olivLaw · US equity research
Quanta Services, Inc. PWR
Electrical Work · SIC 1731 · Vertical: Electrical Work (SIC 1731)
Quanta Services (PWR) is a provider of infrastructure solutions for power grids, power generation, data centers and energy industries in the United States, Canada and Australia. In the first half of 2026 quarterly revenues and backlog rose strongly, and the company raised its 2026 expectations. Second quarter 2026 revenues were 9.56 billion USD, compared with 6.77 billion USD in the same period of 2025.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Quanta Services, Inc. (PWR) stock was 580.44 USD (−11.65% on the day), with market capitalisation 87.5 bn USD, P/E 52.6 on diluted EPS of 11.04 USD over the last 12 months, dividend yield 0.08%, beta 1.34, 52-week range 413.17–785.24 USD. Latest reported quarter (Q3 2026): revenue of 12.0 bn USD (+57.4% YoY), net income of 694.9 m USD (+104.7% YoY), diluted EPS 4.55 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 42.3
- weak (30–45)
- Bollinger (20, 2)
- 531.71 – 717.11
- in the lower half of the band · %B 0.26 · band width 29.7%
- SMA 50 / 200
- 632.82 / 628.64
- mixed trend
- MACD (12, 26, 9)
- -10.56 / -12.02
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −15.1% | −1.1% | −14.0 pp | — |
| 3 months | −15.0% | −0.5% | −14.6 pp | — |
| 6 months | −26.1% | +4.4% | −30.5 pp | — |
| Year to date | +37.5% | +12.3% | +25.2 pp | — |
| 1 year | +32.3% | +13.5% | +18.8 pp | +7.8% |
| 3 years | +243.1% | +76.4% | +166.7 pp | +383.3% |
| 5 years | +394.3% | +63.7% | +330.7 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 6.6 bn | 6.2 bn | 6.8 bn | 7.6 bn | 7.8 bn | 7.9 bn | 9.6 bn | 12.0 bn |
| Cost of revenue | 5.5 bn | 5.4 bn | 5.8 bn | 6.4 bn | 6.6 bn | 6.8 bn | 8.0 bn | 10.0 bn |
| Gross profit | 1.1 bn | 834.0 m | 1.0 bn | 1.2 bn | 1.2 bn | 1.1 bn | 1.5 bn | 2.0 bn |
| SG&A | 506.2 m | 494.0 m | 528.4 m | 573.0 m | 593.9 m | 620.7 m | 698.5 m | 783.3 m |
| Operating income | 452.7 m | 239.1 m | 370.3 m | 517.2 m | 484.9 m | 338.8 m | 694.8 m | 1.0 bn |
| Interest expense | 56.3 m | 54.3 m | 59.6 m | 71.8 m | 75.7 m | 73.3 m | 73.5 m | 84.0 m |
| Pre-tax income | 416.3 m | 188.8 m | 318.6 m | 462.4 m | 419.6 m | 256.4 m | 617.2 m | 944.6 m |
| Income tax | 106.0 m | 39.9 m | 85.1 m | 119.6 m | 103.0 m | 24.9 m | 157.6 m | 237.7 m |
| Net income | 305.1 m | 144.3 m | 229.3 m | 339.4 m | 315.5 m | 220.6 m | 451.4 m | 694.9 m |
| Diluted EPS | 2.03 ≈ | 0.96 | 1.52 | 2.24 | 2.08 ≈ | 1.45 | 2.96 | 4.55 |
| Operating cash flow | 712.0 m | 243.2 m | 295.7 m ≈ | 563.5 m ≈ | 1.1 bn | 391.7 m | 1.1 bn ≈ | 1.5 bn ≈ |
| Capex | 147.0 m | 132.8 m | 140.3 m ≈ | 142.4 m ≈ | 193.6 m | 220.1 m | 231.0 m ≈ | 268.0 m ≈ |
| Dividends paid | 13.4 m | 15.5 m | 14.9 m ≈ | 15.1 m ≈ | 15.0 m | 17.2 m | 16.5 m ≈ | 17.2 m ≈ |
