Did Quanta raise its 2026 guidance?

Yes. Management stated it is increasing substantially all of its 2026 financial expectations based on a strong start to the year and improved visibility. The specific updated figures are not in this 8-K; they are provided in a summary posted to the company's Investor Relations website before the earnings call.

What is driving the gap between GAAP and adjusted EPS?

Adjusted EPS adds back non-cash items, most notably amortization of intangible assets ($1.00 per share in Q1 2026), non-cash stock-based compensation ($0.41 per share), and acquisition-related costs and fair value changes. Investors should weigh GAAP EPS of $1.45 alongside the non-GAAP figure, since the adjustments exclude some recurring costs.

How strong is the backlog and is it growing?

Total backlog reached a record $48.5 billion at March 31, 2026, up from $44.0 billion at December 31, 2025 and $35.3 billion a year earlier. Remaining performance obligations, the contracted portion, were $26.2 billion. The Electric segment accounts for about $40.1 billion of total backlog.

Is Quanta generating enough cash to fund its growth?

Operating cash flow was $391.7 million and free cash flow was $184.4 million in Q1 2026, both up sharply from the prior year. Receivables and contract assets grew substantially, however, and capital expenditures rose to $220.1 million, so cash generation is more heavily weighted to later in the year and depends on working capital management.

What risks should investors monitor after this report?

The filing highlights weather, regulatory and permitting delays, supply chain constraints, labor availability, fixed-price contract exposure, and customer payment risk. Rising debt (about $5.9 billion) and interest expense, which increased to $73.3 million from $54.3 million, also warrant attention as the company funds acquisitions and capacity expansion.

PWR 8-K: Earnings & Results & Regulation FD

01—Abstract

Summary

Summary of the 8-K filed April 30, 2026. Cited figures are marked; the original filing is the authoritative source.

Quanta Services (PWR) reported first-quarter 2026 results that beat expectations across both segments and lifted its full-year 2026 outlook.

Consolidated revenues rose 26% year over year to a record $7.87 billion, and operating income grew to $338.8 million^a from $239.1 million, lifting the operating margin to 4.3% from 3.8%. GAAP diluted EPS was $1.45 versus $0.96, while Adjusted diluted EPS rose 51% to $2.68 from $1.78. Adjusted EBITDA reached a record $686.4 million, up about 36% from $503.9 million.

Management said it is "increasing substantially all" of its 2026 financial expectations and remains on track for another year of double-digit EPS growth. The company also referenced an Investor Day outlook for more than doubling adjusted EPS by 2030. Backlog reached a record $48.5 billion^b, up from $44.0 billion at year-end 2025 and $35.3 billion a year earlier, while remaining performance obligations (RPO) were $26.2 billion.

Electric segment revenue grew about 31% and its margin expanded to 8.7%, while the Underground and Infrastructure segment grew about 9% with its margin rising to 7.5% from 6.0%. Cash flow from operations was $391.7 million^c and free cash flow was $184.4 million, both well above prior-year levels, although working capital (receivables and contract assets) rose meaningfully and total debt was roughly $5.9 billion at quarter end. Key caveats include the heavy reliance on non-GAAP metrics, with GAAP EPS of $1.45 well below adjusted EPS of $2.68 because of large amortization and stock-based compensation add-backs.

Amortization of intangibles and rising interest expense also weigh on GAAP earnings. Management continues to flag weather, permitting, supply chain, and project-timing risks. The updated full-year guidance figures themselves are provided in a separate commentary posted to the company's website rather than in this filing.

02—Key points

Key Highlights

Record Q1 2026 revenue of $7.87 billion, up 26% year over year from $6.23 billion, with growth led by the Electric segment (+31%).
Adjusted diluted EPS of $2.68, up 51% from $1.78; GAAP diluted EPS of $1.45 vs. $0.96 a year earlier.
Record Adjusted EBITDA of $686.4 million, up about 36% from $503.9 million, with consolidated operating margin expanding to 4.3% from 3.8%.
Record total backlog of $48.5 billion (RPO of $26.2 billion), up roughly 37% year over year from $35.3 billion, providing multi-year revenue visibility.
Management raised substantially all 2026 financial expectations; updated guidance is posted separately on the company's Investor Relations website.
Cash flow from operations of $391.7 million and free cash flow of $184.4 million, up from $243.2 million and $117.8 million, respectively, though working capital and capex absorbed significant cash.
Electric segment margin improved to 8.7% from 8.3%, and Underground and Infrastructure margin rose to 7.5% from 6.0%, reflecting operating leverage across both segments.

03—Questions

Frequently Asked Questions

Did Quanta raise its 2026 guidance?
Yes. Management stated it is increasing substantially all of its 2026 financial expectations based on a strong start to the year and improved visibility. The specific updated figures are not in this 8-K; they are provided in a summary posted to the company's Investor Relations website before the earnings call.
What is driving the gap between GAAP and adjusted EPS?
Adjusted EPS adds back non-cash items, most notably amortization of intangible assets ($1.00 per share in Q1 2026), non-cash stock-based compensation ($0.41 per share), and acquisition-related costs and fair value changes. Investors should weigh GAAP EPS of $1.45 alongside the non-GAAP figure, since the adjustments exclude some recurring costs.
How strong is the backlog and is it growing?
Total backlog reached a record $48.5 billion at March 31, 2026, up from $44.0 billion at December 31, 2025 and $35.3 billion a year earlier. Remaining performance obligations, the contracted portion, were $26.2 billion. The Electric segment accounts for about $40.1 billion of total backlog.
Is Quanta generating enough cash to fund its growth?
Operating cash flow was $391.7 million and free cash flow was $184.4 million in Q1 2026, both up sharply from the prior year. Receivables and contract assets grew substantially, however, and capital expenditures rose to $220.1 million, so cash generation is more heavily weighted to later in the year and depends on working capital management.
What risks should investors monitor after this report?
The filing highlights weather, regulatory and permitting delays, supply chain constraints, labor availability, fixed-price contract exposure, and customer payment risk. Rising debt (about $5.9 billion) and interest expense, which increased to $73.3 million from $54.3 million, also warrant attention as the company funds acquisitions and capacity expansion.

04—Continue

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