$PWR · QUANTA SERVICES, INC.
Quanta Services reported Q3 FY2026 results with revenues of $12.015B (+57.4% YoY), diluted EPS of $4.55 (vs. $2.24), and net income attributable to common stock of $694.9M (+104.7% YoY). Operating income nearly doubled to $1.027B as operating margin expanded 170 bps to 8.5%. The Electric segment drove the bulk of growth with a $3.63B revenue increase.
- Q3 FY2026 revenue hit $12.015B, up 57.4% YoY from $7.63B, driven by Electric segment (+$3.63B) and Underground & Infrastructure (+$755.7M)
- Q3 diluted EPS of $4.55 more than doubled from $2.24 a year ago
- Operating income nearly doubled to $1.027B from $517.2M, with operating margin expanding to 8.5% from 6.8%
- Gross margin improved to 16.7% from 15.9% as revenue growth outpaced cost-of-services growth (56.0% vs. 57.4%)
- Nine-month net income attributable to common stock reached $1.367B, up 91.7% from $712.9M in the prior-year period
PWR shares rose 7.04% to $649.60 in the regular session, adding $42.71 on a $97.66B market cap — the market is rewarding the massive revenue acceleration and margin expansion.
A 57.4% revenue jump and near-doubling of operating income at a $98B infrastructure giant signals extraordinary demand acceleration in grid modernization and data-center buildouts.
Quanta's 57.4% revenue growth far outpaces typical mid-single-digit growth for utility-scale infrastructure contractors, reflecting surging demand from grid modernization, data-center buildouts, and renewable-energy interconnection projects.
Revenue concentration in the Electric segment creates dependency on utility and grid-modernization spending cycles. Fixed-price contracts and materials-procurement obligations expose margins to cost inflation and supply-chain disruption.