Quanta Services, Inc.

Quanta reported second-quarter 2026 revenue of $9.6 billion, net income attributable to common stock of $451 million, or $2.96 per diluted share, adjusted diluted EPS of $4.24, and adjusted EBITDA of $1.1 billion. The quarter included about $11 million of adjusted EBITDA from acquisitions closed during the quarter. Management said results were historically strong and included record backlog of $53 billion, but the transcript did not provide year-over-year percentages for the reported financial metrics. For full-year 2026, Quanta raised guidance to revenue of $39.3 billion-$39.7 billion, adjusted EBITDA of $4.1 billion-$4.2 billion, adjusted EPS of $16.45-$16.95 and free cash flow of $2 billion-$2.5 billion. The company also guided to $1.2 billion-$1.4 billion of revenue and $120 million-$140 million of adjusted EBITDA from the recently acquired businesses.

Duke Austin said Quanta’s quarter reflected broad-based organic strength, disciplined execution and the payoff from years of investment in craft labor, self-perform capability and customer relationships. He emphasized that the company is early in several large utility generation, transmission and technology/load-center programs, and that the recent acquisitions expand Quanta’s platform in high-growth, high-complexity work. His tone was highly confident and forward-looking, repeatedly framing the business as just getting started.

Jayshree Desai highlighted Q2 revenue of $9.6 billion, net income of $451 million, adjusted EPS of $4.24 and adjusted EBITDA of $1.1 billion, and said the first half exceeded initial expectations. She raised full-year guidance to revenue of $39.3 billion-$39.7 billion, adjusted EBITDA of $4.1 billion-$4.2 billion, adjusted EPS of $16.45-$16.95 and free cash flow of $2 billion-$2.5 billion. She also said the four acquisitions were done for about $1.24 billion of upfront consideration net of cash acquired, plus about $242 million of contingent consideration, and that leverage improved to 1.7 from 1.95 at the end of 2025 with total liquidity of about $2.8 billion.

Analysts focused on margin upside, utility self-perform trends in generation, data center growth, modular/fabrication, free cash flow conversion, backlog quality and the risk of data center permitting or state pauses. Management said margins have room to improve because the business mix is changing, synergies are showing up and more self-perform work is coming through, while still keeping guidance prudent. On data centers, Quanta said it only books backlog when it has a limited authorization to proceed, so the backlog is conservative; on free cash flow, Desai said favorable contracting terms and growth in MEP, EPC and renewables should support strong conversion, though utility growth can still pressure working capital.