Track market-moving stories before they get noisy

In the latest close session, Quanta Services (PWR - Free Report) was up +2.34% at $639.05. The stock outperformed the S&P 500, which registered a daily loss of 0.58%. Elsewhere, the Dow lost 1.18%, while the tech-heavy Nasdaq lost 0.32%.

The stock of specialty contractor for utility and energy companies has fallen by 5.52% in the past month, leading the Construction sector's loss of 7.66% and undershooting the S&P 500's loss of 0.36%.

Market participants will be closely following the financial results of Quanta Services in its upcoming release. The company's upcoming EPS is projected at $4.87, signifying a 46.25% increase compared to the same quarter of the previous year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $10.97 billion, up 43.75% from the year-ago period.

Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $16.37 per share and revenue of $39.4 billion, indicating changes of +52.28% and +38.36%, respectively, compared to the previous year.

Any recent changes to analyst estimates for Quanta Services should also be noted by investors. These recent revisions tend to reflect the evolving nature of short-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the business performance and profit potential.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.

The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. Quanta Services is currently sporting a Zacks Rank of #1 (Strong Buy).

Looking at valuation, Quanta Services is presently trading at a Forward P/E ratio of 38.14. This indicates a premium in contrast to its industry's Forward P/E of 24.02.

One should further note that PWR currently holds a PEG ratio of 1.92. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The Engineering - R and D Services industry currently had an average PEG ratio of 1.59 as of yesterday's close.

The Engineering - R and D Services industry is part of the Construction sector. This group has a Zacks Industry Rank of 102, putting it in the top 42% of all 250+ industries.

The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

To follow PWR in the coming trading sessions, be sure to utilize Zacks.com.

The current bull market, which started on Oct. 12, 2022, is nearly four years old. The S&P 500 (^GSPC -0.36%) has generated a total return of 128% with reinvested dividends during that period, but it's starting to look expensive at 30 times its trailing 12-month earnings.

Since the end of World War II, the average bull market has lasted for five and a half years. Therefore, it's only a matter of time before the next market crash drives stocks into a bear market. It might be tempting to liquidate your stocks before that happens, but it's smarter to simply park your cash in a few crash-resistant stocks and ride out the volatility.

Image source: Getty Images.

Let's take a look at two resilient stocks that fit that description: GE Vernova (GEV +0.09%) and Quanta Services (PWR +0.22%). Both of these electrification stocks are benefiting from the AI boom, but they'll also withstand a market crash better than their industry peers.

GE Vernova GE Vernova, the former energy division of General Electric (GE +0.63%), was spun off as a stand-alone company in 2024. Its stock has risen more than sixfold since its market debut.

That rally was fueled by the explosive growth of its Power and Electrification segments, which accounted for 55% and 33% of its orders, respectively, in 2025. Its Power segment mainly produces gas and steam turbines, while its Electrification segment provides components and services for electrical grids. The rapid growth of the power-hungry cloud, AI, and industrial automation markets generated strong tailwinds for both segments over the past two years. The growth of its Power and Electrification segments offset the softness of its Wind segment, which produces onshore and offshore turbines and accounted for 13% of its orders in 2025.

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On an organic basis, GE Vernova's total orders grew 7% in 2024, 34% in 2025, and 80% year over year in the first half of 2026 as the data center boom continued. Its backlog expanded 37% year over year to $176.3 billion at the end of the second quarter of 2026. That's nearly four times its projected revenue of $46.2 billion for the full year.

From 2025 to 2028, analysts expect GE Vernova's revenue and adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) to grow at CAGRs of 17% and 60%, respectively. With an enterprise value of $238.5 billion, its stock still looks reasonably valued at 25 times next year's adjusted EBITDA. So while GE Vernova's stock might dip in the next market crash, it will easily bounce back as the global demand for electricity rises again.

Quanta Services Quanta Services, which was founded in 1997, is a major builder of energy infrastructure in North America and Australia. It expanded by acquiring more than 200 other infrastructure companies over the past three decades, and it generates most of its revenue in the United States.

In 2025, Quanta generated 81% of its revenue from its Electric Power and Renewable Energy Infrastructure Solutions segment, which provides grid modernization, renewable interconnection, transmission expansion, and data center electrification services. The remaining 19% came from its Underground Utility and Infrastructure Solutions, which handles natural gas pipelines, oil infrastructure, and other industrial energy projects.

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Both segments are growing in the double digits as more energy companies and utilities upgrade and expand their infrastructure to support the booming cloud and AI markets. Its revenue rose by 13% in 2024 and 20% in 2025, and analysts anticipate 39% growth in 2026.

Quanta's backlog grew 49% year over year to $53.4 billion at the end of the second quarter of 2026, compared to its projected full-year revenue of $39.6 billion. That expansion was driven by the AI market's ongoing expansion and several acquisitions (including Phalcon, Enerfab, Percheron, and PSD) that bolstered its engineering, fabrication, and service capabilities.

From 2025 to 2028, analysts expect Quanta's revenue and adjusted EBITDA to grow at CAGRs of 22% and 24%, respectively. With an enterprise value of $98 billion, Quanta still trades at 20 times next year's adjusted EBITDA -- even though it's soared more than 440% over the past five years. I believe its stock will continue to rise and easily recover from the next market downturn.

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Key Takeaways Quanta's Q2 net income rose nearly 97% to $451.4 million as revenues climbed 41.1% to $9.56 billion.Electric revenues surged 43.6% to $7.84 billion, with operating income up 62.5% and margin reaching 11.5%.Quanta raised its 2026 outlook for net income to $1.74B-$1.82B and adjusted EBITDA to $4.09B-$4.21B. Quanta Services, Inc. (PWR - Free Report) delivered a sharp improvement in profitability in the second quarter of 2026, supported by robust demand, stronger execution and favorable operating leverage across its infrastructure businesses. Net income attributable to common stock increased to $451.4 million from $229.3 million a year earlier, representing growth of nearly 97%. Revenues climbed 41.1% year over year to $9.56 billion, while adjusted EBITDA advanced to about $1.07 billion from $668.8 million.

The improvement was broad-based. Electric segment revenues increased 43.6% year over year to $7.84 billion, while operating income surged 62.5% to $898.2 million. Its operating margin expanded to 11.5% from 10.1%, primarily reflecting higher demand and improved execution across electric and power-generation services. Underground and Infrastructure revenues rose 30.7% year over year to $1.72 billion, with operating income jumping 71.7% to $155.8 million and margin expanding to 9.1% from 6.9%. Higher revenues from acquired civil and mechanical businesses supported better fixed-cost absorption. Overall consolidated operating income increased 87.6% year over year to $694.8 million, with operating margin rising to 7.3% from 5.5%.

The outlook remains favorable. Quanta expects 2026 revenue growth of 20%-25% in Electric Grid & Gas Utility, 10%-15% in Power Generation & Energy Storage and 220%-240% in Technology & Load Centers. Large multi-year programs across utility, generation and technology markets should support further growth. Recent acquisitions should provide an additional boost, contributing an estimated $1.2-$1.4 billion of revenues and $120-$140 million of adjusted EBITDA in 2026. Quanta also raised its full-year outlook, projecting net income of $1.74-$1.82 billion and adjusted EBITDA of $4.09-$4.21 billion.

While weather, permitting, regulatory and supply-chain risks could affect execution, improving margins, strong end-market demand and acquisition contributions suggest Quanta’s profit momentum has room to continue, even if the second quarter’s near-doubling pace moderates.

Quanta vs. EMCOR & AECOM: Which Profit Engine Has More Momentum?Quanta is benefiting from strong infrastructure demand, improving execution and margin expansion, a backdrop that is also supporting growth opportunities for peers EMCOR Group, Inc. (EME - Free Report) and AECOM (ACM - Free Report) .

PWR’s second-quarter profit growth was particularly strong, with net income nearly doubling year over year as both of its operating segments delivered higher revenues and margins. EMCOR is showing a similar combination of revenue growth and operating leverage. In the second quarter of 2026, revenues increased 19.8% year over year to $5.15 billion, while operating income rose nearly 32% to $547.3 million and operating margin expanded 100 basis points to 10.6%. Second-quarter earnings advanced nearly 35% year over year to $9.06 per share. EMCOR’s record $17.14 billion of remaining performance obligations, up 44% year over year, also provides substantial visibility, with data centers, institutional projects, water and wastewater supporting demand.

AECOM’s underlying business also remains supported by strong project wins, although its near-term profitability picture is more mixed because of a $337 million construction-management project charge. Excluding that impact, adjusted EBITDA and EPS increased 5% and 11%, respectively, in the fiscal third quarter. Backlog rose 13% to an all-time high, supported by a 1.6x quarterly book-to-burn ratio, while management raised its adjusted EBITDA margin expectation to 17.4% from 17%. AECOM is also targeting a 20%+ margin exit rate by fiscal 2028, supported by higher utilization, technology efficiencies and growth across infrastructure, water, defense and data-center markets.

PWR’s Price Performance, Valuation & EstimatesPWR stock has rallied 44.9% in the year-to-date (YTD) period, outperforming the Zacks Engineering - R and D Services industry, the broader Construction sector and the S&P 500 index.

PWR YTD Share Price Performance

Image Source: Zacks Investment Research

From a valuation standpoint, PWR trades at a forward 12-month price-to-earnings ratio of 36.18X, well above the industry’s 25.07X, as shown below.

PWR Valuation

Image Source: Zacks Investment Research

PWR’s earnings estimates for 2026 and 2027 trended upward in the past 30 days to $16.37 per share and $18.96, respectively. The revised estimates for 2026 and 2027 imply year-over-year growth of 38.4% and 52.3%, respectively.

Image Source: Zacks Investment Research

PWR’s Zacks RankQuanta stock currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Quanta Services is rated a buy, benefiting from surging electricity demand, grid modernization, and the AI-driven data-center boom. PWR posted record Q2 2026 results: $9.56B revenue (up 41% YoY), $4.24 adjusted EPS (up 71%), and raised full-year guidance materially. Backlog reached a record $53.4B, with $23.5B expected to convert within 12 months, supporting strong forward visibility.

Key Takeaways Quanta's backlog reached $53.4B, supported by utility generation, transmission and technology load centers.PWR's four acquisitions are expected to add $1.2-$1.4B in 2026 revenues and $120-$140M in EBITDA.Quanta self-performs 80-85% of its work, strengthening its position in the AI-driven infrastructure buildout. Quanta Services, Inc. (PWR - Free Report) is emerging as a key beneficiary of the massive infrastructure buildout required to support Artificial Intelligence (AI). While AI's impact is often associated with chips and data centers, the rapid expansion of technology load centers is creating an equally important need for power generation, transmission and grid infrastructure — areas where Quanta has significant expertise.

The company's second-quarter 2026 performance highlighted this opportunity. Management reported strong double-digit growth in revenues, adjusted EBITDA and adjusted EPS, alongside a record backlog of roughly $53 billion. Importantly, management said larger programs across utility generation and technology load centers remain ahead, suggesting that current demand could represent only the early stages of a much broader investment cycle.

PWR is also expanding its capabilities to capture more of this opportunity. The acquisitions of Phalcon, Enerfab, Percheron and PSD strengthen its electrical, mechanical, civil and fabrication capabilities while enhancing its position in technology and load centers. Collectively, the acquisitions are expected to contribute $1.2-$1.4 billion of 2026 revenues and $120-$140 million of adjusted EBITDA. Its new joint venture with Hyosung HICO adds another strategic layer by expanding domestic production of high-voltage circuit breakers for utility, industrial and technology load-center markets. The initiative addresses critical supply-chain requirements amid rising electricity demand from data centers, electrification and grid modernization.

Quanta's ability to self-perform 80-85% of its work, combined with its large craft workforce and execution capabilities, further strengthens its positioning. With AI accelerating electricity demand, Quanta could be positioned to capture a growing share of America's next infrastructure investment wave.

Quanta, EMCOR & AECOM: Which Stock Has More AI Fuel?Quanta is well-positioned to benefit from rising infrastructure spending and the growing power requirements of AI, alongside other market players, EMCOR Group, Inc. (EME - Free Report) and AECOM (ACM - Free Report) . PWR stands out with a record $53.4 billion backlog, supported by strong demand across utility generation, transmission and technology load centers. Management expects larger programs in these markets to build in the coming years, providing a strong foundation for revenue growth.

EMCOR benefits from robust backlog across electrical and mechanical construction, with data centers and other technology-related projects supporting demand for mission-critical infrastructure. AECOM, meanwhile, brings engineering, consulting and program-management expertise to large-scale infrastructure projects, positioning it to benefit from investments needed to expand power capacity and support AI-driven data center development.

Overall, Quanta offers the most direct exposure to the physical power infrastructure behind AI, while EMCOR and AECOM provide complementary construction and engineering capabilities. The three companies therefore have differentiated avenues to convert AI-related infrastructure spending and backlog strength into sustained revenue growth.

PWR Stock’s Price Performance & Valuation TrendPWR stock has gained 7.7% in the past six months, outperforming the Zacks Engineering - R and D Services industry and the Zacks Construction sector, but underperforming the S&P 500 index.

Image Source: Zacks Investment Research

PWR stock is currently trading at a premium compared with the industry peers, with a forward 12-month price-to-earnings (P/E) ratio of 34.14, as evidenced by the chart below.

Image Source: Zacks Investment Research

Earnings Estimate Revision of PWRPWR’s earnings estimates for 2026 and 2027 trended upward in the past 30 days to $16.37 per share and $18.96 per share, respectively. The revised estimates for 2026 and 2027 imply year-over-year growth of 52.3% and 15.8%, respectively.

Image Source: Zacks Investment Research

Quanta stock currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Investors interested in Construction stocks should always be looking to find the best-performing companies in the group. Quanta Services (PWR - Free Report) is a stock that can certainly grab the attention of many investors, but do its recent returns compare favorably to the sector as a whole? A quick glance at the company's year-to-date performance in comparison to the rest of the Construction sector should help us answer this question.

Quanta Services is a member of our Construction group, which includes 92 different companies and currently sits at #9 in the Zacks Sector Rank. The Zacks Sector Rank considers 16 different groups, measuring the average Zacks Rank of the individual stocks within the sector to gauge the strength of each group.

The Zacks Rank emphasizes earnings estimates and estimate revisions to find stocks with improving earnings outlooks. This system has a long record of success, and these stocks tend to be on track to beat the market over the next one to three months. Quanta Services is currently sporting a Zacks Rank of #1 (Strong Buy).

Over the past three months, the Zacks Consensus Estimate for PWR's full-year earnings has moved 19.6% higher. This means that analyst sentiment is stronger and the stock's earnings outlook is improving.

Based on the most recent data, PWR has returned 51.5% so far this year. In comparison, Construction companies have returned an average of 7%. As we can see, Quanta Services is performing better than its sector in the calendar year.

One other Construction stock that has outperformed the sector so far this year is Tutor Perini (TPC - Free Report) . The stock is up 36.2% year-to-date.

In Tutor Perini's case, the consensus EPS estimate for the current year increased 5.8% over the past three months. The stock currently has a Zacks Rank #1 (Strong Buy).

Looking more specifically, Quanta Services belongs to the Engineering - R and D Services industry, which includes 23 individual stocks and currently sits at #170 in the Zacks Industry Rank. This group has gained an average of 23.3% so far this year, so PWR is performing better in this area.

Tutor Perini, however, belongs to the Building Products - Heavy Construction industry. Currently, this 9-stock industry is ranked #67. The industry has moved +16.7% so far this year.

Investors interested in the Construction sector may want to keep a close eye on Quanta Services and Tutor Perini as they attempt to continue their solid performance.

Key Takeaways Quanta Services raised 2026 revenue and EPS guidance as backlog reached a record $53.4 billion. Comfort Systems USA's backlog jumped 73.2% year over year, driven by AI data center construction strength.Both companies expect strong 2026 growth, with brokerage targets indicating substantial potential upside. The artificial intelligence (AI) frenzy remains intact as the AI infrastructure space remains rock solid, supported by an extremely bullish demand scenario. Here, we have narrowed our search to two Zacks top-ranked AI-powered construction giants that have posted solid second-quarter 2026 earnings results and guidance. These stocks have flourished year to date, yet they have solid upside potential for the short term. 

The stocks are: Quanta Services Inc. (PWR - Free Report) and Comfort Systems USA Inc. (FIX - Free Report) . Each of our picks currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

The chart below shows the price performance of our two picks year to date.

Image Source: Zacks Investment Research

Quanta Services Inc.Quanta Services is well-positioned to capitalize on robust infrastructure spending across utility, power generation, technology and load center markets. The ongoing expansion of AI data centers, grid modernization, renewable generation and advanced manufacturing is driving customers to undertake larger, multiyear infrastructure programs.

Surging AI-related power demand and expanding utility investments are driving data center project opportunities, making data centers a central pillar of PWR’s long-term growth strategy. The company is heavily investing in deepening its vertical supply chain to offset the ongoing global uncertainties and rising inflation. 

PWR expects to invest $500-$700 million over the next several years in power transformer manufacturing facilities and related strategy, which is intended to double transformer manufacturing capacity.

