EarningsQ3 2026 Earnings Report
MX:PWR Q3 2026 EPS Results
Actual EPS$113.85
Consensus EPS$94.31
Beat/MissBeat by +$19.54
One Year Ago EPS$62.56
MX:PWR Q3 2026 Revenue Results
Actual Revenue$225.72B
Expected Revenue$207.29B
Beat/MissBeat by +$18.43B
YoY Revenue Growth+57.44%
Earnings Announcement Details
QuarterQ3 2026
Date10/29/2026
TimeBefore Open
Conference CallThursday, October 29, 2026
MX:PWR Upcoming Earnings
Quanta Services's next earnings date is estimated for February 25, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
MX:PWR Q3 2026 Earnings Call
0:00 / 0:00
Q3 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive. Quanta reported record third-quarter results, raised full-year guidance across key metrics, achieved record backlog and cash flow, strengthened its balance sheet and described accelerating demand across utility, transmission, generation and technology markets. Management also highlighted continued investments in training, fabrication and supply chain capabilities. The main challenges were supply chain availability, OEM dependence, cost inflation, seasonal first-quarter softness, lower Underground Infrastructure margins and the timing uncertainty around converting large projects into backlog, but management characterized these issues as manageable and emphasized the company's ability to mitigate them.Company Guidance
Record Third-Quarter Financial Results
Revenue was $12 billion, up 57% from $7.6 billion a year ago. Adjusted EBITDA was $1.4 billion, up 69%, with adjusted EBITDA margin expanding to 12.1%. Adjusted diluted EPS was $6.06, up 82% from $3.33, while GAAP diluted EPS was $4.55, more than double last year's $2.24.
Record Cash Flow Generation
Third-quarter operating cash flow was $1.5 billion and free cash flow was $1.2 billion, both quarterly records. The company raised full-year free cash flow guidance to $2.5 billion to $3 billion, which would represent another annual record and greater than 60% conversion of adjusted EBITDA at the midpoint.
Significant Increase to 2026 Guidance
Quanta now expects 2026 revenue of $41.3 billion to $41.6 billion, approximately $1.9 billion higher at the midpoint than its prior outlook. Adjusted EBITDA is expected to range from $4.4 billion to $4.49 billion, with an implied 10.7% margin at the midpoint, and adjusted EPS is expected to range from $17.90 to $18.30.
Record Backlog and Broad-Based Bookings
Backlog reached approximately $64 billion as of September 30, a $10 billion sequential increase from June 30. Management said backlog growth was broad-based across key markets and segments, including renewable, distribution and transmission, rather than being driven by one large project.
Strong Multi-Year Growth Outlook
Management said the company is pacing ahead of the multiyear growth targets outlined at its 2026 Investor Day and expects strong double-digit adjusted EPS growth again in 2027. Quanta reiterated confidence in its ability to compound profitable growth over the longer term, with visibility extending well beyond 2030.
Accelerating Customer Demand Across Utility and Large-Load Markets
Management said inbound demand is accelerating, with customers seeking solutions for utility, power generation, large-load and technology infrastructure programs. Customers are asking for solutions on timelines extending well past 2030, and the company cited opportunities in high-voltage transmission, generation, data centers and other large-load markets.
Utility and Transmission Opportunity Expansion
Quanta said utilities are being asked to double in size over time and that significant grid expansion is needed for reliability, resiliency and load growth. Large transmission programs are progressing through permitting, approvals, planning and engineering, with management expecting 765-kilovolt work to be active in 2027 and describing Texas and Ohio as likely among the first markets to move.
Growing Data Center and Technology Infrastructure Business
Management said Quanta is already providing behind-the-meter generation, utility-scale generation, balance-of-plant and balance-of-facilities work for technology customers. For MEP work, management estimated approximately $15 million of spend per megawatt, with Quanta's captured amount increasing from $3 million to $4 million per megawatt a year ago to $5 million to $7 million currently, with potential to reach $7 million to $10 million.
Flexible Workforce and Continued Training Investment
The company added approximately 25,000 to 26,000 employees during the year, including roughly 6,000 to 7,000 employees in each of the prior two quarters. Management said training investments and the ability to move employees across segments, companies and crafts are creating operating leverage and increasing workforce flexibility.
Expanded Craft and Self-Perform Capabilities
Quanta is expanding training across electrical, high-voltage, low-voltage, boilermaker, pipefitter and plumbing crafts. Management said approximately 85% of work is self-performed in relevant areas, supporting control over labor, schedule and execution across large project sites.
Fabrication and Advanced Manufacturing Expansion
The company is expanding integrated fabrication and off-site manufacturing capabilities to improve speed, efficiency, quality and schedule certainty. Manufacturing capabilities are being expanded across approximately 10 states, including transformers, breakers and poles, and Quanta completed an acquisition of a pole manufacturing facility during the quarter.
Disciplined Acquisitions Strengthening Capabilities
Subsequent to the second-quarter earnings release, Quanta completed two acquisitions for approximately $245 million of consideration, net of cash acquired. The acquired companies add leadership and management talent and strengthen front-end engineering, fabrication and supply chain capabilities.
Strengthened Liquidity and Balance Sheet
Quanta upsized its revolving credit facility commitments to $2.98 billion and extended maturity to July 2031, issued $2 billion of senior notes and prepaid the remaining term-loan balance. The company ended the quarter with $2.3 billion of cash, only $20 million drawn on its revolver, total liquidity of $5.2 billion and a bank-defined leverage ratio of approximately 1.3x.
Improving Working Capital Profile
Management said working capital continued to improve, driven by contract terms across a significant portion of MEP, EPC and renewable revenue. Days sales outstanding also continued to improve, contributing to the higher free cash flow outlook.
Improving Underground Infrastructure Margins
Management attributed steadily improving Underground Infrastructure margins to work mix, risk-profile changes and the addition of mechanical and civil businesses. The company said the segment could reach double-digit margins in quarters during the next year, subject to normal first-quarter seasonality.
Stable Utility Margin Framework with Efficiency Gains Elsewhere
Management said the approximately $20 billion utility business operates at roughly 10% to 12% margins by design, while MEP is benefiting from off-site manufacturing and other efficiency initiatives. The company also cited improving efficiencies in the underground segment and said margins are expanding without changing the overall margin strategy.
Strong Risk-Adjusted Contract Profile
Management said Quanta's risk profile is in a better position than it has ever been, citing the use of GMP structures, escalation provisions and other contract mechanisms to reduce risk. The company also said it remains selective about fixed-price work and focuses on high-quality, well-capitalized customers.
Supply Chain Risk Mitigation and OEM Partnerships
Quanta is proactively investing in and partnering with OEMs to address constraints involving poles, wire, transformers, breakers and other high-voltage equipment. Management said Quanta is among the top five buyers of high-voltage equipment and is using its balance sheet and supplier relationships to support project certainty.
Long-Term Organic Growth Track Record
Management highlighted more than 12 years of growth above 20% on a compound basis and said current performance is already above the low end of the company's long-term plan. The company expects continued growth from utility, renewable, pharmaceutical, power-generation and technology-related work, rather than relying solely on data centers.
MX:PWR Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed