Quanta Services Inc. (NYSE:PWR) delivered better-than-expected second-quarter results, comfortably beating Wall Street forecasts for both revenue and earnings as demand remained robust across its electric infrastructure and underground utility businesses.
The strong performance prompted investors to bid the stock sharply higher, with shares climbing more than 12% in premarket trading on Thursday.
Revenue and Earnings Exceed Expectations
Quanta reported adjusted earnings of $4.24 per share for the second quarter, surpassing analysts’ consensus estimate of $3.29 by $0.95.
Quarterly revenue reached $9.56 billion, exceeding the expected $8.61 billion and increasing 41% from $6.77 billion in the same period a year earlier.
“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,” said Duke Austin, President and Chief Executive Officer.
The company also generated adjusted EBITDA of $1.1 billion during the quarter.
Cash flow from operating activities totaled $1.1 billion, while free cash flow reached $900 million.
Company Raises Full-Year Guidance
Following the stronger-than-expected first-half performance, Quanta increased its financial outlook for 2026 across all key metrics.
The company now expects full-year revenue to range between $39.3 billion and $39.7 billion.
Adjusted diluted earnings per share are projected to be between $16.45 and $16.95, with the midpoint of $16.70 representing a meaningful increase from previous guidance.
Quanta also raised its adjusted EBITDA forecast to between $4.09 billion and $4.21 billion for the full year.
Record Backlog Supports Future Growth
The company’s total backlog climbed to a record $53.4 billion at the end of the second quarter, compared with $43.98 billion at the close of 2025, providing strong visibility into future revenue.
Quanta also continued expanding through acquisitions.
During the quarter and in July, the company completed the acquisitions of Phalcon, Enerfab, Percheron and PSD for a combined purchase price of approximately $1.24 billion.
Management expects the acquired businesses to contribute between $1.2 billion and $1.4 billion in revenue during 2026, while adding between $120 million and $140 million in adjusted EBITDA.
Quanta Services stock price