Long-Term ProspectsPWR is well-positioned to capitalize on robust infrastructure spending across utility, power generation, technology and load center markets. Management believes that the company is still in the early stages of the current demand cycle, with larger utility-generation and technology/load center programs expected to be built over the coming years.

These favorable trends helped drive total backlog to a record $53.4 billion as of June 30, 2026, up 49% year over year from $35.8 billion in June 2025. The increase was broad-based, with Electric Infrastructure Solutions backlog rising year over year to $43.8 billion from $30.3 billion, while Underground and Infrastructure Solutions backlog climbed to $9.7 billion from $5.6 billion.

Strong GuidanceQuanta raised full-year 2026 expectations. Management forecasts consolidated revenues of $39.3-$39.7 billion (compared with the prior expectations of $34.7-$35.2 billion) and adjusted EPS of $16.45-$16.95 (compared with the earlier projection of $13.55-$14.25). Adjusted EBITDA is projected in the range of $4.09-$4.21 billion, up from the earlier expectation of $3.49-$3.65 billion.

Solid Estimate RevisionsQuanta has an expected revenue and earnings growth rate of 38.4% and 52.3%, respectively, for the current year. The Zacks Consensus Estimate for the current year’s earnings has improved 16.8% over the last 30 days. 

PWR has an expected revenue and earnings growth rate of 14.9% and 15.8%, respectively, for the next year. The Zacks Consensus Estimate for next year’s earnings has improved 15.4% over the last 30 days. 

Image Source: Zacks Investment Research

Impressive Price Upside PotentialThe short-term average price target of brokerage firms represents an increase of 26.7% from the last closing price of $639.34. The brokerage target price is currently in the range of $690-$976. This indicates a maximum upside of 52.7% and no downside. 

Comfort Systems USA Inc.Comfort Systems operates primarily in the commercial and industrial heating, ventilation and air conditioning (HVAC) markets. The data center boom, driven by AI, cloud computing, and high-performance computing, is fueling demand for specialized HVAC solutions from FIX. 

Cooling systems for these facilities should deliver precise and reliable performance, prompting investments in advanced technologies such as liquid cooling and modular units. This segment is becoming a significant growth driver for FIX, offering high-margin growth and attracting M&A activity. HVAC firms with capabilities in precision cooling and energy-efficient infrastructure are well-positioned to capture share in this fast-expanding niche. 

Growing BacklogComfort Systems highlighted continued strength in AI-powered data center construction, while industrial customers remained the primary growth engine. Backlog as of June 30, 2026, totaled $14.06 billion, increasing 12.9% from $12.45 billion at March 31, 2026, and jumping 73.2% from $8.12 billion reported a year ago. 

On a same-store basis, backlog climbed to $13.70 billion from $8.12 billion in the year-ago period. FIX guided 2026 same-store revenue growth in the mid- to high-30% range, alongside capital spending of about 5% of revenues.

Strong GuidanceManagement expects faster same-store growth for 2026 and additional modular capacity by late summer 2027. FIX expects same-store revenue growth in the mid- to high-30% range. 

Solid Estimate RevisionsComfort Systems has an expected revenue and earnings growth rate of 38.3% and 58.8%, for the current year. The Zacks Consensus Estimate for the current year’s earnings has improved 6.6% over the last 30 days. 

FIX has an expected revenue and earnings growth rate of 20% and 26.1%, respectively, for the next year. The Zacks Consensus Estimate for next year’s earnings has improved 9.2% over the last 30 days. 

Image Source: Zacks Investment Research

Excellent Price Upside PotentialThe short-term average price target of brokerage firms represents an increase of 29.3% from the last closing price of $1,655.61. The brokerage target price is currently in the range of $1,910-$2,400. This indicates a maximum upside of 45% and no downside. 

21.8.2026 20:00, DJI, SPX, QQQ

Americké akciové trhy během dnešního obchodování posilují a směřují k uzavření volatilního týdne v zelených číslech.

Širší index S&P 500 si připisuje 0,44 % na 7675,03 bodu, tradiční index Dow Jones roste o 0,83 % na 53197,16 bodu a technologický Nasdaq Composite zpevňuje o 0,46 % na 26187,5 bodu. Náladu na trhu podporují solidní ekonomická data ukazující na nejrychlejší růst podnikatelské aktivity v USA za poslední čtyři roky, přičemž investoři zároveň sledují situaci kolem dluhopisových výnosů a vyhlížejí nadcházející výsledky společnosti Nvidia Corp (NVDA).

V rámci jednotlivých odvětví indexu S&P 500 se nejvíce daří sektoru základních materiálů se ziskem 2 %, který následují zdravotní péče s růstem o 1,4 % a komunikační služby se ziskem 1 %. Na opačné straně nejvíce odepisují utility s poklesem o 1,6 %, energie se ztrátou 0,3 % a reality, které klesají o 0,1 %.

Mezi nejúspěšnější akcie dne se řadí společnost Robinhood Markets (HOOD) s výrazným nárůstem o 14 %. Výrazně posilují také firmy Moderna (MRNA) o 9,5 %, Coinbase Global (COIN) o 8,4 %, Freeport-McMoRan (FCX) o 7,0 % a Albemarle Corp (ALB) se ziskem 6,3 %. Naopak nejhlubší propad zaznamenává společnost Marvell Technology (MRVL), která ztrácí 5,7 %. Nedaří se ani firmám Sempra (SRE) se ztrátou 4,3 %, Edison International (EIX) a Bunge Global SA (BG) s poklesem o 3,5 % a Quanta Services (PWR), jež oslabuje o 3,3 %.

Na komoditním trhu roste cena severoamerické lehké ropy WTI o 0,3 % na 87,06 dolaru za barel, zatímco spotové zlato posiluje o 2,5 % na 4631,27 dolaru za unci. Americký dolar vůči euru zůstává téměř beze změny na úrovni 1,1678 dolaru. Výnos desetiletých amerických vládních dluhopisů roste o tři bazické body na 4,73 %. Výrazný růst zaznamenává bitcoin, který posiluje o 6,9 % na 77676,71 dolaru.

Index Dow Jones +0,83 % na 53197,16 b.
S&P 500 +0,44 % na 7675,03 b.
Nasdaq Composite +0,46 % na 26187,5 b.

Index S&P 500 +0,44 % na 7675,03 b. Nejsilnější sektory S&P Změna Nejslabší sektory S&P Změna Základní materiály +2 % Utility -1,6 % Zdravotní péče +1,4 % Energie -0,3 % Komunikační služby +1 % Reality -0,1 % Nejsilnější akcie S&P Změna Nejslabší akcie S&P Změna Robinhood Markets (HOOD) +14 % Marvell Technology (MRVL) -5,7 % Moderna (MRNA) +9,5 % Sempra (SRE) -4,3 % Coinbase Global (COIN) +8,4 % Edison International (EIX) -3,5 % Freeport-McMoRan (FCX) +7,0 % Bunge Global SA (BG) -3,5 % Albemarle Corp (ALB) +6,3 % Quanta Services (PWR) -3,3 %
Daniel Marván, Fio banka, a.s.

The recommendations of Wall Street analysts are often relied on by investors when deciding whether to buy, sell, or hold a stock. Media reports about these brokerage-firm-employed (or sell-side) analysts changing their ratings often affect a stock's price. Do they really matter, though?

Before we discuss the reliability of brokerage recommendations and how to use them to your advantage, let's see what these Wall Street heavyweights think about Quanta Services (PWR - Free Report) .

Quanta Services currently has an average brokerage recommendation (ABR) of 1.31, on a scale of 1 to 5 (Strong Buy to Strong Sell), calculated based on the actual recommendations (Buy, Hold, Sell, etc.) made by 26 brokerage firms. An ABR of 1.31 approximates between Strong Buy and Buy.

Of the 26 recommendations that derive the current ABR, 22 are Strong Buy, representing 84.6% of all recommendations.

Brokerage Recommendation Trends for PWR

Check price target & stock forecast for Quanta Services here>>>

While the ABR calls for buying Quanta Services, it may not be wise to make an investment decision solely based on this information. Several studies have shown limited to no success of brokerage recommendations in guiding investors to pick stocks with the best price increase potential.

Do you wonder why? As a result of the vested interest of brokerage firms in a stock they cover, their analysts tend to rate it with a strong positive bias. According to our research, brokerage firms assign five "Strong Buy" recommendations for every "Strong Sell" recommendation.

This means that the interests of these institutions are not always aligned with those of retail investors, giving little insight into the direction of a stock's future price movement. It would therefore be best to use this information to validate your own analysis or a tool that has proven to be highly effective at predicting stock price movements.

With an impressive externally audited track record, our proprietary stock rating tool, the Zacks Rank, which classifies stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), is a reliable indicator of a stock's near-term price performance. So, validating the Zacks Rank with ABR could go a long way in making a profitable investment decision.

Zacks Rank Should Not Be Confused With ABRIn spite of the fact that Zacks Rank and ABR both appear on a scale from 1 to 5, they are two completely different measures.

Broker recommendations are the sole basis for calculating the ABR, which is typically displayed in decimals (such as 1.28). The Zacks Rank, on the other hand, is a quantitative model designed to harness the power of earnings estimate revisions. It is displayed in whole numbers -- 1 to 5.

Analysts employed by brokerage firms have been and continue to be overly optimistic with their recommendations. Since the ratings issued by these analysts are more favorable than their research would support because of the vested interest of their employers, they mislead investors far more often than they guide.

In contrast, the Zacks Rank is driven by earnings estimate revisions. And near-term stock price movements are strongly correlated with trends in earnings estimate revisions, according to empirical research.

Furthermore, the different grades of the Zacks Rank are applied proportionately across all stocks for which brokerage analysts provide earnings estimates for the current year. In other words, at all times, this tool maintains a balance among the five ranks it assigns.

Another key difference between the ABR and Zacks Rank is freshness. The ABR is not necessarily up-to-date when you look at it. But, since brokerage analysts keep revising their earnings estimates to account for a company's changing business trends, and their actions get reflected in the Zacks Rank quickly enough, it is always timely in indicating future price movements.

Should You Invest in PWR?In terms of earnings estimate revisions for Quanta Services, the Zacks Consensus Estimate for the current year has increased 19.9% over the past month to $16.37.

Analysts' growing optimism over the company's earnings prospects, as indicated by strong agreement among them in revising EPS estimates higher, could be a legitimate reason for the stock to soar in the near term.

The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #1 (Strong Buy) for Quanta Services. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

Therefore, the Buy-equivalent ABR for Quanta Services may serve as a useful guide for investors.

Quanta Services (PWR - Free Report) could be a solid choice for investors given the company's remarkably improving earnings outlook. While the stock has been a strong performer lately, this trend might continue since analysts are still raising their earnings estimates for the company.

The rising trend in estimate revisions, which is a result of growing analyst optimism on the earnings prospects of this specialty contractor for utility and energy companies, should get reflected in its stock price. After all, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements. Our stock rating tool -- the Zacks Rank -- is principally built on this insight.

The five-grade Zacks Rank system, which ranges from a Zacks Rank #1 (Strong Buy) to a Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record of outperformance, with Zacks #1 Ranked stocks generating an average annual return of +25% since 2008.

Consensus earnings estimates for the next quarter and full year have moved considerably higher for Quanta Services, as there has been strong agreement among the covering analysts in raising estimates.

The chart below shows the evolution of forward 12-month Zacks Consensus EPS estimate:

12 Month EPS

Current-Quarter Estimate RevisionsFor the current quarter, the company is expected to earn $4.76 per share, which is a change of +42.9% from the year-ago reported number.

Over the last 30 days, six estimates have moved higher for Quanta Services compared to no negative revisions. As a result, the Zacks Consensus Estimate has increased 15.81%.

Current-Year Estimate RevisionsFor the full year, the earnings estimate of $16.11 per share represents a change of +49.9% from the year-ago number.

In terms of estimate revisions, the trend for the current year also appears quite encouraging for Quanta Services. Over the past month, eight estimates have moved higher compared to no negative revisions, helping the consensus estimate increase 19.76%.

Favorable Zacks RankThe promising estimate revisions have helped Quanta Services earn a Zacks Rank #1 (Strong Buy). The Zacks Rank is a tried-and-tested rating tool that helps investors effectively harness the power of earnings estimate revisions and make the right investment decision.

You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

Our research shows that stocks with Zacks Rank #1 (Strong Buy) and 2 (Buy) significantly outperform the S&P 500.

Bottom LineQuanta Services shares have added 6.6% over the past four weeks, suggesting that investors are betting on its impressive estimate revisions. So, you may consider adding it to your portfolio right away to benefit from its earnings growth prospects.

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Focus List MethodologyWhen stocks are picked for the Focus List, it reflects our enduring reliance on the power of earnings estimate revisions.

Earnings estimates, or expectations of growth and profitability, come from brokerage analysts who track publicly traded companies; these analysts work together with company management to analyze every aspect that may affect future earnings, like interest rates, the economy, and sector and industry optimism.

Earnings estimate revisions are very important, since investors also need to take into consideration what a company will earn in the future.

Stocks that receive upward earnings estimate revisions are more likely to receive even more upward changes in the future. For example, if an analyst raised their estimates last month, they're more likely to do it again this month, and other analysts are likely to do the same.

Harnessing the power of earnings estimate revisions is where the Zacks Rank comes in. The Zacks Rank is a unique, proprietary stock-rating model that utilizes changes to a company's quarterly earnings expectations to help investors build a winning portfolio.

There are four main factors behind the Zacks Rank: Agreement, Magnitude, Upside, and Surprise. Each one of these features is then given a raw score that's recalculated every night and compiled into the Rank. Using this data, stocks are classified into five groups, ranging from "Strong Buy" to "Strong Sell."

The Focus List is comprised of stocks hand-picked from a long list of #1 (Strong Buy) or #2 (Buy) ranked companies, meaning that each new addition boasts a bullish earnings consensus among analysts.

Because stock prices react to revisions, buying stocks with rising earnings estimates can be very profitable. Focus List stocks offer investors a great opportunity to get into companies whose future earnings estimates will be raised, potentially leading to price momentum.

Focus List Spotlight: Quanta Services (PWR - Free Report) Quanta Services, Inc. is a leading provider of specialty contracting and infrastructure solutions for the electric and gas utility, power generation, large load center, manufacturing, communications, pipeline and energy industries. Quanta has operations in the United States, Canada, Australia and other selected international markets.

On December 23, 2021, PWR was added to the Focus List at $111.52 per share. Shares have increased 507.98% to $678.02 since then, and the company is a #1 (Strong Buy) on the Zacks Rank.

Eight analysts revised their earnings estimate upwards in the last 60 days for fiscal 2026. The Zacks Consensus Estimate has increased $2.09 to $16.11. PWR boasts an average earnings surprise of 17%.

Earnings for PWR are forecasted to see growth of 49.9% for the current fiscal year as well.

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Key Takeaways Quanta's record $53.4 billion backlog reflects strong demand across utility, power and technology.PWR raised 2026 revenue and adjusted EPS guidance on strong results and contributions from acquisitions.Quanta faces inflation, rate uncertainty and project risks despite solid cash flow and liquidity. Quanta Services, Inc. (PWR - Free Report) fell 13.7% in the past three months, underperforming the Zacks Engineering - R and D Services industry, the Zacks Construction sector and the S&P 500 Index.

The near-term prospects of the company are facing hurdles in the form of rising inflation, interest rate uncertainty and potential recessionary conditions, which could affect customer spending and project starts. Management has also maintained a prudent approach to second-half guidance, factoring in potential project slippage and weather-related disruptions.

However, despite these near-term constraints, the mid and long-term growth trajectory of PWR remains solid amid favorable infrastructure project demand trends. Besides a growing backlog, efficient execution capabilities, buyout strategies and the tendency to return to its shareholders are encouraging for investors to make investment decisions for PWR stock.

Moreover, the strong second-quarter 2026 results add fuel to the growing flames of Quanta, reflecting its position of leveraging the multi-year growth opportunities. PWR’s second-quarter 2026 earnings and revenues topped the Zacks Consensus Estimate by 28.9% and 12.1%, and grew year over year by 71% and 41.1%, respectively. Revenue growth and margin performance remained robust across the business, supported by the company’s solutions-based model and “execution certainty” from its self-perform capabilities and craft-skilled workforce. (read more: PWR Q2 Earnings Beat on Electric Strength, 2026 View Raised, Stock Up)

Image Source: Zacks Investment Research

Let’s dive deep into understanding the factors boosting PWR stock’s prospects in the upcoming period.

Favorable Market Trends Supporting Backlog GrowthQuanta is well-positioned to capitalize on robust infrastructure spending across utility, power generation, technology and load center markets. The ongoing expansion of data centers, grid modernization, renewable generation and advanced manufacturing is driving customers to undertake larger, multiyear infrastructure programs. These favorable trends helped drive total backlog to a record $53.4 billion as of June 30, 2026, up 49% year over year from $35.8 billion in June 2025. The increase was broad-based, with Electric Infrastructure Solutions backlog rising year over year to $43.8 billion from $30.3 billion, while Underground and Infrastructure Solutions backlog climbed to $9.7 billion from $5.6 billion.