| Share repurchases | 0 | 118.6 m | 16.0 m | 0 ≈ | 0 | 0 | 0 ≈ | 0 ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 84 percentile of its own 44-quarter history (min 12.4, median 28.5, max 82.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 11.2 bn | 12.1 bn | 11.2 bn | 13.0 bn | 17.1 bn | 20.9 bn | 23.7 bn | 28.5 bn |
| Revenue YoY | +18.0% | +8.4% | −7.5% | +15.9% | +31.5% | +22.3% | +13.4% | +20.3% |
| Net income | 293.3 m | 402.0 m | 445.6 m | 486.0 m | 491.2 m | 744.7 m | 904.8 m | 1.0 bn |
| Net income YoY | −6.9% | +37.1% | +10.8% | +9.1% | +1.1% | +51.6% | +21.5% | +13.7% |
| Diluted EPS | 1.90 | 2.73 | 3.07 | 3.34 | 3.32 | 5.00 | 6.03 | 6.80 |
| Diluted EPS YoY | −5.0% | +43.7% | +12.5% | +8.8% | −0.6% | +50.6% | +20.6% | +12.8% |
| net % | 2.6% | 3.3% | 4.0% | 3.7% | 2.9% | 3.6% | 3.8% | 3.6% |
| Free cash flow | 65.2 m | 264.8 m | 855.9 m | 196.5 m | 702.7 m | 1.1 bn | 1.5 bn | 1.6 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 439.5 m USD
- Financial debt
- 763.9 m USD
- Net debt
- 324.4 m USD
- Equity
- 9.0 bn USD
- Total assets
- 24.9 bn USD
- Debt / equity
- 0.08x
- Current ratio
- 1.14x
- ROE
- 12.6%
- ROA
- 4.7%
- FCF margin
- 5.7%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 11.2 bn | 13.0 bn | 17.1 bn | 20.9 bn | 23.7 bn | 28.5 bn | SEC (XBRL)· 19 Feb 2026verified |
| Cost of revenue | 9.5 bn | 11.0 bn | 14.5 bn | 17.9 bn | 20.2 bn | 24.2 bn | SEC (XBRL)· 19 Feb 2026verified |
| Gross profit | 1.7 bn | 2.0 bn | 2.5 bn | 2.9 bn | 3.5 bn | 4.3 bn | SEC (XBRL)· 19 Feb 2026verified |
| SG&A | 975.1 m | 1.2 bn | 1.3 bn | 1.6 bn | 1.8 bn | 2.2 bn | SEC (XBRL)· 19 Feb 2026verified |
| Operating income | 611.4 m | 663.5 m | 872.1 m | 1.1 bn | 1.3 bn | 1.6 bn | SEC (XBRL)· 19 Feb 2026verified |
| Interest expense | 45.0 m | 68.9 m | 124.4 m | 186.9 m | 202.7 m | 261.4 m | SEC (XBRL)· 19 Feb 2026verified |
| Pre-tax income | 571.3 m | 622.9 m | 703.9 m | 970.0 m | 1.2 bn | 1.4 bn | SEC (XBRL)· 19 Feb 2026verified |
| Income tax | 119.4 m | 130.9 m | 192.2 m | 219.3 m | 284.7 m | 347.6 m | SEC (XBRL)· 19 Feb 2026verified |
| Net income | 445.6 m | 486.0 m | 491.2 m | 744.7 m | 904.8 m | 1.0 bn | SEC (XBRL)· 19 Feb 2026verified |
| Diluted EPS | 3.07 | 3.34 | 3.32 | 5.00 | 6.03 | 6.80 | SEC (XBRL)· 19 Feb 2026verified |
| Weighted average diluted shares | 145.2 m | 145.4 m | 148.0 m | 148.8 m | 150.1 m | 151.3 m | SEC (XBRL)· 19 Feb 2026verified |
| Dividend per share | 0.21 | 0.25 | 0.29 | 0.33 | 0.37 | 0.41 | SEC (XBRL)· 19 Feb 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 184.6 m | 229.1 m | 428.5 m | 1.3 bn | 742.0 m | 439.5 m | SEC (XBRL)· 19 Feb 2026verified |
| Receivables | 2.7 bn | 3.4 bn | 3.7 bn | 4.4 bn | 5.2 bn | 6.8 bn | SEC (XBRL)· 19 Feb 2026verified |
| Inventories | 50.5 m | 84.7 m | 103.3 m | 175.7 m | 260.2 m | 370.4 m | SEC (XBRL)· 19 Feb 2026verified |
| Current assets | 3.6 bn | 4.7 bn | 5.5 bn | 7.7 bn | 7.9 bn | 9.9 bn | SEC (XBRL)· 19 Feb 2026verified |
