HOUSTON – October 29, 2026 -- Quanta Services (NYSE: PWR) reported record third-quarter revenue of $12.01 billion, up from $7.63 billion a year earlier, and raised its full-year 2026 outlook across all metrics.
Earnings per share nearly double year over year
Net income attributable to common stock rose to $694.9 million, or $4.55 per diluted share, from $339.4 million, or $2.24 per share, in the third quarter of 2025. Adjusted diluted EPS reached $6.06 against $3.33 a year earlier. Adjusted EBITDA came in at $1.4 billion.
Cash flow from operations was $1.5 billion and free cash flow was $1.2 billion. Quanta flagged revenue, EBITDA, EPS and cash flow as record quarterly or record third-quarter results.
Backlog climbs to $63.7 billion, with $41.8 billion in RPO
Remaining performance obligations stood at $41.8 billion and total backlog at $63.7 billion, both records. CEO Duke Austin said demand is broadening across utility, power generation, industrial and technology customers. He said Quanta is "pacing ahead of the multi-year growth targets" set at its 2026 Investor Day, and sees an opportunity for strong double-digit adjusted EPS growth in 2027.
Nine-month revenue reaches $29.45 billion
For the nine months ended September 30, revenue totaled $29.45 billion versus $20.64 billion in the prior-year period. Net income attributable to common stock was $1.37 billion, or $8.97 per diluted share, compared with $712.9 million, or $4.72 per share. Adjusted diluted EPS was $12.98, up from $7.59.
Full-year guidance now centers on $41.3-$41.6 billion in revenue
Quanta now expects 2026 revenue of $41.3 billion to $41.6 billion and net income attributable to common stock of $1.92 billion to $1.98 billion. Diluted EPS is guided to $12.57-$12.97 and adjusted diluted EPS to $17.90-$18.30.
Adjusted EBITDA is projected at $4.40 billion to $4.49 billion, with EBITDA at $3.99 billion to $4.09 billion. Operating cash flow is expected between $3.45 billion and $4.00 billion, and free cash flow between $2.50 billion and $3.00 billion. Management cited weather, permitting, regulatory and supply chain issues, along with inflation and interest rates, as risks to project timing and execution.
Two Texas acquisitions add $245 million in fabrication and engineering capacity
In September and October, Quanta closed two acquisitions for about $245 million net of cash acquired: roughly $96 million in cash and $149 million in Quanta stock. The first target is a Houston energy services provider with about 320 employees, offering engineering, design, fabrication, automation and controls, and EPC services. It joins the Underground and Infrastructure segment.
The second is a Fort Worth manufacturer of steel monopoles and lighting structures for utility transmission and distribution, with about 270 employees. It will primarily sit in the Electric segment. Neither deal is expected to contribute materially to 2026 results. Quanta closed five acquisitions in the first nine months of 2026 and eight in all of 2025.
Quanta issues $2.00 billion in notes and repays $618.8 million term loan
In August, Quanta issued $2.00 billion of senior notes. In July it raised revolving commitments under its senior credit facility from $2.80 billion to $2.98 billion and extended the maturity from July 31, 2030 to July 31, 2031. Effective August 8, the commercial paper program ceiling rose from $2.80 billion to $2.98 billion. On September 1, Quanta prepaid the full $618.8 million outstanding on its term loan.
Ellen Rubin, an Operating Partner at Glasswing Ventures and a director of Allegion plc, joined Quanta's Board of Directors in September.