay, I will follow the rule and try to stick to one question. The. You know, yesterday we heard from AEP talking about a potential partner for their high-voltage transmission opportunities. Maybe I'd be curious if you could comment on whether that would likely be you, and then also just how much of the kind of high-voltage transmission that's being discussed in Texas PJM is kind of already in any backlog. Is that all mainly to come, and when might we see it?

Yeah, thanks Steve. With AEP, look, they're a large customer of ours, have been for many, many years. We have great relationships there and I do think we're collaborating on, you know, 765 capabilities and doing a lot of different things together. I do, you know, there's more to come there with us. As we sit today, none of the 765 is in our backlog. We have lots of discussions, lots of verbals, we have LNTPs, all kinds of different things. None of that is in the backlog at this point. It's something that we're taking our time with to make sure we get it right. We're setting the resources and making sure internally that we have the training done and working with the clients on this in a collaborative manner. I do think there's opportunities for us.

We've made investments in our transform facility and done some things there collaboratively with our clients. Yes, we have a great relationship there. Probably more to come and I like our chances on the 765.

Thank you. Our next question is from Andy Kaplowitz from Citigroup.

Duke or Jayshree? Obviously the Total Solutions platform announced today, I think can provide a whole new driver of backlog growth. How do you think about execution risks for these larger total solution jobs that include power generation? I don't think you ever really left power generation. Duke, as you know, when you've focused on bigger power generation, you've had a little more variable performance. Can you get favorable terms and conditions and get comfortable? How do you protect Quanta as you. Enter these larger jobs?

Yeah, I mean, great question. When we think about it, we've built, you know, eight gigs of generation and Zachry's built six of 14 gigs put together. They built 100 CCGTs. When I think about it, we put a great partnership together. We collaborated significantly with the client, not only for us, but for the end users, the ratepayers as well as the large load customer. I think when we looked at it in a holistic manner in Total Solutions, we were able to put together what I consider, you know, de-risk both sides here on cost escalations and things of that nature. We've said publicly that we're not taking risk on these kind of projects.

I think we've done a great job of working with a client here in a collaborative manner to, you know, what I consider give the ratepayer the right, you know, cost as well as the end user, which is a large load customer, the right cost. It's really, I think when we plan, when we get in front of these things, we can give a total cost solution and de-risk everyone in the value chain here. I think we've done that.

Thank you. Our next question is from Steven Fisher from UBS. Please unmute your line and ask your question.

Thanks. Good morning. Duke, you know, in 2019, you rolled out this utility services model which reduced the reliance on larger discrete projects and focused, I guess it was around 80%+ or so more on kind of utility services. I think that's obviously been a very, very successful strategy. I'm just curious how we should think about your overall strategy. I know obviously it's very heavily focused on being a solutions provider and this new platform I think you would say is clearly part of providing solutions. I'm just curious how we should think about, frame the strategy between being sort of this more base level recurring services type strategy versus more of a discrete EPC project delivery that may be a little bit lumpier.

Yeah, thanks, Steve. Look, I think when you look at the company, nothing's changed. We certainly believe that craft skills at the core, it's fungible. We'll move across different platforms from MSAs to larger projects and solve the solution-based approach to the client. We're not going to turn down because it's work because it's a large project. I mean, I think that's part of this, and projects are getting bigger. We're working for clients that we work for for decades, and that hasn't changed. We continue to do that. We're also discussing technology as a TAM, and I do believe we're addressing that. Our clients there, we've worked for decades. As we look at both sides of this, I would tell you that we're still around 80% of base business even with what you see today. We've talked about this before.

I do believe you're going to get in a period where you start stacking large projects on top of that base, and I've been consistent in that. You're just now starting to see it show up. I would expect the backlog to continue to increase. I would expect us to stack and continue to. Nor the power plant, nor Grain Belt is in our backlog, and it would continue to stack. I add the larger projects. LNTPS, no 765 in there. I really like our chances of stocking this for decades or more, and we're giving long-term growth profiles. We're doing the things that we need to do to be a consistent compounding earnings platform.

Thank you. Our next question is from Sangita Jain from KeyBanc.

Great. Thank you for taking my question. Can I ask a follow up? On the JV that you announced this. Morning for the large load center? I'm assuming that this is mostly all. Your basic high-voltage transmission work that you. I'm wondering if there is a potential to add further scope to. This is with the customer itself for low. Voltage, voltage, electrical or mechanical work.