| Goodwill | 2.1 bn | 3.5 bn | 3.6 bn | 4.0 bn | 5.3 bn | 7.3 bn | SEC (XBRL)· 19 Feb 2026verified |
| Intangibles (excl. goodwill) | 435.7 m | 1.8 bn | 1.5 bn | 1.4 bn | 1.9 bn | 2.9 bn | SEC (XBRL)· 19 Feb 2026verified |
| Total assets | 8.4 bn | 12.9 bn | 13.5 bn | 16.2 bn | 18.7 bn | 24.9 bn | SEC (XBRL)· 19 Feb 2026verified |
| Accounts payable | 1.5 bn | 2.3 bn | 2.2 bn | 3.1 bn | 3.7 bn | 4.6 bn | SEC (XBRL)· 19 Feb 2026verified |
| Short-term debt | 14.8 m | 29.2 m | 37.5 m | 535.2 m | 62.7 m | 763.9 m | SEC (XBRL)· 19 Feb 2026verified |
| Current liabilities | 2.1 bn | 3.2 bn | 3.4 bn | 5.2 bn | 6.0 bn | 8.7 bn | SEC (XBRL)· 19 Feb 2026verified |
| Total liabilities | 4.0 bn | 7.7 bn | 8.1 bn | 10.0 bn | 11.4 bn | 15.9 bn | SEC (XBRL)· 19 Feb 2026verified |
| Equity | 4.3 bn | 5.1 bn | 5.4 bn | 6.3 bn | 7.3 bn | 9.0 bn | SEC (XBRL)· 19 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 1.1 bn | 582.4 m | 1.1 bn | 1.6 bn | 2.1 bn | 2.2 bn | SEC (XBRL)· 19 Feb 2026verified |
| Capex | 260.1 m | 385.9 m | 427.6 m | 434.8 m | 604.1 m | 609.2 m | SEC (XBRL)· 19 Feb 2026verified |
| Free cash flow | 855.9 m ≈ | 196.5 m ≈ | 702.7 m ≈ | 1.1 bn ≈ | 1.5 bn ≈ | 1.6 bn ≈ | SEC (XBRL)· 19 Feb 2026derived |
| Investing cash flow | -499.3 m | -2.9 bn | -617.2 m | -989.7 m | -2.3 bn | -3.8 bn | SEC (XBRL)· 19 Feb 2026verified |
| Financing cash flow | -601.4 m | 2.4 bn | -311.1 m | 268.5 m | -305.6 m | 1.3 bn | SEC (XBRL)· 19 Feb 2026verified |
| Dividends paid | 28.9 m | 34.0 m | 41.1 m | 47.8 m | 54.2 m | 60.4 m | SEC (XBRL)· 19 Feb 2026verified |
| Share repurchases | 247.2 m | 66.7 m | 127.8 m | 350.0 k | 0 | 134.6 m | SEC (XBRL)· 19 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
Score: 65 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 87.5 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation20
- Balance sheet72
- Quality84
- Growth100
- Returns41
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 143.74 – 579.90 USD.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)383.35 – 579.90 (Mid 459.98)WACC 9.3% · starting FCFF 3.4 bn USD · terminal value share of EV 74%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 26.6%
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E143.74 – 231.94 (Mid 203.79)3 companies used · median multiple 18.5x · quartiles 13.0x – 21.0xEME, FIX, IESC
- Dividend discount (DDM)outside the aggregate5.39 – 7.25 (Mid 6.18)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 65/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 23.2% | 100 (on a fixed band) | 13% |
| Net margin · Quality | 4.5% | 40 (vs peers) | 8% |
| FCF conversion · Quality | 187.6% | 100 (on a fixed band) | 8% |
| Revenue CAGR 3Y · Growth | 18.6% | 100 (on a fixed band) | 11% |
| EPS CAGR 3Y · Growth | 27.0% | 100 (on a fixed band) | 11% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 8.3x | 100 (on a fixed band) | 8% |
