Quanta Services Tops Revenue Estimates at $12.01 Billion; Adjusted EPS $6.06

Quanta Services (NYSE: PWR) reported third-quarter revenue of $12.01 billion, above the $10.98 billion analysts expected, and adjusted diluted earnings per share of $6.06 against the $5.03 consensus estimate, in an 8-K filed Thursday, Oct. 29, 2026. Revenue rose from $7.63 billion a year earlier, and GAAP diluted EPS was $4.55, up from $2.24.

Segment performance

The Electric segment generated $9.80 billion of revenue in the quarter, up from $6.17 billion a year earlier, with operating income of $1.24 billion and a 12.6% operating margin. The Underground and Infrastructure segment brought in $2.22 billion, with operating income of $208.0 million and a 9.4% margin.

Net income attributable to common stock was $694.9 million, compared with $339.4 million a year earlier. Total backlog reached a record $63.7 billion, and remaining performance obligations were $41.8 billion.

Raised full-year outlook

Quanta now expects 2026 revenue of $41.3 billion to $41.6 billion, and adjusted diluted EPS of $17.90 to $18.30. Analysts had expected full-year adjusted EPS of $16.75 on revenue of $39.58 billion. The company also expects GAAP diluted EPS of $12.57 to $12.97 and free cash flow of $2.50 billion to $3.00 billion.

Balance sheet and capital activity

Quanta issued $2.00 billion of senior notes in August and prepaid the full $618.8 million term loan balance on Sept. 1. It completed two acquisitions in September and October with aggregate consideration of about $245 million, and said they are not expected to contribute materially to 2026 results. Cash and cash equivalents were $2.32 billion at Sept. 30.

In the release, Chief Executive Duke Austin said the company expects "incremental strength in the fourth quarter" and sees an opportunity for strong double-digit adjusted EPS growth in 2027.