No, I'm saying this is a full, full CCGT. I mean it's a full build that's, it's a 50/50 partnership. Certainly we have aspects of this that we'll perform, you know, that internally and then Zachry has aspects of this. It's open really well. It's a full JV, a full turnkey project. You know, it's electric scope too. I think you'll see in the program itself with NiSource, you'll continue to see some stacking there with other things and opportunities. In general, what you see is us building out that platform of, you know, what I consider from the CCGT's three gigs and the batteries around it, and that's what we're building. I hope I answered your question.

No, that's good. Thank you. Thank you, Duke.

Thank you. Our next question is from Julien Dumoulin-Smith. If you would please unmute your line and ask your question.

Hey, good morning, team. Thank you guys very much for the time. I appreciate it. If I could follow up a little bit on this question of scope of business. Obviously, you guys are expanding into the, you know, more the generation side, but how do you think about, you know, expanding more into the data center side specifically? You're talking about pursuing generation here specifically for large loads. How about getting sort of inside the house? Obviously, you guys have done a couple acquisitions here. It would seem germane to your strategy to continue to ramp and expand the scope more directly here. How do you think about that and the rate of growth therein specifically?

Yeah, Julien, I mean, I think we're down to a shell at this point. That's, you know, from what I can, you can pour a slab and basically build a building. The customers and how we look at it in a solution based. If they ask us to build, you know, balance a plan or what I would. The total data center, we can build it. We're the MEP piece of it. We can go, we can grade, we can do whatever's necessary. I think we'll have those opportunities. We'll probably work with a general here or there on that. Look, we're in a position to where we can, we can build basically the whole data center. We can build a generation behind it all the way to the rack. I feel real comfortable with how we positioned ourselves to take advantage of these opportunities.

They want to go fast, one, one person, and we can do that. It's also working with the client, the utility as well, and how that converges, I think, is where the real opportunities for us is that convergence of generation labor certainty and you know where we sit in that sphere there. I like it. We're in front of it and I do think we have a lot of opportunity to continue to build out scope with technology.

Excellent. What will we hear about a growth rate next year? Maybe.

Thank you. Our next question is from Jamie Cook from Truist Securities. Please unmute your line and ask your question.

Oh, great. I finally figured it out this time anyway. Duke, just want to build on your announcement this morning with the Total Solutions power generation platform and the joint venture with Zachry to build power plants. I guess just taking this a step further, this is sort of unlike you to joint venture with someone. I'm just thinking longer term, is this sort of you dipping your toe in power generation and getting more comfortable? To what degree do you think you need to do an acquisition and acquire someone to do full EPC power plants? Is this a step in, dipping your toe, and then over time you would do an acquisition so you could do everything by yourself? Thanks.

Yeah Jamie, I look at it like we're listening to our customer and they're asking us to expand our services and I believe we have the capability to do so. We're working with select customers on this and, you know, long standing customers on power generation. I do think it's a great business for the foreseeable future. Zachry was a great company, very much valued the same as us. Know them well, know the family well. A great opportunity for us to work together on some things that they do better than us and we have the capabilities internally to do everything. So do they. We felt like this was a great venue for us in Indiana to work together to build this plan. Risk has always concerned me in these combined cycles and I believe we've done a nice job here of collaborating with the client.

I feel real comfortable with that. Yes, we can expand here. It can be a large opportunity for the company and we'll take advantage of it, but in select cases. I'm not going to get pressured to go sign up 10 combined cycles. It's just not who we are and we'll make sure that we limit ourselves to strategic partners and people that will collaborate with us on a total solution. This is a large program. It's very much a solution for us and I think we've done it the right way with the JV to mitigate some risk for the client and ourselves. I think it's the smart way for us to go into Indiana and other places.

Other kind of machines, we would look at it differently, but for this one, this was a great opportunity for us and I think we've leveraged our capabilities along with Zachry's to have a complete solution for the client.

Thank you. Our next question is from Ati Modak from Goldman Sachs. Please unmute your line and ask your question.

Hey guys. Good morning. I was just wondering, as we think about the JV opportunities in general, is there a way to think about, say, the dollar value of the project maybe on a gigawatt basis or for whatever way you would like to guide us? What's the view on the total market opportunity that you have for CCGTs as it stands today? What is a reasonable market share for you longer term?

I think how to look at the JV is just kind of when we think about it, our portion of it. The whole thing is similar to a SunZia. I think that's how you have to look at this and how we're looking at it. We have half the CCGT, but on the other side of that, Quanta is doing direct with other opportunities that are with battery and other things.

I think I would look at it like a SunZia from that standpoint. From our revenue base, although the JV will be half, we're 50/50 on that and we can walk through the accounting, but it's 50/50. As far as the market, look, I wouldn't get it all leathered up that we're going to go after all these CCGTs that are out there. That's not who we are. We are really focused on our customers and certain programs and where it can be more a total solution, much like what you've seen with NiSource in Indiana. We want that total solution. We're not going to, you know, if it's a one off. I do not believe you'll see us in that arena unless it makes total sense, but I doubt it.

