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Quanta Services reported Q2 adjusted EPS of $4.24 and revenues of $9.56B, topping estimates.
PWR's record $53.4B backlog highlights customer demand across utility, power and technology markets.
Quanta Services' acquisitions are expected to add $1.2B-$1.4B in revenues and $120M-$140M in EBITDA in 2026.
Quanta Services, Inc. (PWR - Free Report) highlighted accelerating demand across utility, power generation and technology infrastructure markets during its second-quarter 2026 earnings call. Management emphasized record backlog, stronger execution and a broader solutions platform as key drivers behind raised full-year expectations.
The company reported second-quarter adjusted earnings of $4.24 per share, beating the Zacks Consensus Estimate of $3.29. Revenues of $9.56 billion surpassed the Zacks Consensus Estimate of $8.53 billion by 12.10%.
Quanta Services, Inc. Price, Consensus and EPS Surprise
CEO Earl Austin said second-quarter results reflected broad organic strength across segments, service lines and end markets rather than acquisition-driven growth. He pointed to a record backlog of $53 billion as evidence of continued customer demand.
Austin highlighted Quanta Services’ self-perform model, noting that the company performs 80% to 85% of its work internally. He said this capability supports execution certainty and customer relationships.
PWR’s backlog totaled $53.4 billion at quarter end, while remaining performance obligations were $33.6 billion. These metrics provide visibility into future project activity.
Quanta Services Raises 2026 Outlook
CFO Jayshree Desai said stronger first-half performance, improved visibility and recent acquisitions led the company to increase its full-year 2026 expectations.
Quanta Services now expects 2026 revenues of $39.3 billion to $39.7 billion, adjusted EBITDA of $4.09 billion to $4.21 billion and adjusted EPS of $16.45 to $16.95.
Desai also raised expectations for free cash flow, with the company forecasting $2 billion to $2.5 billion for the year. She said working capital improvements and business mix support cash generation.
PWR Expands Through Acquisitions
Management discussed four acquisitions completed during the second quarter and July: Phalcon, Enerfab, Percheron and PSD. The deals expand electrical, mechanical, fabrication and front-end capabilities.
Austin said the acquisitions strengthen Quanta Services’ position in technology, load centers, utilities and industrial markets. He emphasized cultural fit and craft-skilled capabilities as key acquisition criteria.
The acquired companies are expected to contribute $1.2 billion to $1.4 billion of revenues and $120 million to $140 million of adjusted EBITDA in 2026.
Quanta Services Builds Technology Infrastructure
Quanta Services said technology markets have become an increasingly important growth area. Austin described the company’s technology strategy as building a new addressable market alongside its traditional utility business.
Management noted that technology and load center work represents about 15% to 20% of the business. The company is participating in data center and balance-of-plant projects.
Austin said Quanta Services’ grid interconnection capabilities and workforce scale position it to support customers managing large infrastructure programs.
PWR Addresses Margin & Execution
During Q&A, a UBS analyst asked about longer-term margin potential. Austin said improving business mix, acquisitions and training efforts are creating opportunities for additional margin improvement.
The company reported consolidated operating income of $694.8 million in the second quarter, compared with $370.3 million a year earlier. Operating margin improved to 7.3% from 5.5%.
Austin also discussed workforce expansion, noting that Quanta Services added 15,500 employees over the year. He said improving training capabilities remains important to scaling operations.
PWR Maintains Long-Term Focus
Management said larger utility transmission and generation programs are still developing and are expected to enter backlog over time. Austin described these opportunities as multi-year projects extending beyond 2030.
The company also highlighted financial flexibility, ending the quarter with approximately $2.8 billion of liquidity and a debt-to-EBITDA ratio of 1.7 under its senior credit agreement.
Austin emphasized continued focus on customer execution, disciplined capital deployment and expanding capabilities across infrastructure markets.
PWR’s Zacks Rank & Style Scores Signals
Quanta Services currently carries a Zacks Rank #3 (Hold). The Zacks Rank focuses on earnings estimate revisions and is designed to help identify stocks with potential relative performance over the next one to three months. The rank can change as analysts update earningsestimates following new results. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The stock has a Value Score of F, Growth Score of A, Momentum Score of D and VGM Score of C. Zacks Style Scores use grades from A to F to evaluate value, growth and momentum characteristics, with stronger scores indicating more favorable traits for those styles.
