---
title: "Quanta Services: Business Model"
description: "Quanta Services revenue by business segment and geography from its fiscal 2025 Form 10-K, with each part's share, growth and profitability explained."
canonical: https://www.getswoopr.com/stocks/companies/quanta-services/business-model/
source: "Swoopr Investment: https://www.getswoopr.com"
---

# Quanta Services: Business Model & Revenue Engine

## Direct Answer

Quanta Services reports revenue across 2 business segments in its fiscal 2025 Form 10-K. Electric Power is the largest, with $23.0 billion of revenue (81% of the total), followed by Underground and Infrastructure at $5.5 billion (19%). 93% of revenue came from the United States.

## How Does Quanta Services Make Money?

Electric Power supplies 81% of revenue, so Quanta Services's results move mostly with that one business; the others matter more for diversification than for the headline number. Between fiscal 2024 and 2025, Electric Power grew fastest (+21.0%) and Underground and Infrastructure slowest (+17.5%), so the revenue mix tilts toward Electric Power while that gap lasts.

| Segment | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
| --- | --- | --- | --- | --- |
| Electric Power | $23.0 billion | $19.0 billion | 80.8% | 21.0% |
| Underground and Infrastructure | $5.5 billion | $4.7 billion | 19.2% | 17.5% |

![Bar chart of Quanta Services revenue by segment for fiscal 2025: Electric Power 80.8%, Underground and Infrastructure 19.2%.](https://www.getswoopr.com/images/charts/quanta-services-business-model-segment-mix.webp)
*Quanta Services revenue by segment as a share of total revenue, from the table above. The largest is highlighted. Select the chart to open it full size.*

## Where Does Quanta Services's Revenue Come From?

Regions follow the definitions in the filing; most companies assign revenue by customer location.

| Region | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
| --- | --- | --- | --- | --- |
| United States | $26.5 billion | $21.6 billion | 93.0% | 22.6% |
| Canada | $1.0 billion | $1.0 billion | 3.6% | -0.6% |
| Australia | $780 million | $667 million | 2.7% | 16.9% |
| Other countries | $198 million | $374 million | 0.7% | -46.9% |

## What the Segment Figures Do Not Show

The rows above add up to 100% of Quanta Services's reported revenue for fiscal 2025; the difference is intersegment eliminations, corporate revenue or items the company reports outside its segments. Segment definitions are management's choice and change when a company reorganizes, in which case it restates prior years in the next filing, so a multi-year comparison should use the figures from a single filing. Revenue shows where sales come from, not where profit or cash is earned: a small segment can carry most of the margin.

## Where These Numbers Come From

Every figure on this page is a value Quanta Services reported in the segment note and revenue disclosures of its Form 10-K filed February 19, 2026 (accession 0001050915-26-000006), read from the SEC's Financial Statement Data Sets. The prior-year column is the comparative figure from that same filing, so it reflects any restatement for a change in segments. Category names are the company's own XBRL labels, lightly reformatted for reading.

Rows that only total other rows (for example a "Products" line beside the individual products) are left out so nothing is counted twice. This page is educational and describes reported history for fiscal 2025; it is not a forecast or a recommendation.

## Frequently Asked Questions

### What are Quanta Services's business segments?

In its fiscal 2025 Form 10-K, Quanta Services reports revenue for Electric Power and Underground and Infrastructure.

### Which part of Quanta Services brings in the most revenue?

Electric Power, with $23.0 billion of revenue in fiscal 2025, or 81% of the total.

### How much of Quanta Services's revenue comes from outside the United States?

7% in fiscal 2025, by the geographic breakdown Quanta Services reports in its Form 10-K. Companies assign revenue to regions differently (customer location, shipping address or selling entity), so check the filing's definition before comparing companies.

## References

- [SEC EDGAR: QUANTA SERVICES, INC. Form 10-K filed February 19, 2026](https://www.sec.gov/Archives/edgar/data/1050915/000105091526000006/pwr-20251231.htm)
- [SEC EDGAR: QUANTA SERVICES, INC. annual and quarterly filings](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1050915&type=10-K)
- [SEC: EDGAR application programming interfaces (XBRL frames and submissions data)](https://www.sec.gov/search-filings/edgar-application-programming-interfaces)
- [SEC: Financial Statement Data Sets](https://www.sec.gov/data-research/sec-markets-data/financial-statement-data-sets)

## Related Pages

- [Quanta Services company dossier](https://www.getswoopr.com/stocks/companies/quanta-services/)
- [Quanta Services financial metrics](https://www.getswoopr.com/stocks/companies/quanta-services/metrics/)
- [Quanta Services financial risk indicators](https://www.getswoopr.com/stocks/companies/quanta-services/risks/)
- [Quanta Services peer comparison](https://www.getswoopr.com/stocks/companies/quanta-services/competitors/)
- [Quanta Services business model and revenue mix](https://www.getswoopr.com/stocks/companies/quanta-services/business-model/)
- [Fundamental analysis guides](https://www.getswoopr.com/learn/fundamental-analysis/)

**[Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/)**

Swoopr's editorial team produces independent investment education content reviewed for accuracy and clarity. We do not provide personalized financial advice. See our [editorial policy](https://www.getswoopr.com/legal/editorial-policy/) and [corrections policy](https://www.getswoopr.com/legal/corrections-policy/).