Quanta Services (PWR) investor relations material

Executive summary

• Q3 revenue was $12.01B, up 57.4% YoY; adjusted diluted EPS was $6.06 and backlog reached a record $63.73B, driving higher FY26 guidance.

• Demand broadened across utility, power generation, industrial and technology markets; management expects strong double-digit adjusted EPS growth in 2027.

Financial highlights

• Q3 revenue was $12.01B versus $7.63B; operating income was $1.03B versus $517.2M, and net income attributable to common stock was $694.9M versus $339.4M.

• Adjusted EBITDA was $1.45B, up 69% YoY, with a 12.1% margin; adjusted diluted EPS was $6.06 versus $3.33 and GAAP diluted EPS was $4.55 versus $2.24.

• Q3 operating cash flow was $1.45B and free cash flow was $1.20B, both quarterly records.

• 9M revenue was $29.45B, up 42.7%; net income was $1.37B and adjusted diluted EPS was $12.98.

• 9M operating cash flow was $2.94B; capex was $719.0M.

Outlook and guidance

• FY26 revenue guidance is $41.3B-$41.6B; net income attributable to common stock is $1.92B-$1.98B and diluted EPS is $12.57-$12.97.

• FY26 adjusted EBITDA guidance is $4.40B-$4.49B, implying a 10.7% midpoint margin; adjusted diluted EPS guidance is $17.90-$18.30.

• FY26 operating cash flow guidance is $3.45B-$4.00B and free cash flow guidance is $2.50B-$3.00B, with conversion above 60% at midpoint.

• Management expects strong double-digit adjusted EPS growth in 2027, supported by backlog and workforce growth.

• Large transmission bookings and starts are expected in H1 2027; Texas and Ohio may be among the first, though timing remains uncertain.