Management believes the company is still in the early stages of the current demand cycle, with larger utility-generation and technology/load center programs expected to build over the coming years. Strong end-market demand and improved visibility also supported a significant increase in 2026 guidance, with revenues now expected to be $39.3-$39.7 billion compared with the prior expectations of $34.7-$35.2 billion.

Project Execution Abilities & Long-Term ProspectsPWR’s strong project execution capabilities remain a key competitive advantage, supporting both customer retention and long-term growth. It self-performs approximately 80-85% of its work, allowing it to maintain greater control over project execution, schedules and costs. More than 85,000 employees and a deep, craft-skilled workforce provide the expertise required to execute increasingly complex utility, power, technology and load center projects safely, on time and on budget.

Management emphasized that this execution certainty, developed over decades, has helped produce record adjusted EPS for nine consecutive years while encouraging customers to award Quanta additional work. Strong first-half results, improved visibility and rising demand prompted management to increase its 2026 adjusted EPS guidance to $16.45-$16.95 (from the earlier projection of $13.55-$14.25), reinforcing confidence in the company’s long-term earnings trajectory.

Strategic Acquisitions Supporting Organic GrowthQuanta’s acquisition strategy is creating another growth avenue while complementing organic opportunities. Acquisitions of Phalcon, Enerfab, Percheron and PSD expand its electrical, mechanical, fabrication, engineering and front-end capabilities while broadening exposure to data centers, power generation, advanced manufacturing, utilities and other critical infrastructure. The deals also enable Quanta to engage earlier in customer programs and offer more comprehensive solutions.

Management expects the four acquisitions to contribute $1.2-$1.4 billion in revenues and $120-$140 million in adjusted EBITDA in 2026, with their contribution reflected in the raised full-year outlook. Quanta’s focus on strategic and cultural fit should further support sustained growth across its expanding end-market portfolio.

Shareholder Approach & Liquidity PositionQuanta continues to balance growth investments with shareholder returns and financial discipline. In May 2026, its board authorized a new $1 billion stock repurchase program, while the company maintained its quarterly cash dividend at 11 cents per share, demonstrating its commitment to returning capital alongside funding strategic opportunities. At the same time, PWR’s financial position strengthened despite substantial acquisition spending. Its debt-to-EBITDA ratio improved to 1.7 from 1.95 at the end of 2025, while total liquidity stood at approximately $2.8 billion at the end of the second quarter of 2026.

Strong cash generation provides additional flexibility, with management raising 2026 free cash flow guidance to $2-$2.5 billion. This combination of liquidity, improving leverage, cash generation and disciplined capital allocation gives Quanta capacity to pursue acquisitions, invest in growth and continue returning capital to shareholders.

Earnings Estimate Revision of PWRPWR’s earnings estimates for 2026 and 2027 trended upward in the past seven days to $16.11 per share and $18.66 per share, respectively. The revised estimates for 2026 and 2027 imply year-over-year growth of 49.9% and 15.8%, respectively.

Image Source: Zacks Investment Research

Competitive Position: Quanta vs. EMCOR, Dycom & SterlingQuanta appears to hold a competitive edge over EMCOR Group, Inc. (EME - Free Report) , Dycom Industries, Inc. (DY - Free Report) and Sterling Infrastructure, Inc. (STRL - Free Report) through its combination of utility, power-generation, communications and mission-critical infrastructure exposure.

EMCOR delivered record second-quarter 2026 revenues of $5.15 billion, up 19.8%, supported by electrical and mechanical construction demand, including data centers. Its strength is concentrated in building and energy-related infrastructure. Dycom offers a stronger direct communications-infrastructure comparison. Its latest first-quarter fiscal 2027 results showed revenues rising 56.1% to $1.97 billion, while backlog increased 46.5% to $11.9 billion, supported by robust communications demand. Sterling posted exceptional second-quarter 2026 growth, with revenues increasing 90% to $1.17 billion, driven by a 192% surge in E-Infrastructure revenues.

Overall, Quanta’s edge is its larger scale, diversified utility exposure, 80-85% self-perform model and ability to participate across the broader electrification and communications infrastructure cycle, giving it greater end-market breadth than EMCOR, Dycom and Sterling.

PWR Stock’s Premium ValuationPWR stock is currently trading at a premium compared with the industry peers, with a forward 12-month price-to-earnings (P/E) ratio of 37.41, as evidenced by the chart below.

Image Source: Zacks Investment Research

Can PWR Stock Maintain Its Growth Streak?Quanta appears well-positioned to regain its momentum despite a recent stock performance decline in the past three months. Robust execution capabilities and growing public demand trends, with a backlog of $53.4 billion, provide substantial revenue visibility. Besides, its raised 2026 revenue and adjusted EPS guidance reflects management’s confidence in sustained infrastructure spending.

Quanta’s skilled workforce and strategic acquisitions further strengthen its competitive position across utility, power generation, data centers and advanced manufacturing. Improving liquidity, lower leverage, higher free cash flow guidance and a new $1 billion repurchase authorization also support shareholder value.

Although inflation, interest-rate uncertainty, potential project delays and its premium valuation warrant caution, upward earnings estimate revisions reinforce the bullish case. Thus, with a Zacks Rank #1 (Strong Buy), PWR stock appears attractive for investors seeking long-term infrastructure growth, and its strong backlog and execution capabilities should support an outperformance in the upcoming period. You can see the complete list of today’s Zacks #1 Rank stocks here.

Posted by Defense World Staff on Aug 8th, 2026

Abner Herrman & Brock LLC grew its holdings in shares of Quanta Services, Inc. (NYSE:PWR – Free Report) by 4.6% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 20,482 shares of the construction company’s stock after acquiring an additional 906 shares during the period. Quanta Services comprises 1.4% of Abner Herrman & Brock LLC’s holdings, making the stock its 29th largest holding. Abner Herrman & Brock LLC’s holdings in Quanta Services were worth $14,748,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Boreal Capital Management LLC acquired a new stake in Quanta Services during the 1st quarter valued at approximately $27,000. Cedar Mountain Advisors LLC lifted its position in shares of Quanta Services by 321.4% in the 4th quarter. Cedar Mountain Advisors LLC now owns 59 shares of the construction company’s stock worth $25,000 after purchasing an additional 45 shares during the period. Flagship Harbor Advisors LLC bought a new stake in shares of Quanta Services in the 4th quarter valued at $28,000. Darwin Wealth Management LLC bought a new stake in shares of Quanta Services in the 2nd quarter valued at $26,000. Finally, MV Capital Management Inc. acquired a new stake in shares of Quanta Services during the fourth quarter worth $30,000. Institutional investors own 90.49% of the company’s stock.

Quanta Services Trading Up 0.6% NYSE:PWR opened at $671.64 on Friday. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.10 and a quick ratio of 1.05. Quanta Services, Inc. has a one year low of $363.01 and a one year high of $788.75. The company has a market cap of $100.97 billion, a PE ratio of 76.93, a PEG ratio of 2.20 and a beta of 1.23. The firm has a 50-day moving average of $675.30 and a 200-day moving average of $620.40.

Quanta Services (NYSE:PWR – Get Free Report) last released its quarterly earnings results on Thursday, July 30th. The construction company reported $4.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.31 by $0.93. The business had revenue of $9.56 billion during the quarter, compared to the consensus estimate of $8.61 billion. Quanta Services had a return on equity of 20.55% and a net margin of 4.03%.The company’s quarterly revenue was up 41.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.48 EPS. Quanta Services has set its FY 2026 guidance at 16.450-16.950 EPS. As a group, equities research analysts expect that Quanta Services, Inc. will post 15.33 EPS for the current fiscal year.

Quanta Services declared that its Board of Directors has authorized a stock repurchase plan on Friday, May 22nd that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the construction company to repurchase up to 0.9% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Quanta Services Dividend Announcement The business also recently announced a quarterly dividend, which was paid on Monday, July 13th. Investors of record on Wednesday, July 1st were given a dividend of $0.11 per share. The ex-dividend date of this dividend was Wednesday, July 1st. This represents a $0.44 annualized dividend and a dividend yield of 0.1%. Quanta Services’s payout ratio is presently 5.04%.

Trending Headlines about Quanta Services Here are the key news stories impacting Quanta Services this week:

Positive Sentiment: Analyst upgrade: Zacks Research upgraded Quanta Services from “hold” to “strong-buy,” adding a potential catalyst for the stock. Zacks.com Positive Sentiment: Higher 2026 outlook: Coverage highlights Quanta’s raised full-year revenue, earnings, adjusted EBITDA and free-cash-flow forecasts following better-than-expected second-quarter results. The company’s 2026 EPS guidance is $16.45-$16.95. How Quanta’s Raised 2026 Outlook Could Reshape Its Growth Story Ahead Positive Sentiment: Secular demand remains strong: Analysts point to power-generation investment, record backlog and expanding infrastructure needs from utilities, power projects and data centers. Acquisitions are also broadening Quanta’s reach in these markets. Is Quanta’s Raised 2026 Outlook Just the Start of a Bigger Story? Positive Sentiment: Growth profile attracts investors: Zacks commentary cites accelerating earnings, rising cash generation and strong growth characteristics, while separate analyst coverage remains bullish on PWR among industrial-goods stocks. 3 Reasons Growth Investors Will Love Quanta Services Neutral Sentiment: Comparisons with construction-sector peers suggest Quanta’s performance is being evaluated against broader industry trends; the coverage does not identify a new company-specific operational issue. Are Construction Stocks Lagging Quanta Services? Negative Sentiment: Valuation is a risk: Despite strong growth and infrastructure demand, PWR trades at a premium valuation, which could limit upside or increase volatility if growth expectations weaken. Is PWR a Buy Today as Growth Accelerates but Valuation Stays High Analyst Ratings Changes Several research firms recently issued reports on PWR. Mizuho boosted their target price on shares of Quanta Services from $659.00 to $741.00 and gave the company a “neutral” rating in a report on Monday, August 3rd. Morgan Stanley downgraded Quanta Services to an “underweight” rating in a report on Monday. BMO Capital Markets lifted their price objective on Quanta Services from $650.00 to $800.00 and gave the stock an “outperform” rating in a research report on Friday, May 1st. The Goldman Sachs Group boosted their price objective on Quanta Services from $685.00 to $826.00 and gave the company a “buy” rating in a research note on Monday, May 4th. Finally, B. Riley Financial reaffirmed a “neutral” rating on shares of Quanta Services in a research note on Friday, May 1st. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, seven have issued a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $767.21.

View Our Latest Research Report on PWR

Quanta Services Profile (Free Report)

Quanta Services, Inc is a leading specialty contractor that provides comprehensive infrastructure solutions for the electric power, pipeline and energy, and communications markets. Headquartered in Houston, Texas, the company delivers engineering, procurement, construction, installation, maintenance and repair services that support the development, modernization and ongoing operation of critical energy and communications networks.

In the electric power sector, Quanta works on transmission and distribution systems, substation construction and grid modernization projects that include integration of renewable generation and energy storage.

Featured Articles Five stocks we like better than Quanta Services Datadog’s Drop Says More About Expectations Than Earnings D-Wave’s Quantum Breakthrough Couldn’t Save QBTS From a Sell-Off Cloudflare’s Beat-and-Raise Quarter Puts Its AI Edge Story in Focus Solventum Nears Inflection Point As It Begins to Unlock Value Want to see what other hedge funds are holding PWR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Quanta Services, Inc. (NYSE:PWR – Free Report).

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Key Takeaways Quanta Services beat on Q2 and raised full year guidance as demand for power remains strong.Quanta completed 4 acquisitions which will strengthen its Electric Infrastructure capabilities.Shares of Quanta have fallen 12.1% in the last 3 months. A buying opportunity? Quanta Services, Inc. (PWR - Free Report) recently reported a record second quarter of 2026 and raised full year guidance as demand remains strong for power generation for the AI Revolution. This Zacks Rank #1 (Strong Buy) is expected to grow earnings and sales in the double digits in 2026.  

Quanta Services provides specialized infrastructure solutions to the utility, power generation, load center, communications, pipeline, and energy industries. It has comprehensive services, including designing, installing, repairing, and maintaining, through two segments: Electric Infrastructure Solutions and Underground Utility & Infrastructure Solutions.

It has a market cap of $102.7 billion and operates in the United States, Canada, Australia and other global markets.

Quanta Services Beat Again in the Second Quarter of 2026On July 30, 2026, Quanta Services reported its second quarter of 2026 earnings results and beat on the Zacks Consensus by $0.95. Earnings were $4.24 versus the Zacks Consensus of $3.29.

It was the eighth earnings surprise in a row. Quanta Services has only missed on earnings twice in the last five years: once in 2023 and again in 2024.

Revenue jumped to $9.56 billion from $6.77 billion in the year ago quarter. Electric Infrastructure Solutions revenue rose 44% while Underground Utility and Infrastructure Solutions increased 31% year-over-year.

The Electric segment had operating income margin of 11.5% while the Underground segment operating income margin came in at 9.1%. That exceeded Quanta Services’ expectations in the quarter.

Quanta Services had a record backlog of $53.4 billion at the end of Q2, which supports future growth.

Quanta Services Completes Four AcquisitionsDuring the second quarter and in the month of July 2026, Quanta Services completed four acquisitions that added approximately 7,400 employees and further strengthened the company’s electrical and mechanical workforce, its front-end services, and fabrication and manufacturing platforms.

It will allow the company to better serve customers’ critical infrastructure needs on utility, power, technology and large load, industrial and energy end markets.  

These acquisitions did not materially impact the second quarter financial results, but Quanta expects them to contribute approximately $1.2 billion to $1.4 billion in revenue for the full year 2026.

Quanta Raised Full Year GuidanceGiven the record second quarter, acquisitions, and continued momentum in the business, it shouldn’t be a surprise that Quanta Services also raised full-year guidance.

It now expects revenue between $39.3 billion to $39.7 billion, a $4.55 billion increase at the midpoint from last quarter’s guidance.

Earnings are now expected to be between $16.45 and $16.95, up from the prior guidance last quarter of between $13.55 to $14.25.

Analysts Are Bullish on QuantaNot surprisingly, given the fantastic earnings report and guide higher, the analysts have been revising their earnings estimates higher.

For 2026, seven estimates have been revised higher in the last week, pushing the Zacks Consensus up to $15.94 from $14.27. That Consensus is still under the company’s range of $16.45 to $16.95.

The Most Accurate Estimate for 2026, which is the most recent estimate, is calling for $16.64, however, which is within Quanta’s guidance range.

The Zacks Consensus of $15.94 is earnings growth of 48.3% as Quanta only made $10.75 last year.

The analysts are bullish on 2027 as well. Seven estimates have been revised higher for next year, pushing the Zacks Consensus up to $18.51. That’s another 16.1% earnings growth.

Here’s what it looks like on the Price, Consensus and Surprise chart.

Image Source: Zacks Investment Research

Shares of Quanta Services Sell Off in the Last Three Months: Buying Opportunity?Shares of Quanta Services have been on a tear the last five years, up 623% to all-time highs.

But over the last three months, Quanta has pulled back. Shares are down 12.1% in the last 90 days.

Image Source: Zacks Investment Research

Is this pullback a buying opportunity?

Quanta Services is still an expensive stock. It trades with a forward price-to-earnings (P/E) ratio of 42.9. A P/E ratio is usually at 15 or under to be considered a value.

But investors are buying it for the growth. Sales are expected to jump 36.5% this year.

For investors looking for a high growth, AI infrastructure company that is executing, Quanta Services should be on your short list.

Key Takeaways Quanta raised 2026 revenue, adjusted EPS & adjusted EBITDA guidance after broad-based operational strength.Record $53.4 billion backlog supports multi-year visibility across electric and industrial markets.PWR expects recent acquisitions to contribute $1.2-$1.4 billion in 2026 revenues. Quanta Services, Inc. (PWR - Free Report) entered the second half of 2026 with stronger momentum than many investors expected. The infrastructure solutions provider delivered another quarter of record results and raised its full-year 2026 outlook, reflecting broad-based strength across end markets. More importantly, the drivers behind the guidance increase appear well positioned to support growth beyond 2026.

Management attributed the improved outlook to robust organic execution, expanding margins, better visibility into customer spending and contributions from recently completed acquisitions. PWR now expects 2026 revenues to be $39.3-$39.7 billion (from $34.7-$35.2 billion expected earlier) and adjusted EPS of $16.45-$16.95 ($13.55-$14.25 expected earlier), reflecting confidence in sustained demand across electric infrastructure, technology load centers, power generation and industrial markets. Adjusted EBITDA is expected to be between $4.09 billion and $4.21 billion, up from the $3.49-$3.65 billion range expected earlier. Record total backlog of $53.4 billion further reinforces the company's multi-year growth visibility.

Beyond the numbers, Quanta is strengthening its competitive position through strategic acquisitions. The additions of Phalcon, Enerfab, Percheron and PSD expand its electrical, mechanical, fabrication and engineering capabilities while increasing exposure to high-growth data center, utility and mission-critical infrastructure markets. These acquisitions are expected to contribute $1.2-$1.4 billion in 2026 revenues, primarily benefiting the Electric Infrastructure Solutions segment.

