Analyst Consensus ?
ConsensusBuy35 ratings
Bullish2674.3%
Neutral925.7%
Bearish00.0%
Quanta Services, Inc. · PWR · FY2026 Q3 · Calendar Q4 2026
Quanta raises 2026 outlook as backlog reaches $64 billion
The supplied evidence supports a constructive operating thesis: strong utility, transmission, renewable, and data-center demand, a $64 billion backlog, and expanded fabrication capabilities provide a substantial growth foundation. The main test is whether Quanta can convert that backlog into durable margin and earnings growth while managing labor, supply-chain, permitting, and project-execution risks.
Reported Before market openNYSEIndustrials
$95.49B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$6.06
Consensus $5.02
EPS surprise
+20.7%
Reported versus consensus
Reported revenue
$12.01B
Consensus $11.03B
Revenue surprise
+8.9%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+4.7%
Event window
SPY move
-0.4%
Same window
Abnormal move
+5.0%
Stock minus SPY
Volume
1.7×
Versus trailing sessions
Subsequent drift
0.0%
Up to 20 sessions
PWRSPY benchmark
Ask FN2 about PWR FY2026 Q3
Transcript, numbers and history already loaded
Why did PWR rise 4.7% after beating EPS estimates in FY2026 Q3?What changed in PWR's guidance and outlook in FY2026 Q3?Give me the bull and bear case for PWR after FY2026 Q3 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with the prior quarter, Quanta reported stronger operating momentum, a backlog increase from $53 billion to $64 billion, and a higher full-year 2026 outlook. Management also highlighted new fabrication capacity and acquisitions, while the analysis added more explicit risks around copper and OEM supply, ROIC, fixed-price contracts, and large-project timing.
Guidance delta
Management raised the full-year 2026 outlook to $41.3-$41.6 billion of revenue and $4.4-$4.49 billion of adjusted EBITDA.
Key takeaways
- Management described a record Q3, with revenue up 57% to $12 billion and adjusted EPS up 82%.
- Backlog increased to $64 billion, a $10 billion sequential increase, extending visibility beyond 2030.
- Management linked margin improvement to labor leverage, off-site manufacturing, and higher-margin services.
- Utility grid expansion, renewables, transmission, and data-center work were identified as core growth markets.
- Two acquisitions totaling about $245 million and a pole-manufacturing facility expand fabrication and supply-chain capabilities.
Management priorities
- Scale integrated fabrication across 10 states, including pole, transformer, and breaker production.
- Use curriculum-driven training to improve craft-labor flexibility.
- Continue disciplined M&A focused on engineering, fabrication, and supply-chain capabilities.
- Deepen partnerships with hyperscalers and utilities on early-stage data-center projects.
- Invest for continued backlog growth and target double-digit adjusted EPS growth in 2027.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$635.18Previous close
$105Low
$642.97Average
$960High
Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Oct 30, 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 |
|---|---|---|---|---|
| Truist Securities | Buy | Buy | Maintain | Oct 27, 2026 |
| Piper Sandler | Overweight | Overweight | Maintain | Sep 28, 2026 |
| Bernstein | Outperform | Market Perform | Upgrade | Sep 24, 2026 |
| Keybanc | Overweight | Sector Weight | Upgrade | Aug 7, 2026 |
| TD Cowen | Buy | Buy | Maintain | Aug 3, 2026 |
| Mizuho | Neutral | Neutral | Maintain | Aug 3, 2026 |
| Citigroup | Buy | Buy | Maintain | Jul 31, 2026 |
| JP Morgan | Neutral | Overweight | Downgrade | Jul 21, 2026 |
| Jefferies | Buy | Buy | Maintain | Jul 10, 2026 |
| Oppenheimer | Outperform | Perform | Upgrade | May 28, 2026 |
| Cantor Fitzgerald | Overweight | Overweight | Maintain | May 11, 2026 |
| UBS | Buy | Buy | Maintain | May 4, 2026 |
| Goldman Sachs | Buy | Buy | Maintain | May 4, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | May 1, 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 |