I think we are going to be extremely selective here on how we go to market with combined cycles.

Our next question is from Nick Amacucci from Evercore. Please unmute your line and ask your question.

All right, perfect. I just wanted to kind of touch upon, so just given, you know, kind of the massively increased demand for, you know, natural gas as the feed fuel. I mean, have you guys been having some conversations? Obviously, you know, the pipeline business is kind of was targeted to be down this year. Just kind of thinking about the available infrastructure currently within the United States and then, you know, the need, the inevitable need for some more. Just wanted to get a sense of, you know, are people starting to talk about that or is it still very early innings?

No, I mean, I think we have probably a conversation every day about a piece of pie, but when I think about it though, I wouldn't. When I go into next year, it's $500 million. That's what we're going to guide and we're not going to unless we have booked work against it. We're not going to get ourselves in a position where that's something that the company's focused on. We'll build it. We certainly see it. We have great customers there. We'll be selective, the risk profiles and everything else. On a large diameter pipe, it's lumpy. We're trying to be a compounder of earnings and give good guidance for multi years and decades in fact. It's hard to do when you're with lumpy, the lumpiness of big pipe. It's just not us. I think, yeah, we can build billions in pipe. It's just a matter of the client needs us to do it and we'll have to do it in a way that we can de-risk ourselves. I don't like the weather risk, the mat risk, bunch of different things there.

If we can de-risk ourselves, we'll build it all day. I do think the opportunity is there. It's a good market and, you know, certainly you can see it. It's still tough at the state level and permitting, we're not past that yet.

Thank you. Our next question is Ameet Thakkar from BMO. Please unmute your line and ask your question.

Hey, good morning. Thanks for the time. One of your earnings supplements, I think, kind of said that your solar and storage backlog increased pretty significantly versus last quarter. I was just wondering if you guys. Could you provide a little bit more color? On how much did it increase, and then what do you guys see as the kind of drivers of that? Is that more from the legislative and safe harbor certainty, or is this just more follow through from the power demand environment that's out there? Thanks, guys.

Thank you. Our renewal business hasn't let up. We said it last quarter, I'll say it again, it's just LNTPs are coming into FNTPs. Nothing, nothing new. I think we're growing the business. Obviously power is in need and if you can build it faster with renewables and batteries, that's what's happening. The fastest thing to market right now is we'll be all encompassing in power and generation. The fact that we put in this, what I consider a total solution now, it'll continue and I think backlog in the renewable side has been great. The inbounds are great and I don't think it's pulling. I think it's just the normal course. We're seeing a nice market there. We continue to see it. Battery storage business is fantastic. We're happy with where we sit in the market and now that we can provide a larger solution, I think it's great.

You'll continue to see us follow our customers. If you look at our bigger customers and look at what they're saying, I think we're right there in front of them or right there with them and it's important to us to be able to say yes to a customer app when they ask us to do something and they ask us to go with them, that we can say yes and have the capabilities to do so. The 67,000, 68,000 employees we have out there, they're fungible in many ways that we can move them around. We have to do a great job up here of making sure that we have what I consider the end markets to move to and we can be more selective and we have been. That renewable piece is part of it.

We're building a lot of renewables in Indiana and that same workforce will move over and do some CCGT work. I just think we're extremely fungible. We're happy with where we sit and backlog was broad based and we had not put the big, bigger projects in it.

Thank you. Our next question is from Justin Hauke from Robert W. Baird. Please unmute your line.

Great. Thanks for taking my question here. I guess I just wanted to build on Jamie's question that, you know, you guys have always, you know, self-performed so much of your work and that's a way that you've mitigated risk. Just with the joint venture, maybe you can clarify kind of what's in your wheelhouse that you'll be doing and what's in Zachry's in terms of the combined cycle gas plants. Also, just on the margin profile, I know you're not looking to do kind of discrete one-off plants, but I guess how we would think about it is historically the margins on those have been a little bit lower than the grid work just because the utilities, the ROEs are lower on that CapEx versus the spend on grid with some of the adders.

Anything different from the margin profile on the work that would be coming in on that? Those are the questions. Thank you.

Yeah. As far as who's performing what, both of us can perform, you know, total solutions. I think, you know, they're better at certain things than we are. We'll make sure from an engineering standpoint there's certainly the engineering staff and the capabilities there, so the front end side of it, the back end side of it make a lot of sense for Zachry. Of course, we'll balance each other across the plan, whether it's internal subcontract, however we decide to do it, but we're capable of doing the whole thing. I think what the right answer is, how do we continue to use local content in Indiana? We have a great presence there. We'll work with the client on that to make sure that we're pulling in local content into the state as well as we have, you know, offices there.

