Quanta Services Reports 13.4% Revenue Growth to $23.67 Billion in 2024

Quanta Services, Inc. reported consolidated revenues of $23.67 billion for the year ended December 31, 2024, a 13.4% increase compared to $20.88 billion in 2023. Net income attributable to common stock was $904.8 million in 2024, representing a 21.5% increase from $744.7 million in 2023. The company's operating income increased by 19.4% to $1.35 billion, driven primarily by increased revenues and operating income in the Renewable Energy and Electric Power segments. Net cash provided by operating activities increased by 32.1% to $2.08 billion.

Significant changes compared to the previous fiscal year included a 27.2% rise in Renewable Energy segment revenues and a 15.2% increase in Electric Power segment revenues. Conversely, the Underground Utility and Infrastructure segment experienced a 7.1% decrease in revenue. The increase in selling, general, and administrative expenses was primarily attributed to recently acquired businesses, increased compensation expense, and higher travel expenses. Amortization of intangible assets increased due to acquisitions.

During 2024, Quanta completed the acquisition of Cupertino Electric, Inc. for approximately $2.04 billion, along with seven other businesses in the United States, totaling approximately $540.1 million in cash and 334,472 shares of common stock. Two additional acquisitions were completed subsequent to December 31, 2024, for a total consideration of approximately $374.9 million in cash and 515,822 shares of common stock. These acquisitions broadened Quanta's service offerings and geographic reach.

As of December 31, 2024, Quanta employed approximately 58,400 employees, with approximately 32% covered by collective bargaining agreements. The company's largest customer accounted for 6% of consolidated revenues, and the top ten customers accounted for 31%. 74% of revenues were derived from utility and power customers, 17% from energy and other customers, and 9% from technology, manufacturing, and communications customers. The company's backlog increased by 14.7% to $34.54 billion, and remaining performance obligations increased by 20.6% to $16.76 billion.

Quanta's outlook anticipates continued strong demand for its services, driven by ongoing investments in grid modernization, renewable energy, and data center infrastructure. The company expects capital expenditures for 2025 to range from $500 million to $550 million and plans to continue its acquisition strategy. However, the company acknowledges risks associated with operational hazards, labor availability, regulatory changes, and macroeconomic conditions, as detailed in the filing's risk factors section.