Quanta Services Backlog Hits $63.73 Billion As Quarterly Revenue Climbs To $12.01 Billion
The contractor raised its 2026 outlook across all metrics after third-quarter revenue rose from $7.63 billion a year earlier.
Quanta Services, which designs, builds and maintains infrastructure for utilities, power generators, data centers and pipelines, said Thursday its third-quarter revenue reached a record $12.01 billion, up from $7.63 billion a year earlier, and raised its 2026 forecast across every metric.
Profit more than doubled
Net income attributable to common stock was $694.9 million, or $4.55 per diluted share, against $339.4 million, or $2.24, a year earlier. Adjusted earnings per share were $6.06, compared with $3.33.
Adjusted EBITDA, a measure of operating earnings before interest, taxes, depreciation and amortization, was $1.45 billion, versus $858.3 million in the third quarter of 2025. Operating margin widened to 8.5% from 6.8%.
Free cash flow was $1.2 billion, compared with $438.1 million a year earlier. For the first nine months, revenue was $29.45 billion and adjusted earnings per share were $12.98, against $7.59.
A $63.73 billion backlog
Backlog, the company's estimate of work it expects to perform, hit a record $63.73 billion, up from $39.17 billion at September 30, 2025. The Electric segment accounted for $51.89 billion of it.
Quanta also reported remaining performance obligations, a narrower measure of firm orders, of $41.8 billion. The Electric segment produced $9.80 billion of the quarter's revenue, with an operating margin of 12.6%.
Chief Executive Duke Austin said demand is broadening across utility, power generation, industrial and technology customers and that Quanta is "pacing ahead of the multi-year growth targets" it laid out at its 2026 Investor Day. He added that the company sees opportunity for strong double-digit adjusted EPS growth in 2027.
The raised 2026 outlook
For the full year, Quanta now expects:
- Revenue of $41.3 billion to $41.6 billion.
- Adjusted earnings per share of $17.90 to $18.30.
- Adjusted EBITDA of $4.40 billion to $4.49 billion.
- Free cash flow of $2.50 billion to $3.00 billion.
Quanta also completed two acquisitions in September and October, a Houston energy services provider and a Fort Worth maker of steel monopoles, for about $245 million net of cash acquired: roughly $96 million in cash and $149 million in stock. They are not expected to contribute materially to 2026 results.
In August the company issued $2.00 billion of senior notes, and on September 1 it prepaid the full $618.8 million term loan balance.
Quanta holds its earnings webcast at 9:00 a.m. ET Thursday, where management plans brief introductory remarks and leaves most of the commentary to a written document, freeing time for questions.
