Quanta Raises Full-Year Outlook After Record Backlog

The Tip Desk · October 29, 2026 · 3 min read

Third-quarter revenue reached $12.01 billion as the company lifted 2026 adjusted EPS to $17.90–$18.30 and booked a record $63.7 billion backlog.

Quanta Services, Inc. (PWR) reported third-quarter revenue of $12.01 billion, up from $7.63 billion a year earlier, and again raised its full-year 2026 outlook across all metrics after a sequential step-up from the second quarter’s $9.56 billion.

Net income attributable to common stock was $694.9 million, or $4.55 a share, versus $339.4 million, or $2.24 a share, a year earlier. Adjusted diluted earnings were $6.06 a share, compared with $3.33. Adjusted EBITDA was $1.4 billion. Cash flow from operations was $1.5 billion and free cash flow $1.2 billion.

President and Chief Executive Officer Duke Austin said third-quarter results again exceeded expectations and that, given that outperformance and expected incremental strength in the fourth quarter, the company is significantly increasing full-year 2026 financial expectations across all metrics.

For the full year ending December 31, 2026, Quanta now expects revenue of $41.3 billion to $41.6 billion, net income attributable to common stock of $1.92 billion to $1.98 billion, diluted earnings of $12.57 to $12.97 a share, and adjusted diluted earnings of $17.90 to $18.30 a share. It now expects EBITDA of $3.99 billion to $4.09 billion and adjusted EBITDA of $4.40 billion to $4.49 billion. Operating cash flow is expected at $3.45 billion to $4.00 billion and free cash flow at $2.50 billion to $3.00 billion.

Electric remained the bulk of the business. Electric revenue was $9.80 billion, or 81.6% of the mix, versus $6.17 billion, or 80.9%, a year earlier. Electric operating income was $1.24 billion, a 12.6% margin, versus $703.8 million and 11.4%. Underground and Infrastructure revenue was $2.22 billion, or 18.4% of the mix, versus $1.46 billion, or 19.1%. That segment’s operating income was $208.0 million, a 9.4% margin, versus $122.2 million and 8.4%. Consolidated operating income was $1.03 billion, an 8.5% margin, versus $517.2 million and 6.8%.

Total backlog reached a record $63.7 billion and remaining performance obligations $41.8 billion, up from $53.4 billion and $33.6 billion at the end of the second quarter. Austin said demand for Quanta’s services is broadening across utility, power generation, industrial and technology customers and that the company is pacing ahead of the multi-year growth targets outlined at its 2026 Investor Day. He said there is opportunity to deliver strong double-digit adjusted EPS growth in 2027, supported by continued backlog growth.

In September and October 2026 Quanta completed two acquisitions totaling about $245 million net of cash acquired: a Houston energy-services provider of about 320 employees in Underground and Infrastructure, and a Fort Worth manufacturer of steel monopoles and lighting structures of about 270 employees in Electric. The company said the two deals are not expected to contribute materially to full-year 2026 results.

In August 2026 Quanta issued $2.00 billion of senior notes, raised revolving and commercial-paper commitments to $2.98 billion, and on September 1 prepaid the full $618.8 million term loan. Cash and cash equivalents were $2.32 billion at September 30.

Quanta said it completed five acquisitions in the first nine months of 2026. The company said the long-term outlook for its business is positive, while noting that weather, regulatory, permitting, supply-chain challenges and other factors affecting project timing and execution have impacted, and may impact in the future, financial results.