Analyst Consensus ?
ConsensusBuy35 ratings
Bullish2571.4%
Neutral1028.6%
Bearish00.0%
Quanta Services, Inc. · PWR · FY2026 Q1 · Calendar Q2 2026
Quanta Services Beats on Q1 EPS and Revenue, Raises 2026 Guidance, Backlog Hits Record $48.5B
Quanta Services delivered a decisive Q1 FY2026 beat, with EPS of $2.68 versus $2.04 consensus (31.4% surprise) and revenue of $7.87B versus $7.00B estimated (12.5% surprise). The company raised full-year 2026 guidance across revenue ($34.7–35.2B), adjusted EBITDA ($3.49–3.65B), and EPS ($13.55–14.25), driven by a record $48.5B backlog, accelerating data-center demand, and robust utility capital spending. Management outlined a strategic goal to more than double earnings power by 2030 with a 15–20% adjusted EPS growth target, underpinned by $500–$700M in transformer manufacturing capacity expansion and approximately 6.7M square feet of additional off-site fabrication space. The stock surged roughly 15.8% on the report versus a 1.0% SPY move, on 2.7x baseline volume. Key risks include labor constraints, supply-chain and permitting delays, and execution risk on large gas-turbine and…
Reported Before market openNYSEIndustrials
$88.29B market cap
100quality score
Company context
Snapshot as of publicationQuanta Services, Inc. is a global provider of specialized contracting solutions. The company operates through three main business segments: The Electric Power Infrastructure Solutions division is dedicated to designing, procuring, constructing, upgrading, repairing, and maintaining critical infrastructure for electric power transmission, distribution networks, and substation facilities. This includes executing projects on live electrical systems for installation, upkeep, and modernization, as well as integrating advanced smart grid technologies. The segment also handles commercial and industrial wiring from design through repair. Furthermore, it furnishes aviation services, vital emergency restoration support, and various other engineering and technical assistance. Quanta Services extends its design and construction expertise to the telecommunications sector, serving wireline and wireless carriers, cable multi-system operators, and other clients.…
Earnings scorecard
Reported versus consensus
Reported EPS
$2.68
Consensus $2
EPS surprise
+31.4%
Reported versus consensus
Reported revenue
$7.87B
Consensus $7.00B
Revenue surprise
+12.5%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$588.36Current
$105Low
$562.55Average
$940High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Jul 29, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| JP Morgan | Neutral | Overweight | Downgrade | Jul 21, 2026 |
| Jefferies | Buy | Buy | Maintain | Jul 10, 2026 |
| Truist Securities | Buy | Buy | Maintain | Jul 2, 2026 |
| Oppenheimer | Outperform | Perform | Upgrade | May 28, 2026 |
| Cantor Fitzgerald | Overweight | Overweight | Maintain | May 11, 2026 |
| UBS | Buy | Buy | Maintain | May 4, 2026 |
| TD Cowen | Buy | Buy | Maintain | May 4, 2026 |
| Goldman Sachs | Buy | Buy | Maintain | May 4, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | May 1, 2026 |
| Citigroup | Buy | Buy | Maintain | May 1, 2026 |
| Mizuho | Neutral | Neutral | Maintain | Mar 30, 2026 |
| BMO Capital | Outperform | Market Perform | Upgrade | Mar 27, 2026 |
| DA Davidson | Neutral | Neutral | Maintain | Feb 20, 2026 |
| Baird | Outperform | Outperform | Maintain | Feb 20, 2026 |
| B. Riley Securities | Neutral | Neutral | Maintain | Feb 20, 2026 |
| Stifel | Buy | Buy | Maintain | Jan 26, 2026 |
| Bernstein | Market Perform | Market Perform | Maintain | Dec 19, 2025 |
| Northland Capital Markets | Market Perform | Market Perform | Maintain | Aug 1, 2025 |
| Roth Capital | Buy | Buy | Maintain | Jul 29, 2025 |
| Piper Sandler | Overweight | Overweight | Maintain | May 27, 2025 |
| Argus Research | Buy | Buy | Maintain | May 30, 2024 |
| Credit Suisse | Outperform | Outperform | Maintain | Aug 4, 2023 |
| Keybanc | Overweight | Overweight | Maintain | Jul 17, 2023 |
| Cowen & Co. | Outperform | Outperform | Maintain | Aug 11, 2022 |
| B. Riley FBR | Neutral | Buy | Downgrade | Dec 16, 2020 |
| Stephens & Co. | Overweight | Overweight | Maintain | Mar 2, 2020 |
