Quanta Services Shares Rally On Record Infrastructure Demand

Quanta Services Inc (NYSE: PWR) shares are trading higher on Thursday after the company reported a strong first-quarter beat and raised its FY26 guidance above estimates.

• Quanta Services stock is approaching key resistance levels. Why is PWR stock breaking out?

Earnings Snapshot

The company reported adjusted EPS of $2.68, exceeding the consensus of $2.06.

Sales of $7.9 billion came above the street view of $7 billion.

The electric segment reported revenue of $6.5 billion (versus $4.9 billion a year ago). Underground Utility and Infrastructure Solutions saw revenue of $1.4 billion ($1.3 billion in the prior-year quarter).

The company sees a record backlog of $48.5 billion at quarter’s end, reflecting the strength of the end markets and demand for the portfolio of solutions.

Adjusted EBITDA improved to $686.4 million from $503.9 million in the quarter. 

The company generated an operating cash flow of $392 million, and free cash flow stood at $184 million in the quarter.

Management Commentary

Duke Austin, president and CEO added, “At our Investor Day last month, we outlined a clear path to more than doubling our adjusted EPS by 2030, driven by our Compounding Model and our unique positioning at the center of converging utility, generation and large-load markets — which we believe together represent a total addressable market of $2.4 trillion through 2030.”

Outlook

For 2026, Quanta Services raised its revenue outlook from $33.25 billion-$33.75 billion to $34.70 billion-$35.20 billion versus the consensus of $33.435 billion.

Also, the company increased adjusted guidance from $12.65-$13.35 to $13.55-$14.25 versus the street view of $13.09.

For 2026, Quanta Services expects Electric Infrastructure Solutions revenue of $28.2–$28.5 billion, reflecting a $1.35 billion midpoint increase.

Growth is expected to build through the second and third quarters. The company sees third-quarter revenue to be about 20% higher year-over-year before easing seasonally in the fourth quarter.

The Underground Utility and Infrastructure Solutions segment is expected to generate $6.5–$6.7 billion in revenue in the year.

PWR Price Action: Quanta Services shares are up 14.59% to $720.47 at publication on Thursday.

Photo via Shutterstock