Quanta Services (PWR) Reports Record Backlog of $48.5 Billion

Quanta Services (PWR) announced a record backlog of $48.5 billion at the end of Q1, a 37.5% increase year-over-year. The company’s 12-month backlog also rose by 45%, equating to its full-year 2025 revenue. The shift towards larger fixed-price contracts, comprising 63% of total revenue, is expected to enhance margin potential. Additionally, adjusted EBITDA increased by 36% in the quarter, with operating margins improving to 8.7%. These trends indicate strong demand and operational efficiency but suggest a need to monitor valuation due to growth pressures.