| Stifel Nicolaus | Buy | Buy | Maintain | Sep 10, 2019 |
| Citi | Buy | Buy | Maintain | Aug 2, 2019 |
| Avondale Partners | Market Perform | Market Outperform | Downgrade | Nov 18, 2016 |
| Johnson Rice | Accumulate | Buy | Maintain | Oct 19, 2015 |
| FBR Capital | Market Perform | Outperform | Downgrade | Oct 19, 2015 |
| Deutsche Bank | Buy | Buy | Maintain | Feb 20, 2015 |
| BB&T Capital | Hold | Buy | Downgrade | Dec 1, 2014 |
| Wedbush | Outperform | Outperform | Maintain | Dec 18, 2012 |
| PiperJaffray | Overweight | Overweight | Maintain | Jun 21, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $588.36. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Mizuho Securities | Analyst unavailable | $645 | $628.53 | +9.6% | Jul 20, 2026 |
| Jefferies | Analyst unavailable | $784 | $659.98 | +33.3% | Jul 10, 2026 |
| Truist Financial | Analyst unavailable | $940 | $691.4 | +59.8% | Jul 2, 2026 |
| Oppenheimer | Analyst unavailable | $800 | $733.62 | +36.0% | May 28, 2026 |
| UBS | Analyst unavailable | $900 | $753.24 | +53.0% | May 4, 2026 |
| Stifel Nicolaus | Brian Brophy | $784 | $734.99 | +33.3% | May 1, 2026 |
| Truist Financial | Jamie Cook | $851 | $725.32 | +44.6% | May 1, 2026 |
| Robert W. Baird | Analyst unavailable | $777 | $726.9 | +32.1% | May 1, 2026 |
| Mizuho Securities | Analyst unavailable | $693 | $719.8 | +17.8% | May 1, 2026 |
| Truist Financial | Analyst unavailable | $713 | $602.01 | +21.2% | Apr 20, 2026 |
| Stifel Nicolaus | Analyst unavailable | $654 | $585.85 | +11.2% | Apr 16, 2026 |
| BMO Capital | Ameet Thakkar | $650 | $549.98 | +10.5% | Mar 27, 2026 |
| Mizuho Securities | Analyst unavailable | $537 | $549.11 | -8.7% | Feb 24, 2026 |
| Jefferies | Julien Dumoulin-Smith | $634 | $549.11 | +7.8% | Feb 24, 2026 |
| Goldman Sachs | Ati Modak | $685 | $549.11 | +16.4% | Feb 24, 2026 |
| Stifel Nicolaus | Analyst unavailable | $647 | $550.29 | +10.0% | Feb 23, 2026 |
| Truist Financial | Jamie Cook | $643 | $557.09 | +9.3% | Feb 20, 2026 |
| D.A. Davidson | Brent Thielman | $575 | $559.68 | -2.3% | Feb 20, 2026 |
| Roth Capital | Analyst unavailable | $600 | $555.59 | +2.0% | Feb 20, 2026 |
| Evercore ISI | Nicholas Amicucci | $604 | $562.98 | +2.7% | Feb 20, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $630 | $554 | +7.1% | Feb 20, 2026 |
| Robert W. Baird | Justin Hauke | $606 | $554 | +3.0% | Feb 20, 2026 |
| Stifel Nicolaus | Analyst unavailable | $517 | $468.76 | -12.1% | Jan 26, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $520 | $468.78 | -11.6% | Jan 23, 2026 |
| Seaport Global | Tom Curran | $503 | $413.17 | -14.5% | Jan 9, 2026 |
| Bernstein | Analyst unavailable | $428 | $421.31 | -27.3% | Dec 19, 2025 |
| Goldman Sachs | Analyst unavailable | $495 | $430.15 | -15.9% | Nov 24, 2025 |
| Stifel Nicolaus | Brian Brophy | $495 | $450.12 | -15.9% | Nov 3, 2025 |
| Evercore ISI | Nicholas Amicucci | $480 | $452.84 | -18.4% | Oct 31, 2025 |
| Argus Research | John Staszak | $540 | $454.56 | -8.2% | Oct 31, 2025 |
| Roth Capital | Analyst unavailable | $500 | $453.83 | -15.0% | Oct 31, 2025 |
| Robert W. Baird | Analyst unavailable | $490 | $461.62 | -16.7% | Oct 31, 2025 |
| Mizuho Securities | Maheep Mandloi | $415 | $436.22 | -29.5% | Oct 28, 2025 |
| Stifel Nicolaus | Analyst unavailable | $475 | $443.45 | -19.3% | Oct 9, 2025 |
| Truist Financial | Analyst unavailable | $521 | $421.51 | -11.4% | Oct 8, 2025 |
| Mizuho Securities | Analyst unavailable | $360 | $376.09 | -38.8% | Sep 4, 2025 |
| Stifel Nicolaus | Brian Brophy | $411 | $383.78 | -30.1% | Jul 11, 2025 |
| UBS | Steven Fisher | $413 | $358.65 | -29.8% | Jun 12, 2025 |
| Piper Sandler | Kashy Harrison | $360 | $322.62 | -38.8% | May 6, 2025 |
| Argus Research | John Staszak | $375 | $322.62 | -36.3% | May 5, 2025 |
| BMO Capital | Ameet Thakkar | $352 | $321.14 | -40.2% | May 2, 2025 |
| Truist Financial | Jamie Cook | $399 | $319.9 | -32.2% | Dec 19, 2024 |
| Jefferies | Julian Dumoulin-Smith | $299 | $304.32 | -49.2% | Nov 4, 2024 |
| D.A. Davidson | Brent Thielman | $295 | $304.32 | -49.9% | Nov 4, 2024 |
| B.Riley Financial | Alex Rygiel | $343 | $305.54 | -41.7% | Oct 16, 2024 |
| Stifel Nicolaus | Brian Brophy | $342 | $303.02 | -41.9% | Oct 10, 2024 |
