Quanta Services 8-K

Summary

Q3 2026 results with FY2026 guidance raised. Revenue, adjusted EBITDA and adjusted diluted EPS grew strongly, while the company cited broader demand across utility, power generation, industrial and technology customers. Quanta raised its FY2026 expectations across all metrics on the quarter’s performance and expected Q4 strength; it also sees an opportunity for strong double-digit adjusted EPS growth in 2027, supported by backlog growth.

Key Figures

• Electric segment Q3 revenue was $9.80B, up 58.7% Y/Y, with a 12.6% operating margin vs 11.4%; Underground and Infrastructure revenue was $2.22B, up 51.8%, with a 9.4% margin vs 8.4%.
• At 9/30/2026, remaining performance obligations (estimated revenue from remaining firm contract work) were $41.8B, up 99.1% Y/Y; total backlog, which also includes estimated master service agreement orders and certain non-fixed-price contracts, reached a record $63.7B, up 62.7%. An estimated $38.4B of backlog was expected to be realized within 12 months.
• Quanta completed two acquisitions in September and October to expand engineering, fabrication, automation, controls and supply-chain capabilities: a Houston-based energy services provider with about 320 employees and a Fort Worth-based manufacturer of steel utility monopoles and lighting structures with about 270 employees. Combined consideration, net of cash acquired, was about $245M ($96M cash and $149M Quanta stock); the acquisitions are not expected to contribute materially to FY2026 results.

Guidance

Quanta raised FY2026 expectations across all metrics after Q3 outperformance and expected incremental strength in Q4.

Guidance changes, derived from earlier filings

Metric	Period	Earlier guidance	Guidance now	Change
Revenue	FY2026	$39.3B-$39.7B	$41.3B-$41.6B	raised
Net income attributable to common stock (GAAP)	FY2026	$1.74B-$1.82B	$1.917B-$1.9783B	raised
Diluted EPS attributable to common stock (GAAP)	FY2026	$11.41-$11.92	$12.57-$12.97	raised
Adjusted diluted EPS (non-GAAP)	FY2026	$16.45-$16.95	$17.9-$18.3	raised
EBITDA (non-GAAP)	FY2026	$3.74B-$3.86B	$3.9924B-$4.0857B	raised
Adjusted EBITDA (non-GAAP)	FY2026	$4.09B-$4.21B	$4.3985B-$4.4918B	raised
Net cash provided by operating activities	FY2026	$2.9B-$3.4B	$3.45B-$4.00B	raised
Free cash flow (non-GAAP)	FY2026	$2B-$2.5B	$2.50B-$3.00B	raised

Investor Takeaways

• Watch FY2026 revenue, earnings and cash flow against the raised ranges; Q4 execution is a stated part of the increased outlook, with project timing exposed to weather, permitting, regulatory and supply-chain challenges.
• Watch backlog growth and its conversion into revenue as demand broadens across utility, power generation, industrial and technology customers; sustained growth would support the company’s stated opportunity for strong double-digit adjusted EPS growth in 2027.