Quanta Services (PWR) Q3 2026 Earnings
How Did PWR Stock React to Q3 2026 Earnings?
Did PWR Beat Earnings? Q3 2026 Results
Yes. Quanta Services reported Q3 2026 earnings of $6.06 a share on Oct 29, 2026, beating the $5.00 consensus estimate by 21.3%. Revenue was $12.0B against a $10.9B estimate.
Quanta Services delivered a blowout third quarter for fiscal 2026, extending its streak of consensus-beating results to six consecutive quarters as adjusted diluted EPS of $6.06 cleared the $5.00 Wall Street estimate by 21.30% and revenue of $12.01 billion topped forecasts by 10.15%, surging 60.1% from $7.63 billion a year earlier. The Electric segment was the central engine of that expansion, with revenue climbing to $9.80 billion from $6.17 billion while operating margin widened to 12.6% from 11.4%, a reflection of broadening demand from utility, power generation, industrial and technology customers that CEO Duke Austin credited to the company's solutions-based model and fungible workforce. Adjusted EBITDA reached $1.45 billion, free cash flow hit $1.20 billion, and total backlog swelled to $63.73 billion, with Electric backlog alone at $51.89 billion. Truist raised its price target on the stock following the print, citing expectations for continued double-digit EPS growth. Management raised full-year 2026 guidance to $41.30 billion to $41.60 billion in revenue and $17.90 to $18.30 in adjusted diluted EPS, and flagged opportunity for strong double-digit adjusted EPS growth in 2027.
- Electric segment operating margin expanded to 12.6% from 11.4% year over year
- Underground and Infrastructure operating margin improved to 9.4% from 8.4%
- Consolidated operating margin rose to 8.5% from 6.8%
- Solutions-based operating model and self-perform capabilities providing execution certainty
- Fungible skilled workforce redeployed across end markets where demand is strongest
- Contributions from acquired businesses (five acquisitions in first nine months of 2026, eight in 2025)
- Total backlog of $63.7 billion vs. $39.2 billion a year earlier; RPO of $41.8 billion
“Quanta delivered another exceptional quarter, with third-quarter results that again exceeded expectations. 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 $63.7 billion. These results demonstrate the power of our solutions-based operating model, as well as the execution certainty our self-perform capabilities deliver for customers every day. Given this outperformance and the expected incremental strength in the fourth quarter, we are again significantly increasing our full-year 2026 financial expectations across all metrics,”
Quanta Services CEO, on the earnings call
What Is Quanta Services's Outlook?
Quanta raised its full-year 2026 guidance across all metrics. Expected ranges: - Revenue: $41.3B–$41.6B - Net income attributable to common stock: $1.92B–$1.98B - GAAP diluted EPS: $12.57–$12.97 - Adjusted diluted EPS: $17.90–$18.30 - EBITDA: $3.99B–$4.09B - Adjusted EBITDA: $4.40B–$4.49B - Operating cash flow: $3.45B–$4.00B - Free cash flow: $2.50B–$3.00B - Net capital expenditures: $950M–$1.0B Management expects incremental strength in the fourth quarter. It sees opportunity for strong double-digit adjusted EPS growth in 2027, supported by continued backlog growth, and says it is pacing ahead of the multi-year targets set at its 2026 Investor Day. It noted that weather, regulatory, permitting, supply chain and macroeconomic factors could affect results.
PWR YoY Financials
| Metric | Q3 2026 | Q3 2025 | Year over year |
|---|---|---|---|
| Revenue | $12.0B | $7.5B | +60.1% |
| Gross Profit | $2.0B | $1.1B | +84.2% |
| Operating Income | $1.0B | $517.2M | +98.5% |
| Net Income | $694.9M | $339.4M | +104.7% |
PWR Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.