The magnitude of the beat and the significant upward revision to full-year guidance (revenue up ~13%, adjusted EPS up ~22% at midpoint) is a powerful signal of accelerating demand for grid modernization and data center infrastructure. Traders should watch for continued momentum in the Electric segment margins (11.5% vs 10.1% a year ago) and the pace of backlog conversion. The $1B buyback authorization provides downside support.
Price Chart
Executive Summary
Quanta Services reported Q2 2026 results that significantly exceeded expectations, with revenue of $9.56B (+41% YoY) and GAAP diluted EPS of $2.96 (+95% YoY). The company raised its full-year 2026 guidance across all metrics, now expecting revenue of $39.3B-$39.7B and adjusted diluted EPS of $16.45-$16.95, driven by strong execution, record backlog of $53.4B, and recent acquisitions. This is a clear strong beat with raised guidance, signaling accelerating demand for electrical infrastructure services.
Key Financial Metrics
Key Facts
- Q2 2026 revenue of $9.56B, up 41% YoY from $6.77B
- GAAP diluted EPS of $2.96, up 95% YoY from $1.52
- Adjusted diluted EPS of $4.24, up 71% YoY from $2.48
- Record total backlog of $53.4B, up from $35.8B a year ago
- Full-year 2026 revenue guidance raised to $39.3B-$39.7B from prior $34.7B-$35.2B
- Full-year 2026 adjusted diluted EPS guidance raised to $16.45-$16.95 from prior $13.55-$14.25
- Completed four acquisitions (Phalcon, Enerfab, Percheron, PSD) for ~$1.24B in aggregate consideration
- Moody's upgraded credit rating to Baa2 from Baa3
- Authorized new $1B stock repurchase program and declared $0.11 quarterly dividend
- Record Q2 operating cash flow of $1.1B and free cash flow of $0.9B
Financial Impact
Q2 revenue beat consensus by ~$970M (11.3% above $8.59B est); GAAP EPS of $2.96 vs consensus $3.31 appears to be a miss on GAAP basis, but the Street follows adjusted EPS which was $4.24 vs consensus of $3.03, a 40% beat. Full-year guidance raised by ~$4.5B in revenue and ~$3.00 in adjusted EPS at midpoint.
Risk Factors
- Integration risk from four recent acquisitions totaling ~$1.24B
- Execution risk on elevated guidance amid potential supply chain or labor constraints
- Macroeconomic headwinds from inflation, interest rates, or recession could slow customer spending
- Project delays or cancellations due to weather, permitting, or regulatory issues
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-324855 |
| Document: d56853d8k.htm | 0001193125-26-324855 |
| Document: 0001193125-26-324855-index-headers.html | 0001193125-26-324855 |
| Document: 0001193125-26-324855-index.html | 0001193125-26-324855 |
| Document: 0001193125-26-324855.txt | 0001193125-26-324855 |
| 8-K Data (Synthetic) | 0001193125-26-324855 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 4, 2026 8w ago | 8-K | $693.00 $611.39 | ▼ −11.78% | ▼ −10.54% | $674.21 (−2.71%) |
Aug 3, 2026 8w ago | 424B5 | $680.20 $607.09 | ▼ −10.75% | ▼ −11.99% | $674.21 (−0.88%) |
Jul 30, 2026 9w ago | 8-K | $657.98 $621.83 | ▼ −5.49% | ▼ −9.46% | $674.21 (+2.47%) |
May 4, 2026 21w ago | Insider Cluster | $757.34 $687.48 | ▼ −9.22% | ▼ −14.87% | $674.21 (−10.98%) |
May 4, 2026 21w ago | Insider Cluster | $757.34 $687.48 | ▼ −9.22% | ▼ −14.87% | $674.21 (−10.98%) |
Apr 16, 2026 24w ago | 8-K | $601.88 $780.08 | ▲ +29.61% | ▲ +24.24% | $674.21 (+12.02%) |
Apr 10, 2026 25w ago | DEFA14A | $585.36 $750.73 | ▲ +28.25% | ▲ +19.72% | $674.21 (+15.18%) |
Mar 4, 2026 30w ago | 8-K | $549.11 $560.63 | ▲ +2.10% | ▲ +5.89% | $674.21 (+22.78%) |
US Market Status
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