| Current ratio · Balance sheet | 1.2x | 30 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 52.6x | 0 (on a fixed band) | 13% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 3.6% | 45 (on a fixed band) | 11% |
| Shareholder yield (distributions) · Returns | 0.1% | 1 (on a fixed band) | 8% |
| Payout ratio (FCF) · Returns | 2.1% | 100 (on a fixed band) | 5% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet72/100 · 2/3 factors with a value
- Growth100/100 · 2/2 factors with a value
- Quality84/100 · 3/3 factors with a value
- Returns41/100 · 2/2 factors with a value
- Valuation20/100 · 2/3 factors with a value
Memo
Quanta Services, Inc. (PWR). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 28.5 bn USD in 2025; YoY growth 20.3%; net margin 4.5%; ROE 17.8%.
The estimated value range is 263.54–405.92 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 331.89 USD, the price of 580.44 USD leaves a potential of -42.8% (value / price − 1) and a margin of safety of -74.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 65/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 23.2%
- FCF conversion: 187.6%
- Revenue CAGR 3Y: 18.6%
- EPS CAGR 3Y: 27.0%
- Interest coverage: 8.3x
- Payout ratio (FCF): 2.1%
What contradicts it
- P/E (TTM): 52.6x
- Shareholder yield (distributions): 0.1%
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, EV/EBITDA.
Versus the vertical median
Electrical Work (SIC 1731) · same industry (4-digit SIC) · compared with 5 companies
The size band was not applied: too few companies would have remained; the vertical includes much smaller or larger companies.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| PWRQuanta Services, Inc. | 87.5 bn | 52.6 | 17.8% | 4.5% | +20.3% | +32% / +243% |
| FIXComfort Systems USA, Inc. | 38.2 bn | 23.6 | 58.6% | 13.0% | +29.5% | +12% / +464% |
| EMEEMCOR Group, Inc. | 28.0 bn | 18.5 | 40.6% | 7.8% | +16.6% | +4% / +201% |
| IESCIES Holdings, Inc. | 3.4 bn | 7.6 | 45.0% | 11.3% | +16.9% | −19% / +383% |
| MAGHMagnitude International Ltd | 236.6 m | 6,760.0 | 7.2% | 0.3% | unavailable | unavailable / unavailable |
| ENGSEnergys Group Ltd | 64.6 m | — | -139.3% | -30.1% | unavailable | +287% / unavailable |
1- and 3-year price returns: for PWR from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 383.65 Total return -34% · Per year -34% | 675.16 Total return 16% · Per year 16% | 1,012.74 Total return 75% · Per year 75% |
| 3 years | 455.07 Total return -21% · Per year -8% | 892.90 Total return 54% · Per year 16% | 1,458.35 Total return 152% · Per year 36% |
| 5 years | 539.78 Total return -7% · Per year -1% | 1,180.86 Total return 104% · Per year 15% | 2,100.03 Total return 263% · Per year 29% |
- Exit P/E± 223.23
- Net margin± 156.26
- Annual revenue growth± 116.54
- Annual dilution± 13.13
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Jul 2026; since then the company filed 10-Q (29 Oct 2026), 8-K (29 Oct 2026 · results).
