Quanta Services, Inc. (PWR) Earnings
Quanta Services, Inc. is expected to report next earnings on October 29, 2026 (in NaN days), with a consensus EPS estimate of $4.97. PWR has beaten EPS estimates in 11 of its last 12 reported quarters (average surprise +16.5% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 30, 2026 | $3.31 | $4.24 | +28.3% | $9.6B | +11.3% |
| Apr 30, 2026 | $2.04 | $2.68 | +31.2% | $7.9B | +12.1% |
| Feb 19, 2026 | $3.04 | $3.16 | +4.1% | $7.8B | +6.2% |
| Oct 30, 2025 | $3.26 | $3.33 | +2.3% | $7.5B | +1.1% |
| Jul 31, 2025 | $2.44 | $2.48 | +1.6% | $6.8B | +3.2% |
| May 1, 2025 | $1.67 | $1.78 | +6.5% | $6.2B | +6.5% |
| Feb 20, 2025 | $2.62 | $2.94 | +12.4% | $6.6B | -1.0% |
| Oct 31, 2024 | $2.68 | $2.72 | +1.5% | $6.5B | -1.2% |
| Aug 1, 2024 | $1.89 | $1.90 | +0.5% | $5.6B | +0.9% |
| May 2, 2024 | $1.29 | $1.41 | +9.1% | $5.0B | +1.4% |
| Feb 22, 2024 | $1.98 | $2.04 | +3.2% | $5.8B | +11.6% |
| Nov 2, 2023 | $2.11 | $2.24 | +6.4% | $5.6B | +6.9% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q2 FY2026 · July 30, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Financial & Operational Results * Reported Q2 2026 revenues of $9.6 billion, net income attributable to common stock of $451 million ($2.96 diluted EPS), adjusted diluted EPS of $4.24, and adjusted EBITDA of $1.1 billion * Achieved a record total backlog of $53.3 billion, with strong double-digit growth in revenue, adjusted EBITDA, and adjusted EPS that beat consensus expectations * Generated robust first-half free cash flow, with improving working capital driven by favorable contract terms across business lines - Acquisition Activity * Completed four acquisitions (Alphone, Interfab, Percheron, PSDSD) in Q2 2026, for total upfront net consideration of ~$1.2 billion plus $240 million in performance-based contingent consideration * All acquisitions align with core strategy: they strengthen market position in technology and data center/load center end markets, add market diversification, and meet strict cultural fit requirements, with acquired companies retaining their existing management teams to preserve legacy customer relationships - Core Strategic Priorities * Remains focused on a core strategy of skilled craft labor investment, reliable program execution, and disciplined capital deployment * Self-performs 80-85% of all work to deliver on-time, on-budget results at scale, a key differentiator that has driven nine consecutive years of record EPS * Leverages decades of execution rigor in utility markets to serve fast-growing technology, generation, and data center end markets, operating at the nexus of utility grid upgrades and new energy/technology infrastructure demand * Invests approximately $250 million annually in craft worker training to expand capacity, and targets selective vertical supply chain investments for critical, hard-to-source components
Guidance
- Management significantly upgraded full-year 2026 financial guidance from prior expectations, driven by stronger-than-expected first-half performance, improved second-half visibility, and expected contributions from Q2 2026 acquisitions - New full-year guidance ranges: revenues of $39.3-$39.7 billion, adjusted EBITDA of $4.1-$4.2 billion, adjusted diluted EPS of $16.45-$16.95, and includes expected contributions of $1.2-$1.4 billion in revenue and $120-$140 million in adjusted EBITDA from 2026 acquisitions - Management expects long-term revenue growth driven by the pending stacking of large utility transmission, generation, and data center projects that have not yet commenced full execution; the electric T&D segment is expected to deliver double-digit growth over time as large projects ramp up - Free cash flow conversion is expected to hold around 55%, with potential to reach 55-60% driven by ongoing working capital improvements
Segment performance
The call does not provide explicit segmented revenue or profit figures broken out by product segment with absolute values or contribution percentages. It notes that strength is broad-based across all segments, service lines, and markets, the electric transmission and distribution (T&D) segment is on track to meet year-start expectations and is poised for greater growth as large projects ramp up, the technology/ data center segment has grown to represent 15-20% of total business over the past two years, and renewable energy generation business is currently setting volume records.
Risks & headwinds
- Permitting and local policy barriers exist for new data center projects, particularly in strict regulatory environments like New York State where development timelines are elongated - There is a capacity bottleneck for skilled craft labor to meet rapid growth in generation and data center project demand, requiring multi-year investments in training to expand capacity - Large-scale utility transmission and generation projects have long development/booking lead times, creating uncertainty around the exact timing of revenue contributions from the project pipeline - The company only books confirmed work to backlog once projects have cleared necessary approvals, reducing risk of unfulfilled backlog entries from delayed or canceled projects
Analyst Q&A
Q: Data center policies are expanding across U.S. states, including New York. What is your exposure and what risks do you see to your data center backlog? /
A: Data centers currently make up 15-20% of Quanta's business, grown from a much smaller share over the last two years. Very little development is moving forward in New York currently due to restrictive local rules, and Quanta's focus is on regions that welcome the job and tax growth data centers bring. The company vets all backlog entries carefully, only adding work once projects are fully approved and contracts are finalized, so backlog risk is low. There is robust project demand for data centers in Canada and other pro-development regions for 2026 and 2027.
Q: How far in advance are customers booking your specialized labor capacity, and how has this shifted recently? /
A: Customers are now planning capacity alongside their 5-7 year capital budgets, with inbound demand for secured capacity significantly higher than it was 18 months ago. Quanta trains ~15,000 new craft workers annually on top of its existing 85,000 employee base, with $250 million invested in training each year to expand capacity. The primary bottleneck is capacity for new generation and data center interconnection projects, and Quanta is actively building out this capability to match growing demand.
Q: What drivers led to the significant upward guidance revision this quarter, and what gives you confidence in the new outlook? /
A: The upward revision is broad-based across all business segments, not just data centers. Electric and gas utility work is tracking above prior expectations, and the renewable generation business is currently setting new volume records. Synergies from recent acquisitions have also performed better than expected, and Quanta is capturing new demand in onshore manufacturing and medical manufacturing segments. Large transmission projects have not yet started ramping up, so that growth will stack into results in coming periods, supporting continued upside.