| Truist Financial | Jamie Cook | $358 | $308.67 | -39.2% | Oct 9, 2024 |
| Jefferies | Julian Dumoulin-Smith | $256 | $257.6 | -56.5% | Sep 3, 2024 |
| Argus Research | John Staszak | $310 | $278.42 | -47.3% | May 30, 2024 |
| D.A. Davidson | Brent Thielman | $250 | $269.3 | -57.5% | May 7, 2024 |
| B.Riley Financial | Alex Rygiel | $286 | $256.37 | -51.4% | May 3, 2024 |
| Truist Financial | Jamie Cook | $301 | $241.83 | -48.8% | Mar 13, 2024 |
| Cowen & Co. | Cowen Cowen | $165 | $142.7 | -72.0% | Dec 30, 2022 |
| UBS | Steven Fisher | $156 | $125.81 | -73.5% | Jun 13, 2022 |
| UBS | Analyst unavailable | $145 | $137.88 | -75.4% | Apr 20, 2022 |
| D.A. Davidson | Brent Thielman | $108 | $115.81 | -81.6% | Sep 3, 2021 |
| KeyBanc | Sean Eastman | $129 | $115.81 | -78.1% | Sep 3, 2021 |
| Stifel Nicolaus | Noelle Dilts | $105 | $94.3 | -82.2% | Jun 8, 2021 |
Track every rating change on PWR the moment it posts. Free to start.
Start freeMarket reaction
prior-close to event-session close
Stock move
+15.8%
Event window
SPY move
+1.0%
Same window
Abnormal move
+14.8%
Stock minus SPY
Volume
2.7×
Versus trailing sessions
Subsequent drift
-2.2%
Up to 20 sessions
PWRSPY benchmark
Follow PWR with an agent that reads every filing, transcript, and price print. Free to start.
Try FN2 freeTranscript intelligence
What changed
From Q4 FY2025 to Q1 FY2026, backlog grew from $44B to a record $48.5B. Guidance sentiment shifted from maintained to raised, with management now providing explicit full-year ranges for revenue, EBITDA, and EPS. The transformer manufacturing investment first announced in Q4 progressed, with plans now specifying capacity doubling and roughly 6.7M sq ft of off-site fabrication expansion. New themes emerged this quarter: combined-cycle gas turbine projects, bridge-power opportunities (with Bloom referenced as a competitor), and an explicit 2030 earnings-doubling target. Data-center demand continued as the fastest-growing backlog segment.
Guidance delta
Raised. Full-year FY2026 revenue guidance set at $34.7–35.2B, adjusted EBITDA at $3.49–3.65B, and EPS at $13.55–14.25. Prior-quarter (Q4 FY2025) guidance targeted double-digit EPS growth without specific ranges. The raised guidance reflects strong Q1 execution, record backlog, and accelerating demand across utilities, data centers, and gas generation. Free cash flow guidance remained unchanged despite higher capex, which drew analyst scrutiny.
Key takeaways
- Q1 EPS of $2.68 beat consensus of $2.04 by 31.4%; revenue of $7.87B beat by 12.5%.
- Record backlog of $48.5B, up from $44B in Q4 FY2025, providing multi-year revenue visibility.
- Full-year 2026 guidance raised: revenue $34.7–35.2B, adjusted EBITDA $3.49–3.65B, EPS $13.55–14.25.
- $500–$700M investment to double power transformer manufacturing capacity, plus ~6.7M sq ft of off-site fabrication expansion.
- Strategic goal to more than double earnings power by 2030, targeting 15–20% adjusted EPS growth.
- Stock surged ~15.8% on the report (vs. SPY +1.0%), with volume 2.7x baseline.
Management priorities
- Double power transformer manufacturing capacity through $500–$700M capital investment.
- Expand off-site fabrication and logistics footprint by approximately 6.7 million square feet.
- Pursue additional acquisitions aligned with the 5-year strategic plan, with expectations of more deals within nine months.
- Deepen involvement in bridge-power, data-center balance-of-plant, and renewable energy projects.
- Grow Canadian pipeline and renewable activities while retaining Australian assets as strategic options.
Related earnings events
IndustrialsLMT · FY2026 Q2 · Calendar Q3 2026Lockheed Martin Q2 2026: Record $230B Backlog, Raised Guidance, Ultra Maritime AcquisitionUNP · FY2026 Q2 · Calendar Q3 2026UNP Q2 2026: Record EPS $3.41, Guidance Raised as Norfolk Southern Merger Clears Key HurdlesRTX · FY2026 Q2 · Calendar Q3 2026RTX Q2 2026: Record $289B Backlog, Raised Guidance as Defense and GTF Aftermarket Accelerate
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-07-29T04:41:43.561530+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-29T04:41:43.558568+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated . For educational purposes only; not investment advice.