In brief
Quanta Services (PWR) is a provider of infrastructure solutions for power grids, power generation, data centers and energy industries in the United States, Canada and Australia. In the first half of 2026 quarterly revenues and backlog rose strongly, and the company raised its 2026 expectations 23. Second quarter 2026 revenues were 9.56 billion USD, compared with 6.77 billion USD in the same period of 2025 3.
SWOT
Strengths
- The company holds a strong position in electric infrastructure, with a record backlog and a combination of self-perform workforce and integrated services 23.
- Rising operating cash flow and an improved credit rating give financial flexibility for acquisitions and investment 23.
- Its safety reputation and ability to execute complex projects are stated differentiators against competitors 1.
Weaknesses
- A significant share of revenue comes from fixed price contracts, which expose the company to cost overrun risk 1.
- The business is labor-intensive and depends on qualified personnel, which can add costs if the workforce is not managed efficiently 1.
- About a fifth of work is subcontracted, which makes performance dependent on third parties 1.
Opportunities
- Demand from data centers, renewable generation and battery storage could support long-term growth 12.
- Expanding US manufacturing capacity, including a joint venture for high-voltage circuit breakers, could reduce reliance on foreign supply chains 3.
- Integrating recent acquisitions could widen geographic reach and end-market diversification 3.
Threats
- Project delays, regulatory changes and severe weather could affect timing and profitability of work 1.
- Competitive pressure and customer payment risk from financially weak clients could compress margins 1.
- Debt and funding risk could increase if large acquisitions are financed with additional borrowing 13.
Risks
- Fixed price contractshigh
Actual costs may differ from initial estimates, and overruns could reduce profit or produce losses on projects 1.
- Dependence on skilled labormedium
A shortage of qualified workers or rising wages could affect project execution 1.
- Indebtedness and fundingmedium
Higher debt used for acquisitions could limit financial flexibility if cash flows fall short of expectations 13.
- Weather and operational hazardsmedium
Severe weather, wildfires and operational accidents could cause delays and significant liabilities 12.
- Policy and regulationlow
Changes in energy, tariff or tax policy could alter customer budgets and project timing 1.
Investment thesis
What would need to be true (bull case)
- If demand from grids and data centers continues, the record backlog could support revenue growth in the coming years 23.
- Recent acquisitions and raised guidance could add meaningful revenue and adjusted EBITDA in 2026 3.
- Rising operating cash flow and a better credit rating could leave room to fund expansion and return capital to shareholders 23.
What would break the thesis
What to watch
- Integration and contribution of the Phalcon, Enerfab, Percheron and PSD acquisitions to resultsQ3 2026
- Development of backlog and remaining performance obligationsQ3 2026
- Progress of the Hyosung HICO Breaker joint venture and US manufacturing capacity2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Jul 2026; since then the company filed 10-Q (29 Oct 2026), 8-K (29 Oct 2026 · results).
The business
Quanta provides design, engineering, procurement, construction, upgrade and maintenance services for electric, gas, communications and pipeline infrastructure, under MSAs, maintenance contracts and fixed and non-fixed price construction contracts 1. The business is decentralized and labor-intensive, relying on craft skilled personnel and a fleet of owned and leased equipment 1. A small part of 2025 revenues came from foreign operations, mainly in Canada and Australia 1.
Since the first quarter of 2025 Quanta reports two segments: Electric Infrastructure Solutions, which combines the former electric power and renewable energy segments, and Underground Utility and Infrastructure Solutions 1. In 2025 the company completed eight acquisitions, including Dynamic Systems, and in 2026 it completed Phalcon, Enerfab, Percheron and PSD, which it expects to add meaningfully to revenues and adjusted EBITDA this year 3.
Segments
Electric Infrastructure Solutions
The Electric segment covers transmission and distribution networks, substations, wind, solar and battery storage projects, and electrical installations for data centers and industrial facilities 1. Most of the contribution from the recent 2026 acquisitions is expected in this segment 3.