The long-term opportunity also appears intact as utilities accelerate grid modernization while hyperscale data centers and AI-driven electricity demand require large-scale power infrastructure investments. Combined with PWR’s industry-leading craft workforce, solutions-based execution model and disciplined capital deployment, the company appears well-positioned to capitalize on these secular trends.

Although macro uncertainties, permitting delays and supply-chain challenges remain, Quanta's raised outlook may signal not the peak of its growth story, but the beginning of an even larger infrastructure opportunity.

Quanta vs. AECOM & Dycom: Who Owns the Buildout Story?Quanta is well-positioned to benefit from rising investments in North American infrastructure even when it shares the market with renowned names like Dycom Industries, Inc. (DY - Free Report) and AECOM (ACM - Free Report) . But each addresses different parts of the value chain.

PWR remains the execution leader in electric transmission, power generation, grid modernization and mission-critical infrastructure, leveraging its large self-perform craft workforce to capitalize on accelerating utility and AI-driven data center spending. AECOM complements this trend through its asset-light engineering, design, consulting and program management expertise, benefiting from growing public infrastructure, transportation, water and environmental projects supported by long-term government funding.

Meanwhile, Dycom continues to ride the communications infrastructure cycle as broadband expansion, fiber deployments and network upgrades by major telecom operators sustain demand for its specialty contracting services. Together, these companies reflect the broad-based investment cycle across power, transportation and communications infrastructure. While AECOM provides the planning and engineering capabilities, Dycom strengthens digital connectivity, and Quanta executes complex, large-scale utility and energy infrastructure projects, positioning all three to benefit from secular infrastructure modernization trends despite ongoing macroeconomic and regulatory uncertainties.

PWR Stock’s Price Performance & Valuation TrendPWR stock has gained 32.7% in the past six months, outperforming the Zacks Engineering - R and D Services industry, the Zacks Construction sector and the S&P 500 index.

Image Source: Zacks Investment Research

PWR stock is currently trading at a premium compared with the industry peers, with a forward 12-month price-to-earnings (P/E) ratio of 44.08, as evidenced by the chart below.

Image Source: Zacks Investment Research

Earnings Estimate Revision of PWRPWR’s earnings estimates for 2026 and 2027 trended upward in the past seven days to $15.94 per share and $18.51 per share, respectively. The revised estimates for 2026 and 2027 imply year-over-year growth of 48.3% and 16.1%, respectively.

Image Source: Zacks Investment Research

Quanta stock currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Key Takeaways PWR fell 11.7% in three months despite 41.1% revenue growth and 71% adjusted EPS growth.Quanta raised 2026 revenue and adjusted earnings guidance after strong execution and acquisitions.PWR trades at a premium valuation as backlog hit a record $53.4 billion amid execution risks. Quanta Services, Inc. (PWR - Free Report) shares have declined 11.7% in the past three months, even as the company delivered faster earnings growth, record backlog and a higher 2026 outlook.

The pullback sharpens the investment debate. Quanta’s operating momentum supports the bull case, but its premium valuation and execution demands leave little room for disappointment.

PWR’s Fundamentals Defy the Recent DeclineSecond-quarter 2026 revenues increased 41.1% year over year to $9.56 billion. Adjusted earnings rose 71% to $4.24 per share, exceeding the Zacks Consensus Estimate by 28.9%, while revenues topped the consensus mark by 12.1%.

Profitability improved across both operating segments. Electric Infrastructure Solutions revenues rose 43.6%, while Underground Utility and Infrastructure Solutions revenues increased 30.7%. Those results show that the recent stock weakness has occurred despite broad operating gains.

Quanta’s Backlog Supports Multiyear VisibilityTotal backlog reached a record $53.4 billion at June 30, 2026, up from $48.5 billion at March 31. Remaining performance obligations increased to $33.6 billion, giving Quanta substantial visibility into future work.

Several large transmission and generation programs remain outside backlog while engineering, permitting and pre-construction activities continue. Their eventual inclusion could extend the opportunity, although the timing of awards may make quarterly bookings uneven.

PWR’s Raised Outlook Strengthens the Bull CaseQuanta raised its 2026 revenue guidance to $39.3-$39.7 billion from $34.7-$35.2 billion. Adjusted earnings guidance increased to $16.45-$16.95 per share from $13.55-$14.25.

The revision reflects first-half execution, better second-half visibility and expected contributions from recent acquisitions. Phalcon, Enerfab, Percheron and PSD are expected to add $1.2-$1.4 billion of 2026 revenues and $120-$140 million of adjusted EBITDA.

Quanta’s Premium Valuation Raises the StakesPWR trades at 44.1X forward 12-month earnings, above the Zacks sub-industry’s 27.6X, the sector’s 20.6X and the S&P 500’s 20.8X. That premium implies investors are already paying for sustained growth and reliable execution.

MasTec, Inc. (MTZ - Free Report) offers exposure to communications, power delivery, clean-energy and pipeline infrastructure, while EMCOR Group, Inc. (EME - Free Report) provides electrical and mechanical construction services. Both are relevant comparisons because Quanta’s valuation also exceeds their forward multiples cited in the peer analysis.

PWR’s Risks Could Prolong the WeaknessPermitting, environmental reviews, right-of-way work and regulated utility approvals can delay project starts and shift revenue timing. Quanta must also recruit and train enough craft-skilled workers to support larger programs expected to enter the field in coming years.

Fixed-price contracts can pressure margins when labor, materials or schedules move against estimates. Working-capital swings may also affect cash conversion, while the integration of four recently acquired businesses adds execution and organizational complexity.

PWR’s Growth Signals Favor Selective OptimismThe pullback makes PWR more debatable as an entry point, but not automatically inexpensive. Record backlog, raised guidance and faster earnings growth support selective optimism, while the valuation premium argues for discipline.

PWR currently carries a Zacks Rank #1 (Strong Buy), along with a Growth Score of A, Momentum Score of B and VGM Score of B. Those readings support its near-term earnings and growth profile. Still, the Value Score of F confirms that valuation remains the central restraint, even after the recent decline. You can see the complete list of today’s Zacks #1 Rank stocks here.

Key Takeaways PWR posted 71% adjusted EPS growth and 41.1% revenue growth in the second quarter.Quanta generated stronger cash flow, raised free-cash-flow guidance and expanded liquidity.PWR trades well above industry, sector and historical valuation levels despite strong growth. Quanta Services, Inc. (PWR - Free Report) combines rapid earnings growth, rising cash generation and substantial infrastructure demand with a valuation well above relevant benchmarks.

That creates a clear trade-off for investors. Operating momentum is unusually strong, but the premium price requires Quanta to sustain execution across a larger backlog, expanding workforce and broader acquisition portfolio.

PWR’s Earnings Momentum Is Hard to IgnoreSecond-quarter adjusted earnings increased 71% year over year to $4.24 per share, beating the Zacks Consensus Estimate of $3.29 by 28.9%. Revenues rose 41.1% to $9.56 billion and exceeded the consensus mark by 12.1%.

Execution was broad-based. Electric Infrastructure Solutions revenues increased 43.6% and operating margin expanded to 11.5% from 10.1%. Underground Utility and Infrastructure Solutions revenues climbed 30.7%, while its margin improved to 9.1% from 6.9%.

Quanta’s Backlog Anchors the Growth OutlookTotal backlog reached a record $53.4 billion at June 30, 2026. Quanta expects $32.31 billion of that amount to be realized within 12 months, supporting near-term activity while preserving multiyear visibility.

Management also expects additional utility, generation and technology programs to enter backlog over future quarters. The timing may be uneven because several large projects remain in engineering, permitting or pre-construction stages.

PWR’s Cash Flow Expands Its Strategic OptionsNet cash provided by operating activities reached $1.49 billion in the first half of 2026, up from $538.9 million a year earlier. Free cash flow was approximately $1.07 billion, compared with about $288 million in the prior-year period.

Quanta raised full-year free-cash-flow guidance to $2-$2.5 billion. Stronger cash generation and roughly $2.8 billion of quarter-end liquidity can support organic investment, acquisitions and the authorized $1 billion share-repurchase program.

Quanta’s Expansion Adds Reward and RiskThe acquisitions of Phalcon, Enerfab, Percheron and PSD add electrical, mechanical, fabrication, surveying, right-of-way, engineering and substation-building capabilities. Together, the businesses are expected to contribute $1.2-$1.4 billion of 2026 revenues and $120-$140 million of adjusted EBITDA.

The expansion also raises execution demands. Quanta paid about $1.24 billion in upfront consideration, net of acquired cash, and the deals include up to roughly $242 million of contingent consideration. Integration, workforce coordination and higher capital requirements could affect expected returns.

PWR’s Valuation Argues for DisciplinePWR trades at 44.1X forward 12-month earnings, versus 27.6X for the Zacks sub-industry, 20.6X for the sector and 20.8X for the S&P 500. The multiple also stands well above Quanta’s five-year median of 27.9X.

MasTec, Inc. (MTZ - Free Report) provides engineering and construction services across communications, power delivery, pipeline and clean-energy infrastructure. EMCOR Group, Inc. (EME - Free Report) is active in mechanical and electrical construction, industrial and energy infrastructure and building services. These peers reinforce how much growth investors already expect from PWR.

PWR’s Signals Support Growth Over ValueThe operating case supports a growth-oriented buy argument, but the valuation makes entry price important. Investors comfortable paying for backlog visibility, earnings momentum and infrastructure exposure may view PWR more favorably than investors seeking a valuation cushion.

PWR currently carries a Zacks Rank #1 (Strong Buy), along with a Growth Score of A, Momentum Score of B and VGM Score of B. Those readings favor its growth and near-term earnings profile. The Value Score of F captures the central tension and suggests the stock is better suited to investors willing to pay a premium for growth. You can see the complete list of today’s Zacks #1 Rank stocks here.

I reiterate my Strong Buy on Quanta Services, revising my price target from $1,017 to $878 after a robust Q2 2026. PWR's Q2 2026 results exceeded expectations, with management raising full-year 2026 guidance across revenue, adjusted EBITDA, EPS, and free cash flow. The company's recent acquisitions-Phalcon, Enerfab, Percheron and PSD significantly expand execution capacity, supporting my thesis that PWR monetizes infrastructure complexity.

Axiom Investment Management LLC purchased a new stake in shares of Quanta Services, Inc. (NYSE:PWR – Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 7,271 shares of the construction company’s stock, valued at approximately $3,992,000. Quanta Services comprises about 3.0% of Axiom Investment Management LLC’s portfolio, making the stock its 4th biggest holding.

Several other institutional investors and hedge funds have also bought and sold shares of PWR. Cetera Investment Advisers increased its position in shares of Quanta Services by 5.8% in the first quarter. Cetera Investment Advisers now owns 74,134 shares of the construction company’s stock valued at $40,701,000 after acquiring an additional 4,087 shares during the period. Evoke Wealth LLC bought a new position in shares of Quanta Services in the 4th quarter worth about $368,000. Sequoia Financial Advisors LLC boosted its position in shares of Quanta Services by 3.1% in the 4th quarter. Sequoia Financial Advisors LLC now owns 130,436 shares of the construction company’s stock worth $55,052,000 after purchasing an additional 3,966 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Quanta Services by 9.9% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 50,602 shares of the construction company’s stock valued at $21,357,000 after acquiring an additional 4,568 shares in the last quarter. Finally, Lebenthal Global Advisors LLC raised its holdings in Quanta Services by 9.8% in the fourth quarter. Lebenthal Global Advisors LLC now owns 9,277 shares of the construction company’s stock worth $3,915,000 after buying an additional 830 shares during the last quarter. 90.49% of the stock is owned by institutional investors.

Insider Transactions at Quanta Services In other news, CEO Earl C. Jr. Austin sold 130,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $770.65, for a total value of $100,184,500.00. Following the transaction, the chief executive officer directly owned 556,911 shares in the company, valued at approximately $429,183,462.15. This represents a 18.93% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CAO Paul Nobel sold 4,000 shares of the firm’s stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $756.98, for a total transaction of $3,027,920.00. Following the completion of the transaction, the chief accounting officer directly owned 8,080 shares of the company’s stock, valued at approximately $6,116,398.40. The trade was a 33.11% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 159,992 shares of company stock worth $123,244,714 in the last ninety days. 0.60% of the stock is currently owned by corporate insiders.

Quanta Services News Summary Here are the key news stories impacting Quanta Services this week:

Positive Sentiment: Q2 earnings and revenue beat estimates. Quanta reported adjusted diluted EPS of $4.24, versus consensus estimates near $3.30, while revenue reached $9.56 billion compared with expectations of approximately $8.6 billion. Revenue increased 41.1% from the prior year, and adjusted EBITDA rose to $1.1 billion. Quanta Services Reports Second Quarter 2026 Results Positive Sentiment: Record backlog supports future growth. Total backlog reached $53.4 billion, including $33.6 billion in remaining performance obligations. Management cited broad infrastructure demand, electric-sector strength and acquisitions as key growth drivers. Operating cash flow was a record $1.1 billion, with free cash flow of $0.9 billion. Quanta Services Q2 Earnings Call Highlights Growth and Backlog Strength Positive Sentiment: Quanta raised its 2026 financial expectations across metrics. The company now projects revenue of $39.3 billion to $39.7 billion and adjusted EPS of $16.45 to $16.95, both well above prior consensus expectations. The higher outlook signals management’s confidence that strong demand and execution will continue. Quanta Projects 2026 Revenue as Record Backlog Supports Raised Outlook Positive Sentiment: Guggenheim upgraded PWR to “buy” from “neutral” and assigned an $800 price target. The upgrade adds further positive momentum following the earnings report and reflects greater confidence in Quanta’s growth outlook. The Fly Analyst Update Negative Sentiment: Valuation remains elevated. With a reported price-to-earnings ratio above 90, PWR’s stock price already reflects substantial growth expectations. Any slowdown in infrastructure demand, execution problems or disappointment with future guidance could increase volatility. Quanta Services Trading Up 1.5% NYSE:PWR opened at $667.83 on Friday. Quanta Services, Inc. has a 12 month low of $363.01 and a 12 month high of $788.75. The firm has a fifty day simple moving average of $680.15 and a 200-day simple moving average of $612.22. The company has a current ratio of 1.10, a quick ratio of 1.09 and a debt-to-equity ratio of 0.56. The company has a market capitalization of $100.21 billion, a P/E ratio of 76.50, a PEG ratio of 2.59 and a beta of 1.21.

Quanta Services (NYSE:PWR – Get Free Report) last announced its quarterly earnings results on Thursday, July 30th. The construction company reported $4.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.31 by $0.93. Quanta Services had a return on equity of 20.55% and a net margin of 4.03%.The company had revenue of $9.56 billion during the quarter, compared to the consensus estimate of $8.61 billion. During the same period in the previous year, the company posted $2.48 earnings per share. Quanta Services’s revenue for the quarter was up 41.1% on a year-over-year basis. Quanta Services has set its FY 2026 guidance at 16.450-16.950 EPS. On average, equities research analysts anticipate that Quanta Services, Inc. will post 12.8 earnings per share for the current year.

Quanta Services announced that its Board of Directors has authorized a stock repurchase program on Friday, May 22nd that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the construction company to buy up to 0.9% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.

Quanta Services Dividend Announcement The company also recently disclosed a quarterly dividend, which was paid on Monday, July 13th. Investors of record on Wednesday, July 1st were issued a $0.11 dividend. The ex-dividend date of this dividend was Wednesday, July 1st. This represents a $0.44 dividend on an annualized basis and a dividend yield of 0.1%. Quanta Services’s dividend payout ratio is currently 5.04%.

Analysts Set New Price Targets PWR has been the subject of a number of research reports. B. Riley Financial reiterated a “neutral” rating on shares of Quanta Services in a research report on Friday, May 1st. Guggenheim raised shares of Quanta Services from a “neutral” rating to a “buy” rating and set a $800.00 target price for the company in a research note on Friday. Mizuho set a $645.00 target price on shares of Quanta Services in a report on Monday, July 20th. Sanford C. Bernstein restated a “market perform” rating and set a $748.00 price objective on shares of Quanta Services in a research report on Friday. Finally, Evercore upped their price target on shares of Quanta Services from $635.00 to $800.00 and gave the company an “outperform” rating in a report on Friday, May 1st. Nineteen research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, Quanta Services currently has an average rating of “Moderate Buy” and an average target price of $752.78.

View Our Latest Report on PWR

Quanta Services Company Profile (Free Report)

Quanta Services, Inc is a leading specialty contractor that provides comprehensive infrastructure solutions for the electric power, pipeline and energy, and communications markets. Headquartered in Houston, Texas, the company delivers engineering, procurement, construction, installation, maintenance and repair services that support the development, modernization and ongoing operation of critical energy and communications networks.

In the electric power sector, Quanta works on transmission and distribution systems, substation construction and grid modernization projects that include integration of renewable generation and energy storage.

