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Quanta to Report Q1 Earnings: Here's What Investors Must Know
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Key Takeaways
PWR reports Q1 2026 before the bell April 30, with consensus EPS $2.04 and revenue $6.99B.
Electric Infrastructure Solutions, 82% of Q4 revenue, seen as the main Q1 driver on grid and data-center work.
Seasonality and cost dynamics may pressure margins; Electric guided 8-8.5% and Underground 6-7%.
Quanta Services, Inc. (PWR - Free Report) is scheduled to report its first-quarter 2026 results on April 30, 2026, before the opening bell. The company exited 2025 with strong momentum, supported by record backlog, robust end-market demand and continued execution across its diversified infrastructure portfolio. This backdrop is expected to have influenced first-quarter performance, although typical seasonality and cost pressures likely created some offsets.
In the last reported quarter, the adjusted earnings and revenues topped the Zacks Consensus Estimate by 5.3% and 7.8%, respectively. Year over year, earnings and revenues grew 7.5% and 19.7%, respectively.
Quanta’s earnings topped the consensus mark in each of the trailing four quarters, with the average surprise of 4.3%.
PWR’s Trend in Estimate Revision
The Zacks Consensus Estimate for Quanta’s first-quarter adjusted earnings per share (EPS) has trended downward to $2.04 from $2.16 over the past 30 days. The revised estimated figure indicates 14.6% growth from the year-ago EPS of $1.78.
The consensus mark for revenues is pegged at $6.99 billion, implying 12.2% year-over-year growth.
Factors Likely to Have Defined Quanta’s Q1 Performance
Topline Likely Supported by Strong Backlog and End-Market Demand: Quanta’s revenues in the first quarter are expected to have benefited from its record backlog of approximately $44 billion at the end of 2025, which provides solid visibility and execution runway. The Electric Infrastructure Solutions segment (which contributed 82% to fourth-quarter 2025 revenues) likely remained the primary growth driver, supported by sustained investments in grid modernization, system hardening and power generation projects. Rising electricity demand, driven by data centers, industrial reshoring and electrification trends, continues to create multi-year opportunities for Quanta’s services. The company expects first-quarter segment revenues to grow at a low to mid-teens percentage rate compared to the first quarter of 2025.
Management highlighted strong momentum across utility, power generation and large-load markets, with data center-related work emerging as one of the fastest-growing components of backlog. Additionally, contributions from recent acquisitions, including Tri-City Group and Wilson Construction, are expected to have provided incremental revenue support in the quarter.
The Zacks Consensus Estimate for the segment revenues is currently pegged at $5.55 billion, indicating growth from $4.94 billion a year ago.
However, first-quarter seasonality likely limited sequential growth. The company has indicated that revenues are typically lowest in the first quarter, particularly in both the Electric and Underground segments, due to weather disruptions and project timing.
In the Underground Utility and Infrastructure segment (which contributed 18% to fourth-quarter 2025 revenues), softer pipeline activity—seen in prior quarters—may have continued to weigh on overall segment volumes. The company expects segment revenues to be the lowest in the first quarter and comparable to the first quarter of 2025.
Margins Likely Pressured by Seasonality and Cost Dynamics: Profitability in the first quarter is expected to reflect seasonal softness, with operating margins typically at their lowest levels of the year. The Electric segment’s margins are projected to be in the range of 8.0%–8.5%, while Underground margins are expected to be even lower, around 6.0%–7.0%. Lower utilization levels, weather-related inefficiencies and project mix likely constrained margin expansion.
Additionally, ongoing investments in workforce expansion, supply chain initiatives and vertical integration—such as transformer manufacturing—may have created near-term cost pressures. While these investments are strategic and aimed at enhancing long-term execution capabilities, they can weigh on near-term margins.
Macroeconomic factors, including inflation, elevated interest rates and supply-chain challenges, may have further pressured costs and project execution timelines. Integration costs related to recent acquisitions and higher interest expenses—expected to be front-loaded in the first quarter—also likely impacted the bottom line.
Overall, while Quanta’s first-quarter 2026 results are expected to reflect strong underlying demand and backlog-driven growth, seasonal headwinds and cost pressures are likely to have moderated margin performance in the period.
What Our Model Predicts for Quanta
Our proven model predicts an earnings beat for Quanta this time around. A combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. This is exactly the case here, as you will see below.
Earnings ESP: PWR has an Earnings ESP of +0.04%. You can uncover the best stocks before they’re reported with our Earnings ESP Filter.
Zacks Rank: The stock currently carries a Zacks Rank of 3.
Other Stocks With the Favorable Combination
Here are some companies in the Zacks Construction sector, which, per our model, have the right combination of elements to post an earnings beat in the respective quarters to be reported.
MasTec’s earnings beat estimates in each of the trailing four quarters, the average surprise being 17.4%. MasTec’s earnings for the first quarter of 2026 are expected to surge 92.2% year over year.
EMCOR Group, Inc. (EME - Free Report) has an Earnings ESP of +1.71% and a Zacks Rank of 3.
EMCOR’s earnings beat estimates in three of the last four quarters and missed on one occasion, the average surprise being 10.8%. EMCOR’s earnings for the first quarter of 2026 are expected to increase 8.1% year over year.
Dycom Industries, Inc. (DY - Free Report) currently has an Earnings ESP of +1.28% and a Zacks Rank of 3.
Dycom’s earnings beat estimates in each of the trailing four quarters, the average surprise being 17.1%. Dycom’s earnings for the first quarter of fiscal 2027 are expected to grow 30.6% compared with the prior year.
