Quanta Services (PWR) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Quanta Services published the results on October 29, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Quanta Services reports EPS two ways: GAAP, under the accounting rules every US filer follows, and adjusted, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Quanta reports in thousands of dollars; figures here are converted to millions without rounding.
• Quanta completed five acquisitions in the first nine months of 2026 and eight in 2025. Acquired businesses contributed approximately $1.22 billion of Electric revenue and $335 million of Underground and Infrastructure revenue in Q3 2026.

Source: Quanta Services Q3 2026 results, October 29, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Quanta Services splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Quanta Services's Electric revenue was $9.8 billion in Q3 2026, up 59% from $6.2 billion in Q3 2025, 82% of total revenue.
• Quanta Services's Underground and Infrastructure revenue was $2.2 billion in Q3 2026, up 52% from $1.5 billion in Q3 2025, 18% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

In its Q3 2026 release, Quanta Services said:

“For the full year ending December 31, 2026, Quanta now expects revenues to range between $41.3 billion and $41.6 billion and net income attributable to common stock to range between $1.92 billion and $1.98 billion.”

“Quanta also now expects diluted earnings per share attributable to common stock to range between $12.57 and $12.97 and adjusted diluted earnings per share attributable to common stock to range between $17.90 and $18.30.”

“Quanta now expects EBITDA to range between $3.99 billion and $4.09 billion and adjusted EBITDA to range between $4.40 billion and $4.49 billion.”

Source: Quanta Services Q3 2026 release, Oct 29, 2026.

This is the company's own guidance as of Oct 29, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the PWR forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP revenues and diluted EPS, each as first reported in that quarter's release.

We do not hold a confirmed date for Quanta Services's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Oct 29, 2026

Quanta Services reports two segments. Electric brought in 81.6% of Q3 2026 revenues, against 80.9% a year earlier. Underground and Infrastructure was the other 18.4%. Total revenues were $12.01 billion, against $7.63 billion in Q3 2025. (Quanta Services Q3 2026 release, Oct 29, 2026)

Quanta's 10-Q attributes the increase to a $3.63 billion rise in Electric revenues and a $755.7 million rise in Underground and Infrastructure. In both segments it cites increased demand for its services plus acquisitions: approximately $1.22 billion of Electric revenue and $335 million of Underground and Infrastructure revenue came from acquired businesses. (Quanta Services Form 10-Q, Q3 2026, Oct 29, 2026)

At Quanta, fixed price contracts were 68.1% of Q3 2026 revenues, against 63.1% a year earlier; unit-price contracts fell to 15.3% from 22.2% and cost-plus contracts were 16.6%. The United States accounted for 95.2% of revenues by job location, Canada 2.8% and Australia 1.8%. (Quanta Services Form 10-Q, Q3 2026, Oct 29, 2026)

Quanta's total backlog reached $63.7 billion at September 30, 2026, a record, of which remaining performance obligations were $41.8 billion. The Electric segment holds about 81% of that backlog, and Quanta expects about 60% of the total to be realized within 12 months. (Quanta Services Q3 2026 release, Oct 29, 2026)

Quanta Services' adjusted diluted EPS of $6.06 was $1.51 above its GAAP diluted EPS of $4.55 in Q3 2026. The largest adjustments are amortization of intangible assets ($1.24 a share), non-cash stock-based compensation ($0.44), acquisition and integration costs ($0.23) and the increase in fair value of contingent consideration liabilities ($0.13), less their tax effect. (Quanta Services Q3 2026 release, Oct 29, 2026)

Operating margins improved in both segments: Electric to 12.6% from 11.4%, which the 10-Q credits to higher revenues and improved execution across electric and power generation services, and Underground and Infrastructure to 9.4% from 8.4%, helped by acquired mechanical services businesses. Consolidated operating margin was 8.5%, against 6.8%. (Quanta Services Q3 2026 release, Oct 29, 2026; Quanta Services Form 10-Q, Q3 2026, Oct 29, 2026)

The effective tax rate was 25.2%, against 25.9% a year earlier, which Quanta puts down to the mix of earnings across jurisdictions. In August 2026 Quanta issued $2.00 billion of senior notes, and on September 1 it prepaid the full $618.8 million balance of its term loan. (Quanta Services Form 10-Q, Q3 2026, Oct 29, 2026; Quanta Services Q3 2026 release, Oct 29, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Quanta Services gives full-year guidance in its release and raised it again in Q3 2026: revenues of $41.3 billion to $41.6 billion, diluted EPS of $12.57 to $12.97, adjusted diluted EPS of $17.90 to $18.30, adjusted EBITDA of $4.40 billion to $4.49 billion and free cash flow of $2.50 billion to $3.00 billion. (Quanta Services Q3 2026 release, Oct 29, 2026)

For 2027, the release quotes CEO Duke Austin saying Quanta believes there is opportunity to deliver strong double-digit adjusted EPS growth, supported by continued backlog growth; it gives no numeric 2027 range. (Quanta Services Q3 2026 release, Oct 29, 2026)

A consensus figure is the average of the models published by the analysts who cover Quanta Services, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Quanta Services's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning PWR is on is PWR a buy or a sell?, what analysts expect next is on the PWR forecast, and what the company does is on the Quanta Services (PWR) stock page.

Every number on this page can be traced to a document Quanta Services published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.