Quanta Services lifts 2026 outlook as backlog and cash flow hit records
Quanta Services beat Q3 consensus, posted record backlog and free cash flow, and raised its 2026 revenue, earnings and cash-flow outlook.
Quanta Services delivered a record third quarter and raised its 2026 outlook across revenue, earnings and cash flow, as demand broadened across electric infrastructure, power generation, industrial and technology customers.
Revenue rose from $7.63 billion in the third quarter of 2025, while GAAP diluted EPS increased to $4.55 from $2.24 and adjusted diluted EPS to $6.06 from $3.33. The reported adjusted EPS was about 20.5% above the roughly $5.02–$5.03 consensus cited by MarketBeat and Zacks; revenue exceeded the approximately $11.03 billion consensus by about $981 million.
Backlog and demand expanded
Total backlog reached $63.7 billion, including $38.4 billion expected to be executed within 12 months, while remaining performance obligations were $41.8 billion. Quanta said demand was broadening across utility, power generation, industrial and technology customers; about $1.3 billion of backlog added in the quarter came from acquisitions.
Operating cash flow was $1.45 billion and free cash flow $1.20 billion in the quarter. For the first nine months, operating cash flow reached $2.94 billion and free cash flow $2.27 billion. The company also issued $2.0 billion of senior notes in August, prepaid a $618.8 million term loan in September and increased revolving commitments to $2.98 billion, strengthening liquidity while it funded expansion.
Quanta completed two acquisitions in September and October for aggregate consideration of about $245 million, but said they would not materially affect full-year 2026 results. The combination of record backlog, strong cash conversion and higher expectations makes execution, permitting, weather, labor and project timing the key variables for the remainder of the year.
Q3 revenue
$12.01B
↑ +57.3% year over year
Adjusted EPS
$6.06
↑ +82.0% year over year
Q3 free cash flow
$1.20B
record quarter
Total backlog
$63.7B
record
Sources
- Quanta Services Q3 2026 results, SEC Exhibit 99.1, filed October 29, 2026
- Quanta Services 2026 outlook expectations summary, October 29, 2026
- Quanta Services investor relations, Q3 2026 results
- MarketBeat Q3 2026 consensus comparison, October 29, 2026
- Zacks key metrics versus estimates, October 29, 2026
Quarterly revenue, Quanta Services
Margins by quarter
Twelve quarters of figures
| Quarter | Q3 '23 | Q4 '23 | Q1 '24 | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.6B | $5.8B | $5.0B | $5.6B | $6.5B | $6.6B | $6.2B | $6.8B | $7.6B | $7.8B | $7.9B | $9.6B |
| Revenue growth | 26.0% | 31.0% | 13.6% | 10.8% | 15.5% | 13.3% | 23.9% | 21.1% | 17.5% | 19.7% | 26.3% | 41.1% |
| Gross margin | 15.1% | 13.7% | 12.4% | 14.5% | 15.6% | 16.2% | 13.4% | 14.9% | 15.9% | 15.5% | 14.1% | 16.2% |
| Operating margin | 7.1% | 5.6% | 3.1% | 5.5% | 6.6% | 6.9% | 3.8% | 5.5% | 6.8% | 6.2% | 4.3% | 7.3% |
| Net income | $273M | $211M | $118M | $188M | $293M | $305M | $144M | $229M | $339M | $315M | $221M | $451M |
| Diluted EPS | $1.83 | $1.41 | $0.79 | $1.26 | $1.95 | $2.03 | $0.96 | $1.52 | $2.24 | $2.08 | $1.45 | $2.96 |
| Cash from operations | $407M | $1.0B | $238M | $391M | $740M | $712M | $243M | $296M | $564M | $1.1B | $392M | $1.1B |
| Capital expenditure | $140M | $109M | $83.1M | $162M | $213M | $147M | $133M | $140M | $142M | $194M | $220M | $231M |
| Free cash flow | $267M | $894M | $155M | $230M | $527M | $565M | $110M | $155M | $421M | $934M | $172M | $864M |
| Dividends and buybacks | $11.6M | $12.0M | $13.7M | $13.3M | $13.8M | $13.4M | $134M | $30.9M | $15.1M | $15.0M | $17.2M | $16.5M |
This story describes figures the company has published. It is for information only and is not investment advice or a recommendation to buy, sell or hold any security. Check the original filings before relying on any figure. Stoqly is not affiliated with the SEC or Quanta Services.