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Key Takeaways Quanta Services reported Q2 adjusted EPS of $4.24 and revenues of $9.56B, topping estimates.PWR's record $53.4B backlog highlights customer demand across utility, power and technology markets.Quanta Services' acquisitions are expected to add $1.2B-$1.4B in revenues and $120M-$140M in EBITDA in 2026. Quanta Services, Inc. (PWR - Free Report) highlighted accelerating demand across utility, power generation and technology infrastructure markets during its second-quarter 2026 earnings call. Management emphasized record backlog, stronger execution and a broader solutions platform as key drivers behind raised full-year expectations.

The company reported second-quarter adjusted earnings of $4.24 per share, beating the Zacks Consensus Estimate of $3.29. Revenues of $9.56 billion surpassed the Zacks Consensus Estimate of $8.53 billion by 12.10%.

PWR Sees Broad Infrastructure DemandCEO Earl Austin said second-quarter results reflected broad organic strength across segments, service lines and end markets rather than acquisition-driven growth. He pointed to a record backlog of $53 billion as evidence of continued customer demand.

Austin highlighted Quanta Services’ self-perform model, noting that the company performs 80% to 85% of its work internally. He said this capability supports execution certainty and customer relationships.

PWR’s backlog totaled $53.4 billion at quarter end, while remaining performance obligations were $33.6 billion. These metrics provide visibility into future project activity.

Quanta Services Raises 2026 OutlookCFO Jayshree Desai said stronger first-half performance, improved visibility and recent acquisitions led the company to increase its full-year 2026 expectations.

Quanta Services now expects 2026 revenues of $39.3 billion to $39.7 billion, adjusted EBITDA of $4.09 billion to $4.21 billion and adjusted EPS of $16.45 to $16.95.

Desai also raised expectations for free cash flow, with the company forecasting $2 billion to $2.5 billion for the year. She said working capital improvements and business mix support cash generation.

PWR Expands Through AcquisitionsManagement discussed four acquisitions completed during the second quarter and July: Phalcon, Enerfab, Percheron and PSD. The deals expand electrical, mechanical, fabrication and front-end capabilities.

Austin said the acquisitions strengthen Quanta Services’ position in technology, load centers, utilities and industrial markets. He emphasized cultural fit and craft-skilled capabilities as key acquisition criteria.

The acquired companies are expected to contribute $1.2 billion to $1.4 billion of revenues and $120 million to $140 million of adjusted EBITDA in 2026.

Quanta Services Builds Technology InfrastructureQuanta Services said technology markets have become an increasingly important growth area. Austin described the company’s technology strategy as building a new addressable market alongside its traditional utility business.

Management noted that technology and load center work represents about 15% to 20% of the business. The company is participating in data center and balance-of-plant projects.

Austin said Quanta Services’ grid interconnection capabilities and workforce scale position it to support customers managing large infrastructure programs.

PWR Addresses Margin & ExecutionDuring Q&A, a UBS analyst asked about longer-term margin potential. Austin said improving business mix, acquisitions and training efforts are creating opportunities for additional margin improvement.

The company reported consolidated operating income of $694.8 million in the second quarter, compared with $370.3 million a year earlier. Operating margin improved to 7.3% from 5.5%.

Austin also discussed workforce expansion, noting that Quanta Services added 15,500 employees over the year. He said improving training capabilities remains important to scaling operations.

PWR Maintains Long-Term FocusManagement said larger utility transmission and generation programs are still developing and are expected to enter backlog over time. Austin described these opportunities as multi-year projects extending beyond 2030.

The company also highlighted financial flexibility, ending the quarter with approximately $2.8 billion of liquidity and a debt-to-EBITDA ratio of 1.7 under its senior credit agreement.

Austin emphasized continued focus on customer execution, disciplined capital deployment and expanding capabilities across infrastructure markets.

PWR’s Zacks Rank & Style Scores SignalsQuanta Services currently carries a Zacks Rank #3 (Hold). The Zacks Rank focuses on earnings estimate revisions and is designed to help identify stocks with potential relative performance over the next one to three months. The rank can change as analysts update earningsestimates following new results. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The stock has a Value Score of F, Growth Score of A, Momentum Score of D and VGM Score of C. Zacks Style Scores use grades from A to F to evaluate value, growth and momentum characteristics, with stronger scores indicating more favorable traits for those styles.

BankChampaign National Association purchased a new stake in shares of Quanta Services, Inc. (NYSE:PWR – Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,405 shares of the construction company’s stock, valued at approximately $771,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. State Street Corp lifted its stake in shares of Quanta Services by 2.1% in the 4th quarter. State Street Corp now owns 6,206,761 shares of the construction company’s stock valued at $2,619,626,000 after purchasing an additional 126,014 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Quanta Services by 2.8% during the 4th quarter. Geode Capital Management LLC now owns 4,086,544 shares of the construction company’s stock valued at $1,718,371,000 after purchasing an additional 110,360 shares in the last quarter. Bank of America Corp DE boosted its holdings in shares of Quanta Services by 5.4% in the first quarter. Bank of America Corp DE now owns 3,444,711 shares of the construction company’s stock valued at $1,891,215,000 after buying an additional 175,184 shares during the period. Victory Capital Management Inc. boosted its position in shares of Quanta Services by 35.2% during the fourth quarter. Victory Capital Management Inc. now owns 2,915,440 shares of the construction company’s stock worth $1,230,493,000 after buying an additional 758,862 shares during the period. Finally, Norges Bank acquired a new position in Quanta Services during the fourth quarter worth $817,285,000. 90.49% of the stock is owned by institutional investors.

Key Headlines Impacting Quanta Services Here are the key news stories impacting Quanta Services this week:

Positive Sentiment: Q2 results significantly beat expectations. Quanta reported $9.56 billion in revenue, up 41.1% year over year, versus the $8.61 billion consensus estimate. Adjusted diluted EPS was $4.24, well above estimates near $3.30 and up from $2.48 a year earlier. Quanta Services Reports Second Quarter 2026 Results Positive Sentiment: Management raised full-year 2026 guidance across key metrics. The company now expects adjusted EPS of $16.45-$16.95 and revenue of $39.3-$39.7 billion, above consensus forecasts of approximately $13.78 EPS and $35.0 billion in revenue. Quanta Projects 2026 Revenue as Backlog Supports Raised Outlook Positive Sentiment: Record backlog improves revenue visibility. Total backlog reached $53.4 billion, including $33.6 billion of remaining performance obligations, supporting management’s more confident outlook and signaling sustained demand for power and infrastructure projects. Positive Sentiment: Cash generation was robust. Quanta produced $1.1 billion in operating cash flow and $0.9 billion in free cash flow during the quarter, while adjusted EBITDA reached $1.1 billion. These results provide additional financial flexibility to fund growth and capital returns. Quanta Services Posts Record Q2 Results and Boosts Outlook Neutral Sentiment: Valuation remains demanding. Following the rally, PWR trades at roughly 90 times earnings based on the provided data, leaving the stock sensitive to any slowdown in backlog conversion, project execution, or future guidance. Quanta Services Stock Performance Shares of PWR stock opened at $659.11 on Friday. Quanta Services, Inc. has a 52 week low of $363.01 and a 52 week high of $788.75. The company has a quick ratio of 1.09, a current ratio of 1.14 and a debt-to-equity ratio of 0.57. The company has a market cap of $98.91 billion, a price-to-earnings ratio of 90.41, a price-to-earnings-growth ratio of 2.21 and a beta of 1.21. The firm has a 50 day moving average of $681.24 and a 200-day moving average of $611.83.

Quanta Services (NYSE:PWR – Get Free Report) last announced its quarterly earnings data on Thursday, July 30th. The construction company reported $4.24 earnings per share for the quarter, beating the consensus estimate of $3.31 by $0.93. Quanta Services had a net margin of 3.67% and a return on equity of 18.64%. The firm had revenue of $9.56 billion for the quarter, compared to analyst estimates of $8.61 billion. During the same quarter in the prior year, the business earned $2.48 earnings per share. The business’s quarterly revenue was up 41.1% compared to the same quarter last year. Quanta Services has set its FY 2026 guidance at 16.450-16.950 EPS. On average, equities analysts forecast that Quanta Services, Inc. will post 12.8 earnings per share for the current year.

Quanta Services Announces Dividend The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 13th. Shareholders of record on Wednesday, July 1st were issued a dividend of $0.11 per share. The ex-dividend date was Wednesday, July 1st. This represents a $0.44 annualized dividend and a yield of 0.1%. Quanta Services’s dividend payout ratio is presently 6.04%.

Quanta Services declared that its Board of Directors has authorized a share buyback program on Friday, May 22nd that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the construction company to purchase up to 0.9% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.

Analysts Set New Price Targets A number of research analysts have weighed in on PWR shares. Citigroup raised their price target on Quanta Services from $640.00 to $733.00 and gave the company a “buy” rating in a research note on Monday, April 27th. Mizuho set a $645.00 price target on shares of Quanta Services in a research note on Monday, July 20th. Weiss Ratings lowered Quanta Services from a “buy (b-)” rating to a “hold (c+)” rating in a report on Monday, July 20th. Robert W. Baird raised their target price on shares of Quanta Services from $606.00 to $777.00 and gave the stock an “outperform” rating in a report on Friday, May 1st. Finally, Jefferies Financial Group dropped their price target on Quanta Services from $857.00 to $784.00 and set a “buy” rating for the company in a research note on Friday, July 10th. Seventeen research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat, Quanta Services has an average rating of “Moderate Buy” and an average price target of $745.55.

Read Our Latest Analysis on PWR

Insider Activity In other Quanta Services news, CAO Paul Nobel sold 4,000 shares of the firm’s stock in a transaction on Monday, May 4th. The stock was sold at an average price of $756.98, for a total transaction of $3,027,920.00. Following the transaction, the chief accounting officer directly owned 8,080 shares in the company, valued at approximately $6,116,398.40. This trade represents a 33.11% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Earl C. Jr. Austin sold 130,000 shares of the business’s stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $770.65, for a total transaction of $100,184,500.00. Following the transaction, the chief executive officer owned 556,911 shares in the company, valued at approximately $429,183,462.15. This trade represents a 18.93% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 159,992 shares of company stock worth $123,244,714. 0.60% of the stock is owned by insiders.

About Quanta Services (Free Report)

Quanta Services, Inc is a leading specialty contractor that provides comprehensive infrastructure solutions for the electric power, pipeline and energy, and communications markets. Headquartered in Houston, Texas, the company delivers engineering, procurement, construction, installation, maintenance and repair services that support the development, modernization and ongoing operation of critical energy and communications networks.

In the electric power sector, Quanta works on transmission and distribution systems, substation construction and grid modernization projects that include integration of renewable generation and energy storage.

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30.7.2026 22:05

Na konci obchodní seance již nedošlo k výraznějším změnám trendu. Výsledkem je, že indexy končí výrazně v zeleném. Růstu vévodil technologický sektor tlačený především čipovými společnostmi. Micron zakončil krásným obratem (+18,36 %) AMD přidalo (+13 %). Zároveň i ostatní technologické společnosti těžili z rapidního růstu Microsoftu, který potěšil silnými kvartálními výsledky. Proti tomuto proudu šla Meta, která skončila výprodejem (-7,98 %). Amazon po zavření přidává v aftermarketu již + 6 %

Do záporu se nakonec otočila ropa, přičemž WTI pokleslo o (-0,96 %). Cenné kovy těžily z informací o inflaci a zakončili růstově, zlato přidalo (+1,85 %).

Index Dow Jones +1,19 % na 52209,57 b.
S&P 500 +1,66 % na 7437,96 b.
Nasdaq Composite +2,78 % na 25122,18 b.

Index S&P 500 +1,66 % na 7437,96 b. Nejsilnější sektory S&P Změna Nejslabší sektory S&P Změna Informační technologie +5,2 % Komunikační služby -2,5 % Zbytná spotřeba +1,6 % Nezbytná spotřeba -2,2 % Průmysl +1 % Zdravotní péče -1,6 % Nejsilnější akcie S&P Změna Nejslabší akcie S&P Změna Sandisk Corp (SNDK) +26 % Fair Isaac Corp (FICO) -17 % EMCOR Group (EME) +19 % CH Robinson Worldwide (CHRW) -15 % Micron Technology (MU) +18 % Norwegian Cruise Line Holdings (NCLH) -9,8 % Lam Research Corp (LRCX) +18 % Altria Group (MO) -9,3 % Quanta Services (PWR) +17 % L3Harris Technologies (LHX) -8,6 %
Jan Pazourek, Fio banka, a.s.

Quanta Services (PWR - Free Report) came out with quarterly earnings of $4.24 per share, beating the Zacks Consensus Estimate of $3.29 per share. This compares to earnings of $2.48 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +28.88%. A quarter ago, it was expected that this specialty contractor for utility and energy companies would post earnings of $2.04 per share when it actually produced earnings of $2.68, delivering a surprise of +31.37%.

Over the last four quarters, the company has surpassed consensus EPS estimates four times.

Quanta Services, which belongs to the Zacks Engineering - R and D Services industry, posted revenues of $9.56 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 12.10%. This compares to year-ago revenues of $6.77 billion. The company has topped consensus revenue estimates four times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Quanta Services shares have added about 33% since the beginning of the year versus the S&P 500's gain of 6.9%.

What's Next for Quanta Services?While Quanta Services has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Quanta Services was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $4.13 on $9.24 billion in revenues for the coming quarter and $14.03 on $34.73 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Engineering - R and D Services is currently in the top 33% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Innodata Inc (INOD - Free Report) , another stock in the same industry, has yet to report results for the quarter ended June 2026. The results are expected to be released on August 6.

This company is expected to post quarterly earnings of $0.18 per share in its upcoming report, which represents a year-over-year change of -10%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Innodata Inc's revenues are expected to be $84.2 million, up 44.2% from the year-ago quarter.

Second Quarter Consolidated Revenues of $9.6 Billion*

Second Quarter GAAP Diluted EPS of $2.96* and Adjusted Diluted EPS of $4.24*

Net Income Attributable to Common Stock of $451.4 Million*

Adjusted EBITDA of $1.1 Billion*

Cash Flow From Operations of $1.1 Billion* and Free Cash Flow of $0.9 Billion

Remaining Performance Obligations (RPO) of $33.6 Billion* and Total Backlog of $53.4 Billion

Significantly Increasing 2026 Financial Expectations Across All Metrics

* = Record quarterly or record second quarter result

, /PRNewswire/ -- Quanta Services, Inc. (NYSE: PWR) today announced results for the three months ended June 30, 2026. Revenues in the second quarter of 2026 were $9.56 billion compared to revenues of $6.77 billion in the second quarter of 2025, and net income attributable to common stock was $451.4 million, or $2.96 per diluted share, in the second quarter of 2026 compared to net income attributable to common stock of $229.3 million, or $1.52 per diluted share, in the second quarter of 2025. Adjusted diluted earnings per share attributable to common stock was $4.24 for the second quarter of 2026 compared to $2.48 for the second quarter of 2025.

"Quanta delivered an exceptional first half of the year, highlighted by second-quarter results that meaningfully exceeded expectations and reflect the compounding strength and momentum of our operating model. Revenue, adjusted EBITDA and adjusted diluted earnings per share all achieved strong double-digit growth, cash flow was robust and total backlog reached a record level at quarter end. These results demonstrate the power of our differentiated, solutions-based operating model, as well as the execution certainty our self-perform capabilities and craft-skilled workforce deliver for customers every day. Given this outperformance, our improved visibility into the back half of the year, and the expected contribution from recently completed acquisitions that strengthen our platform, we are significantly increasing our full-year 2026 financial expectations across all metrics. We believe these results, and our long-term track record, are a clear differentiator of Quanta's ability to compound profitable growth as our customers accelerate investment in the electric grid, power generation and mission-critical infrastructure that underpin the economy," said Duke Austin, President and Chief Executive Officer of Quanta Services.

"We recently completed the acquisitions of Phalcon, Enerfab, Percheron and PSD and are pleased to welcome them to the Quanta family. These businesses deepen our self-perform, craft-skilled capabilities across electrical, mechanical, fabrication and front-end disciplines, bolster our geographic density in key markets, and further diversify our end-market exposure across the utility, technology and load center, industrial and energy sectors in the United States and Australia. Together, they solidify Quanta's position as the partner of choice for customers building and modernizing critical infrastructure — and strengthen our conviction in achieving the multi-year growth targets we outlined at our 2026 Investor Day."

Certain items that impacted Quanta's results for the three and six months ended June 30, 2026 and 2025 are reflected as adjustments in the calculation of Quanta's adjusted net income attributable to common stock, adjusted diluted earnings per share attributable to common stock and adjusted EBITDA (non-GAAP financial measures). These items are described in the accompanying tables reconciling adjusted net income attributable to common stock, EBITDA and adjusted EBITDA to net income attributable to common stock and adjusted diluted earnings per share attributable to common stock to diluted earnings per share attributable to common stock. Quanta completed three acquisitions in the first six months of 2026 and eight acquisitions during the full year 2025, and the results of the acquired businesses are included in Quanta's consolidated results from the respective acquisition dates. For further information on the items that impacted comparability of 2026 and 2025, see the footnotes in the accompanying tables presenting Supplemental Segment Data and reconciliations of EBITDA, adjusted EBITDA, adjusted net income attributable to common stock and adjusted diluted earnings per share attributable to common stock (non-GAAP financial measures) to their comparable GAAP financial measures.

