Publicly-Owned Electrical Companies Report Strong 3Q 2025 Financial Results

Despite all of the uncertainty in the overall U.S. economy, publicly owned electrical manufacturers, distributors and contractors reported some solid financials for 2025’s third quarter and are optimistic about their business prospects in 2026. Below are some insights from executives at several publicly owned companies.

QUANTA SERVICES

Quanta Services, Inc., Houston, TX, enjoyed a +17.6% increase in its 3Q 2025 revenues to $7.63 billion compared to revenues of $6.49 billion in the third quarter of 2024. 
 “Quanta delivered another quarter of strong results, achieving double-digit growth in revenue, adjusted EBITDA and adjusted EPS compared to the prior year, alongside record backlog of $39.2 billion, said Duke Austin, president and CEO. “This reflects accelerating demand in our Electric segment, robust activity across our end markets and momentum for 2026.”
Quanta also announced it’s “well positioned to achieve record backlog and another year of double-digit earnings per share growth in 2026.”
In other news at Quanta, NiSource, a large natural gas and electric utility company, has engaged the company for the design, procurement and construction execution of generation and infrastructure resources capable of producing approximately 3GW of power for a large load customer. The scope of solutions to be provided by Quanta for this project includes power generation, battery energy storage, transmission, substation and underground infrastructure.
WESCO
John Engel, chairman, president and CEO, said the company “now expects organic sales growth of +8% to +9%, up from the company’s previous organic sales growth range of +5% to +7%.”
On data centers and the utility market, he said, “Total data center sales were $1.2 billion, setting another new quarterly mark, and were up about +60% versus the prior year. Our Utility business also continued to show signs of improvement with increased investor-owned utility sales growth in the third quarter.”

HUBBELL

Hubbell said its 3Q 2025 earnings growth was “driven by strong organic growth in Electrical Solutions and Grid Infrastructure products within its Utility Solutions segment, as well as a lower year-over-year tax rate.” Gerben Bakker, chairman, president and CEO, said in the press release, “In our Utility Solutions segment, Grid Infrastructure achieved +8% organic growth in the quarter. T&D markets remained strong as utility customers invest to interconnect new sources of load and generation on the grid, while aging infrastructure continued to drive solid hardening and resilience activity.
“Grid Automation sales were down -18% in the quarter, driven by weak meter and AMI project activity, while protection and controls products contributed solid growth. In Electrical Solutions, +8% organic growth was driven by strength in data center and light industrial markets. “We are raising our 2025 adjusted earnings per share outlook, which anticipates +3% to +4% organic growth, strong adjusted operating margin expansion and a lower full year tax rate than previously anticipated.”

EATON

Eaton announced 3Q 2025 sales of  $7 billion, a third quarter record, and up +10% from the third quarter of 2024. The sales increase consisted of +7% growth in organic sales and +3% growth from acquisitions.
Paulo Ruiz, Eaton chief executive officer, said in the press release, “We continued to see strong demand in the quarter with order acceleration, as well as sustained growth in our backlog and positive book-to-bill ratio, driven primarily by our Electrical Americas and Aerospace businesses. While we continue to ramp-up significant capacity investment projects, we remain confident in our ability to deliver our commitments for the year and achieve our 2030 targets.
“Looking ahead, our strategy to lead, invest and execute for growth will continue to position us well to capitalize on the generational growth opportunities driven by digitalization and AI, reindustrialization, infrastructure spending and more.”
In other Eaton news, the company announced its intention to the Boyd Thermal business of Boyd Corporation from Goldman Sachs Asset Management. Boyd Thermal is a manufacturer in thermal components, systems and ruggedized solutions for data centers, aerospace and other end markets. Under the terms of the agreement, Eaton will pay $9.5 billion, which represents 22.5 times Boyd Thermal’s estimated adjusted EBITDA for 2026. Boyd Thermal has forecasted sales of $1.7 billion for 2026, of which $1.5 billion is in liquid cooling.
“Bringing together Boyd Thermal’s highly-engineered liquid cooling technology and global service model with Eaton’s existing products and scale will provide enhanced value to customers,” said Ruiz in the press release. “In data centers particularly, our combined expertise in both power and liquid cooling from the chip to the grid will enable customers to manage increasing power demands more effectively.”