PWR · Quanta Services, Inc.

Quanta Services delivered record first quarter 2026 results driven by robust demand across utility, power generation, and load center markets, with revenue growing 26% year-over-year to $7.87 billion and GAAP diluted EPS rising 51% to $1.45. Management explicitly cited 'strong double-digit growth in revenue, adjusted EBITDA and adjusted earnings per share' and noted that 'revenue growth and margin performance exceeded our expectations across both segments', underscoring operational execution strength. The company’s differentiated, solutions-based model and craft-skilled workforce were highlighted as key enablers of customer delivery certainty — a strategic advantage in complex infrastructure projects. Backlog reached a record $48.5 billion, supported by $26.2 billion in remaining performance obligations, reflecting deepening customer commitments and long-duration contracts. In response to this strong start and improved visibility, Quanta raised full-year 2026 guidance across all major metrics: revenue now expected between $34.7–$35.2 billion (up from prior range), adjusted diluted EPS lifted to $13.55–$14.25, and free cash flow guidance increased to $1.55–$2.05 billion. While management acknowledged ongoing external uncertainties — including weather, regulatory and permitting delays, supply chain challenges, inflation, interest rates, and macroeconomic conditions — the upward revision signals confidence in backlog conversion and execution capability. The press release also reaffirmed Quanta’s long-term Compounding Model and $2.4 trillion total addressable market thesis through 2030, linking near-term results to structural tailwinds in grid modernization, renewable integration, data centers, and transmission buildout.