| Northland Capital Markets | Market Perform | Market Perform | Maintain | Aug 1, 2025 |
| Roth Capital | Buy | Buy | Maintain | Jul 29, 2025 |
| Argus Research | Buy | Buy | Maintain | May 30, 2024 |
| Credit Suisse | Outperform | Outperform | Maintain | Aug 4, 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 previous close $635.18. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Raymond James | Analyst unavailable | $830 | $635.18 | +30.7% | Oct 29, 2026 |
| Truist Financial | Jamie Cook | $960 | $563.93 | +51.1% | Oct 27, 2026 |
| Goldman Sachs | Analyst unavailable | $781 | $601.14 | +23.0% | Oct 22, 2026 |
| Mizuho Securities | Analyst unavailable | $684 | $719.56 | +7.7% | Oct 7, 2026 |
| Cantor Fitzgerald | Manish Somaiya | $862 | $676.56 | +35.7% | Oct 5, 2026 |
| Piper Sandler | Analyst unavailable | $714 | $649.13 | +12.4% | Sep 28, 2026 |
| Bernstein | Chad Dillard | $775 | $634.9 | +22.0% | Sep 24, 2026 |
| Piper Sandler | Analyst unavailable | $731 | $639.05 | +15.1% | Sep 8, 2026 |
| Jefferies | Julian Dumoulin-Smith | $833 | $681.04 | +31.1% | Aug 13, 2026 |
| KeyBanc | Sangita Jain | $807 | $667.84 | +27.1% | Aug 7, 2026 |
| Argus Research | Analyst unavailable | $800 | $697.56 | +25.9% | Aug 5, 2026 |
| Mizuho Securities | Maheep Mandloi | $741 | $667.36 | +16.7% | Aug 3, 2026 |
| Bernstein | Chad Dillard | $748 | $666.66 | +17.8% | Jul 31, 2026 |
| Guggenheim | Joseph Osha | $800 | $672.18 | +25.9% | Jul 31, 2026 |
| Robert W. Baird | Analyst unavailable | $728 | $657.98 | +14.6% | Jul 31, 2026 |
| Mizuho Securities | Analyst unavailable | $645 | $628.53 | +1.5% | Jul 20, 2026 |
| Jefferies | Analyst unavailable | $784 | $659.98 | +23.4% | Jul 10, 2026 |
| Truist Financial | Analyst unavailable | $940 | $691.4 | +48.0% | Jul 2, 2026 |
| Oppenheimer | Analyst unavailable | $800 | $733.62 | +25.9% | May 28, 2026 |
| UBS | Analyst unavailable | $900 | $753.24 | +41.7% | May 4, 2026 |
| Stifel Nicolaus | Brian Brophy | $784 | $734.99 | +23.4% | May 1, 2026 |
| Truist Financial | Jamie Cook | $851 | $725.32 | +34.0% | May 1, 2026 |
| Robert W. Baird | Analyst unavailable | $777 | $726.9 | +22.3% | May 1, 2026 |
| Mizuho Securities | Analyst unavailable | $693 | $719.8 | +9.1% | May 1, 2026 |
| Truist Financial | Analyst unavailable | $713 | $602.01 | +12.3% | Apr 20, 2026 |
| Stifel Nicolaus | Analyst unavailable | $654 | $585.85 | +3.0% | Apr 16, 2026 |
| BMO Capital | Ameet Thakkar | $650 | $549.98 | +2.3% | Mar 27, 2026 |
| Mizuho Securities | Analyst unavailable | $537 | $549.11 | -15.5% | Feb 24, 2026 |
| Jefferies | Julien Dumoulin-Smith | $634 | $549.11 | -0.2% | Feb 24, 2026 |
| Goldman Sachs | Ati Modak | $685 | $549.11 | +7.8% | Feb 24, 2026 |
| Stifel Nicolaus | Analyst unavailable | $647 | $550.29 | +1.9% | Feb 23, 2026 |
| Truist Financial | Jamie Cook | $643 | $557.09 | +1.2% | Feb 20, 2026 |
| D.A. Davidson | Brent Thielman | $575 | $559.68 | -9.5% | Feb 20, 2026 |
| Roth Capital | Analyst unavailable | $600 | $555.59 | -5.5% | Feb 20, 2026 |
| Evercore ISI | Nicholas Amicucci | $604 | $562.98 | -4.9% | Feb 20, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $630 | $554 | -0.8% | Feb 20, 2026 |
| Robert W. Baird | Justin Hauke | $606 | $554 | -4.6% | Feb 20, 2026 |
| Stifel Nicolaus | Analyst unavailable | $517 | $468.76 | -18.6% | Jan 26, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $520 | $468.78 | -18.1% | Jan 23, 2026 |
| Seaport Global | Tom Curran | $503 | $413.17 | -20.8% | Jan 9, 2026 |
| Bernstein | Analyst unavailable | $428 | $421.31 | -32.6% | Dec 19, 2025 |
| Goldman Sachs | Analyst unavailable | $495 | $430.15 | -22.1% | Nov 24, 2025 |
| Stifel Nicolaus | Brian Brophy | $495 | $450.12 | -22.1% | Nov 3, 2025 |
| Evercore ISI | Nicholas Amicucci | $480 | $452.84 | -24.4% | Oct 31, 2025 |
| Argus Research | John Staszak | $540 | $454.56 | -15.0% | Oct 31, 2025 |
| Roth Capital | Analyst unavailable | $500 | $453.83 | -21.3% | Oct 31, 2025 |
| Robert W. Baird | Analyst unavailable | $490 | $461.62 | -22.9% | Oct 31, 2025 |
| Mizuho Securities | Maheep Mandloi | $415 | $436.22 | -34.7% | Oct 28, 2025 |