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Quanta to Report Q1 Earnings: Here's What Investors Must Know
Key Takeaways
Quanta Services, Inc. (PWR - Free Report) is scheduled to report its first-quarter 2026 results on April 30, 2026, before the opening bell. The company exited 2025 with strong momentum, supported by record backlog, robust end-market demand and continued execution across its diversified infrastructure portfolio. This backdrop is expected to have influenced first-quarter performance, although typical seasonality and cost pressures likely created some offsets.
In the last reported quarter, the adjusted earnings and revenues topped the Zacks Consensus Estimate by 5.3% and 7.8%, respectively. Year over year, earnings and revenues grew 7.5% and 19.7%, respectively.
Quanta’s earnings topped the consensus mark in each of the trailing four quarters, with the average surprise of 4.3%.
PWR’s Trend in Estimate Revision
The Zacks Consensus Estimate for Quanta’s first-quarter adjusted earnings per share (EPS) has trended downward to $2.04 from $2.16 over the past 30 days. The revised estimated figure indicates 14.6% growth from the year-ago EPS of $1.78.
The consensus mark for revenues is pegged at $6.99 billion, implying 12.2% year-over-year growth.
Quanta Services, Inc. Price and EPS Surprise
Quanta Services, Inc. price-eps-surprise | Quanta Services, Inc. Quote
Factors Likely to Have Defined Quanta’s Q1 Performance
Topline Likely Supported by Strong Backlog and End-Market Demand: Quanta’s revenues in the first quarter are expected to have benefited from its record backlog of approximately $44 billion at the end of 2025, which provides solid visibility and execution runway. The Electric Infrastructure Solutions segment (which contributed 82% to fourth-quarter 2025 revenues) likely remained the primary growth driver, supported by sustained investments in grid modernization, system hardening and power generation projects. Rising electricity demand, driven by data centers, industrial reshoring and electrification trends, continues to create multi-year opportunities for Quanta’s services. The company expects first-quarter segment revenues to grow at a low to mid-teens percentage rate compared to the first quarter of 2025.
Management highlighted strong momentum across utility, power generation and large-load markets, with data center-related work emerging as one of the fastest-growing components of backlog. Additionally, contributions from recent acquisitions, including Tri-City Group and Wilson Construction, are expected to have provided incremental revenue support in the quarter.
The Zacks Consensus Estimate for the segment revenues is currently pegged at $5.55 billion, indicating growth from $4.94 billion a year ago.
However, first-quarter seasonality likely limited sequential growth. The company has indicated that revenues are typically lowest in the first quarter, particularly in both the Electric and Underground segments, due to weather disruptions and project timing.
In the Underground Utility and Infrastructure segment (which contributed 18% to fourth-quarter 2025 revenues), softer pipeline activity—seen in prior quarters—may have continued to weigh on overall segment volumes. The company expects segment revenues to be the lowest in the first quarter and comparable to the first quarter of 2025.
Margins Likely Pressured by Seasonality and Cost Dynamics: Profitability in the first quarter is expected to reflect seasonal softness, with operating margins typically at their lowest levels of the year. The Electric segment’s margins are projected to be in the range of 8.0%–8.5%, while Underground margins are expected to be even lower, around 6.0%–7.0%. Lower utilization levels, weather-related inefficiencies and project mix likely constrained margin expansion.
Additionally, ongoing investments in workforce expansion, supply chain initiatives and vertical integration—such as transformer manufacturing—may have created near-term cost pressures. While these investments are strategic and aimed at enhancing long-term execution capabilities, they can weigh on near-term margins.
Macroeconomic factors, including inflation, elevated interest rates and supply-chain challenges, may have further pressured costs and project execution timelines. Integration costs related to recent acquisitions and higher interest expenses—expected to be front-loaded in the first quarter—also likely impacted the bottom line.
Overall, while Quanta’s first-quarter 2026 results are expected to reflect strong underlying demand and backlog-driven growth, seasonal headwinds and cost pressures are likely to have moderated margin performance in the period.
What Our Model Predicts for Quanta
Our proven model predicts an earnings beat for Quanta this time around. A combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. This is exactly the case here, as you will see below.
Earnings ESP: PWR has an Earnings ESP of +0.04%. You can uncover the best stocks before they’re reported with our Earnings ESP Filter.
Zacks Rank: The stock currently carries a Zacks Rank of 3.
Other Stocks With the Favorable Combination
Here are some companies in the Zacks Construction sector, which, per our model, have the right combination of elements to post an earnings beat in the respective quarters to be reported.
MasTec, Inc. (MTZ - Free Report) has an Earnings ESP of +2.22% and a Zacks Rank of 3, currently. You can see the complete list of today’s Zacks #1 Rank stocks here.
MasTec’s earnings beat estimates in each of the trailing four quarters, the average surprise being 17.4%. MasTec’s earnings for the first quarter of 2026 are expected to surge 92.2% year over year.
EMCOR Group, Inc. (EME - Free Report) has an Earnings ESP of +1.71% and a Zacks Rank of 3.
EMCOR’s earnings beat estimates in three of the last four quarters and missed on one occasion, the average surprise being 10.8%. EMCOR’s earnings for the first quarter of 2026 are expected to increase 8.1% year over year.
Dycom Industries, Inc. (DY - Free Report) currently has an Earnings ESP of +1.28% and a Zacks Rank of 3.
Dycom’s earnings beat estimates in each of the trailing four quarters, the average surprise being 17.1%. Dycom’s earnings for the first quarter of fiscal 2027 are expected to grow 30.6% compared with the prior year.