Underground Utility and Infrastructure Solutions
This segment includes gas utility systems, pipeline integrity, industrial services for Gulf Coast facilities, and mechanical and plumbing solutions for data centers and other large load facilities 1. Revenues from large pipeline projects have fluctuated in recent years 1.
Market context
Demand for electric infrastructure is supported by electrification, growing data center consumption and US manufacturing reshoring, though each driver can vary over time 12. Quarterly revenues are usually lowest in the first quarter and highest in the third and fourth quarters 2.
The market for large US pipeline projects has declined in recent years as shale-related pipeline buildout was largely completed and permitting became more difficult 1. Demand for integrity and maintenance work is steadier, as it is tied to regulation and replacement of aging infrastructure 1.
Trends
- Utility grid investmenttailwind
Utilities are investing in modernization, reliability and hardening against severe weather, which supports demand for the company's services 12.
- Data center demandtailwind
Construction of data centers and AI-related infrastructure could continue to lift demand for electrical and mechanical solutions, especially for large load facilities 13.
- Large pipeline projectsheadwind
Revenues from large US pipeline projects have declined and could stay volatile because of more difficult permitting 1.
- Costs and supply chainsmixed
Higher labor, equipment and material costs, and supply chain delays, can affect margins on fixed price projects 1. The effect could be mixed, depending on how well costs are passed through to customers.
Competitive position
The infrastructure services market is fragmented and competitive, especially for smaller and less complex projects where many companies pursue the same work 1. The company cites pricing pressure from competition as a factor that can affect quarterly results 1.
The company's stated advantages include its safety reputation, self-perform craft-skilled workforce and integration of solutions from design to construction 13. Its decentralized structure lets several operating companies compete for the same customers 1.
- Utility and grid service providers
Firms offering electric transmission and distribution work that compete with Quanta for MSA and maintenance contracts 1.
- Energy project and pipeline constructors
Firms competing for large pipeline projects and EPC work for power plants and substations, where cost risk is high 1.
- Data center electrical contractors
Specialist electrical and mechanical contractors for large load facilities, a segment Quanta has expanded through acquisitions 13.
- Regional pipeline and industrial service providers
Local and regional companies competing for maintenance work and smaller industrial projects 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Counting magnetic flux quanta offers new way to measure photon numbersPhys.org · 23 Oct 2026 · EN
- Influenza A (H1N1) and SARS-CoV-2 Transmission in Airplanes: Quanta Profiles and Infection ControlEnvironmental Science & Technology · 22 Sept 2026 · EN
- Quanta Services Stock Is Up 64% In A Year, Does PWR Still Have Room to Run?Yahoo Finance — News · 19 Sept 2026 · EN
- Strong Operational Momentum Drives Quanta Services’ (PWR) Full-Year Outlook UpgradeYahoo Finance — News · 17 Sept 2026 · EN
- GE Vernova Sinks 9% as GLJ Research Starts at Sell With $470 Target; Eaton Drops 7%, Quanta Services Falls 4%Yahoo Finance — News · 14 Sept 2026 · EN
- Is Quanta Services Stock Outperforming the S&P 500?Yahoo Finance — News · 10 Sept 2026 · EN
- Nvidia Partner Quanta Seeks Up to $2.2 Billion From OfferingBloomberg Markets · 29 Jul 2026 · EN
The latest news item in our archive is from 23 Oct 2026; the newest SEC filing is from 29 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report29 Oct 2026
- Current report29 Oct 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report15 Sept 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Current report06 Aug 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Current report04 Aug 2026Material agreement · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report30 Jul 2026
- Current report30 Jul 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report27 May 2026Shareholder vote · Other events · Financial statements and exhibits
- Quarterly report30 Apr 2026
- Current report30 Apr 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Quanta Services, Inc. · 19 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Quanta Services, Inc. · 30 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Quanta Services, Inc. · 30 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.