We can self-perform all the mechanical, we can self-perform all the electric, you know, basically can do it all. It's kind of a 2027, 2028 build with the ramp in 2028, 2027, 2028. We'll just have to see where we're at there. We have all those capabilities internally. We'll just balance each other there. As far as margin profile, I would tell you it's at parity or better in the segment.

Appreciate it. All right, thank you. Congratulations.

Thank you. Our next question is from Phil Shen from ROTH Capital. Please unmute your line and ask your question.

Okay, great, thanks. Hey, I know you haven't given guidance for 2026, but as we wind down 2025, can you share what the growth trajectory for organic growth might look like for 2026, perhaps comment on the different outlook for electric infrastructure and UI. If you can't take that, perhaps you can comment on the margin profile, the expanded Total Solutions platform compared to the current electric power margins. Is the deal with NiSource margin accretive or in line with current run rate? Thanks guys.

It's in line or accretive on the first, on the last question, as far as guidance and where we're at, I mean I look at it on 2025, we're right in line, you know, see some save $10 million or one way or the other on $2.8 billion. I wouldn't get worked up about it. We hit it down the middle, and I think we've taken into account a lot of things and given conservative guidance. More importantly, when we look at guidance, I mean I'm looking in 2028, 2029, and we're saying we've floored it at 10% kind of 15% adjusted EPS at the midpoint given all levers of the balance sheet. 20% is what we've done. I don't know, I think I've given you five year guidance as far as I'm concerned, outward.

I don't, you know, that's the guidance and it'll be somewhere in there when we go to the street.

Thank you. Our next question is from Chad Dillard from Bernstein.

Hi guys. A big picture question for you guys. Over the medium and long term, how do you think the power industry evolves to serve large load customers like data centers? Is it the GenCo model like we're seeing with NiSource? Is it behind the meter? Is it traditional grid connection? I know it's a combination of all the above, but would love to get a sense for how you think that mix evolves. I guess secondly, when it comes to the JV just announced, how do we think about the contract structure and how you guys are thinking about bidding? Is this competitive? Is it open book? Any color on that would be helpful.

I mean, I think it's all of the above when you look at these things. Some of it we're certain on, we don't have any issues with that. We can, as long as we can scope it and feel good about it, we're happy to have lump sum on things. It doesn't, we can do that. If it's stuff that we don't understand, we'll de-risk ourselves. You can expect that. I've said it publicly. We're not going to take risk in these larger projects with our labor and our labor force and everything we have for certainty. It's not the right answer for the client. I think us working together, pre-planning early and up front, is extremely important for us when we look at the future of how we build things, especially today.

Thank you. Our next question is from Sherif El-Sabbahy from Bank of America. Please unmute your line and ask your question.

Hi, good morning. I just wanted to touch on M&A a bit. Just as your backlog builds on multi-year demand, would you ever consider shifting your M&A focus to complement your craft labor pool by acquiring smaller service providers? Or do you feel that the steps you've taken internally to grow the labor pool are able to match the workload that you want to take on in the coming years?

Yeah, I mean we don't buy for capacity. We never have. It's strategy totally. When we think about it, we're filling a strategic gap. You could expect us to do so. I think we've done a nice job with that. We've stayed in front of vertical supply chain. We don't talk about that much, but I think we've done a really nice job of our vertical supply chain and what we can do with that. We continue to add there.

I think we have probably 10 projects ongoing that are enhancing our vertical supply chain that doesn't get talked about. From our standpoint, we're filling the needs of the solution-based approach for our clients and we'll continue to do so. We're adding fabrication, we're adding just about everywhere. It's all strategic around the client. I would say we're ahead in that and we'll continue to buy great family companies. It made a huge difference in how we think about it. The culture and the company mean so much more than anything else. We start there and then does it fit the strategies next and then the financials will be after. As far as I'm concerned, we pay a nice, what I consider, multiple for a great company. You've seen us go from civil to transformers to other things. They all have a purpose and they all have a strategy.

We'll continue to leverage that strategy as we move forward in great markets that we have with technology and utilities.

Thank you. Our next question is from Brent Tillman from D.A. Davidson. Please unmute your line and ask your question.

Hey, great. Thanks so much. To do a bit of a follow on to that last question, when you look across this sort of massive craft workforce you've accumulated here, are there trades in particular where you see real set, real scarcity, such that it's actually somewhat of a limiting factor to your growth? The growth's been good, obviously, and maybe where you're especially focused on recruiting talented folks out there.

Quanta Services (PWR) Q3 2025 Earnings Call Transcript

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