Quanta Services, Inc. (PWR Quick QuotePWR - Free Report)  is an energy infrastructure powerhouse that’s transformed into one of the biggest winners in the largest capex spending spree in generations.

PWR more than doubled its revenue and its GAAP (and adjusted) earnings per share between 2021 and 2025 as it physically builds and maintains the AI energy boom, the electrification push, grid expansion and hardening, and more.

The energy infrastructure standout is projected to follow up its blockbuster earnings and sales expansion with double-digit growth in 2026 and 2027. Quanta Services closed the first quarter of 2026 with a record backlog of $48.5 billion.

Quanta said last quarter that it’s on a “clear path to more than doubling” its adjusted EPS by 2030 vs. its 2025 levels. It is grabbing a larger share of what it views as a total addressable market worth $2.4 trillion through 2030, given its “unique positioning at the center of converging utility, generation and large-load markets.”

PWR is also starting to churn out solid free cash flow growth, and its sturdy balance sheet helped it announce a new $1 billion repurchase program in late May.

Image Source: Zacks Investment Research

The AI energy stock’s upward earnings revisions land it a Zacks Rank #1 (Strong Buy). PWR shares have already soared ~88% in the past year as part of a much larger run in the past five years.

Some investors might be nervous about chasing soaring AI-boosted stocks. But calling a near-term top is a dangerous game (since it can leave you missing out on rally after rally). And PWR is already down ~15% from its recent highs, and the stock is landing support near some key technical levels.   

More importantly for long-term investors, Quanta stands to be a huge winner across converging megatrends, and it allows you to play the AI boom without picking the tech winners. 

PWR: One of the Best Stocks to Buy and Hold for the Next Decade

Quanta, founded in 1997, is a pure-play energy and utility infrastructure company benefiting from the AI data center-driven energy boom, the electrification push, power and grid expansion, reshoring, and beyond.

The Houston, Texas-based firm stands to grow alongside a potentially once-in-a-lifetime spending spree that will be measured in decades and trillions of dollars.

PWR already has the growth receipts to prove it’s one of the giants of the AI-boosted energy and electricity infrastructure boom.

Quanta more than doubled its revenue and its GAAP (and adjusted) earnings per share between 2021 and 2025 as it physically builds and maintains the infrastructure required for the U.S. to remain a thriving growth economy for the rest of the 21st century.

Image Source: Zacks Investment Research

PWR produced record revenues eight of the last nine years, while expanding at a 14% compound annual growth rate (CAGR) between 2015 and 2025. It also delivered eight straight years of record adjusted EBITDA and nine consecutive years of record adjusted EPS, marking a 25% CAGR since 2015.

The company grew its revenue and its adjusted earnings by ~20% in 2025. It closed the first quarter of 2026 with a record backlog of $48.5 billion and grew its free cash flow by 55% in Q1 to $184 million.

Quanta’s management confirmed that it’s on a “clear path to more than doubling” its adjusted EPS by 2030 vs. its 2025 levels as it attempts to capture more of what it sees as a total addressable market of $2.4 trillion through 2030.

Image Source: Zacks Investment Research

CEO Duke Austin said in Q1 remarks that its “compounding model” and its “unique positioning at the center of converging utility, generation and large-load markets” cement its growth outlook. 

PWR is projected to grow its revenue by 22% in 2026 and another 13% next year to $38.95 billion—adding over $10 billion to the top-line vs. 2025.

Meanwhile, it is projected to boost its adjusted EPS by 30% in 2026 and 18% next year to reach $16.38 a share as it pushes to double its earnings between 2025 and 2030. And its upward earnings revisions land Quanta a Zacks Rank #1 (Strong Buy).

Quanta Stock is a Bet on AI and U.S. Economic Growth

Quanta is playing a key role as the U.S. economy and Wall Street enter a new age of capital-intensive growth after a roughly 20-year run of capital-light economic and stock market expansion. 

Globally, companies are projected to spend $7 trillion on capex for AI data center infrastructure by 2030, according to McKinsey, with $1.3 trillion of this spending dedicated to the broader energy segment. A total of 40% of all this spending is set to happen in the U.S., and that’s just over the next five years.

Image Source: Zacks Investment Research

AI hyperscalers are spending hundreds of billions of dollars a year (on the path towards trillions) on their AI expansion efforts, showcasing tangible progress rather quickly. The AI hyperscalers, such as Meta and Microsoft, are having a much harder time securing the long-term energy deals required to power their AI visions.

Large AI data centers consume as much electricity as mid-sized cities. This backdrop has sparked an overnight race to bring more power online. U.S. electricity generation remained roughly flat at around 4,000-4,400 (TWh) terawatt-hours between the mid-2000s and early 2020s.

The U.S. electricity grid was already in desperate need of investment and expansion before the AI boom. Now, the AI arms race, coupled with an electrification push and the reshoring of critical manufacturing, such as semiconductors, are projected to boost U.S. electricity demand 25% by 2030 and 75% to 100% by 2050. U.S. transmission capacity must double to keep up with this projected growth.

The next 10 years alone are projected to require more new electricity generation than any period in U.S. history. This backdrop is why the U.S. government is attempting to help quadruple nuclear power capacity by 2050, as Meta (META Quick QuoteMETA - Free Report) , Microsoft (MSFT Quick QuoteMSFT - Free Report) , and other tech giants partner with next-gen nuclear energy upstarts.

Image Source: Zacks Investment Research

Natural gas is also experiencing a boom as AI companies race to add more of the most stable power sources as quickly as possible. Solar, battery storage, wind, and beyond are also growing as part of an all-of-the-above approach to energy generation growth.

Quanta has cemented its position as one of the clear winners of what’s shaping up to be a multi-decade spending spree across all the areas of the economy we just discussed.

Buy this Top-Ranked Stock Now, or Wait for a Pullback?

Quanta stock has skyrocketed over the past 15 years, including a ~640% charge in the past five years, crushing its industry, sector, the S&P 500, and both Meta and Microsoft (two AI hyperscalers) during both periods.

PWR has surged 60% YTD, and some investors might be hesitant to chase the stock and other soaring AI stocks. There is no doubt the market is due for a cooldown after the huge rally off the late-March lows.

Thankfully, PWR and the Nasdaq have already cooled off a bit following the recent selloff.

Image Source: Zacks Investment Research

PWR dropped ~15% from its early May peaks. And it landed support near its 50-day moving average and its highs from before it gapped up at the end of April.

The recent drop also took Quanta from its most overbought RSI levels in the past five years to some of its most oversold. 

Of course, selling could ramp back up in the near-term if things go wrong with Iran.

But market timing is exceedingly difficult. Investors might consider taking a starter position in Quanta, and then buy more shares after its next leg down—whenever that occurs.