Quanta Services raises 2026 outlook as Q3 revenue reaches $12.01 billion

Quanta Services, Inc. (PWR) raised its full-year 2026 forecast on Oct. 29, after third-quarter revenue rose to $12.01 billion. The company said in an 8-K filing that it now expects adjusted diluted earnings per share of $17.90 to $18.30.

Quanta provides specialized infrastructure solutions to the utility, power generation, load center, communications, pipeline and energy industries, according to the release.

Revenue for the quarter ended Sept. 30 was $12.01 billion, compared with $7.63 billion a year earlier. Net income attributable to common stock was $694.9 million, or $4.55 per diluted share, up from $339.4 million, or $2.24 per diluted share.

Here's how the company did:

• Revenue: $12.01 billion vs. $7.63 billion a year earlier
• Adjusted diluted EPS: $6.06 vs. $3.33 a year earlier
• GAAP diluted EPS: $4.55 vs. $2.24 a year earlier
• Adjusted EBITDA: $1.45 billion vs. $858.3 million a year earlier

Net cash provided by operating activities was $1.45 billion, against $563.5 million a year earlier. Free cash flow was $1.20 billion, up from $438.1 million.

Total backlog reached a record $63.7 billion, and remaining performance obligations were $41.8 billion, the release said.

2026 guidance

For the full year, Quanta now expects revenue of $41.3 billion to $41.6 billion. In its previous results release on July 30, it had forecast $39.3 billion to $39.7 billion.

Net income attributable to common stock is now expected at $1.92 billion to $1.98 billion, from the $1.74 billion to $1.82 billion range given on July 30. Diluted EPS is now forecast at $12.57 to $12.97, against $11.41 to $11.92 previously.

Adjusted EBITDA is now expected at $4.40 billion to $4.49 billion, from $4.09 billion to $4.21 billion. Free cash flow is now forecast at $2.50 billion to $3.00 billion, from $2.00 billion to $2.50 billion.

President and Chief Executive Officer Duke Austin said, “Given this outperformance and the expected incremental strength in the fourth quarter, we are again significantly increasing our full-year 2026 financial expectations across all metrics.”

Segment results

The Electric segment reported revenue of $9.80 billion, up from $6.17 billion a year earlier. Its operating income was $1.24 billion, compared with $703.8 million.

The Underground and Infrastructure segment reported revenue of $2.22 billion, against $1.46 billion a year earlier. Its operating income was $207.9 million, up from $122.2 million.

Acquisitions and cash

Quanta completed two acquisitions in September and October. The company said aggregate consideration, net of cash acquired, was about $245 million, including about $96 million in cash and about $149 million in common stock.

The first is a Houston, Texas-based energy services provider with about 320 employees, included in the Underground and Infrastructure segment. The second is a Fort Worth, Texas-based maker of steel monopoles and lighting structures, with about 270 employees, which will primarily be included in the Electric segment. The company said neither is expected to contribute materially to 2026 results.

Revenue has risen in each of the last three quarters, from $7.63 billion in the third quarter of 2025 to $9.56 billion in the second quarter of 2026, according to its SEC filings.

The company also posted a third-quarter operational and financial commentary on its website, and held a webcast at 9:00 a.m. Eastern Time on Oct. 29.