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Record $53.4 billion backlog supports multi-year visibility across electric and industrial markets.
PWR expects recent acquisitions to contribute $1.2-$1.4 billion in 2026 revenues.
Quanta Services, Inc. (PWR - Free Report) entered the second half of 2026 with stronger momentum than many investors expected. The infrastructure solutions provider delivered another quarter of record results and raised its full-year 2026 outlook, reflecting broad-based strength across end markets. More importantly, the drivers behind the guidance increase appear well positioned to support growth beyond 2026.
Management attributed the improved outlook to robust organic execution, expanding margins, better visibility into customer spending and contributions from recently completed acquisitions. PWR now expects 2026 revenues to be $39.3-$39.7 billion (from $34.7-$35.2 billion expected earlier) and adjusted EPS of $16.45-$16.95 ($13.55-$14.25 expected earlier), reflecting confidence in sustained demand across electric infrastructure, technology load centers, power generation and industrial markets. Adjusted EBITDA is expected to be between $4.09 billion and $4.21 billion, up from the $3.49-$3.65 billion range expected earlier. Record total backlog of $53.4 billion further reinforces the company's multi-year growth visibility.
Beyond the numbers, Quanta is strengthening its competitive position through strategic acquisitions. The additions of Phalcon, Enerfab, Percheron and PSD expand its electrical, mechanical, fabrication and engineering capabilities while increasing exposure to high-growth data center, utility and mission-critical infrastructure markets. These acquisitions are expected to contribute $1.2-$1.4 billion in 2026 revenues, primarily benefiting the Electric Infrastructure Solutions segment.
The long-term opportunity also appears intact as utilities accelerate grid modernization while hyperscale data centers and AI-driven electricity demand require large-scale power infrastructure investments. Combined with PWR’s industry-leading craft workforce, solutions-based execution model and disciplined capital deployment, the company appears well-positioned to capitalize on these secular trends.
Although macro uncertainties, permitting delays and supply-chain challenges remain, Quanta's raised outlook may signal not the peak of its growth story, but the beginning of an even larger infrastructure opportunity.
Quanta vs. AECOM & Dycom: Who Owns the Buildout Story?
Quanta is well-positioned to benefit from rising investments in North American infrastructure even when it shares the market with renowned names like Dycom Industries, Inc. (DY - Free Report) and AECOM (ACM - Free Report) . But each addresses different parts of the value chain.
PWR remains the execution leader in electric transmission, power generation, grid modernization and mission-critical infrastructure, leveraging its large self-perform craft workforce to capitalize on accelerating utility and AI-driven data center spending. AECOM complements this trend through its asset-light engineering, design, consulting and program management expertise, benefiting from growing public infrastructure, transportation, water and environmental projects supported by long-term government funding.
Meanwhile, Dycom continues to ride the communications infrastructure cycle as broadband expansion, fiber deployments and network upgrades by major telecom operators sustain demand for its specialty contracting services. Together, these companies reflect the broad-based investment cycle across power, transportation and communications infrastructure. While AECOM provides the planning and engineering capabilities, Dycom strengthens digital connectivity, and Quanta executes complex, large-scale utility and energy infrastructure projects, positioning all three to benefit from secular infrastructure modernization trends despite ongoing macroeconomic and regulatory uncertainties.
PWR Stock’s Price Performance & Valuation Trend
PWR stock has gained 32.7% in the past six months, outperforming the Zacks Engineering - R and D Services industry, the Zacks Construction sector and the S&P 500 index.
Image Source: Zacks Investment Research
PWR stock is currently trading at a premium compared with the industry peers, with a forward 12-month price-to-earnings (P/E) ratio of 44.08, as evidenced by the chart below.
Image Source: Zacks Investment Research
Earnings Estimate Revision of PWR
PWR’s earnings estimates for 2026 and 2027 trended upward in the past seven days to $15.94 per share and $18.51 per share, respectively. The revised estimates for 2026 and 2027 imply year-over-year growth of 48.3% and 16.1%, respectively.