ACQUIRED FOUR COMPANIES DURING THE SECOND QUARTER AND IN JULY OF 2026
During the second quarter and in July of 2026, Quanta completed the acquisitions of Phalcon, Ltd. (Phalcon) and Enerfab Holdings, Inc. (Enerfab), two high-quality companies that align with our strategic plan and enhance the platform Quanta has been purposefully building for several years through the acquisitions of Cupertino Electric, Dynamic Systems and Tri-City Group. Quanta is executing on a multi-year strategy to assemble deep, self-perform craft-skilled capabilities across electrical, mechanical and fabrication disciplines serving diverse end markets, rather than concentrating around any single end market or customer type.

Phalcon, headquartered in Farmington, Connecticut, and with an operating history established in 1983, is a regional leader providing electrical services primarily to customers in the utility, technology and load center and commercial end markets. Phalcon has approximately 4,100 employees and fabrication and modular facilities spanning more than 400,000 square feet, and expands Quanta's craft-skilled electrical capabilities across the Northeast and Mid-Atlantic, in the growing data center and mission-critical facility markets.

Enerfab, founded in 1901 and headquartered in Cincinnati, Ohio, provides fabrication, electrical, mechanical, construction and maintenance services to the industrial, utility, power generation, energy and other markets. With approximately 2,100 employees and fabrication facilities spanning approximately 250,000 square feet, Enerfab strengthens Quanta's infrastructure solutions offerings, including specialty fabrication capabilities supporting power generation, data center and advanced manufacturing customers.

In addition, Quanta completed the acquisitions of Percheron Holdings (Percheron) and PSD Global Holdings Pty Ltd (PSD). These companies strengthen Quanta's craft-skilled, front-end services and fabrication and manufacturing platforms and expand Quanta's ability to serve customers' critical infrastructure needs across the utility, power, technology and load center, industrial and energy end markets in the United States and Australia.

Percheron, headquartered in Katy, Texas, and with an operating history established in 1985, provides a full suite of front-end services, including land services (title and right-of-way), surveying and geospatial services, and engineering design work. Percheron's team of approximately 1,050 professionals operates across the United States primarily serving the utility, renewable, energy and industrial industries.

Based in Adelaide, South Australia with 170 employees and founded in 2005, PSD provides turnkey engineering, fabrication and manufacturing, including transportable substation buildings and switchgear, and construction services, to the utility, renewable, energy, mining and other infrastructure industries in Australia. PSD's capabilities and customer base are complementary to and enhance Quanta's existing Australian infrastructure solutions operations.

Phalcon, Percheron and PSD were acquired in the second quarter of 2026 and did not materially contribute to Quanta's financial performance during the period, and Enerfab was acquired in July 2026. For the full year of 2026, in the aggregate, Quanta expects these acquisitions to contribute approximately $1.2 billion - $1.4 billion of revenues and approximately $120 million to $140 million of adjusted EBITDA. The majority of the financial contribution from these companies is expected to be included in the Electric segment. The aggregate upfront consideration, net of cash acquired, for these transactions was approximately $1.24 billion, consisting of approximately $1.07 billion in cash, subject to customary adjustments, and approximately $173.3 million in Quanta common stock. Additionally, certain contingent consideration amounts of up to approximately $242.3 million are payable to the extent the acquired business achieves certain financial and other operating performance targets during post-acquisition measurement periods. Quanta funded the cash portion of the transactions with drawings under its existing debt financing arrangements and cash on hand.

RECENT HIGHLIGHTS

Formed a Joint Venture to Expand Domestic High-Voltage Circuit Breaker Manufacturing - In June 2026, Hyosung HICO and Quanta announced the formation of a joint venture, Hyosung HICO Breaker, LLC, to manufacture high-voltage circuit breakers in the United States. The joint venture will operate from a refurbished facility at Quanta's subsidiary's manufacturing site in Canonsburg, Pennsylvania, and will produce high-voltage and extra-high-voltage gas circuit breakers rated up to 800 kV for the utility, industrial, technology and load center markets. Quanta's participation in the joint venture expands its domestic manufacturing capabilities and enhances its ability to offer critical-path supply chain solutions to customers amid rising electricity demand driven by data centers, electrification and grid modernization. Named 2026 Top Solar Contractor by Solar Power World - In July 2026, Quanta announced that it has been named the top solar solutions provider in the United States by Solar Power World for the third time in four years. Quanta operating companies, utilizing their combined expertise and collaborative efforts, installed more than 6,100 megawatts of domestic solar generating capacity in 2025. Authorized a New $1 Billion Stock Repurchase Program and Declared Quarterly Cash Dividend - In May 2026, Quanta's Board of Directors authorized a new stock repurchase program under which the company may repurchase, from time to time, up to $1 billion of its outstanding common stock through open-market or privately negotiated transactions. Under the company's prior repurchase program, which expired June 30, 2026, Quanta had acquired 540,788 shares of its outstanding common stock in the open market for a total cost of approximately $135 million. Additionally, in May 2026, Quanta's Board of Directors declared a quarterly cash dividend of $0.11 per share, or $0.44 per share on an annualized basis. Received Credit Rating Upgrade from Moody's - In June 2026, Moody's Ratings upgraded Quanta's senior unsecured notes rating to Baa2 from Baa3, and its commercial paper rating to Prime-2 from Prime-3. Joseph Kim Elected to the Board of Directors - At Quanta's 2026 Annual Meeting of Stockholders in May, Joseph Kim was elected to the company's Board of Directors. Mr. Kim currently serves as President, Chief Executive Officer and director of Sunoco GP LLC, the general partner of Sunoco LP. He brings extensive executive-level leadership and operational experience, including supply chain and logistics expertise, as well as deep expertise in the energy industry and a strong track record in strategic planning, capital allocation and risk management. RESULTS FOR THE SIX MONTHS ENDED JUNE 30, 2026
Revenues in the six months ended June 30, 2026 were $17.43 billion compared to revenues of $13.01 billion in the six months ended June 30, 2025, and net income attributable to common stock was $672.0 million, or $4.41 per diluted share, in the six months ended June 30, 2026 compared to net income attributable to common stock of $373.5 million, or $2.47 per diluted share, in the six months ended June 30, 2025. Adjusted diluted earnings per share attributable to common stock was $6.92 for the six months ended June 30, 2026 compared to $4.25 for the six months ended June 30, 2025.

FULL-YEAR 2026 OUTLOOK
Prior to the Company's conference call, management will post a summary of Quanta's updated 2026 guidance expectations with additional commentary in the "News and Events" and "Financial Info" areas of the Investor Relations section of Quanta's website at http://investors.quantaservices.com.

The long-term outlook for Quanta's business is positive. However, weather, regulatory, permitting, supply chain challenges and other factors affecting project timing and execution have impacted, and may impact in the future, Quanta's financial results. Additionally, we continue to consider future uncertainty associated with overall challenges to the domestic and global economy, including inflation, interest rates and potential recessionary economic conditions. Quanta's financial outlook for revenues, margins and earnings reflects management's effort to align these uncertainties with the backlog the Company is executing on and the opportunities expected to materialize during the remainder of 2026.

The following forward-looking statements are based on current expectations, and actual results may differ materially, as described below in Cautionary Statement About Forward-Looking Statements and Information. For the full year ending December 31, 2026, Quanta now expects revenues to range between $39.3 billion and $39.7 billion and net income attributable to common stock to range between $1.74 billion and $1.82 billion. Quanta also now expects diluted earnings per share attributable to common stock to range between $11.41 and $11.92 and adjusted diluted earnings per share attributable to common stock to range between $16.45 and $16.95. Quanta now expects EBITDA to range between $3.74 billion and $3.86 billion and adjusted EBITDA to range between $4.09 billion and $4.21 billion. Additionally, for the full year ending December 31, 2026, Quanta now expects net cash provided by operating activities to range between $2.90 billion and $3.40 billion and free cash flow (a non-GAAP financial measure) to range between $2.00 billion and $2.50 billion.

NON-GAAP FINANCIAL MEASURES
The financial measures not prepared in conformity with generally accepted accounting principles in the United States (GAAP) that are utilized in this press release are provided to enable investors, analysts and management to evaluate Quanta's performance excluding the effects of certain items that management believes impact the comparability of operating results between reporting periods. In addition, management believes these measures are useful in comparing Quanta's operating results with those of its competitors. These measures should be used in addition to, and not in lieu of, financial measures prepared in conformity with GAAP.

Please see the accompanying tables for reconciliations of the following non-GAAP financial measures for Quanta's current and historical results and full-year 2026 expectations (as applicable): adjusted diluted earnings per share attributable to common stock to diluted earnings per share attributable to common stock; adjusted net income attributable to common stock, EBITDA and adjusted EBITDA to net income attributable to common stock; free cash flow to net cash provided by operating activities; and backlog to remaining performance obligations.

EARNINGS WEBCAST AND SUPPLEMENTAL MATERIALS INFORMATION
Quanta Services has scheduled a webcast and conference call for 9:00 a.m. Eastern Time today, July 30, 2026. This event will be facilitated through web-based audio using a Zoom Webinar. To register for and access the event, please log in to the webinar through the Investor Relations section of Quanta's website (http://investors.quantaservices.com). Once registered, if you prefer to access the call by phone, dial-in details will be provided on the event access page upon registration and when prompted, please enter the unique Participant ID provided to join the call. Please allow at least 15 minutes to register and download and install any necessary audio software. For those who cannot participate live, shortly following the webcast a digital recording will be available on the Company's website.

Additionally, Quanta has posted its Second Quarter 2026 Operational and Financial Commentary, as well as all other supplemental earnings call materials, in the Investor Relations section of the Quanta Services website. While management intends to make brief introductory remarks during the earnings call, the Operational and Financial Commentary is intended to largely replace management's prepared remarks, allowing additional time for questions from the institutional investment community. For more information, please contact Kip Rupp, Vice President - Investor Relations or Sean Eastman, Director - Investor Relations at Quanta Services, at 713-629-7600 or [email protected]. 

FOLLOW QUANTA IR ON SOCIAL MEDIA
Investors and others should note that while Quanta announces material financial information and makes other public disclosures of information regarding Quanta through U.S. Securities and Exchange Commission (SEC) filings, press releases and public conference calls, it also utilizes social media to communicate this information. It is possible that the information Quanta posts on social media could be deemed material. Accordingly, Quanta encourages investors, the media and others interested in our company to follow Quanta, and review the information it posts, on the social media channels listed in the Investor Relations section of the Quanta Services website.

ABOUT QUANTA SERVICES
Quanta Services is an industry leader in providing specialized infrastructure solutions to the utility, power generation, load center, communications, pipeline, and energy industries. Quanta's comprehensive services include designing, installing, repairing and maintaining energy, load center and communications infrastructure. With operations throughout the United States, Canada, Australia and select other international markets, Quanta has the manpower, resources and expertise to safely complete projects that are local, regional, national or international in scope. For more information, visit www.quantaservices.com.

Cautionary Statement About Forward-Looking Statements and Information

This press release (and oral statements regarding the subject matter of this press release, including those made on the conference call and webcast announced herein) contains forward-looking statements intended to qualify for the "safe harbor" from liability established by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements relating to projected revenues, net income, earnings per share, margins, cash flows, liquidity, weighted average shares outstanding, capital expenditures, interest rates and tax rates, as well as other projections of operating results and GAAP and non-GAAP financial results, including EBITDA, adjusted EBITDA and backlog; expectations regarding Quanta's business or financial outlook; expectations regarding opportunities, technological developments, competitive positioning, future economic and regulatory conditions and other trends in particular markets or industries; expectations regarding Quanta's plans and strategies, including with respect to supply chain solutions and expanded or new services offerings; the business plans or financial condition of Quanta's customers; the potential benefits from, and future financial and operational performance of, acquired businesses and investments; the expected value of contracts or intended contracts with customers, as well as the expected timing, scope, services, term or results of any awarded or expected projects; possible recovery of pending or contemplated insurance claims, change orders and claims asserted against customers or third parties, as well as the collectability of receivables; the development of and opportunities with respect to future projects, including projects involving renewable energy and other power generation, electrical grid modernization, upgrade and hardening projects, data centers and other technology infrastructure, advanced manufacturing facilities and larger transmission and pipeline infrastructure; expectations regarding the future availability and price of materials and equipment necessary for the performance of Quanta's business; the expected impact of global and domestic economic or political conditions on Quanta's business, financial condition, results of operations, cash flows, liquidity and demand for Quanta's services, including inflation, interest rates, tariffs and recessionary economic conditions and commodity prices and production volumes; the expected impact of changes or potential changes in climate and the physical and transition risks associated with changes in climate; future capital allocation initiatives, including the amount and timing of, and strategies with respect to, any future acquisitions, investments, cash dividends, repurchases of Quanta's equity or debt securities or repayments of other outstanding debt; the expected impact of existing or potential legislation or regulation; potential opportunities that may be indicated by bidding activity or similar discussions with customers; the future demand for, availability of and costs related to labor resources in the industries Quanta serves; the expected recognition and realization of Quanta's remaining performance obligations and backlog; expectations regarding the outcome of pending or threatened legal proceedings; and expectations regarding Quanta's ability to maintain its current credit ratings; as well as statements reflecting expectations, intentions, assumptions or beliefs about future events, and other statements that do not relate strictly to historical or current facts. These forward-looking statements are not guarantees of future performance; rather they involve or rely on a number of risks, uncertainties, and assumptions that are difficult to predict or are beyond our control, and reflect management's beliefs and assumptions based on information available at the time the statements are made. We caution you that actual outcomes and results may differ materially from what is expressed, implied or forecasted by our forward-looking statements and that any or all of our forward-looking statements may turn out to be inaccurate or incorrect. Forward-looking statements can be affected by inaccurate assumptions and by known or unknown risks and uncertainties including, among others, market, industry, economic, financial or political conditions that are outside of the control of Quanta, including economic, energy, infrastructure and environmental policies and plans that are adopted or proposed by the U.S. federal and state governments or other governments in territories or countries in which Quanta operates, inflation, interest rates, recessionary economic conditions, deterioration of global or specific trade relationships and geopolitical conflicts and political unrest; quarterly variations in operating and financial results, liquidity, financial condition, cash flows, capital requirements and reinvestment opportunities; trends and growth opportunities in relevant markets, including Quanta's ability to obtain future project awards; delays, deferrals, reductions in scope or cancellations of anticipated, pending or existing projects as a result of, among other things, supply chain or production disruptions and other logistical challenges, weather, regulatory or permitting issues, right of way acquisition, environmental processes, project performance issues, claimed force majeure events, protests or other political activity, legal challenges, inflationary pressure, reductions or eliminations in governmental funding or customer capital constraints; the effect of commodity prices and production volumes, which have been and may continue to be affected by inflationary pressure and geopolitical conditions, on Quanta's operations and growth opportunities and on customers' capital programs and demand for Quanta's services; the successful negotiation, execution, performance and completion of anticipated, pending and existing contracts; events arising from operational hazards, including, among others, wildfires and explosions, that can arise due to the nature of Quanta's services and certain of Quanta's product solutions, as well as the conditions in which Quanta operates and can be due to the failure of infrastructure on which Quanta has performed services and result in significant liabilities that may be exacerbated in certain geographies and locations; unexpected costs, liabilities, fines or penalties that may arise from legal proceedings, indemnity obligations, reimbursement obligations associated with letters of credit or bonds, multiemployer pension plans or other claims or actions asserted against Quanta, including amounts not covered by, or in excess of the coverage under, third-party insurance; potential unavailability or cancellation of third-party insurance coverage, as well as the exclusion of coverage for certain losses, potential increases in premiums and deductibles for coverage deemed beneficial to Quanta, increases in amounts or retention amounts or the unavailability of coverage deemed beneficial to Quanta at reasonable and competitive rates (e.g., coverage for wildfire events); damage to Quanta's brand or reputation, as well as potential costs, liabilities, fines and penalties, arising as a result of cybersecurity breaches, environmental and occupational health and safety matters, corporate scandal, failure to successfully perform or negative publicity regarding a high-profile or large-scale infrastructure project, involvement in a catastrophic event (e.g., fire, explosion) or other negative incidents; disruptions in, or failure to adequately protect, Quanta's information technology systems; Quanta's dependence on suppliers, subcontractors, equipment manufacturers and other third-parties, and the impact of, among other things, inflationary pressure, regulatory, supply chain and logistical challenges on these third parties; estimates and assumptions relating to financial results, remaining performance obligations and backlog; Quanta's inability to attract, the potential shortage of and increased costs with respect to skilled employees, as well as Quanta's inability to retain or attract key personnel and qualified employees; Quanta's dependence on fixed price contracts and the potential to incur losses with respect to these contracts; cancellation provisions within contracts and the risk that contracts expire and are not renewed or are replaced on less favorable terms; Quanta's inability or failure to comply with the terms of its contracts, which may result in additional costs, unexcused delays, warranty claims, failure to meet performance guarantees, damages or contract terminations; adverse weather conditions, natural disasters and other emergencies, including wildfires, pandemics, hurricanes, tropical storms, floods, debris flows, earthquakes and other geological- and weather-related hazards; the impact of changes in climate; Quanta's ability to generate internal growth; competition in Quanta's business, including the ability to effectively compete for new projects and market share, as well as technological advancements and market developments that could reduce demand for Quanta's services; the failure of existing or potential legislative actions and initiatives to result in increased demand for Quanta's services or budgetary or other constraints that may reduce or eliminate tax incentives or government funding for projects, which may result in project delays or cancellations; unavailability of, or increased prices for, materials, equipment and consumables (such as fuel) used in Quanta's or its customers' businesses, including as a result of inflationary pressure, supply chain or production disruptions, governmental regulations on sourcing, the imposition of tariffs, duties, taxes or other assessments, and other changes in U.S. trade relationships with foreign countries; loss of or deterioration of relationships with customers with whom Quanta has long-standing or significant relationships; the potential that participation in joint ventures or similar structures exposes Quanta to liability or harm to its reputation as a result of acts or omissions by partners; the inability or refusal of customers or third-party contractors to pay for services, which could result in the inability to collect our outstanding receivables, failure to recover amounts billed to, or avoidance of certain payments received from, customers in bankruptcy or failure to recover on change orders or contract claims; risks associated with operating in international markets and U.S. territories, including instability of governments, significant currency exchange fluctuations, and compliance with unfamiliar legal and labor systems and cultural practices, the U.S. Foreign Corrupt Practices Act and other applicable anti-bribery and anti-corruption laws, and complex U.S. and foreign tax regulations and international treaties; inability to successfully identify, complete, integrate and realize synergies from acquisitions, including the inability to retain key personnel from acquired businesses; the potential adverse impact of acquisitions and investments, including the potential increase in risks already existing in Quanta's operations, poor performance or decline in value of acquired businesses or investments and unexpected costs or liabilities that may arise from acquisitions or investments; the adverse impact of impairments of goodwill, other intangible assets, receivables, long-lived assets or investments; the impact of the unionized portion of Quanta's workforce on its operations; inability to access sufficient funding to finance desired growth and operations, including the ability to access capital markets on favorable terms, as well as fluctuations in the price and trading volume of Quanta's common stock, debt covenant compliance, interest rate fluctuations, a downgrade in our credit ratings and other factors affecting financing and investing activities; the ability to obtain bonds, letters of credit and other project security; new or changed tax laws, treaties or regulations or the inability to realize deferred tax assets; and other risks and uncertainties detailed in Quanta's Annual Report on Form 10-K for the year ended December 31, 2025, Quanta's Quarterly Reports on Form 10-Q for the quarters ended March 31, 2026 and June 30, 2026 (when filed) and any other documents that Quanta files with the SEC. For a discussion of these risks, uncertainties and assumptions, investors are urged to refer to Quanta's documents filed with the SEC that are available through Quanta's website at www.quantaservices.com or through the SEC's Electronic Data Gathering and Analysis Retrieval System (EDGAR) at www.sec.gov. Should one or more of these risks materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expressed or implied in any forward-looking statements. Investors are cautioned not to place undue reliance on these forward-looking statements, which are current only as of this date. Quanta does not undertake and expressly disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Quanta further expressly disclaims any written or oral statements made by any third party regarding the subject matter of this press release.

