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PWR expects acquisitions to add up to $1.4 billion in 2026 revenue and up to $140 million of adjusted EBITDA.
Quanta plans higher capital spending backed by stronger cash flow to expand infrastructure capacity.
Quanta Services, Inc. (PWR - Free Report) raised its full-year revenue, earnings, adjusted EBITDA and free-cash-flow outlook after second-quarter results exceeded expectations.
The revision changes the scale of the 2026 growth story. Delivery now depends on continued segment execution, successful acquisition integration and enough cash generation to fund the workforce, equipment and manufacturing capacity required for larger infrastructure programs.
Quanta’s New Outlook Marks a Major Step Up
Quanta now expects 2026 revenues of $39.3-$39.7 billion, up from its prior range of $34.7-$35.2 billion. Adjusted earnings guidance increased to $16.45-$16.95 per share from $13.55-$14.25.
The company also raised its adjusted EBITDA forecast to $4.09-$4.21 billion from $3.49-$3.65 billion. First-half execution, improved visibility for the remainder of the year and expected acquisition contributions support the higher ranges.
PWR’s Electric Segment Leads the Expansion
Electric Infrastructure Solutions generated second-quarter revenues of $7.84 billion, up 43.6% year over year. Operating income increased 62.5%, while operating margin expanded to 11.5% from 10.1%.
Demand spans transmission, distribution, generation, technology and mission-critical infrastructure. MasTec, Inc. (MTZ - Free Report) also serves power-delivery and clean-energy infrastructure markets, making it relevant to the broader investment cycle supporting grid and generation construction.
Quanta’s Underground Business Adds Breadth
Underground Utility and Infrastructure Solutions posted revenues of $1.72 billion, an increase of 30.7% from the year-ago quarter. Its operating margin improved to 9.1% from 6.9% as operating income rose 71.7%.
The gains show that Quanta’s higher outlook does not rest on the electric business alone. EMCOR Group, Inc. (EME - Free Report) , a provider of mechanical and electrical construction, industrial and energy infrastructure and building services, offers another comparison for investors tracking demand across specialized construction markets.
PWR’s Acquisitions Boost the 2026 Forecast
Phalcon, Enerfab, Percheron and PSD are expected to contribute $1.2-$1.4 billion of 2026 revenues and $120-$140 million of adjusted EBITDA. Most of that contribution is expected in the Electric segment.
The businesses add modular fabrication, electrical and mechanical services, surveying, right-of-way work, engineering, substation buildings and switchgear capabilities. Those additions broaden Quanta’s ability to participate from early project planning through construction and manufacturing.
Quanta’s Cash Outlook Funds Future Capacity
Quanta raised its 2026 free-cash-flow outlook to $2-$2.5 billion from $1.55-$2.05 billion. Expected operating cash flow increased to $2.9-$3.4 billion.
The cash outlook provides support for approximately $900 million of planned net capital expenditures. Those investments include equipment, fabrication and manufacturing capacity needed to prepare for larger utility, generation and technology programs
PWR’s Execution Signals Back the Revised View
The revised outlook strengthens Quanta’s growth case, but it also raises the execution standard. Segment margins, acquisition integration, project timing and cash conversion must remain on track for the company to deliver against the larger forecast.
PWR currently carries a Zacks Rank #1 (Strong Buy), along with a Growth Score of A, Momentum Score of B and VGM Score of B. These readings are supportive for investors focused on earnings revisions, growth and near-term momentum. The Value Score of F signals that successful delivery remains especially important because the shares offer limited valuation support. You can see the complete list of today’s Zacks #1 Rank stocks here.
View the Zacks #1 Rank List
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How Quanta's Raised 2026 Outlook Could Reshape Its Growth Story Ahead
Key Takeaways
Quanta Services, Inc. (PWR - Free Report) raised its full-year revenue, earnings, adjusted EBITDA and free-cash-flow outlook after second-quarter results exceeded expectations.
The revision changes the scale of the 2026 growth story. Delivery now depends on continued segment execution, successful acquisition integration and enough cash generation to fund the workforce, equipment and manufacturing capacity required for larger infrastructure programs.
Quanta’s New Outlook Marks a Major Step Up
Quanta now expects 2026 revenues of $39.3-$39.7 billion, up from its prior range of $34.7-$35.2 billion. Adjusted earnings guidance increased to $16.45-$16.95 per share from $13.55-$14.25.
Quanta Services, Inc. Price and Consensus
Quanta Services, Inc. price-consensus-chart | Quanta Services, Inc. Quote
The company also raised its adjusted EBITDA forecast to $4.09-$4.21 billion from $3.49-$3.65 billion. First-half execution, improved visibility for the remainder of the year and expected acquisition contributions support the higher ranges.
PWR’s Electric Segment Leads the Expansion
Electric Infrastructure Solutions generated second-quarter revenues of $7.84 billion, up 43.6% year over year. Operating income increased 62.5%, while operating margin expanded to 11.5% from 10.1%.
Demand spans transmission, distribution, generation, technology and mission-critical infrastructure. MasTec, Inc. (MTZ - Free Report) also serves power-delivery and clean-energy infrastructure markets, making it relevant to the broader investment cycle supporting grid and generation construction.
Quanta’s Underground Business Adds Breadth
Underground Utility and Infrastructure Solutions posted revenues of $1.72 billion, an increase of 30.7% from the year-ago quarter. Its operating margin improved to 9.1% from 6.9% as operating income rose 71.7%.
The gains show that Quanta’s higher outlook does not rest on the electric business alone. EMCOR Group, Inc. (EME - Free Report) , a provider of mechanical and electrical construction, industrial and energy infrastructure and building services, offers another comparison for investors tracking demand across specialized construction markets.
PWR’s Acquisitions Boost the 2026 Forecast
Phalcon, Enerfab, Percheron and PSD are expected to contribute $1.2-$1.4 billion of 2026 revenues and $120-$140 million of adjusted EBITDA. Most of that contribution is expected in the Electric segment.
The businesses add modular fabrication, electrical and mechanical services, surveying, right-of-way work, engineering, substation buildings and switchgear capabilities. Those additions broaden Quanta’s ability to participate from early project planning through construction and manufacturing.
Quanta’s Cash Outlook Funds Future Capacity
Quanta raised its 2026 free-cash-flow outlook to $2-$2.5 billion from $1.55-$2.05 billion. Expected operating cash flow increased to $2.9-$3.4 billion.
The cash outlook provides support for approximately $900 million of planned net capital expenditures. Those investments include equipment, fabrication and manufacturing capacity needed to prepare for larger utility, generation and technology programs
PWR’s Execution Signals Back the Revised View
The revised outlook strengthens Quanta’s growth case, but it also raises the execution standard. Segment margins, acquisition integration, project timing and cash conversion must remain on track for the company to deliver against the larger forecast.
PWR currently carries a Zacks Rank #1 (Strong Buy), along with a Growth Score of A, Momentum Score of B and VGM Score of B. These readings are supportive for investors focused on earnings revisions, growth and near-term momentum. The Value Score of F signals that successful delivery remains especially important because the shares offer limited valuation support. You can see the complete list of today’s Zacks #1 Rank stocks here.