View the Zacks #1 Rank List
Image: Bigstock
Is Quanta's Raised 2026 Outlook Just the Start of a Bigger Story?
Key Takeaways
Quanta Services, Inc. (PWR - Free Report) entered the second half of 2026 with stronger momentum than many investors expected. The infrastructure solutions provider delivered another quarter of record results and raised its full-year 2026 outlook, reflecting broad-based strength across end markets. More importantly, the drivers behind the guidance increase appear well positioned to support growth beyond 2026.
Management attributed the improved outlook to robust organic execution, expanding margins, better visibility into customer spending and contributions from recently completed acquisitions. PWR now expects 2026 revenues to be $39.3-$39.7 billion (from $34.7-$35.2 billion expected earlier) and adjusted EPS of $16.45-$16.95 ($13.55-$14.25 expected earlier), reflecting confidence in sustained demand across electric infrastructure, technology load centers, power generation and industrial markets. Adjusted EBITDA is expected to be between $4.09 billion and $4.21 billion, up from the $3.49-$3.65 billion range expected earlier. Record total backlog of $53.4 billion further reinforces the company's multi-year growth visibility.
Beyond the numbers, Quanta is strengthening its competitive position through strategic acquisitions. The additions of Phalcon, Enerfab, Percheron and PSD expand its electrical, mechanical, fabrication and engineering capabilities while increasing exposure to high-growth data center, utility and mission-critical infrastructure markets. These acquisitions are expected to contribute $1.2-$1.4 billion in 2026 revenues, primarily benefiting the Electric Infrastructure Solutions segment.
The long-term opportunity also appears intact as utilities accelerate grid modernization while hyperscale data centers and AI-driven electricity demand require large-scale power infrastructure investments. Combined with PWR’s industry-leading craft workforce, solutions-based execution model and disciplined capital deployment, the company appears well-positioned to capitalize on these secular trends.
Although macro uncertainties, permitting delays and supply-chain challenges remain, Quanta's raised outlook may signal not the peak of its growth story, but the beginning of an even larger infrastructure opportunity.
Quanta vs. AECOM & Dycom: Who Owns the Buildout Story?
Quanta is well-positioned to benefit from rising investments in North American infrastructure even when it shares the market with renowned names like Dycom Industries, Inc. (DY - Free Report) and AECOM (ACM - Free Report) . But each addresses different parts of the value chain.
PWR remains the execution leader in electric transmission, power generation, grid modernization and mission-critical infrastructure, leveraging its large self-perform craft workforce to capitalize on accelerating utility and AI-driven data center spending. AECOM complements this trend through its asset-light engineering, design, consulting and program management expertise, benefiting from growing public infrastructure, transportation, water and environmental projects supported by long-term government funding.
Meanwhile, Dycom continues to ride the communications infrastructure cycle as broadband expansion, fiber deployments and network upgrades by major telecom operators sustain demand for its specialty contracting services. Together, these companies reflect the broad-based investment cycle across power, transportation and communications infrastructure. While AECOM provides the planning and engineering capabilities, Dycom strengthens digital connectivity, and Quanta executes complex, large-scale utility and energy infrastructure projects, positioning all three to benefit from secular infrastructure modernization trends despite ongoing macroeconomic and regulatory uncertainties.
PWR Stock’s Price Performance & Valuation Trend
PWR stock has gained 32.7% in the past six months, outperforming the Zacks Engineering - R and D Services industry, the Zacks Construction sector and the S&P 500 index.
Image Source: Zacks Investment Research
PWR stock is currently trading at a premium compared with the industry peers, with a forward 12-month price-to-earnings (P/E) ratio of 44.08, as evidenced by the chart below.
Image Source: Zacks Investment Research
Earnings Estimate Revision of PWR
PWR’s earnings estimates for 2026 and 2027 trended upward in the past seven days to $15.94 per share and $18.51 per share, respectively. The revised estimates for 2026 and 2027 imply year-over-year growth of 48.3% and 16.1%, respectively.
Image Source: Zacks Investment Research
Quanta stock currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.