Quanta Services, Inc. and Subsidiaries

Condensed Consolidated Statements of Operations

For the Three and Six Months Ended

June 30, 2026 and 2025

(In thousands, except per share information)

(Unaudited)

Three Months Ended

Six Months Ended

June 30,

June 30,

2026

2025

2026

2025

Revenues

$ 9,556,997

$ 6,773,007

$            17,431,784

$            13,006,341

Cost of services

8,011,819

5,765,433

14,779,277

11,164,730

Gross profit

1,545,178

1,007,574

2,652,507

1,841,611

Equity in earnings of integral unconsolidated affiliates

11,590

14,444

26,059

27,373

Selling, general and administrative expenses

(698,490)

(528,355)

(1,319,216)

(1,022,321)

Amortization of intangible assets

(156,957)

(113,178)

(309,338)

(222,740)

Increase in fair value of contingent consideration liabilities

(6,487)

(10,203)

(16,399)

(14,560)

Operating income

694,834

370,282

1,033,613

609,363

Interest and other financing expenses

(73,548)

(59,579)

(146,815)

(113,891)

Interest income

3,307

3,782

6,215

7,623

Other (expense) income, net

(7,430)

4,138

(19,494)

4,377

Income before income taxes

617,163

318,623

873,519

507,472

Provision for income taxes

157,584

85,100

182,509

124,980

Net income

459,579

233,523

691,010

382,492

Less: Net income attributable to non-controlling interests

8,198

4,273

19,004

8,984

Net income attributable to common stock

$   451,381

$   229,250

$   672,006

$   373,508

Earnings per share attributable to common stock:

Basic

$      3.01

$      1.54

$      4.48

$      2.52

Diluted

$      2.96

$      1.52

$      4.41

$      2.47

Shares used in computing earnings per share:

Weighted average basic shares outstanding

150,208

148,448

149,995

148,361

Weighted average diluted shares outstanding

152,439

150,923

152,289

150,937

Quanta Services, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(In thousands)

(Unaudited)

June 30,

December 31,

2026

2025

ASSETS

CURRENT ASSETS:

Cash and cash equivalents

$         506,431

$         439,508

Accounts receivable, net

8,532,311

6,847,091

Contract assets

1,534,265

1,522,186

Inventories

469,865

370,372

Prepaid expenses and other current assets

816,882

724,260

Total current assets

11,859,754

9,903,417

PROPERTY AND EQUIPMENT, net

3,697,411

3,455,204

OPERATING LEASE RIGHT-OF-USE ASSETS

467,652

400,814

OTHER ASSETS, net

1,182,033

944,050

OTHER INTANGIBLE ASSETS, net

3,216,084

2,906,188

GOODWILL

7,868,886

7,317,228

Total assets

$     28,291,820

$     24,926,901

LIABILITIES AND EQUITY

CURRENT LIABILITIES:

Current maturities of long-term debt and short-term debt

$         683,022

$         763,898

Current portion of operating lease liabilities

125,376

114,377

Accounts payable and accrued expenses

5,748,126

4,579,458

Contract liabilities

4,241,933

3,258,465

Total current liabilities

10,798,457

8,716,198

LONG-TERM DEBT, net of current maturities

5,421,862

5,231,008

OPERATING LEASE LIABILITIES, net of current portion

372,875

309,671

DEFERRED INCOME TAXES

513,921

502,626

INSURANCE AND OTHER NON-CURRENT LIABILITIES

1,442,762

1,139,524

Total liabilities

18,549,877

15,899,027

TOTAL STOCKHOLDERS' EQUITY

9,637,942

8,938,249

NON-CONTROLLING INTERESTS

104,001

89,625

TOTAL EQUITY

9,741,943

9,027,874

Total liabilities and equity

$     28,291,820

$     24,926,901

Quanta Services, Inc. and Subsidiaries
Supplemental Segment Data
For the Three and Six Months Ended
June 30, 2026 and 2025
(In thousands, except percentages)
(Unaudited)

Segment Results

The following table sets forth segment revenues, segment operating income and operating margins for the periods indicated. Operating margins are calculated by dividing operating income by revenues.

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Revenues:

Electric

$ 7,837,805

82.0 %

$ 5,458,074

80.6 %

$            14,306,462

82.1 %

$            10,402,465

80.0 %

Underground and Infrastructure

1,719,192

18.0

1,314,933

19.4

3,125,322

17.9

2,603,876

20.0

Consolidated revenues

$ 9,556,997

100.0 %

$ 6,773,007

100.0 %

$            17,431,784

100.0 %

$            13,006,341

100.0 %

Operating income (loss):

Electric (a)

$  898,225

11.5 %

$  552,620

10.1 %

$ 1,459,307

10.2 %

$  960,784

9.2 %

Underground and Infrastructure

155,772

9.1 %

90,703

6.9 %

261,389

8.4 %

167,570

6.4 %

Corporate and Non-Allocated Costs (b)

(359,163)

(3.8) %

(273,041)

(4.0) %

(687,083)

(3.9) %

(518,991)

(4.0) %

Consolidated operating income

$  694,834

7.3 %

$  370,282

5.5 %

$ 1,033,613

5.9 %

$  609,363

4.7 %

(a) Included in operating income for the Electric segment was equity in earnings of integral unconsolidated affiliates of $11.6 million and $14.4 million for the three months ended June 30, 2026 and 2025, and $26.1 million and $27.4 million for the six months ended June 30, 2026 and 2025.

(b) Included in corporate and non-allocated costs was, among other things, amortization expense of $157.0 million and $113.2 million or the three months ended June 30, 2026 and 2025, and $309.3 million and $222.7 million for the six months ended June 30, 2026 and 2025, as well as non-cash stock-based compensation of $63.4 million and $44.1 million for the three months ended June 30, 2026 and 2025 and $126.0 million and $82.2 million for the six months ended June 30, 2026 and 2025.

Quanta Services, Inc. and Subsidiaries
Supplemental Data
(In thousands)
(Unaudited)

Remaining Performance Obligations and Backlog (a non-GAAP financial measure)

Quanta's remaining performance obligations represent management's estimate of consolidated revenues that are expected to be realized from the remaining portion of firm orders under fixed price contracts not yet completed or for which work has not yet begun as of such dates and, to a lesser extent, from certain unit-priced contracts with more than an insignificant amount of partially completed units. For purposes of calculating remaining performance obligations, Quanta includes all estimated revenues attributable to consolidated joint ventures and variable interest entities, revenues from funded and unfunded portions of government contracts to the extent they are reasonably expected to be realized, and revenues from change orders and claims to the extent management believes additional contract revenues will be earned and are deemed probable of collection.

Quanta has also historically disclosed its backlog, a measure commonly used in its industry but not recognized under GAAP. Quanta believes this measure enables management to more effectively forecast its future capital needs and results and better identify future operating trends that may not otherwise be apparent. Quanta believes this measure is also useful for investors in forecasting Quanta's future results and comparing Quanta to its competitors. Quanta's remaining performance obligations, as described above, are a component of its backlog calculation, which also includes estimated orders under master service agreements (MSAs), including estimated renewals, and certain non-fixed price contracts. Quanta's methodology for determining backlog may not be comparable to the methodologies used by other companies.

Estimates of the timing of revenue recognition of remaining performance obligations are subject to change based on, among other things, project accelerations; project cancellations or delays, including but not limited to those caused by commercial issues, regulatory requirements, natural disasters, emergencies and adverse weather conditions; and final acceptance of change orders by customers. These factors can cause revenues to be realized in periods and at levels that are different than originally projected.

The following table reconciles total remaining performance obligations to Quanta's backlog (a non-GAAP financial measure) by reportable segment along with estimates of amounts expected to be realized within 12 months. The following table shows dollars in thousands.

June 30, 2026

December 31, 2025

June 30, 2025

12 Month

Total

12 Month

Total

12 Month

Total

Electric

Remaining performance obligations

$ 20,409,603

$ 29,114,647

$ 14,188,737

$ 21,638,080

$ 11,231,906

$ 17,963,215

Estimated orders under MSAs and short-term, non-fixed price contracts

6,270,741

14,675,391

7,755,355

14,528,626

5,946,397

12,320,083

Backlog

$ 26,680,344

$ 43,790,038

$ 21,944,092

$ 36,166,706

$ 17,178,303

$ 30,283,298

Underground and Infrastructure

Remaining performance obligations

$  3,105,330

$  4,439,508

$  1,518,060

$  2,124,934

$    909,409

$  1,197,644

Estimated orders under MSAs and short-term, non-fixed price contracts

2,528,514

5,210,950

2,404,135

5,684,768

1,960,403

4,363,593

Backlog

$  5,633,844

$  9,650,458

$  3,922,195

$  7,809,702

$  2,869,812

$  5,561,237

Total

Remaining performance obligations

$ 23,514,933

$ 33,554,155

$ 15,706,797

$ 23,763,014

$ 12,141,315

$ 19,160,859

Estimated orders under MSAs and short-term, non-fixed price contracts

8,799,255

19,886,341

10,159,490

20,213,394

7,906,800

16,683,676

Backlog

$ 32,314,188

$ 53,440,496

$ 25,866,287

$ 43,976,408

$ 20,048,115

$ 35,844,535

Quanta Services, Inc. and Subsidiaries
Reconciliation of Non-GAAP Financial Measures
Adjusted Net Income and Adjusted Diluted Earnings
Per Share Attributable to Common Stock
For the Three and Six Months Ended
June 30, 2026 and 2025
(In thousands, except per share information)
(Unaudited)

The following table presents the reconciliations of the non-GAAP financial measures of adjusted net income attributable to common stock to net income attributable to common stock and adjusted diluted earnings per share attributable to common stock to diluted earnings per share attributable to common stock for the three and six months ended June 30, 2026 and 2025. These reconciliations are intended to provide useful information to investors and analysts as they evaluate Quanta's performance. Management believes that the exclusion of certain items from net income attributable to common stock and diluted earnings per share attributable to common stock enables Quanta and its investors to more effectively evaluate Quanta's operations period over period and better identify operating trends that may not otherwise be apparent due to, among other reasons, the variable nature of these items period over period. In addition, management believes these measures may be useful for investors in comparing Quanta's operating results with other companies that may be viewed as our peers. However, these non-GAAP measures should not be considered as alternatives to net income attributable to common stock and diluted earnings per share attributable to common stock or other measures of performance that are derived in accordance with GAAP.

As to certain of the items in the table: (i) non-cash stock-based compensation expense varies from period to period due to acquisition activity, changes in the estimated fair value of performance-based awards, forfeiture rates, accelerated vesting and amounts granted; (ii) amortization of intangible assets and amortization included in equity in earnings are impacted by Quanta's acquisition activities and investments in integral unconsolidated affiliates, and therefore can vary from period to period; (iii) acquisition and integration costs vary from period to period depending on the level and complexity of Quanta's acquisition activity; (iv) change in fair value of contingent consideration liabilities varies from period to period depending on, among other things, the performance in post-acquisition periods of certain acquired businesses and the effect of present value accretion on fair value calculations; (v) equity in losses and earnings of non-integral unconsolidated affiliates varies from period to period depending on the activity and financial performance of such affiliates, the operations of which are not operationally integral to Quanta; (vi) change in fair value of non-marketable equity securities, net varies from period to period based on various factors, including changes in the financial performance of the investee, the investee's operating environment and general market conditions and (vii) income tax contingency releases vary period to period and depend on the level of reserves for uncertain tax positions and the expiration dates under various federal and state statute of limitations periods.

Because adjusted net income attributable to common stock and adjusted diluted earnings per share attributable to common stock, as defined, exclude some, but not all, items that affect net income attributable to common stock and diluted earnings per share attributable to common stock, they may not be comparable to similarly titled measures of other companies. The most comparable GAAP financial measures, net income attributable to common stock and diluted earnings per share attributable to common stock, and information reconciling the GAAP and non-GAAP financial measures, are included in the table to follow.

Quanta Services, Inc. and Subsidiaries
Reconciliation of Non-GAAP Financial Measures
Adjusted Net Income and Adjusted Diluted Earnings Per Share Attributable to Common Stock
For the Three and Six Months Ended

June 30, 2026 and 2025
(In thousands, except per share information)
(Unaudited)

Three Months Ended

Six Months Ended

June 30,

June 30,

2026

2025

2026

2025

Reconciliation of adjusted net income attributable to common stock:

Net income attributable to common stock (GAAP as reported)

$ 451,381

$ 229,250

$ 672,006

$ 373,508

Acquisition and integration costs (a)

28,523

24,599

39,752

38,374

Increase in fair value of contingent consideration liabilities

6,487

10,203

16,399

14,560

Equity in losses of non-integral unconsolidated affiliates

6,406

499

8,677

417

Change in fair value of non-marketable equity security investments, net

—

—

10,380

—

Income tax impact of adjustments (b)

(9,702)

(8,458)

(17,636)

(11,971)

Impact of income tax contingency releases

(2,068)

—

(2,068)

—

Adjusted net income attributable to common stock before certain non-cash adjustments

481,027

256,093

727,510

414,888

Non-cash stock-based compensation

63,379

44,071

126,013

82,222

Amortization of intangible assets

156,957

113,178

309,338

222,740

Amortization included in equity in earnings of integral unconsolidated affiliates

2,604

1,604

5,312

2,323

Income tax impact of non-cash adjustments (b)

(57,990)

(41,332)

(114,624)

(79,948)

Adjusted net income attributable to common stock

$ 645,977

$ 373,614

$           1,053,549

$ 642,225

Reconciliation of adjusted diluted earnings per share:

Diluted earnings per share attributable to common stock (GAAP as reported)

$     2.96

$     1.52

$     4.41

$     2.47

Acquisition and integration costs (a)

0.19

0.16

0.26

0.25

Increase in fair value of contingent consideration liabilities

0.04

0.07

0.11

0.10

Equity in losses of non-integral unconsolidated affiliates

0.04

—

0.06

—

Change in fair value of non-marketable equity security investments, net

—

—

0.07

—

Income tax impact of adjustments (b)

(0.06)

(0.05)

(0.12)

(0.07)

Impact of income tax contingency releases

(0.01)

—

(0.01)

—

Adjusted diluted earnings per share before certain non-cash adjustments

3.16

1.70

4.78

2.75

Non-cash stock-based compensation

0.42

0.29

0.83

0.54

Amortization of intangible assets

1.03

0.75

2.03

1.48

Amortization included in equity in earnings of integral unconsolidated affiliates

0.02

0.01

0.03

0.02

Income tax impact of non-cash adjustments (b)

(0.39)

(0.27)

(0.75)

(0.54)

Adjusted diluted earnings per share

$     4.24

$     2.48

$     6.92

$     4.25

Weighted average shares outstanding for diluted and adjusted diluted earnings per share

152,439

150,923

152,289

150,937

See notes to follow.

