该报告暂无中文版，以下为英文版分析。
按公开的固定规则计算，不是模型的主观判断——但其中一项输入（高等级风险的条数）取自下方的 AI 分析。
非投资建议，也不是目标价——评的是本季基本面，不是股价。 完整方法论 →
AI核心结论
Quanta Services (PWR) delivered strong FY2025 revenue growth of 20.3% to $28.5B, driven by robust infrastructure demand, while net income rose 10.9% to $1.03B amid elevated SG&A and significant acquisition-related balance sheet expansion.
营收
284.8亿美元
同比 +20.31%
每股收益（稀释）
6.80美元
同比 +12.77%
毛利率
15.0%
同比 +0.2 个百分点
营业利润
16.12亿美元
同比 +19.68%
SEC XBRL 原值
Quanta Services (PWR) FY2025 营收 284.8亿美元，同比增长 20.3%。 营业利润率 5.7%，与去年同期基本持平。 经营活动现金流 22.3亿美元，同比增长 7.1%。
近 4 个季度：4 次超预期
| 季度 | 实际 EPS（美元） | 市场预期（美元） | 结果 |
|---|---|---|---|
| 2026年6月 | 4.24 | 3.33 | 超预期 +27.2% |
| 2026年3月 | 2.68 | 2.08 | 超预期 +28.7% |
| 2025年12月本次财报 | 3.16 | 3.05 | 超预期 +3.5% |
| 2025年9月 | 3.33 | 3.29 | 超预期 +1.2% |
2025年12月 实际 EPS 3.16美元，分析师一致预期 3.05美元，超预期 +3.5%。
由 AI 基于本次 SEC 报告整理
Revenue grew 20.3% year-over-year to $28.5B in FY2025 (from $23.7B in the prior year), reflecting continued strong demand for electric power infrastructure, renewable energy, and utility services. This top-line expansion underscores Quanta's positioning in critical infrastructure buildout.
来源: 10-K Income Statement (XBRL Financial Data)
Gross profit increased 21.8% to $4.28B, with gross margin improving modestly to 15.0% from 14.8%, suggesting Quanta maintained pricing discipline even as cost of revenue rose 20.1% to $24.2B. This indicates effective project execution and cost management.
来源: 10-K Income Statement (XBRL Financial Data)
SG&A expenses rose 20.0% to $2.19B, keeping pace with revenue growth and contributing to a nearly flat operating margin of 5.66% (vs. 5.69% prior year). The elevated overhead reflects ongoing investments in management infrastructure to support the company's expanded scale.
来源: 10-K Income Statement & Key Ratios (XBRL Financial Data)
Total assets surged 33.4% to $24.9B while total liabilities jumped 40.0% to $15.9B, indicating meaningful acquisition activity funded partly by debt. Cash and equivalents declined 40.8% to $439.5M, while financing cash flow turned sharply positive at $1.27B (from -$305.6M), suggesting new debt issuance to fund growth.
来源: 10-K Balance Sheet & Cash Flow Statement (XBRL Financial Data)
Operating cash flow grew 7.1% to $2.23B, demonstrating the business's ability to convert earnings to cash. However, investing outflows deepened to -$3.83B (from -$2.29B), reflecting aggressive capital deployment into acquisitions and capital expenditures to capture infrastructure spending tailwinds.
来源: 10-K Cash Flow Statement (XBRL Financial Data)
由 AI 基于本次 SEC 报告整理 · 高 2 中 3 低 0
Total liabilities grew 40.0% to $15.9B against stockholders' equity of $8.9B, resulting in a debt-to-equity ratio of 1.78. This elevated leverage increases Quanta's sensitivity to interest rate changes and could constrain financial flexibility if project revenues slow or credit markets tighten.
来源: 10-K Balance Sheet (XBRL Financial Data)
Cash and equivalents fell 40.8% to $439.5M while investing cash outflows reached -$3.83B in FY2025. With a current ratio of only 1.14, the company has limited liquidity buffer, and any disruption to operating cash flows or credit availability could create near-term liquidity pressure.
来源: 10-K Balance Sheet & Cash Flow Statement (XBRL Financial Data)
The sharp increase in total assets (+33.4%) and liabilities (+40.0%) points to significant acquisition activity in FY2025. Integrating acquired businesses introduces operational, cultural, and financial risks, and failure to realize expected synergies could impair returns and goodwill valuations.
来源: 10-K Balance Sheet (XBRL Financial Data)
While revenue grew 20.3%, net income rose only 10.9% to $1.03B, compressing net margin to 3.61%. This divergence suggests rising below-the-line costs (e.g., interest expense from higher debt) are eroding profitability, a trend that could worsen if borrowing costs remain elevated.
来源: 10-K Income Statement & Key Ratios (XBRL Financial Data)
With $28.5B in revenue and complex, large-scale infrastructure projects, Quanta faces execution risk including labor shortages, supply chain disruptions, and cost overruns. Even modest project margin deterioration across a portfolio of this size could materially impact operating income, which stands at $1.61B.
来源: 10-K Income Statement (XBRL Financial Data)
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营收 亿美元 | 284.80 亿美元 | 236.73 亿美元 | +20.31% |
营业成本 亿美元 | 242.05 亿美元 | 201.62 亿美元 | +20.05% |
毛利润 亿美元 | 42.75 亿美元 | 35.11 亿美元 | +21.77% |
营业利润 亿美元 | 16.12 亿美元 | 13.46 亿美元 | +19.68% |
净利润 亿美元 | 10.28 亿美元 | 9.27 亿美元 | +10.90% |
每股收益（基本） 美元 | 6.91 美元 | 6.16 美元 | +12.18% |
每股收益（稀释） 美元 | 6.80 美元 | 6.03 美元 | +12.77% |
销售及管理费用 亿美元 | 21.89 亿美元 | 18.25 亿美元 | +19.97% |
答案基于本次 SEC 报告与本页数据