Quanta Services stock lifts 2026 outlook after record third quarter

Quanta Services raised its full-year 2026 outlook after reporting record third-quarter results on October 29. The infrastructure contractor said demand remained broad across utility power, transmission, generation, renewable energy and large-load technology projects. The company cited stronger expected fourth-quarter activity as the reason for lifting its targets again.

Quanta Services reported third-quarter revenue of 12.01 billion US dollars, up from 7.63 billion US dollars a year earlier. Net income attributable to common stock rose to 694.9 million US dollars from 339.4 million US dollars. GAAP diluted earnings per share reached 4.55 US dollars, compared with 2.24 US dollars in the prior-year quarter.

Adjusted diluted earnings per share increased to 6.06 US dollars from 3.33 US dollars. Adjusted EBITDA reached 1.45 billion US dollars, versus 858.3 million US dollars a year earlier, while the adjusted EBITDA margin expanded to 12.1%. Operating cash flow of 1.5 billion US dollars and free cash flow of 1.2 billion US dollars were quarterly records.

The company now expects 2026 revenue of 41.3 billion to 41.6 billion US dollars. Adjusted diluted earnings per share are forecast at 17.90 to 18.30 US dollars, and adjusted EBITDA is expected to range from 4.40 billion to 4.49 billion US dollars. Free cash flow guidance was raised to 2.50 billion to 3.00 billion US dollars, which would set another annual record.

Backlog supports higher expectations

Quanta ended the quarter with total backlog of 63.7 billion US dollars and remaining performance obligations of 41.8 billion US dollars, according to the company's third-quarter results release. The backlog gives investors visibility into future work, but it also increases the importance of project timing, labor availability, cost control and cash conversion.

Chief Executive Officer Duke Austin said the stronger quarter and expected incremental fourth-quarter strength supported the higher full-year expectations. For investors, the central question is whether Quanta can convert its record backlog into sustained revenue and margin growth while maintaining the recent pace of cash generation.

Quanta Services stock traded at 518.60 euros on Lang & Schwarz at 14:02 CET on Tuesday, November 10, 2026.

US infrastructure stocks remain sensitive to changes in utility, grid modernization, power generation and technology investment expectations; see current S&P 500 market reports.

For more company updates, see more news and analyses on Quanta Services stock.