Quanta Services reported a sharply stronger third quarter, with revenue, earnings, cash flow and backlog all reaching records. The infrastructure contractor also raised its 2026 financial expectations across all metrics and completed two acquisitions aimed at expanding its engineering, fabrication and supply-chain capabilities.
The company said demand is broadening across utility, power generation, industrial and technology customers. Chief Executive Duke Austin also expressed confidence in strong double-digit growth in adjusted earnings per share in 2027, supported by continued backlog growth.
Key details
- Revenue rose to $12.01 billion for the quarter ended Sept. 30, up from $7.63 billion a year earlier—an increase of about 57%.
- Net income attributable to common stock increased to $694.9 million, or $4.55 per diluted share, from $339.4 million, or $2.24 per share, in the prior-year quarter.
- Adjusted diluted earnings per share reached $6.06, compared with $3.33 a year earlier. Adjusted results exclude certain items; the company also reported GAAP earnings of $4.55 per share.
- Adjusted EBITDA was $1.4 billion. Cash flow from operations totaled $1.5 billion, and free cash flow was $1.2 billion.
- Backlog reached a record $63.7 billion, including $41.8 billion in remaining performance obligations.
- Quanta raised its full-year 2026 financial expectations across all metrics, citing the quarter’s outperformance and expected additional strength in the fourth quarter. The announcement provided here does not give revised numerical targets.
- The company completed two acquisitions in September and October for aggregate consideration of about $245 million, net of cash acquired. The consideration comprised approximately $96 million in cash paid or payable and $149 million in Quanta shares. The acquisitions are not expected to materially affect full-year 2026 results.
- A Houston-based energy services provider with about 320 employees brings engineering and design, fabrication, automation and controls, and engineering, procurement and construction services. It is included in Quanta’s Underground and Infrastructure segment.
- A Fort Worth-based manufacturer with about 270 employees makes steel monopoles and lighting structures, primarily for utility transmission and distribution projects. It will be included primarily in the Electric segment.
- Quanta also said it completed five acquisitions in the first nine months of 2026, after completing eight during 2025. Acquired businesses’ results are included from their respective acquisition dates.
Plain-English implications
The record backlog and the company’s raised 2026 expectations indicate a larger base of work and stronger near-term performance than Quanta previously anticipated. The two latest acquisitions add capabilities in engineering, fabrication and utility structures, while the cash-and-stock purchase mix means the deals use both cash and equity. Quanta’s stated outlook for strong double-digit adjusted EPS growth in 2027 is a company expectation, not a reported result.