Q1 26 EPS
$2.68
BEAT +31.88%
Est. $2.03
Q1 26 Revenue
$7.87B
BEAT +12.67%
Est. $6.99B
vs S&P Since Q1 26
+3.4%
BEATING MARKET
PWR +7.2% vs S&P +3.8%
Market Reaction
Did PWR Beat Earnings? Q1 2026 Results
Quanta Services posted a blowout first quarter for 2026, beating Wall Street expectations across the board and extending its streak of topping consensus EPS estimates to four consecutive quarters. The infrastructure services giant reported adjusted d… Read more Quanta Services posted a blowout first quarter for 2026, beating Wall Street expectations across the board and extending its streak of topping consensus EPS estimates to four consecutive quarters. The infrastructure services giant reported adjusted diluted EPS of $2.68, well ahead of the $2.03 consensus estimate by 31.88%, while revenue of $7.87 billion topped forecasts by 12.67% and grew 26.3% from $6.23 billion a year ago. The outperformance was broad-based, with both the Electric Infrastructure Solutions segment, which generated $6.47 billion in revenue at an 8.7% operating margin, and the Underground Utility and Infrastructure Solutions segment contributing meaningfully, the latter improving its operating margin to 7.5% from 6.0% a year earlier. Backlog climbed to $48.47 billion, underscoring the sustained demand environment that management attributes to the convergence of utility, power generation, and large-load markets. Looking ahead, Quanta raised its full-year 2026 adjusted diluted EPS guidance to $13.55 to $14.25 and now expects revenue between $34.70 billion and $35.20 billion.
Key Takeaways
- • Strong double-digit revenue growth across both segments
- • Margin performance exceeded expectations in both Electric and Underground segments
- • Electric segment operating margin expanded to 8.7% from 8.3% YoY
- • Underground and Infrastructure segment operating margin expanded to 7.5% from 6.0% YoY
- • Differentiated solutions-based operating model and craft-skilled workforce
- • Record total backlog of $48.5 billion
- • Eight acquisitions completed during 2025 contributing to consolidated results
PWR Forward Guidance & Outlook
Quanta raised substantially all full-year 2026 financial expectations. Revenue is now expected between $34.7 billion and $35.2 billion. GAAP diluted EPS is expected between $9.17 and $9.87, while adjusted diluted EPS is expected between $13.55 and $14.25. EBITDA is expected between $3.20 billion and $3.36 billion, and adjusted EBITDA between $3.49 billion and $3.65 billion. Net cash provided by operating activities is expected between $2.35 billion and $2.85 billion, with free cash flow between $1.55 billion and $2.05 billion. The company also outlined a path to more than double adjusted EPS by 2030 at its recent Investor Day, citing a $2.4 trillion total addressable market through 2030 driven by converging utility, generation, and large-load markets. Management acknowledged potential risks from weather, regulatory, permitting, supply chain challenges, tariffs, inflation, interest rates, and potential recessionary conditions.
PWR YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
PWR Revenue by Segment
With YoY comparisons, source: SEC Filings
“Quanta delivered an exceptional first quarter, reflected by strong double-digit growth in revenue, adjusted EBITDA and adjusted earnings per share, along with record backlog of $48.5 billion. In particular, revenue growth and margin performance exceeded our expectations across both segments, demonstrating the power of our differentiated, solutions-based operating model and the execution certainty our craft-skilled workforce delivers for our customers every day. Based on this strong start to the year and improved visibility, we are increasing our full-year 2026 financial expectations and remain on track to deliver another year of double-digit earnings per share growth.”
— Duke Austin, Q1 2026 Earnings Press Release
PWR Earnings Trends
PWR vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
PWR EPS Trend
Earnings per share: estimate vs actual
PWR Revenue Trend
Quarterly revenue: estimate vs actual
PWR Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $2.03 | $2.68 | +31.88% | $7.87B | +12.67% |
| Q4 25 BEAT FY | $3.02 | $3.16 | +4.68% | $7.84B | +6.34% |
| FY Full Year | $10.61 | $10.75 | +1.30% | $28.48B | +1.62% |
| Q3 25 BEAT | $3.26 | $3.33 | +2.18% | $7.63B | +2.88% |
| Q2 25 BEAT | $2.44 | $2.48 | +1.44% | $6.77B | +3.16% |
| Q1 25 BEAT | $1.66 | $1.78 | +6.93% | $6.23B | +6.27% |