01—Abstract
Summary
Summary of the 10-Q filed July 30, 2026. Cited figures are marked; the original filing is the authoritative source.
Quanta Services, Inc. (PWR) demonstrated significant financial growth in the second quarter of 2026, driven by robust demand across both its Electric Infrastructure Solutions and Underground Utility and Infrastructure Solutions segments.
Consolidated revenues surged by 41.1% year-over-year to $9.56 billiona, while operating income more than doubled, increasing by 87.6% to $694.8 million. This performance was fueled by increased utility investments in grid modernization and hardening, alongside strong demand for renewable generation infrastructure and services supporting data centers and industrial facilities. The company's financial health remains strong, supported by a substantial increase in operating cash flow by 176% year-over-year to $1.49 billion for the first six months of 2026.
This robust cash generation, combined with existing liquidity, allowed Quanta to execute its strategic growth initiatives, including significant acquisitions that expanded its service offerings and market reach. The company's backlog and remaining performance obligations have also seen substantial increases, indicating continued strong demand for its services moving forward.
02—Key points
Key Highlights
- Consolidated revenues increased by 41.1% year-over-year to $9.56 billion for the three months ended June 30, 2026.
- Operating income saw a substantial increase of 87.6% year-over-year to $694.8 million for the three months ended June 30, 2026.
- Net income attributable to common stock more than doubled, rising by 96.9% year-over-year to $451.4 million for the three months ended June 30, 2026.
- Net cash provided by operating activities significantly increased by 176% year-over-year to $1.49 billion for the six months ended June 30, 2026.
- Total backlog and remaining performance obligations reached $53.44 billion and $33.55 billion, respectively, as of June 30, 2026, indicating strong future revenue potential.
- The company completed several strategic acquisitions during the period, expanding its capabilities and market presence, particularly in the Electric Infrastructure Solutions and Underground Utility and Infrastructure Solutions segments.
- Both the Electric and Underground and Infrastructure segments experienced robust revenue growth, driven by increased demand for utility and industrial services.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in Q2 FY2026, Quanta Services kept $0.05.
- Revenue$9.56B100.0%
- Cost of revenue−$8.01B83.8%
- Gross profit$1.55B16.2%
- Operating costs−$850.3M8.9%
- Operating income$694.8M7.3%
- Interest, other & tax−$243.5M2.5%
- Net income$451.4M4.7%
04—Financials
Financial Highlights
Figures from 10-QQ2 FY2026filed July 30, 2026Financial Statements
Q2 FY2026 against Q2 FY2025
| Line item | Q2 FY2026Q2 FY2025 | Change |
|---|---|---|
| Revenue | $9.56B$6.77B | +41.1% |
| Cost of Revenue | $8.01B$5.77B | +39.0% |
| Gross Profit | $1.55B$1.01B | +53.4% |
| SG&A Expenses | $698.49M$528.36M | +32.2% |
| Operating Income | $694.83M$370.28M | +87.6% |
| Net Income | $451.38M$229.25M | +96.9% |
| EPS (Basic) | $3.01$1.54 | +95.5% |
| EPS (Diluted) | $2.96$1.52 | +94.7% |
| Shares Outstanding (Basic) | 150.21M148.45M | +1.2% |
| Shares Outstanding (Diluted) | 152.44M150.92M | +1.0% |
05—Questions
Frequently Asked Questions
What were the primary drivers of Quanta Services' revenue growth in Q2 2026?
Quanta Services' revenue growth was primarily driven by increased demand for its services in both the Electric Infrastructure Solutions and Underground Utility and Infrastructure Solutions segments. Specifically, strong utility investments in grid modernization and hardening, coupled with high demand for renewable generation infrastructure (solar, wind, battery storage) and services for data centers, manufacturing, and other large load facilities, significantly boosted revenues.
How has Quanta Services' financial position improved, and what is its liquidity outlook?
The company's financial position has improved with a significant increase in net cash provided by operating activities by 176% year-over-year to $1.49 billion for the first six months of 2026. This strong operating cash flow, along with available commitments under its senior credit facility and cash on hand, provides ample liquidity. Management expects sufficient funds to meet cash requirements for the next twelve months and over the longer term.
What is the significance of the increased backlog and remaining performance obligations?
The substantial increases in both total backlog to $53.44 billion and remaining performance obligations to $33.55 billion as of June 30, 2026, are significant indicators of future revenue visibility and demand for Quanta's services. These figures reflect strong contracted work, suggesting continued growth and operational activity in the upcoming periods.
What impact have recent acquisitions had on Quanta Services' financial results?
Recent acquisitions have positively impacted Quanta Services' financial results by contributing to revenue growth and expanding service capabilities. The company completed several acquisitions during the period, particularly within the Electric Infrastructure Solutions and Underground Utility and Infrastructure Solutions segments, which added approximately $575 million in revenues for the Electric segment and $355 million for the Underground and Infrastructure segment in the three months ended June 30, 2026. These acquisitions also contributed to higher levels of fixed cost absorption and improved operating margins in certain areas.
06—Continue