| Stifel Nicolaus | Analyst unavailable | $475 | $443.45 | -25.2% | Oct 9, 2025 |
| Truist Financial | Analyst unavailable | $521 | $421.51 | -18.0% | Oct 8, 2025 |
| Mizuho Securities | Analyst unavailable | $360 | $376.09 | -43.3% | Sep 4, 2025 |
| Stifel Nicolaus | Brian Brophy | $411 | $383.78 | -35.3% | Jul 11, 2025 |
| UBS | Steven Fisher | $413 | $358.65 | -35.0% | Jun 12, 2025 |
| Piper Sandler | Kashy Harrison | $360 | $322.62 | -43.3% | May 6, 2025 |
| Argus Research | John Staszak | $375 | $322.62 | -41.0% | May 5, 2025 |
| BMO Capital | Ameet Thakkar | $352 | $321.14 | -44.6% | May 2, 2025 |
| Truist Financial | Jamie Cook | $399 | $319.9 | -37.2% | Dec 19, 2024 |
| Jefferies | Julian Dumoulin-Smith | $299 | $304.32 | -52.9% | Nov 4, 2024 |
| D.A. Davidson | Brent Thielman | $295 | $304.32 | -53.6% | Nov 4, 2024 |
| B.Riley Financial | Alex Rygiel | $343 | $305.54 | -46.0% | Oct 16, 2024 |
| Stifel Nicolaus | Brian Brophy | $342 | $303.02 | -46.2% | Oct 10, 2024 |
| Truist Financial | Jamie Cook | $358 | $308.67 | -43.6% | Oct 9, 2024 |
| Jefferies | Julian Dumoulin-Smith | $256 | $257.6 | -59.7% | Sep 3, 2024 |
| Argus Research | John Staszak | $310 | $278.42 | -51.2% | May 30, 2024 |
| D.A. Davidson | Brent Thielman | $250 | $269.3 | -60.6% | May 7, 2024 |
| B.Riley Financial | Alex Rygiel | $286 | $256.37 | -55.0% | May 3, 2024 |
| Truist Financial | Jamie Cook | $301 | $241.83 | -52.6% | Mar 13, 2024 |
| Cowen & Co. | Cowen Cowen | $165 | $142.7 | -74.0% | Dec 30, 2022 |
| UBS | Steven Fisher | $156 | $125.81 | -75.4% | Jun 13, 2022 |
| UBS | Analyst unavailable | $145 | $137.88 | -77.2% | Apr 20, 2022 |
| D.A. Davidson | Brent Thielman | $108 | $115.81 | -83.0% | Sep 3, 2021 |
| KeyBanc | Sean Eastman | $129 | $115.81 | -79.7% | Sep 3, 2021 |
| Stifel Nicolaus | Noelle Dilts | $105 | $94.3 | -83.5% | Jun 8, 2021 |
Track every rating change on PWR the moment it posts. Free to start.
Start freeCompany 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.…
Historical context
All PWR earningsIndustrials peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| TT Trane Technologies plc | FY2026 Q3 · Calendar Q4 2026 | +2.7% | -3.9% | TT raises revenue outlook as backlog and data-center demand strengthen |
| CAT Caterpillar Inc. | FY2026 Q3 · Calendar Q4 2026 | +2.0% | -9.3% | Caterpillar maintains outlook as backlog reaches $78 billion |
| HWM Howmet Aerospace Inc. | FY2026 Q3 · Calendar Q4 2026 | +6.6% | +5.5% | Howmet raises outlook as turbine and aerospace demand stays strong |
| FTAIM FTAI Aviation Ltd. | FY2026 Q3 · Calendar Q4 2026 | +1.4% | +1.6% | FTAI Aviation reports record Q3 and reaffirms 2026–2027 guidance |
| ATI ATI Inc. | FY2026 Q3 · Calendar Q4 2026 | +6.6% | +5.9% | ATI raises outlook as jet-engine demand and AA&S margins strengthen |
| EME EMCOR Group, Inc. | FY2026 Q3 · Calendar Q4 2026 | +14.7% | +1.6% | EMCOR posts record Q3 and raises FY2026 guidance |
Latest beats and misses
Who reports nextBeat on EPS
- OWLFY2026 Q3 · October 29, 2026+6.6% EPS+7.7% move
- CRHFY2026 Q3 · October 29, 2026+1.5% EPS+4.7% move
- AVYFY2026 Q3 · October 29, 2026+4.3% EPS+0.8% move
- TTFY2026 Q3 · October 29, 2026+2.7% EPS-3.9% move
- NCLHFY2026 Q3 · October 29, 2026+19.9% EPS+13.4% move
- THCFY2026 Q3 · October 29, 2026+41.9% EPS+0.8% move
Missed on EPS
- KYMRFY2026 Q3 · October 29, 2026-4.8% EPS+0.1% move
- DHIFY2026 Q4 · October 29, 2026-11.3% EPS+2.5% move
- BBVAFY2026 Q3 · October 29, 2026-1.6% EPS-2.2% move
- INSMFY2026 Q3 · October 29, 2026-20.2% EPS+15.1% move
- STMFY2026 Q3 · October 29, 2026-7.5% EPS+3.0% move
- SCIFY2026 Q3 · October 28, 2026-2.1% EPS-8.7% move
Get the PWR recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-10-29T17:13:05.021664+00:00
- FN2 earnings calendar · 2026-10-30T01:23:13.979536+00:00
- Polygon adjusted daily market bars · 2026-10-30T10:50:43.021521+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-30T10:50:43.018889+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 · As of 2026-10-30. For educational purposes only; not investment advice.