Quanta Services (PWR) Earnings Date & Reports

Key Takeaways

• Quanta Services reported record third-quarter 2026 revenue of $12.01 billion, up 57% from $7.63 billion a year earlier.
• Adjusted diluted earnings per share (EPS, or profit allocated to each share) came in at $6.06, up 82% year over year and well above consensus estimates.
• GAAP diluted EPS of $4.55 more than doubled from $2.24 in the prior-year quarter.
• Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) reached $1.4 billion, up 69%, with the adjusted EBITDA margin expanding to 12.1%.
• Record backlog of roughly $64 billion and a raised full-year 2026 outlook signal sustained momentum heading into 2027.
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Earnings Context and Why It Matters

Quanta Services is North America's largest specialty contractor for energy and communications infrastructure, positioned at the center of grid modernization, renewable energy, and surging electricity demand from data centers. Its quarterly results serve as a bellwether for capital spending across utilities and major technology companies. Coming off a strong first half, investors were watching whether Quanta could sustain its double-digit growth while converting that demand into higher margins and cash flow. The third-quarter report delivered on all fronts, and management's decision to raise full-year guidance reinforced confidence that the multiyear build-out of power infrastructure remains firmly on track.

Reported Results

Quanta Services posted record consolidated revenue of $12.01 billion for the third quarter of 2026, up 57% from $7.63 billion in the same period last year and above the consensus estimate of roughly $10.9 billion. Adjusted diluted EPS came in at $6.06, an 82% increase from $3.33 a year ago and comfortably ahead of analyst expectations near $4.95 to $5.02. GAAP diluted EPS of $4.55 more than doubled from $2.24, while net income attributable to common stock rose to $694.9 million.

Profitability also strengthened, with adjusted EBITDA of $1.4 billion, up 69% year over year, and an adjusted EBITDA margin that expanded to 12.1%. The quarter generated record operating cash flow of $1.5 billion and record free cash flow of $1.2 billion. Notably, backlog climbed to a record of approximately $64 billion, a roughly $10 billion sequential increase, with growth across each of the company's key markets.

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Market Reaction and Investor Sentiment

Quanta Services shares moved higher following the release, reflecting an earnings beat, stronger-than-expected margins, and a raised full-year outlook. Investor sentiment was buoyed by the record backlog and management's commentary that the company is pacing ahead of the multiyear growth targets outlined at its 2026 Investor Day. The results reinforced the view that demand for grid infrastructure and power generation remains robust, even as supply chain constraints for critical equipment such as transformers and poles persist as a watch item.

Forward Outlook and Key Factors to Monitor

Management raised its full-year 2026 guidance across all key metrics, now expecting revenue between $41.3 billion and $41.6 billion, adjusted EBITDA between $4.40 billion and $4.49 billion, and adjusted EPS between $17.90 and $18.30. Free cash flow is projected at $2.5 billion to $3.0 billion, another anticipated annual record.

Looking ahead, investors should watch how quickly Quanta books large-scale 765-kilovolt transmission projects and large generation work, which management indicated are not yet reflected in backlog and represent potential future growth. Data center demand remains a key driver, with the company expanding its revenue capture per location. Supply chain availability for transformers and poles, along with labor capacity and margin trajectory, will also be important factors as Quanta aims for continued double-digit adjusted EPS growth into 2027.

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