(a) The amounts include $1.9 million and $4.2 million for the three months ended June 30, 2026 and 2025 and $4.1 million and $8.5 million for the six months ended June 30, 2026 and 2025 that, pursuant to acquisition purchase agreements, were or will be withheld from the sellers' proceeds, and have or will be paid to certain employees upon satisfaction of post-closing service obligations.

(b) The income tax impact of adjustments that are subject to tax is determined using the incremental statutory tax rates of the jurisdictions to which each adjustment relates for the respective periods.

Quanta Services, Inc. and Subsidiaries
Reconciliation of Non-GAAP Financial Measures
EBITDA and Adjusted EBITDA
For the Three and Six Months Ended
June 30, 2026 and 2025
(In thousands)
(Unaudited)

The following table presents reconciliations of the non-GAAP financial measures of EBITDA and adjusted EBITDA to net income attributable to common stock for the three and six months ended June 30, 2026 and 2025. These reconciliations are intended to provide useful information to investors and analysts as they evaluate Quanta's performance. EBITDA is defined as earnings before interest and other financing expenses, taxes, depreciation and amortization, and adjusted EBITDA is defined as EBITDA adjusted for certain other items as described below. These measures should not be considered as an alternative to net income attributable to common stock or other financial measures of performance that are derived in accordance with GAAP. Management believes that the exclusion of these items from net income attributable to common stock enables Quanta and its investors to more effectively evaluate Quanta's operations period over period and to identify operating trends that might not be apparent due to, among other reasons, the variable nature of these items period over period. In addition, management believes these measures may be useful for investors in comparing Quanta's operating results with other companies that may be viewed as its peers.

As to certain of the items below: (i) non-cash stock-based compensation expense varies from period to period due to acquisition activity, changes in the estimated fair value of performance-based awards, forfeiture rates, accelerated vesting and amounts granted; (ii) acquisition and integration costs vary from period to period depending on the level and complexity of Quanta's acquisition activity; (iii) equity in losses and earnings of non-integral unconsolidated affiliates varies from period to period depending on the activity and financial performance of such affiliates, the operations of which are not operationally integral to Quanta; (iv) change in fair value of contingent consideration liabilities varies from period to period depending on, among other things, the performance in post-acquisition periods of certain acquired businesses and the effect of present value accretion on fair value calculations; and (v) change in fair value of non-marketable equity securities, net varies from period to period based on various factors, including changes in the financial performance of the investee, the investee's operating environment and general market conditions. Because EBITDA and adjusted EBITDA, as defined, exclude some, but not all, items that affect net income attributable to common stock, such measures may not be comparable to similarly titled measures of other companies. The most comparable GAAP financial measure, net income attributable to common stock, and information reconciling the GAAP and non-GAAP financial measures, are included below.

Three Months Ended

Six Months Ended

June 30,

June 30,

2026

2025

2026

2025

Net income attributable to common stock (GAAP as reported)

$ 451,381

$ 229,250

$ 672,006

$ 373,508

Interest and other financing expenses

73,548

59,579

146,815

113,891

Interest income

(3,307)

(3,782)

(6,215)

(7,623)

Provision for income taxes

157,584

85,100

182,509

124,980

Depreciation expense

117,138

98,725

230,432

196,839

Amortization of intangible assets

156,957

113,178

309,338

222,740

Interest, income taxes, depreciation and amortization included in equity in earnings of integral unconsolidated affiliates

8,426

7,340

16,858

12,740

EBITDA

961,727

589,390

1,551,743

1,037,075

Non-cash stock-based compensation

63,379

44,071

126,013

82,222

Acquisition and integration costs (a)

28,523

24,599

39,752

38,374

Equity in losses of non-integral unconsolidated affiliates

6,406

499

8,677

417

Increase in fair value of contingent consideration liabilities

6,487

10,203

16,399

14,560

Change in fair value of non-marketable equity security investments, net

—

—

10,380

—

Adjusted EBITDA

$           1,066,522

$ 668,762

$           1,752,964

$           1,172,648

See note to follow.

(a) The amounts include $1.9 million and $4.2 million for the three months ended June 30, 2026 and 2025 and $4.1 million and $8.5 million for the six months ended June 30, 2026 and 2025 that, pursuant to acquisition purchase agreements, were or will be withheld from the sellers' proceeds, and have or will be paid to certain employees upon satisfaction of post-closing service obligations.

Quanta Services, Inc. and Subsidiaries
Reconciliation of Non-GAAP Financial Measures
Free Cash Flow
For the Three and Six Months Ended
June 30, 2026 and 2025
(In thousands)
(Unaudited)

Reconciliation of Free Cash Flow:

The following table presents a reconciliation of the non-GAAP financial measure of free cash flow to net cash provided by operating activities for the three and six months ended June 30, 2026 and 2025. This reconciliation is intended to provide useful information to investors and analysts as they evaluate Quanta's ability to generate the cash required to maintain and potentially expand its business. Free cash flow is defined as net cash provided by operating activities less net capital expenditures. Net capital expenditures is defined as capital expenditures less proceeds from the sale of property and equipment and from insurance settlements related to property and equipment. Management believes that free cash flow provides useful information to Quanta's investors because free cash flow is viewed by management as an important indicator of how much cash is provided or used by routine business operations, including the impact of net capital expenditures. Management uses this measure for capital allocation purposes as it is viewed as a measure of cash available to fund debt payments, acquire businesses, repurchase common stock and debt securities, declare and pay dividends and transact other investing and financing activities. However, this measure should not be considered as an alternative to net cash provided by operating activities or other measures of performance that are derived in accordance with GAAP. The most comparable GAAP financial measure, net cash provided by operating activities, and information reconciling the GAAP and non-GAAP financial measures, are included below. The following table shows dollars in thousands.

Three Months Ended

Six Months Ended

June 30,

June 30,

2026

2025

2026

2025

Net cash provided by operating activities

$  1,095,444

$     295,711

$  1,487,188

$    538,909

Less: Net capital expenditures:

Capital expenditures

(230,955)

(140,349)

(451,048)

(273,111)

Cash proceeds from sale of property and equipment and related insurance settlements

21,479

15,074

34,248

22,390

Net capital expenditures

(209,476)

(125,275)

(416,800)

(250,721)

Free Cash Flow

$    885,968

$     170,436

$  1,070,388

$    288,188

Quanta Services, Inc. and Subsidiaries
Reconciliation of Non-GAAP Financial Measures
Estimated Adjusted Net Income and
Adjusted Diluted Earnings Per Share
Attributable to Common Stock
For the Full Year 2026
(In thousands, except per share information)
(Unaudited)

The following table presents reconciliations of the non-GAAP financial measures of estimated adjusted net income attributable to common stock to estimated net income attributable to common stock and estimated adjusted diluted earnings per share attributable to common stock to estimated diluted earnings per share attributable to common stock for the full year ending December 31, 2026. These reconciliations are intended to provide useful information to investors and analysts as they evaluate Quanta's expected future performance. Management believes that the exclusion of certain items from net income attributable to common stock and diluted earnings per share attributable to common stock enables Quanta and its investors to more effectively evaluate Quanta's operations period over period and better identify operating trends that may not otherwise be apparent due to, among other reasons, the variable nature of these items period over period. In addition, management believes these measures may be useful for investors in comparing Quanta's operating results with other companies that may be viewed as its peers. However, these non-GAAP measures should not be considered as alternatives to net income attributable to common stock and diluted earnings per share attributable to common stock or other measures of performance that are derived in accordance with GAAP.

As to certain of the items below: (i) non-cash stock-based compensation expense may vary from period to period due to acquisition activity, changes in the estimated fair value of performance-based awards, forfeiture rates, accelerated vesting and amounts granted; (ii) amortization of intangible assets and amortization included in equity in earnings are impacted by Quanta's acquisition activities and investments in integral unconsolidated affiliates, and therefore can vary from period to period; (iii) acquisition and integration costs vary from period to period depending on the level and complexity of Quanta's acquisition activity; (iv) change in fair value of contingent consideration liabilities varies from period to period depending on, among other things, the performance in post-acquisition periods of certain acquired businesses and the effect of present value accretion on fair value calculations; (v) equity in losses and earnings of non-integral unconsolidated affiliates varies from period to period depending on the activity and financial performance of such affiliates, the operations of which are not operationally integral to Quanta; (vi) change in fair value of non-marketable equity securities, net varies from period to period based on various factors, including changes in the financial performance of the investee, the investee's operating environment and general market conditions and (vii) income tax contingency releases vary period to period and depend on the level of reserves for uncertain tax positions and the expiration dates under various federal and state statute of limitations periods.

Because adjusted net income attributable to common stock and adjusted diluted earnings per share attributable to common stock, as defined, exclude some, but not all, items that affect net income attributable to common stock and diluted earnings per share attributable to common stock, they may not be comparable to similarly titled measures of other companies. The most comparable GAAP financial measures, net income attributable to common stock and diluted earnings per share attributable to common stock, and information reconciling the GAAP and non-GAAP financial measures, are included in the table to follow.

Quanta Services, Inc. and Subsidiaries

Reconciliation of Non-GAAP Financial Measures

Estimated Adjusted Net Income and

Adjusted Diluted Earnings Per Share

Attributable to Common Stock

For the Full Year 2026

(In thousands, except per share information)

(Unaudited)

Estimated Range

Full Year Ending

December 31, 2026

Reconciliation of estimated adjusted net income attributable to common stock:

Net income attributable to common stock (as defined by GAAP)

$      1,740,700

$      1,817,100

Acquisition and integration costs (a)

44,600

44,600

Increase in fair value of contingent consideration liabilities

16,400

16,400

Equity in losses of non-integral unconsolidated affiliates

10,600

10,600

Change in fair value of non-marketable equity security investments, net

10,400

10,400

Non-cash stock-based compensation

267,200

267,200

Amortization of intangible assets

679,500

679,500

Amortization included in equity in earnings of integral unconsolidated affiliates

9,900

9,900

Income tax impact of adjustments (b)

(268,200)

(268,200)

Impact of income tax contingency releases

(2,100)

(2,100)

Adjusted net income attributable to common stock

$      2,509,000

$      2,585,400

Reconciliation of adjusted diluted earnings per share:

Diluted earnings per share attributable to common stock (as defined by GAAP)

$             11.41

$             11.92

Acquisition and integration costs (a)

0.29

0.29

Increase in fair value of contingent consideration liabilities

0.11

0.11

Equity in losses of non-integral unconsolidated affiliates

0.07

0.07

Change in fair value of non-marketable equity security investments, net

0.07

0.07

Non-cash stock-based compensation

1.75

1.75

Amortization of intangible assets

4.46

4.46

Amortization included in equity in earnings of integral unconsolidated affiliates

0.06

0.06

Income tax impact of adjustments (b)

(1.76)

(1.77)

Impact of income tax contingency releases

(0.01)

(0.01)

Adjusted diluted earnings per share

$            16.45

$            16.95

Weighted average shares outstanding for diluted and adjusted diluted earnings per share attributable to common stock

152,500

152,500

(a) Includes $8.0 million that, pursuant to acquisition purchase agreements, was or will be withheld from the sellers' proceeds and will be paid to certain employees upon satisfaction of post-closing service obligations.

(b) The income tax impact of adjustments that are subject to tax is determined using the incremental statutory tax rates of the jurisdictions to which each adjustment relates for the respective periods.

Quanta Services, Inc. and Subsidiaries
Reconciliation of Non-GAAP Financial Measures
Estimated EBITDA and Adjusted EBITDA
For the Full Year 2026
(In thousands)
(Unaudited)

The following table presents the reconciliations of the non-GAAP financial measures of estimated EBITDA and estimated adjusted EBITDA to estimated net income attributable to common stock for the full year ending December 31, 2026. These reconciliations are intended to provide useful information to investors and analysts as they evaluate Quanta's expected future performance. EBITDA is defined as earnings before interest and other financing expenses, taxes, depreciation and amortization, and adjusted EBITDA is defined as EBITDA adjusted for certain other items as described below. These measures should not be considered as an alternative to net income attributable to common stock or other financial measures of performance that are derived in accordance with GAAP. Management believes that the exclusion of these items from net income attributable to common stock enables Quanta and its investors to more effectively evaluate Quanta's operations period over period and to identify operating trends that might not be apparent due to, among other reasons, the variable nature of these items period over period. In addition, management believes these measures may be useful for investors in comparing Quanta's operating results with other companies that may be viewed as its peers.

As to certain of the items below: (i) non-cash stock-based compensation expense varies from period to period due to acquisition activity, changes in the estimated fair value of performance-based awards, forfeiture rates, accelerated vesting and amounts granted; (ii) acquisition and integration costs vary from period to period depending on the level and complexity of Quanta's acquisition activity; (iii) change in fair value of contingent consideration liabilities varies from period to period depending on, among other things, the performance in post-acquisition periods of certain acquired businesses and the effect of present value accretion on fair value calculations; (iv) equity in losses and earnings of non-integral unconsolidated affiliates varies from period to period depending on the activity and financial performance of such affiliates, the operations of which are not operationally integral to Quanta; and (v) change in fair value of non-marketable equity securities, net varies from period to period based on various factors, including changes in the financial performance of the investee, the investee's operating environment and general market conditions.

Because EBITDA and adjusted EBITDA, as defined, exclude some, but not all, items that affect net income attributable to common stock, such measures may not be comparable to similarly titled measures of other companies. The most comparable GAAP financial measure, net income attributable to common stock, and information reconciling the GAAP and non-GAAP financial measures, are included in the table to follow.

Estimated Range

Full Year Ending

December 31, 2026

Net income attributable to common stock (as defined by GAAP)

$      1,740,700

$      1,817,100

Interest and other financing expenses, net

268,000

274,000

Provision for income taxes

540,000

579,700

Depreciation expense

478,000

478,000

Amortization of intangible assets

679,500

679,500

Interest, income taxes, depreciation and amortization included in equity in earnings of integral unconsolidated affiliates

33,100

33,100

EBITDA

3,739,300

3,861,400

Non-cash stock-based compensation

267,200

267,200

Acquisition and integration costs (a)

44,600

44,600

Increase in fair value of contingent consideration liabilities

16,400

16,400

Equity in losses of non-integral unconsolidated affiliates

10,600

10,600

Change in fair value of non-marketable equity security investments, net

10,400

10,400

Adjusted EBITDA

$      4,088,500

$      4,210,600

(a) Includes $8.0 million that, pursuant to acquisition purchase agreements, was or will be withheld from the sellers' proceeds and will be paid to certain employees upon satisfaction of post-closing service obligations.

Quanta Services, Inc. and Subsidiaries
Reconciliation of Non-GAAP Financial Measures
Estimated Free Cash Flow
For the Full Year 2026
(In thousands)
(Unaudited)

The following table presents a reconciliation of the non-GAAP financial measure of estimated free cash flow to estimated net cash provided by operating activities for the full year ending December 31, 2026. This reconciliation is intended to provide useful information to investors and analysts as they evaluate Quanta's expectations regarding its ability to generate the cash required to maintain and potentially expand its business. Free cash flow is defined as net cash provided by operating activities less net capital expenditures. Net capital expenditures is defined as capital expenditures less proceeds from the sale of property and equipment and from insurance settlements related to property and equipment. Management believes that free cash flow provides useful information to Quanta's investors because free cash flow is viewed by management as an important indicator of how much cash is provided or used by routine business operations, including the impact of net capital expenditures. Management uses this measure for capital allocation purposes as it is viewed as a measure of cash available to fund debt payments, acquire businesses, repurchase common stock and debt securities, declare and pay dividends and transact other investing and financing activities. However, this measure should not be considered as an alternative to net cash provided by operating activities or other measures of performance that are derived in accordance with GAAP. The most comparable GAAP financial measure, net cash provided by operating activities, and information reconciling the GAAP and non-GAAP financial measures, are included below.

Estimated Range

Full Year Ending

December 31, 2026

Net cash provided by operating activities

$  2,900,000

$  3,400,000

Less: Net capital expenditures

(900,000)

(900,000)

Free Cash Flow

$  2,000,000

$  2,500,000

Contacts:

Jayshree Desai, CFO

Media – Mili Gosar

Kip Rupp, CFA, IRC - Investors

FGS Global

Sean Eastman - Investors

(832) 640-7570

Quanta Services, Inc.

(713) 629-7600

SOURCE Quanta Services, Inc.