Quanta Services Inc
Q2 2026 Earnings
Market Reaction
S&P 500 over the same 30 days: +3.42%.
Did PWR Beat Earnings? Q2 2026 Results
Quanta Services posted a blowout second quarter of 2026, with adjusted EPS of $4.24 beating the $3.03 Wall Street consensus by 39.93% and marking the company's fifth consecutive quarter of exceeding analyst estimates. Revenue climbed 41.1% year over year to $9.56 billion, as the Electric Infrastructure Solutions segment, which accounted for roughly 82% of total sales, delivered $7.84 billion in revenue at an improved 11.5% operating margin, up from 10.1% a year ago. Management described the quarter as record-setting across multiple metrics, noting results came in well ahead of its own internal expectations. Total backlog reached $53.44 billion, nearly 49% above the $35.84 billion reported a year ago, reflecting surging demand for grid modernization and data center infrastructure, a theme analysts had flagged as a key growth catalyst heading into the print. Quanta also closed or announced four acquisitions for roughly $1.24 billion in upfront consideration, expected to add $1.20 billion to $1.40 billion in full-year revenues. The company raised its 2026 adjusted diluted EPS guidance to $16.45 to $16.95 and now targets revenues of $39.30 billion to $39.70 billion.
- Strong double-digit growth in revenue, adjusted EBITDA, and adjusted diluted EPS
- Electric segment operating margin expansion to 11.5% from 10.1% year-over-year
- Underground and Infrastructure segment operating margin improvement to 9.1% from 6.9% year-over-year
- Record total backlog of $53.4 billion driven by accelerating customer investment in electric grid, power generation, and mission-critical infrastructure
- Robust cash flow generation with operating cash flow of $1.1 billion and free cash flow of $0.9 billion in the quarter
“Quanta delivered an exceptional first half of the year, highlighted by second-quarter results that meaningfully exceeded expectations and reflect the compounding strength and momentum of our operating model. Revenue, adjusted EBITDA and adjusted diluted earnings per share all achieved strong double-digit growth, cash flow was robust and total backlog reached a record level at quarter end. These results demonstrate the power of our differentiated, solutions-based operating model, as well as the execution certainty our self-perform capabilities and craft-skilled workforce deliver for customers every day. Given this outperformance, our improved visibility into the back half of the year, and the expected contribution from recently completed acquisitions that strengthen our platform, we are significantly increasing our full-year 2026 financial expectations across all metrics. We believe these results, and our long-term track record, are a clear differentiator of Quanta's ability to compound profitable growth as our customers accelerate investment in the electric grid, power generation and mission-critical infrastructure that underpin the economy.”
Quanta Services CEO, on the earnings call
Forward Guidance & Outlook
Quanta significantly increased its full-year 2026 financial expectations across all metrics. The company now expects revenues of $39.3 billion to $39.7 billion, net income attributable to common stock of $1.74 billion to $1.82 billion, GAAP diluted EPS of $11.41 to $11.92, adjusted diluted EPS of $16.45 to $16.95, EBITDA of $3.74 billion to $3.86 billion, adjusted EBITDA of $4.09 billion to $4.21 billion, operating cash flow of $2.90 billion to $3.40 billion, and free cash flow of $2.00 billion to $2.50 billion. Recently completed acquisitions are expected to contribute approximately $1.2 billion to $1.4 billion of revenues and $120 million to $140 million of adjusted EBITDA for full-year 2026. The long-term outlook remains positive, though management acknowledges risks from weather, regulatory/permitting challenges, supply chain issues, inflation, interest rates, and potential recessionary conditions.
PWR YoY Financials
PWR Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.