Quanta Services Delivers Record Q3 2026 Results and Raises Full-Year Guidance Across All Metrics

Executive Summary

On October 29, 2026, Quanta Services, Inc. (NYSE: PWR) filed an 8-K reporting financial results for the third quarter ended September 30, 2026, and significantly raised its full-year 2026 financial guidance. Driven by surging demand across power generation, utility, industrial, and technology/datacenter infrastructure, Quanta demonstrated accelerated top-line and bottom-line momentum alongside record backlog expansion.

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Key Financial Highlights

Q3 2026 vs. Q3 2025

• Consolidated Revenues: $12.01 billion, up 57.4% compared to $7.63 billion in Q3 2025.
• Operating Income: $1.03 billion, compared to $517.2 million in Q3 2025 (+98.5% YoY).
• Net Income Attributable to Common Stock: $694.9 million, compared to $339.4 million in Q3 2025 (+104.7% YoY).
• GAAP Diluted EPS: $4.55, up 103.1% compared to $2.24 in Q3 2025.
• Adjusted Diluted EPS (Non-GAAP): $6.06, up 82.0% compared to $3.33 in Q3 2025.
• Adjusted EBITDA: $1.4 billion (record quarter).
• Cash Flows: Operating cash flow reached $1.5 billion; Free cash flow was $1.2 billion.
• Backlog: Remaining Performance Obligations (RPO) of $41.8 billion; Total Backlog stood at a record $63.7 billion.

Nine-Month Period Ended September 30, 2026

• Revenues: $29.45 billion vs. $20.64 billion in 9M 2025.
• Net Income Attributable to Common Stock: $1.37 billion vs. $712.9 million in 9M 2025.
• GAAP Diluted EPS: $8.97 vs. $4.72 in 9M 2025.
• Adjusted Diluted EPS: $12.98 vs. $7.59 in 9M 2025.

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Updated Full-Year 2026 Guidance

Management raised expectations across all operational and cash flow metrics:

• Revenues: $41.3 billion – $41.6 billion
• GAAP Net Income: $1.92 billion – $1.98 billion
• GAAP Diluted EPS: $12.57 – $12.97
• Adjusted Diluted EPS: $17.90 – $18.30
• EBITDA: $3.99 billion – $4.09 billion
• Adjusted EBITDA: $4.40 billion – $4.49 billion
• Operating Cash Flow: $3.45 billion – $4.00 billion
• Free Cash Flow: $2.50 billion – $3.00 billion

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Strategic & Corporate Developments

1. M&A Activity:
   • Completed two strategic acquisitions in September and October 2026 for net consideration of $245 million ($96 million in cash, ~$149 million in PWR common stock): an energy services provider in Houston, TX (~320 employees, Underground & Infrastructure segment) and a steel monopole/lighting structure manufacturer in Fort Worth, TX (~270 employees, Electric segment).
2. Capital Structure & Liquidity:
   • Issued $2.00 billion of senior notes in August 2026.
   • Increased senior credit facility revolving commitments to $2.98 billion and extended maturity to July 31, 2031.
   • Prepaid the entire $618.8 million term loan balance on September 1, 2026.
   • Expanded unsecured commercial paper program limit to $2.98 billion.
3. Governance:
   • Appointed Ellen Rubin to the Board of Directors, expanding board expertise in AI, cloud computing, technology strategy, and cybersecurity risk management.