On this page of StockholderLetter.com we present the latest annual shareholder letter from QUANTA SERVICES, INC. — ticker symbol PWR. Reading current and past PWR letters to shareholders can bring important insights into the investment thesis.

 •  4/11/2025 Letter Continued (Full PDF)
 •  4/13/2023 PWR Stockholder Letter
 •  4/12/2024 PWR Stockholder Letter
 •  More "Construction" Category Stockholder Letters
 •  PWR Benford's Law Stock Score = 98

PWR Shareholder/Stockholder Letter Transcript:

3
2 0 24 A N N U A L R E P O RT

HIGHLIGHTS
46
LIVES SAVED
to
date with our 19,000+
Automated External
De   brillator (AED) units
deployed to job sites
OVER
58K
EMPLOYEES
at year end
10GW
RENEWABLE ENERGY
CAPACITY installed
47%
DECREASE
in    Stuff
That Kills You    (STKY)
incidents since 2019

1
ON THE 2024
ENR
Top 600 Specialty
Contractors List

192
ON THE 2024
Fortune 500 list
FORGING THE FUTURE
2024 NOTABLE AWARDS: QUANTA SERVICES

C O N TE N TS
QUANTA
is the
power of people. We build
the expertise, partnerships
and culture of safety and
diversity needed to forge
the infrastructure solutions
that power modern life.
02
06
08
MESSAGE TO STOCKHOLDERS
2024 AT A GLANCE
POWER
10
11
14
RESILIENT, SUSTAINABLE
& INDUSTRY LEADING
FINANCIAL TABLES
COMPANY INFORMATION

DEAR STOCKHOLDERS
2
In 2024, Quanta delivered another year of
double-digit growth in revenues and adjusted
earnings per share as compared to 2023, and
record free cash    ow. Our ability to deliver
consistent, pro   table growth is a testament to the
strength of our portfolio approach     a diversi   ed,
solutions-based strategy that enables us to adapt
to evolving industry dynamics while delivering
mission-critical infrastructure.
The accelerating demand for power and infrastructure solutions
Quanta has produced record revenues seven of the last eight
and consistent    nancial results.
years, with a 14% compound annual growth rate (CAGR) since
2015, seven consecutive years of record adjusted EBITDA
with an 18% CAGR since 2015, and eight consecutive years of
record adjusted diluted earnings per share, with a 26% CAGR
is reshaping the industry, and Quanta is at the center of this
transformation. Our portfolio strength, execution discipline
and customer-focused approach are driving consistent,
pro   table growth, as we expand our total addressable market
and reinforce our position as a leader in delivering essential
infrastructure solutions. We believe our operational portfolio
is a strategic advantage that helps us manage risks and shift
resources across service lines and geographies, and that our
portfolio approach positions us well to allocate resources to
pursue a broad set of opportunities that are economically
attractive and create operating efficiencies, improved returns
2024 ACCOMPLISHMENTS
We accomplished a great deal in 2024 and our past success
positions us well for the future.
since 2015. These results were made possible by our more
than 58,000 dedicated employees     the largest craft-skilled
    Our Electric Power Infrastructure Solutions segment and our
workforce in the country     and our industry-leading operational
Renewable Energy Infrastructure Solutions segment both
and    nancial platform.
generated record revenues and double-digit growth, with
ANOTHER YEAR OF
PROFITABLE GROWTH
13%
Increase in 2024 revenues
compared to 2023
25%
Increase in 2024 adjusted
EPS compared to 2023

3
2024 Annual Report | Message to Stockholders
OUR ABILITY TO DELIVER
CONSISTENT, PROFITABLE GROWTH
IS A TESTAMENT TO THE STRENGTH
OF OUR PORTFOLIO APPROACH     A
DIVERSIFIED, SOLUTIONS-BASED
STRATEGY THAT ENABLES US TO ADAPT
TO EVOLVING INDUSTRY DYNAMICS
WHILE DELIVERING MISSION-CRITICAL
INFRASTRUCTURE.
Renewable Energy Infrastructure Solutions growing more than
services, primarily to our electric power customers and strengthen
27% as compared to 2023, and both segments achieved record
our competitive position in the marketplace.
backlog during 2024, which is a testament to the quality of our
customer base and the demand for our industry-leading solutions.
    We made signi   cant construction progress on the SunZia Wind
and Transmission projects, which together represent the largest
    We generated record levels of cash    ow from operations and
clean energy infrastructure project in United States history. We
free cash    ow and achieved another year of improved return on
believe this project validates the power of our combined high-
invested capital.
voltage transmission and renewable generation solutions and
demonstrates the value of our collaborative approach to providing
    We completed the acquisition of Cupertino Electric, Inc. (CEI),
comprehensive energy transition infrastructure solutions.
a premier electrical infrastructure solutions provider to the
technology, renewable energy and infrastructure and commercial
    We successfully advanced our strategic supply chain initiatives,
industries. Founded in 1954 and headquartered in San Jose,
both organically and through the acquisitions of Safety Test
California, CEI provides integrated turnkey solutions, including
and Equipment Company, Sherman + Reilly, Inc. and Niagara
engineering, procurement, project management, construction
Transformer, and made strategic investments in TS Conductor
and modularization services, to a high-quality and diverse
and Hybar LLC. We believe these domestic acquisitions and
customer base across the United States. CEI brings a highly
investments broaden our solutions and provide opportunities to
synergistic low-voltage electrical workforce and a complementary
reduce costs and enhance certainty of critical materials in our
customer base that provides Quanta with another large and
supply chain.
growing addressable market to which we can deliver our
comprehensive infrastructure solutions.
    Our front-end solutions based approach continues to improve our
ability to capture more of the programmatic and capital spend of
    We continued to deploy capital into value-creating opportunities.
our customers.
In addition to CEI, Quanta acquired seven businesses located
in the United States, each of which is expected to enhance our
    We amended our credit facility and issued $1.25 billion in
aggregate principal amount of senior notes, which were used



 4/11/2025 Letter Continued (Full PDF)