View the Zacks #1 Rank List
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Quanta Services Q2 Earnings Call Highlights Growth & Backlog Strength
Key Takeaways
Quanta Services, Inc. (PWR - Free Report) highlighted accelerating demand across utility, power generation and technology infrastructure markets during its second-quarter 2026 earnings call. Management emphasized record backlog, stronger execution and a broader solutions platform as key drivers behind raised full-year expectations.
The company reported second-quarter adjusted earnings of $4.24 per share, beating the Zacks Consensus Estimate of $3.29. Revenues of $9.56 billion surpassed the Zacks Consensus Estimate of $8.53 billion by 12.10%.
Quanta Services, Inc. Price, Consensus and EPS Surprise
Quanta Services, Inc. price-consensus-eps-surprise-chart | Quanta Services, Inc. Quote
PWR Sees Broad Infrastructure Demand
CEO Earl Austin said second-quarter results reflected broad organic strength across segments, service lines and end markets rather than acquisition-driven growth. He pointed to a record backlog of $53 billion as evidence of continued customer demand.
Austin highlighted Quanta Services’ self-perform model, noting that the company performs 80% to 85% of its work internally. He said this capability supports execution certainty and customer relationships.
PWR’s backlog totaled $53.4 billion at quarter end, while remaining performance obligations were $33.6 billion. These metrics provide visibility into future project activity.
Quanta Services Raises 2026 Outlook
CFO Jayshree Desai said stronger first-half performance, improved visibility and recent acquisitions led the company to increase its full-year 2026 expectations.
Quanta Services now expects 2026 revenues of $39.3 billion to $39.7 billion, adjusted EBITDA of $4.09 billion to $4.21 billion and adjusted EPS of $16.45 to $16.95.
Desai also raised expectations for free cash flow, with the company forecasting $2 billion to $2.5 billion for the year. She said working capital improvements and business mix support cash generation.
PWR Expands Through Acquisitions
Management discussed four acquisitions completed during the second quarter and July: Phalcon, Enerfab, Percheron and PSD. The deals expand electrical, mechanical, fabrication and front-end capabilities.
Austin said the acquisitions strengthen Quanta Services’ position in technology, load centers, utilities and industrial markets. He emphasized cultural fit and craft-skilled capabilities as key acquisition criteria.
The acquired companies are expected to contribute $1.2 billion to $1.4 billion of revenues and $120 million to $140 million of adjusted EBITDA in 2026.
Quanta Services Builds Technology Infrastructure
Quanta Services said technology markets have become an increasingly important growth area. Austin described the company’s technology strategy as building a new addressable market alongside its traditional utility business.
Management noted that technology and load center work represents about 15% to 20% of the business. The company is participating in data center and balance-of-plant projects.
Austin said Quanta Services’ grid interconnection capabilities and workforce scale position it to support customers managing large infrastructure programs.
PWR Addresses Margin & Execution
During Q&A, a UBS analyst asked about longer-term margin potential. Austin said improving business mix, acquisitions and training efforts are creating opportunities for additional margin improvement.
The company reported consolidated operating income of $694.8 million in the second quarter, compared with $370.3 million a year earlier. Operating margin improved to 7.3% from 5.5%.
Austin also discussed workforce expansion, noting that Quanta Services added 15,500 employees over the year. He said improving training capabilities remains important to scaling operations.
PWR Maintains Long-Term Focus
Management said larger utility transmission and generation programs are still developing and are expected to enter backlog over time. Austin described these opportunities as multi-year projects extending beyond 2030.
The company also highlighted financial flexibility, ending the quarter with approximately $2.8 billion of liquidity and a debt-to-EBITDA ratio of 1.7 under its senior credit agreement.
Austin emphasized continued focus on customer execution, disciplined capital deployment and expanding capabilities across infrastructure markets.
PWR’s Zacks Rank & Style Scores Signals
Quanta Services currently carries a Zacks Rank #3 (Hold). The Zacks Rank focuses on earnings estimate revisions and is designed to help identify stocks with potential relative performance over the next one to three months. The rank can change as analysts update earningsestimates following new results. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The stock has a Value Score of F, Growth Score of A, Momentum Score of D and VGM Score of C. Zacks Style Scores use grades from A to F to evaluate value, growth and momentum characteristics, with stronger scores indicating more favorable traits for those styles.